KNB
Koonenberry Gold Limited
ASX
Bellagio gold zone extended and new targets identified
Sentiment:
Exploration Update
12 June 2024 7:55 PM
Koonenberry Gold's recent air core drilling at the Bellagio gold zone has extended the zone and led to a new interpretation of mineralization controls, suggesting significant exploration potential.
Better than expected
The gold zone has been extended to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
Summary
- Koonenberry Gold Ltd has completed 17 air core drillholes for 1,506m at the Bellagio gold zone in April.
- The drilling has extended the gold zone to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
- A new interpretation of the controls on mineralisation suggests that previous drilling may have been sub-parallel to the strike of the system.
- The Central Gold Zone is 50m wide and remains open down dip/down plunge and along strike to the NW and SE, parallel to the Royal Oak Fault.
- Recent soil sampling on the Royal Oak Fault has identified three priority gold targets.
- A high impact drilling program testing the Central Gold Zone is planned for early July.
- Soil sampling identified a maximum gold result of 20.3ppb Au, similar to soil results at Bellagio.
- The soil samples also identified coincident gold vectors of Sb and As in trends parallel to the Royal Oak Fault.
Sentiment
Score: 8
Explanation: The announcement is positive due to the extension of the gold zone, new interpretation of mineralization controls, and planned drilling program. The identification of priority targets from soil sampling also contributes to the positive sentiment.
Positives
- The gold zone at Bellagio has been extended, indicating potential for a larger resource.
- The new interpretation of mineralisation controls could lead to more effective drilling strategies.
- Soil sampling has identified new priority targets along the Royal Oak Fault.
- The planned drilling program in July aims to test the continuity of the Central Gold Zone.
- The Central Gold Zone is 50m wide and open in multiple directions, suggesting potential for expansion.
Risks
- Previous drilling may not have effectively tested the continuity of the gold mineralisation due to its orientation.
- The lower detection limit of the Photon Assay technique may not identify lower-grade gold ranges properly.
- Planned discovery activity is indicative and subject to change due to various factors.
Future Outlook
A high impact drilling program is planned for early July to test the Central Gold Zone, and follow-up geochemical sampling and first pass drill testing of priority targets along the Royal Oak Fault are planned thereafter.
Management Comments
- 'Our work at Bellagio continues to show that there is a lot of widespread bedrock gold, with the gold footprint now extended over 500m x 400m,' said Managing Director, Dan Power.
- A review of the geology and other datasets has resulted in a new interpretation of the controls on mineralisation.
- Significantly, this indicates that the existing east-west drilling orientation may have only just snicked the edges of the mineralisation.
- Additional drilling on N-S oriented traverses is being planned to test this and will be completed in July following the Atlantis program.
- Recently completed soil sampling along the Royal Oak Fault has confirmed that the 20km long structure is fertile for gold.
Industry Context
The Koonenberry Belt in NSW is believed to be an extension of the Stawell Zone in Western Victoria, a region known for significant gold deposits, suggesting potential for similar discoveries.
Stakeholder Impact
- Shareholders may see increased value due to the potential for a larger gold resource.
- Employees will be involved in the upcoming drilling program and further exploration activities.
- Positive results could attract further investment and partnerships.
Next Steps
- Conduct a high impact drilling program in early July to test the Central Gold Zone.
- Conduct follow-up geochemical sampling and first pass drill testing of priority targets along the Royal Oak Fault.
- Plan additional drilling on N-S oriented traverses to test the new interpretation of mineralisation controls.
Key Dates
- April 2024: 17 Air Core drillholes for 1,506m were completed at Bellagio
- Early May 2024: A program of 545 soil samples on ~8km strike of the Royal Oak Fault was completed
- Early July: A high impact drilling program testing the Central Gold Zone is planned
Keywords
gold, Bellagio, Koonenberry, drilling, exploration, Royal Oak Fault, mineralisation, soil sampling
KNB
Koonenberry Gold Limited
ASX
Sector: Materials
Filings with Classifications
Better than expected
21 May 2025 9:08 PM
Investment Announcement
- Koonenberry's drilling results at Enmore exceeded expectations, leading to Lion's increased investment.
Delay expected
19 May 2025 6:24 PM
Exploration Update
- The Phase I drilling campaign is now finished due to extremely wet conditions on site with 10 holes for 3,232.6m completed of a planned 3,000m.
Better than expected
28 April 2025 7:18 PM
Exploration Update
- The drill results indicate a potentially wide structural corridor with significant gold intercepts, exceeding initial expectations for the area away from the granite-sediment contact.
Better than expected
15 April 2025 7:34 PM
Quarterly Report
- The drill results at Enmore Gold Project are better than expected, demonstrating potential for both bulk tonnage and high-grade gold mineralization.
Better than expected
13 April 2025 6:49 PM
Exploration Update
- The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential.
Better than expected
6 April 2025 6:22 PM
Investor Presentation
- The intercept of 170m @ 1.75g/t gold incl. 18.3m at 9.95g/t gold from first drillhole at Enmore Gold Project, NSW is better than expected.
Better than expected
3 April 2025 12:51 AM
Investor Presentation Announcement
- The assay results of 170m @ 1.75g/t gold from 77m, including 18.3m at 9.95g/t gold from 172.9m are considered better than expected.
Better than expected
1 April 2025 6:57 PM
Exploration Update
- The assay results from the first drillhole exceeded expectations due to the high-grade intercept and broad zone of gold mineralisation.
- The results validate historical drill results, indicating potential for broad and high-grade gold zones.
Delay expected
16 March 2025 6:42 PM
Exploration Update
- The drilling program has been paused for up to one week due to heavy rains associated with ex-Tropical Cyclone Alfred.
Worse than expected
12 March 2025 1:35 AM
Half Year Financial Report
- The company reported a loss of $925,922 for the half-year ended December 31, 2024, indicating worse than expected financial performance.
Capital raise
12 March 2025 1:35 AM
Half Year Financial Report
- The company's ability to continue as a going concern is dependent on raising additional funding either through debt or equity to meet its planned exploration programme.
- The company will be required to raise funds for working capital from debt or equity sources if the above matters are not achieved.
Better than expected
2 February 2025 4:27 PM
Investor Presentation
- The document highlights significant exploration results, including broad, high-grade gold intercepts at Sunnyside, suggesting better than expected potential.
- The commencement of drilling at multiple projects and the joint venture with Newmont indicate a positive outlook and better than expected progress.
Better than expected
23 January 2025 6:03 PM
Quarterly Report
- The company has made transformational acquisitions that have significantly increased the size and potential of its portfolio.
- The company has reported high grade drilling results at the Enmore project.
- The company has completed a capital raise and is well funded.
Better than expected
19 January 2025 4:19 PM
Exploration Update
- The identification of a 4km gold trend and high-grade sampling results are better than expected for an early-stage exploration project.
Better than expected
6 January 2025 5:28 PM
Exploration Update
- The rock chip results are better than expected, with high grades of gold and copper, confirming the potential for significant mineralization.
Capital raise
29 November 2024 12:31 AM
Securities Quotation Application
- An additional 450,000,000 shares are to be issued on December 5, 2024.
Capital raise
28 November 2024 11:47 PM
Annual General Meeting Results
- Approval was granted for a 10% placement capacity.
- Approvals were given to issue shares related to Enmore, Lachlan, and director placements.
Delay expected
28 November 2024 6:42 PM
Investor Presentation
- Planned discovery activity is subject to changes due to various factors including regulatory approvals and inclement weather.
Better than expected
28 November 2024 5:22 PM
Annual General Meeting Report
- The successful acquisition of the Enmore and Lachlan projects significantly expands Koonenberry Gold's exploration portfolio and increases its potential for major discoveries.
Delay expected
26 November 2024 8:41 PM
Securities Issue Update
- The issue date of the Placement Shares was delayed by one day, from December 4th to December 5th, 2024.
Worse than expected
17 November 2024 6:17 PM
Exploration Update
- The second phase of drilling at the Atlantis prospect did not yield significant copper or gold intersections, despite the presence of trace amounts of sulphides, indicating that the targeted mineralisation may be located further from the drillholes or at greater depth than initially anticipated.
Delay expected
17 November 2024 6:17 PM
Exploration Update
- The first phase of air core drilling at Atlantis was terminated early due to limitations in the rig configuration and air pressure, preventing the testing of three identified EM conductors and limiting the extent of the surveyed area.
Capital raise
28 October 2024 7:44 PM
Notice of Annual General Meeting
- A $4.5 million capital raising (before costs) is planned through a placement of shares.
- Directors have committed to subscribing for up to $200,000 of the placement.
Capital raise
16 October 2024 7:55 PM
Investment Announcement
- Koonenberry Gold is undertaking a \$4.5 million capital raising.
Capital raise
16 October 2024 7:20 PM
Investor Presentation
- A capital raising of at least A$2,000,000 is planned, with commitments already secured for A$4,500,000.
- The capital raising will fund the acquisition of the Enmore Gold Project and Lachlan Projects.
Capital raise
16 October 2024 6:54 PM
Acquisition Announcement
- A $4.5 million capital raise via a placement of 450 million new ordinary shares at $0.010 per share.
- The placement was supported by major shareholder Lion Selection Group and new investor Lowell Resources Fund.
- Funds will be used for exploration, capital raising costs, and working capital.
Capital raise
14 October 2024 6:49 PM
Trading Halt Announcement
- A capital raising is planned in association with a material acquisition.
Capital raise
12 September 2024 4:15 AM
Annual Report
- A share placement and fully underwritten entitlement offer raised $2,352,537 before costs in April 2024.
Delay expected
12 September 2024 4:15 AM
Annual Report
- Drilling at the Atlantis Prospect was unable to penetrate to planned depths due to hard and silicified ground, resulting in an early termination of the program.
Worse than expected
3 September 2024 7:59 PM
Exploration Update
- The drilling program was significantly shorter than planned due to unforeseen weather conditions, resulting in fewer drill holes and less data than anticipated.
Delay expected
3 September 2024 7:59 PM
Exploration Update
- A significant rain event forced an early termination of the drill program at Atlantis, resulting in a compromised program with only 6 holes completed instead of the planned 16.
Delay expected
30 July 2024 7:16 PM
Exploration Update
- The drill program in June was terminated early due to a significant rain event.
Delay expected
23 July 2024 8:01 PM
Quarterly Report
- A significant rain event occurred after the reporting period, resulting in demobilisation of equipment and crew, delaying further exploration.
Better than expected
12 June 2024 7:55 PM
Exploration Update
- The gold zone has been extended to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
Delay expected
27 May 2024 7:18 PM
Exploration Update
- The initial drilling program was terminated early due to rig limitations, preventing the testing of the three EM conductors.
Worse than expected
21 April 2024 7:02 PM
Project Update
- The drilling at Atlantis did not reach the target depth due to difficult ground conditions, which is worse than expected.
Delay expected
21 April 2024 7:02 PM
Project Update
- Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
Delay expected
19 April 2024 4:14 AM
Rights Issue Results and Revised Timetable
- The issue and settlement of Rights Issue shares has been revised from the timetable previously announced to the ASX on 8 March 2024.
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