KNB
Koonenberry Gold Limited
ASX
Down Hole Geophysics commenced at Atlantis Cu-Au Prospect
Sentiment:
Exploration Update
30 July 2024 7:16 PM
Koonenberry Gold commences down hole geophysics at the Atlantis Cu-Au Prospect to identify off-hole conductors representing sulphide accumulation, following up on recent drilling that was cut short by rain but successfully reached the target EM conductors.
Delay expected
The drill program in June was terminated early due to a significant rain event.
Summary
- Koonenberry Gold has commenced a down hole electromagnetic (EM) survey at the Atlantis Cu-Au Prospect.
- The survey targets holes recently drilled into three modelled EM geophysical conductors.
- The aim is to identify off-hole conductors, which could indicate accumulations of sulphides.
- Drilling in June was cut short due to a significant rain event, but holes were completed into the conductors.
- Assays from the drilling are pending.
- The Atlantis Prospect is defined by high-grade copper and gold rock chips (up to 15.3% Cu and 0.84g/t Au), a 6.5km long soil anomaly, and three EM conductors.
- The prospect is located within the Koonenberry Belt, which is considered prospective for orogenic gold and VMS Cu-Au-Pb-Zn-Ag systems.
- The company plans additional drilling on the Bellagio, Royal Oak and Pipeline Prospects.
Sentiment
Score: 7
Explanation: The announcement is generally positive, highlighting the commencement of the down hole EM survey and the prospectivity of the Atlantis project, but it also acknowledges a delay due to weather.
Positives
- Down hole EM survey underway to identify potential sulphide accumulations.
- Drill holes were successfully completed into the EM conductors before the rain event.
- Atlantis Prospect shows promising signs with high-grade rock chips and a large soil anomaly.
- The Koonenberry Belt is considered highly prospective for various mineral systems.
Negatives
- The drill program in June was terminated early due to a significant rain event.
- Assays from the recent drilling are still pending.
Risks
- Planned discovery activity is subject to change due to various factors, including significant rain events.
- The company acknowledges that references to proximate projects do not guarantee similar exploration success.
- Forward-looking statements are based on assumptions that may not prove to be correct.
Future Outlook
The company plans to assess the results of the downhole EM geophysical survey in conjunction with the receipt of assays to determine priority drill targets for further assessment, and additional drilling is planned at the Bellagio, Royal Oak and Pipeline Prospects.
Management Comments
- Managing Director, Dan Power, said that while there was a slight delay due to rain, they were able to complete enough drilling to proceed with the downhole EM work.
- Dan Power noted that this type of geophysical surveying has been successfully applied by other explorers.
Industry Context
The announcement highlights Koonenberry Gold's exploration activities in the Koonenberry Belt, a region increasingly recognized for its potential to host significant Tier 1 deposits, as evidenced by increased exploration activity and the application of modern exploration techniques; the company references G11 Resources' copper intercepts as an example of successful exploration in the area.
Comparison to Industry Standards
- The document references the Stawell Gold Mine in Western Victoria as a geological analogue, suggesting potential for orogenic gold deposits.
- The company also references G11 Resources' high-grade copper intercepts at Wilandra Central (e.g., 9m @ 2.66% Cu from 310m, inc. 6m @ 3.46% Cu from 311m) as an example of successful VMS exploration in the region.
Stakeholder Impact
- Shareholders: Potential for positive impact if exploration results are favorable.
- Employees: Continued exploration activities provide job security.
- Suppliers: Ongoing exploration programs generate business opportunities.
- Local Community: Potential for economic benefits if a significant discovery is made.
Next Steps
- Assess the results of the downhole EM geophysical survey.
- Receive and analyze assays from the recent drilling.
- Determine priority drill targets for further assessment.
- Plan additional drilling on the Bellagio, Royal Oak and Pipeline Prospects.
Key Dates
- 21/03/2023: Referenced ASX announcement regarding EM conductor detection at Atlantis Au-Cu Prospect.
- 04/06/2024: Referenced ASX announcement from G11 Resources Ltd regarding high-grade copper intercepts at Wilandra Central.
- June 2024: Drill rig mobilised to test EM conductors; program terminated early due to rain.
- 28/05/2024: Referenced ASX announcement regarding copper mineralisation intersected at Atlantis.
- 31 July 2024: Date of the ASX announcement regarding down hole geophysics at Atlantis Cu-Au Prospect.
Keywords
Atlantis Prospect, Koonenberry Gold, Down Hole EM, Copper-Gold, Exploration, Geophysics, Sulphides, Drilling
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.
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.
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.
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.
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.
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
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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