Impact Minerals (ASX: IPT) has intersected a new offset zone of sulphide mineralisation during Phase 1 diamond drilling at the Silica Hill prospect within its Commonwealth gold-silver project in New South Wales.
Significant sulphides were intersected in one of the holes of the 1,239-metre campaign, returning a 0.5m thick vein comprising arsenopyrite-pyrite-proustite, followed by a broad 70m zone of disseminated and stringer mineralisation hosted within sericite-altered rhyolite porphyry.
The intersection, which lies approximately 100m outside the previously modelled mineralisation wireframe, is interpreted to represent a down-dip extension of the Silica Hill system that remains open up-dip, down-dip, and along strike.
Two of the remaining holes hit variable widths of disseminated and stringer sulphides outside the boundary of existing identified mineralisation.
Historical drilling at Silica Hill has highlighted the high-grade tenor of the system with significant intercepts of 41m at 2 grams per tonne gold and 147g/t silver, and 22.5m at 1.7g/t gold and 276g/t silver including 0.3m at 4,200g/t silver.
Phase 1 Earn-In
Phase 1 drilling aimed to test down-plunge and along-strike extensions to known mineralisation, as well as priority geophysical targets identified by a recent MobileMT survey.
It followed the completion of airborne geophysical and soil and rock chip geochemistry programs that significantly expanded Commonwealth’s exploration footprint and identified a four-kilometre-long conductive corridor extending beyond the current defined resource.
The work was funded by Kuniko (ASX: KNI) under an earn-in and joint venture agreement with Impact, whereby Kuniko can earn a 51% stake by spending $1.5 million on exploration within two years, increasing to 70% equity with an additional $1.5 million spend.
Kuniko is now positioned to advance to a larger Phase 2 campaign targeting resource expansion and follow-up of the new zones.
Potential System Extension
Impact managing director Dr Mike Jones said Phase 1 drilling had been an important milestone for the Commonwealth project.
“The identification of a substantial new offset sulphide zone at Silica Hill, [...] together with further sulphide intersections at Commonwealth South, highlights the potential for this system to significantly extend beyond current interpretations,” he said.
“With mineralisation remaining open in all directions […], we see strong potential to expand the system,” Kuniko managing director Maja McGuire added.
“With Phase 1 now complete and assays pending, we are well positioned to advance into a larger Phase 2 program targeting resource growth and follow-up of these newly identified zones, and we look forward to updating the market as assay results become available.”
