Historical Exploration Carrington Holdings
Reviewed early resource estimates and carried out soil geochemical sampling identifying linear copper and zinc anomalies. Endeavour Minerals completed soil sampling with gold soil anomalism coincident with the mineralisation encountered at Commonwealth and Commonwealth South.

Impact’s First JORC Resource
Work by Impact Minerals in 2014 outlined an initial Inferred Resource (JORC 2012) of 720,000 tonnes at 2.8 g/t gold and 48 g/t silver, 1.5% zinc, 0.6% lead and 0.1% copper, encompassing the historic underground workings at the Commonwealth Main Shaft through to Commonwealth South.

Silica Hill Discovery & Resource Expansion
In late 2016 and early 2017, Impact announced significant discoveries at Silica Hill, demonstrating that rocks of Silurian age — which had been largely overlooked in favour of porphyry targets in older Ordovician rocks — are also highly prospective. A major follow-up drill programme of 3,000 metres of RC and diamond drilling was planned for 2017 to update the resource statement.

Apsley Porphyry Target Identified
In mid-2020, a number of coincident induced polarisation geophysical and soil geochemistry anomalies were identified at the Apsley target, believed to be prospective for porphyry copper-gold deposits. Apsley’s core is surrounded by a halo of zinc-lead-manganese covering several square kilometres, described as a textbook example of a “zinc doughnut” — a classic pathfinder signature for porphyry systems.

Apsley Maiden Drilling
Impact advanced a maiden drilling programme at the Apsley target, completing nine reverse circulation scout holes for 2,500 metres to test specific IP geophysical and geochemical anomalies on four traverses spaced 200–400 metres apart.

Kuniko Earn-In JV Agreement
Impact Minerals struck a strategic joint venture agreement with Kuniko Limited (ASX: KNI) for its Commonwealth project, with Kuniko spending $1.5 million within two years to earn a 51% interest, and a further $1.5 million over the subsequent two years to earn up to 70%. Impact retains a 30% free-carried interest to a Decision to Mine, after which it may elect to contribute or dilute to 10% and convert to a 2% net smelter royalty.

Kuniko Earn-In Completion Confirmed
Kuniko confirmed completion of the earn-in agreement, issuing 2,875,000 ordinary shares to Impact Minerals as consideration, with shares subject to staggered escrow periods of six and twelve months. Kuniko’s CEO noted that the project delivers two drill-ready gold-silver deposits in a Tier-1 district with approvals and landholder access already in place.

MobileMT Survey & Geochemistry
Kuniko completed a MobileMT airborne electromagnetic program over 328 line-kilometres of the project. Preliminary interpretation identified a 4km-long conductive corridor extending from the historical Commonwealth mine towards Silica Hill and onto nearby prospects, aligned with the Nindethana Fault. Kuniko also completed soil geochemistry surveys and reconnaissance rock-chip sampling at Geenobby and Gladstone West, collecting 420 soil samples and five rock chips — with Geenobby returning a standout result of 6.02 g/t gold and 28.7 g/t silver.

Phase 1 Diamond Drilling Commences
Diamond drilling commenced at the Commonwealth project under the Kuniko earn-in. The Phase 1 programme of approximately 1,200 metres across six holes targets down-plunge and along-strike extensions at Commonwealth Main, Silica Hill, and Commonwealth South.

Early Drilling Results
The first three completed diamond holes returned intersections of massive and vein sulphide mineralisation. At Commonwealth Main, drilling returned 3.7 metres of massive sulphide within a broader disseminated interval of 47.3 metres, and 2.9 metres of massive sulphide within a 41.9 metre interval, confirming continuity of the Main Shaft lens. At Silica Hill, approximately 60 metres of disseminated and stringer sulphide mineralisation was intersected, including visible silver sulphosalts. Assays are pending.