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KNB 
Koonenberry Gold Limited 
ASX

KNB identifies 4km gold trend at Prince of Wales Project

Sentiment:
 Exploration Update
 19 January 2025 4:19 PM

Koonenberry Gold identifies a 4km gold trend at its Prince of Wales Project in NSW, with encouraging initial sampling results.

Better than expected
  The identification of a 4km gold trend and high-grade sampling results are better than expected for an early-stage exploration project. 

Summary
  • Koonenberry Gold has identified a 4km gold trend at the Prince of Wales Project in NSW.
  • The project shows a cumulative >5km untested strike potential across two gold trends.
  • Sampling results from the POW-Sybil trend include 3.37g/t Au and an historic sample of 5.40g/t Au.
  • The POW trend is associated with a magnetic low, indicating alteration related to gold mineralization.
  • Only 13 RAB drill holes have been completed across the project, with one historic hole returning 2m @ 5.98g/t Au from 32m.
  • Koonenberry Gold plans to advance targets to drill-ready status in 2025.
  • The project has had limited modern exploration despite historic gold production of 26,000oz at 8.7g/t gold.
  • Recent sampling at the Back Creek Trend returned results up to 5.26g/t Au.
  • The Prince of Wales Project is located approximately 5km northwest of Gundagai and covers an area of approximately 11km2.
  • The project targets orogenic/epithermal Au mineralisation and related porphyry Au-Cu mineralisation.
Sentiment

Score: 8

Explanation: The document presents very positive initial results, including the identification of a significant gold trend and high-grade samples. The company's plans to advance the project to drill-ready status are also encouraging. However, it is still early stage exploration.

Positives
  • The identification of a 4km gold trend suggests significant potential for gold mineralization.
  • The project has a large untested strike potential of over 5km.
  • High-grade gold samples have been found, including 3.37g/t Au and a historical sample of 5.40g/t Au.
  • The magnetic low associated with the POW trend indicates a potential for alteration related to gold mineralization.
  • The project has had limited modern exploration, suggesting significant discovery upside.
  • The Back Creek Trend shows significant gold anomalism with results up to 5.26g/t Au.
Negatives
  • Only 13 RAB drill holes have been completed across the project, indicating limited drilling to date.
  • Historic records have been damaged by time and fire, potentially limiting available information.
  • Age dating constraints are poor for the geological units in the area.
Risks
  • The project has had limited modern exploration, so the full extent of the mineralization is unknown.
  • The historic records are damaged, which may limit the understanding of the project's history.
  • The age dating of the geological units is poor, which could affect the geological interpretation.
  • The project is still in the early stages of exploration, and there is no guarantee of a successful discovery.
Future Outlook

Koonenberry Gold plans to advance targets to drill-ready status in 2025, with systematic surface geochemical work and possible geophysics planned at the POW-Sybil-Nicholls trend, and extensional sampling and analysis at the Back Creek trend. The company is also progressing towards an inaugural drill program later this year.

Management Comments
  • Our preliminary work has highlighted the potential for high-grade gold mineralisation over considerable strike lengths at our Prince of Wales Project.
  • At the Prince of Wales trend, gold mineralisation is now confirmed along the 4.0km strike extent of the prospective structure, which is evident in the magnetic data.
  • Despite historic gold production of 26,000oz at 8.7g/t gold and gold identified in historic sampling, the Project has received no systematic or modern exploration.
  • We are keen to advance our understanding of the project.
Industry Context

The Prince of Wales Project is located in the Lachlan Fold Belt, a region known for significant gold and copper deposits. The project's geological setting is similar to other major mines in the area, such as the Cadia Cu-Au Mine and the Cowal epithermal Au mine, suggesting potential for similar mineralization.

Comparison to Industry Standards
  • The Prince of Wales Project is located in the Lachlan Fold Belt, a region known for significant gold and copper deposits, including Evolution Mining's Cowal epithermal Au mine (13Moz Au) and the North Parkes Cu-Au porphyry district (5.2Moz Au & 4.4Mt Cu).
  • The historic production of 26,000oz at 8.7g/t gold is comparable to other high-grade historical mines in the region.
  • The identified 4km gold trend is a significant strike length, comparable to other major deposits in the area.
  • The sampling results of 3.37g/t Au and 5.40g/t Au are considered high-grade and are comparable to other projects in the region.
Next Steps
  • Systematic surface geochemical work including soil sampling, rock chip sampling and geological mapping is planned at the POW-Sybil-Nicholls trend.
  • Possible geophysics to assist with structural interpretations and drill targeting is planned at the POW-Sybil-Nicholls trend.
  • Extensional sampling is planned at the Back Creek trend.
  • Submission of retained pXRF soil material for gold and multielement analysis is planned at the Back Creek trend.
  • Petrographic analysis of rock chip samples will be undertaken.
  • The company is progressing towards an inaugural drill program later this year.
Key Dates
  • 17/10/2024: Referenced ASX announcement regarding transformational acquisition of NSW Au and CuAu portfolio.
  • 29/11/2024: Referenced ASX announcement regarding completion of acquisition of Enmore Gold and Lachlan Projects in NSW.
  • 20 January 2025: Date of the current ASX announcement.
Keywords
gold, exploration, Prince of Wales Project, NSW, Lachlan Fold Belt, drilling, sampling, mineralisation, magnetic low, orogenic, epithermal, copper
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.

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.