KNB
Koonenberry Gold Limited
ASX
Copper Mineralisation intersected at Atlantis
Sentiment:
Exploration Update
27 May 2024 7:18 PM
Koonenberry Gold Ltd reports copper mineralization intersected at the Atlantis prospect during its maiden drill program, with follow-up drilling scheduled for late June.
Delay expected
The initial drilling program was terminated early due to rig limitations, preventing the testing of the three EM conductors.
Summary
- Koonenberry Gold Ltd (KNB) has announced results from its maiden Air Core drilling program at the Atlantis Cu-Au Prospect.
- The program intersected bedrock copper mineralization, including 3m @ 0.61% Cu from 9m (including 1m @ 0.72% Cu from 9m) in hole 24ATAC008 and 6m @ 0.35g/t Au and 0.57% Pb from 0m in hole 24ATAC008.
- The initial program consisted of 18 Air Core holes for 892m drilled between 10-14 April.
- Drilling was terminated early due to rig limitations, preventing the testing of the three EM conductors.
- Follow-up drilling is scheduled for late June to test the EM conductors and the 6.5km long Cu-Au soil anomaly, with holes planned to 150m depth.
- The company believes the geology and mineralization at Atlantis share similarities with the Stawell Gold mine in Western Victoria.
Sentiment
Score: 7
Explanation: The sentiment is moderately positive due to the successful intersection of copper mineralization and the planned follow-up drilling. However, the limitations of the initial program and the early stage of exploration temper the overall outlook.
Positives
- The maiden drilling program successfully intersected copper mineralization at the Atlantis prospect.
- The company has identified geological similarities between Atlantis and the Stawell Gold mine, a significant gold deposit.
- Follow-up drilling is planned to test the EM conductors and the broader soil anomaly.
Negatives
- The initial drilling program was cut short due to rig limitations, preventing the testing of key EM conductors.
- Drilling only covered a small portion (150m) of the 6.5km long Cu-Au soil anomaly.
Risks
- The hard ground conditions may continue to pose challenges for drilling.
- The EM conductors, interpreted as potential sulphide accumulations, remain untested.
- The geological similarities to Stawell Gold Mine do not guarantee similar mineralization or economic viability.
Future Outlook
The company plans to conduct follow-up drilling in late June to test the EM conductors and the 6.5km long Au-Cu-As-Pb-Zn multi-element soil anomaly.
Management Comments
- Managing Director, Dan Power, said: 'We are pleased to present results from our maiden drill program at Atlantis.
- We are very encouraged by a 25m wide zone of copper mineralisation intersected from surface, with results up to 0.72% Cu and 0.39g/t Au associated with a strong pathfinder element signature and supported by key geological features, including carbonaceous sediments, alteration and sulphide minerals that are consistent with our exploration model.
- We look forward to testing the deeper EM conductive plates in late June.'
Industry Context
This announcement highlights Koonenberry Gold's ongoing exploration efforts in the Koonenberry Belt, a region believed to be an extension of the Stawell Zone in Western Victoria, known for significant gold deposits. The comparison to the Stawell Gold Mine suggests the company is targeting orogenic gold mineralization, a common and economically important deposit type.
Comparison to Industry Standards
- The document draws a comparison between the Atlantis prospect and the Stawell Gold Mine, a +5Moz deposit in Western Victoria.
- Key similarities include the presence of a basalt dome, similar geochemistry (Au +Sb-As-Cu Pb-Zn pathfinder element association), comparable host rocks (turbiditic sandstone, greywacke, siltstone, and carbonaceous mudstone), and similar alteration styles (Silica, K-feldspar, biotite, chlorite, sericite/illite, Fe-carbonate).
- The structural geology, including proximity to deep crustal faults and doubly-plunging antiforms, also shows parallels.
- The Stawell Gold Mine is associated with quartz-sulphide tension veins adjacent to the Stawell Facies-Magdala Basalt contact, a feature the company is exploring for at Atlantis.
Stakeholder Impact
- Shareholders: The announcement could positively impact shareholder value due to the discovery of copper mineralization and the potential for further discoveries.
- Employees: The ongoing exploration activities provide job security and potential opportunities for career advancement.
- Customers: Not applicable as the company is in the exploration phase.
- Suppliers: Increased drilling activity will likely lead to increased demand for drilling services and equipment.
- Creditors: Not applicable.
Next Steps
- Commence follow-up drilling program in late June to test the EM conductors.
- Systematically test the 6.5km long Au-Cu-As-Pb-Zn multi-element soil anomaly.
- Analyze drill core samples to better understand the mineralization and alteration.
Key Dates
- 10-14 April: Air Core drilling program conducted at Atlantis.
- Late June: Scheduled commencement of follow-up drilling program.
Keywords
Atlantis, Copper, Gold, Drilling, Koonenberry Gold, Mineralization, Exploration
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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