KNB
Koonenberry Gold Limited
ASX
KNB Commences Ground EM Survey at Atlantis Cu-Au Prospect
Sentiment:
Exploration Update
17 November 2024 6:17 PM
Koonenberry Gold has commenced a ground electromagnetic survey at its Atlantis Cu-Au prospect in NSW, aiming to identify potential sulphide accumulations and refine drill targets based on a 6.5km long soil anomaly and high-grade rock chip assays.
Delay expected
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
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.
Summary
- Koonenberry Gold (ASX: KNB) started a ground electromagnetic (EM) survey at the Atlantis Cu-Au prospect within its Koonenberry Project in NSW.
- The survey covers approximately 4km of strike length and targets a 6.5km long soil anomaly.
- The goal is to find conductors that could indicate sulphide mineralisation, which would be prioritized for drilling.
- High-grade rock chip assays from Atlantis include 15.3% Cu and 0.84g/t Au.
- Previous drilling at Atlantis intersected copper mineralisation (up to 0.72% Cu) and anomalous copper zones.
- A second phase of drilling tested three EM conductors but did not find significant copper or gold intersections.
- The company plans additional drilling at Bellagio, Royal Oak, and Pipeline prospects.
- Koonenberry anticipates completing the acquisitions of the Enmore Gold and Lachlan Projects in December 2024.
Sentiment
Score: 5
Explanation: The results are mixed. While the commencement of the EM survey is positive, the lack of significant discoveries in the second phase of drilling and the early termination of the first phase are concerning.
Positives
- Ground EM survey underway at the highly prospective Atlantis prospect.
- High-grade rock chip assays provide strong evidence of potential mineralisation.
- The 6.5km long soil anomaly is a significant exploration target.
- Successful application of ground EM by nearby explorers (G11 Resources) at the Wilandra Copper Project increases confidence in the methodology.
- Planned acquisition of Enmore Gold and Lachlan Projects will significantly expand the company's exploration portfolio.
Negatives
- Initial drilling program at Atlantis was terminated early due to limitations of the rig configuration and air pressure, resulting in only a small portion of the target area being tested.
- Second phase of drilling did not yield significant copper or gold intersections, although trace amounts of sulphides were observed.
- Downhole EM (DHEM) survey did not identify any conductive zones near the drillholes.
Risks
- The ground EM survey may not identify significant sulphide accumulations.
- Further drilling may not yield economically viable mineralisation.
- Delays due to weather conditions (significant rain events) could impact exploration activities.
- The success of the exploration program is dependent on various factors, including geological conditions and the effectiveness of exploration techniques.
Future Outlook
The company anticipates completing the acquisitions of the Enmore Gold and Lachlan Projects in December 2024 following its Annual General Meeting. Further market updates will be provided after the AGM.
Management Comments
- 'The Atlantis Prospect has significant potential for Au and Cu-Au-Pb-Zn mineralisation along the 6.5km long soil anomaly and in geologically prospective areas. This expanded EM survey will give us a much clearer picture on where mineralised fluids may have accumulated which will assist with future drill targeting.'
Industry Context
The exploration activities at Koonenberry Gold's Atlantis prospect are consistent with broader industry trends towards utilizing modern exploration techniques in frontier terranes. The success of nearby explorers like G11 Resources in using ground EM to identify copper mineralisation provides a positive benchmark for Koonenberry's approach.
Next Steps
- Assessment of ground EM geophysical survey results.
- Prioritization of drill targets based on EM survey results.
- Additional drilling at Bellagio, Royal Oak, and Pipeline prospects.
- Completion of Enmore Gold and Lachlan Projects acquisitions.
Key Dates
- 21/03/2023: ASX announcement regarding rock chip assays and EM conductor at Atlantis
- 04/06/2024: G11 Resources ASX announcement of high-grade copper intercepts at Wilandra Central
- 28/05/2024: ASX announcement of copper mineralisation intersected at Atlantis
- 04/09/2024: ASX announcement of completed Atlantis drilling and DHEM
- 04/11/2024: G11 Resources ASX announcement of significant copper results at Wilandra
- 18/11/2024: ASX announcement of commencement of ground EM geophysics at Atlantis
- 29/11/2024: Company's Annual General Meeting of shareholders
Keywords
Copper, Gold, Exploration, Geophysics, Electromagnetic Survey, Koonenberry Gold, Atlantis Prospect, NSW, Sulphide Mineralisation, Drill Targets
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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