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KNB 
Koonenberry Gold Limited 
ASX

Enmore 2nd hole returns 172.9m @ 2.07g/t Au inc 25m @5.23g/t

Sentiment:
 Exploration Update
 13 April 2025 6:49 PM

Koonenberry Gold reports a significant gold intercept of 172.9m @ 2.07g/t gold, including 25m at 5.23g/t gold, from the second drillhole at its Enmore Project in NSW, surpassing the results of the first drillhole.

Better than expected
  The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential. 

Summary
  • Koonenberry Gold has announced assay results from its second diamond drillhole, 25ENDD002, at the Enmore Gold Project's Sunnyside Prospect in northeast NSW.
  • The drillhole returned a significant intercept of 172.9m @ 2.07g/t gold, including a high-grade zone of 25m at 5.23g/t gold.
  • This intercept represents a 357.9 gram metre interval, exceeding the 297.5 gram metre interval from the first drillhole, 25ENDD001.
  • The results include Screen Fire Assays (SFA) for a portion of the higher-grade interval, with potential for further upgrades of +50% based on initial results.
  • Assay results from 25ENDD002 include 76m @ 1.17g/t Au from 22m.
  • Results from holes 3 and 4, which also contained visible gold, are expected in late April-early May respectively.
  • The company has completed 1,643.4m of a planned 3,000m drilling program.
Sentiment

Score: 8

Explanation: The announcement is positive due to the high-grade gold intercepts and the potential for further upgrades. The management's comments are optimistic, and the results exceed expectations from the first drill hole. However, there are risks associated with pending assay results and the uncertainty of future exploration success.

Positives
  • The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential.
  • The potential for Screen Fire Assays to upgrade results by +50% suggests the reported grades could increase.
  • Visible gold in holes 3 and 4 indicates continued mineralisation in the area.
  • The mineralisation depth has been extended from 240m to 275m, showing potential for further discoveries at depth.
  • The Managing Director notes the potential for relatively shallow bulk tonnage gold as well as high-grade gold mineralisation.
  • The company is actively drilling with 1,643.4m completed of a planned 3,000m program.
Risks
  • Assay results from holes 3 and 4 are still pending, creating uncertainty about the extent and grade of mineralisation.
  • The potential for Screen Fire Assays to upgrade results is not guaranteed.
  • The forward-looking statements are based on assumptions that may not prove to be correct.
  • Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses.
Future Outlook

The company plans to use the results from the drilling program to design follow-up diamond drilling to test the continuity of mineralisation at Sunnyside in multiple directions, including along the 125m x 550m prospective structural corridor. Results from the soil program will also be used to plan drilling at other prospects in the district.

Management Comments
  • KNB Managing Director Dan Power commented: 'This result continues to demonstrate the potential at Sunnyside to host relatively shallow bulk tonnage gold as well as high-grade gold mineralisation.'
  • He also stated: 'We thought the results announced for our first drill hole were exciting, but this 25m step-out of hole has turned out to be even better showing an apparent 35m vertical continuity on this section.'
  • He added that they have extended the depth of mineralisation from 240m to 275m vertically from surface which remains open at depth and along strike.
Industry Context

The Enmore Gold Project is located in the New England Fold Belt (NEFB) in NE NSW, approximately 30km from the town of Armidale and only 20km south of the Hillgrove Au-Sb Mine (1.7Moz Au). The NEFB hosts several large deposits including the Ravenswood Mine (8Moz Au), Mt Morgan Mine (7.7Moz Au, 0.36Mt Cu) and Cracow (2.5Moz Au). Despite its clear prospectivity and total endowment of +35Moz Au, the NEFB remains underexplored and the NSW segment of the belt considerably more so than the QLD segment.

Comparison to Industry Standards
  • The reported intercept of 172.9m @ 2.07g/t Au is a significant result compared to other gold exploration projects in the region.
  • For example, the Hillgrove Au-Sb Mine, located nearby, has a historical resource of 1.7Moz Au.
  • The grades and widths reported are comparable to early-stage exploration results from projects that have later developed into producing mines.
  • However, further drilling and resource estimation are required to determine the economic viability of the Sunnyside Prospect.
Stakeholder Impact
  • Shareholders: Positive impact due to promising exploration results, potentially increasing the company's value.
  • Employees: Positive impact as successful exploration can lead to job security and growth opportunities.
  • Customers: Not directly impacted as the company is in the exploration phase.
  • Suppliers: Potential for increased business if the project advances to the mining stage.
  • Creditors: Positive impact as the company's financial position strengthens with successful exploration.
Next Steps
  • Awaiting assay results from holes 3 and 4.
  • Conducting Screen Fire Assays on samples from holes 25ENDD001 and 002.
  • Designing follow-up diamond drilling to test the continuity of mineralisation at Sunnyside.
  • Planning drilling at other prospects in the district based on soil program results.
Key Dates
  • 17/10/2024: ASX Announcement: Transformational acquisition of exciting NSW Au and CuAu portfolio.
  • 19/02/2025: ASX Announcement: Multiple zones of visible gold in first drill hole at Enmore.
  • 26/02/2025: ASX Announcement: KNB intersects visible gold in second drill hole at Enmore.
  • 17/03/2025: ASX Announcements: More gold zones identified at Enmore Gold Project, NSW.
  • 02/04/2025: ASX Announcement: KNB returns 170m @ 1.75gt gold including 18.3m at 9.95gt gold from first drillhole
  • 14 April 2025: Date of the ASX announcement reporting assay results from the second drillhole.
  • Late April-early May: Expected timeframe for receiving assay results from holes 3 and 4.
  • May 2025: Anticipated date for Screen Fire Assay results.
Keywords
Gold, Exploration, Drilling, Assay Results, Enmore Project, Koonenberry Gold, Mineralisation, Sunnyside Prospect
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.
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.
Delay expected
21 April 2024 7:02 PM
Project Update
  • Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
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
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.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.