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KNB 
Koonenberry Gold Limited 
ASX

Enmore 3rd hole returns 102m @1.10g/t Au inc 9.7m@3.57g/t Au

Sentiment:
 Exploration Update
 28 April 2025 7:18 PM

Koonenberry Gold reports significant gold intercepts, including 102m @ 1.10g/t gold, from the third drillhole at its Enmore Project in NSW, indicating a potentially wide structural corridor.

Better than expected
  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. 

Summary
  • Koonenberry Gold has received assay results from its third diamond drillhole at the Enmore Gold Project.
  • The drillhole returned 44m @ 1.77g/t Au from 235-279m, including 9.7m @ 3.57g/t Au from 252.3m.
  • This represents a horizontal width of 80m across strike of the first order shear zone and a 112.20 gram metre interval.
  • The results include Screen Fire Assays (SFA) for a portion of the higher-grade interval where visible gold was observed.
  • Assays reporting >1g/t Au by Fire Assay have been submitted for SFA, with the potential to be upgraded by +35 to +50% based on statistical data analysis to date.
  • Gold mineralisation remains open along strike, up dip and at depth in the preferred granite host rock.
  • Hole 001 returned 170m @ 1.75g/t Au from 77m, including 18.3m @ 9.95g/t Au from 172.9m.
  • Assays from holes 25ENDD004 & 005 are expected in early May and late May-early June respectively.
  • KNB is well funded with $5.35M cash.
  • Observations and assays from 25ENDD003 indicate an ~150m wide structural corridor parallel to the granite-sediment contact prospective for granite-hosted gold mineralisation.
  • The drilling campaign is ongoing with 2,117.9m completed of a planned 3,000m program.
Sentiment

Score: 8

Explanation: The announcement presents positive drill results and confirms the potential for a significant gold discovery, supported by a strong cash position. The ongoing drilling program and potential for assay upgrades further contribute to a positive outlook.

Positives
  • Significant gold intercepts were discovered in the third drillhole.
  • There is potential for assay upgrades of +35 to +50% with Screen Fire Assays.
  • Gold mineralisation remains open in multiple directions.
  • The company is well-funded with $5.35M cash.
  • A wide structural corridor is prospective for gold mineralisation.
Risks
  • Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses.
  • Forward looking statements are based on Koonenberry's assumptions and current expectations, estimates and projections about future events and trends that may affect its business.
Future Outlook

The company plans to use the results from the current drilling program to design follow-up drilling to test the continuity of mineralisation at Sunnyside and to plan drilling at other prospects in the district.

Management Comments
  • KNB Managing Director Dan Power commented: Hole 25ENDD003 targeted mineralisation away from the granite-sediment contact within the defined structural corridor which is interpreted to be the first-order control on mineralisation and a long-lived hydrothermal fluid conduit.
  • implying that gold grades might be increasing with depth.
  • Our drilling at Sunnyside continues, with ~880m of our current program remaining.
  • We will soon determine our next steps for Enmore, which may include additional drilling.
  • We are well funded to structures at high angles to the shear within the preferred granite host rock.
  • Observations and assays from 25ENDD003 now indicate an ~150m wide structural corridor parallel to the granite-sediment contact, prospective for granite-hosted gold mineralisation.
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).

Comparison to Industry Standards
  • The reported intercepts are comparable to other orogenic gold deposits in the region, such as Hillgrove, but further resource definition is needed to establish a direct comparison.
  • The potential for grade upgrades through Screen Fire Assays is a positive indicator, as coarse gold can often be underestimated by standard fire assay techniques.
Stakeholder Impact
  • Shareholders: Positive drill results are likely to be well-received by shareholders.
  • Employees: Continued exploration and potential mine development could lead to job creation.
  • Customers: Not directly applicable as the company is in the exploration phase.
  • Suppliers: Increased drilling activity will likely benefit suppliers of drilling and assay services.
  • Creditors: The company's strong cash position reduces financial risk for creditors.
Next Steps
  • Continue the ongoing drilling program.
  • Receive and analyze assays from holes 25ENDD004 & 005.
  • Design follow-up diamond drilling to test the continuity of mineralisation at Sunnyside.
  • Plan drilling at other prospects in the district based on soil program results.
Key Dates
  • 19/02/2025: Multiple zones of visible gold in first drill hole at Enmore
  • 26/02/2025: KNB intersects visible gold in second drill hole at Enmore
  • 17/03/2025: More gold zones identified at Enmore Gold Project, NSW
  • 31 March 2025: Cash as at this date
  • 02/04/2025: ASX Announcement date
  • 14/04/2025: ASX Announcement date
  • 16/04/2025: Quarterly Report for the period ending 31 March 2025
  • 23/04/2025: ASX Announcement date
  • 29 April 2025: Date of the ASX announcement
  • Early May: Expected assays from holes 25ENDD004
  • Late May-Early June: Expected assays from holes 25ENDD005
Keywords
Gold, Exploration, Drilling, Assays, Enmore Project, Koonenberry Gold, Mineralisation
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.
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.