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KNB 
Koonenberry Gold Limited 
ASX

More gold zones identified at Enmore Gold Project

Sentiment:
 Exploration Update
 16 March 2025 6:42 PM

Koonenberry Gold Limited reports visible gold intersections in multiple zones at the Enmore Gold Project, NSW, from its inaugural diamond drilling program, though drilling has been paused due to heavy rains.

Delay expected
  The drilling program has been paused for up to one week due to heavy rains associated with ex-Tropical Cyclone Alfred. 

Summary
  • Koonenberry Gold Limited (KNB) has found visible gold in the third and fourth drill holes at the Enmore Gold Project in northeast NSW.
  • This follows previous announcements of visible gold in the first and second drill holes.
  • Visible gold was observed in multiple zones in drill hole 25ENDD003 from 252.35m to 264.96m and in drill hole 25ENDD004 from 146.1m to 160.05m, 184.91m to 184.92m and 223.86m to 237.84m.
  • Broad zones of alteration and veining were also observed.
  • Structural data indicates sulphide and vein mineralisation striking both along the shear (~070°) and at high angles to the shear (~300°).
  • Geological observations suggest a prospective structural corridor measuring 125m x 550m, open to the southwest and northeast.
  • The drilling program of approximately 8-10 holes for around 3,000m has been paused for up to one week due to heavy rains, with 1,355.9m completed so far.
  • Initial drill results are expected in early April 2025.
Sentiment

Score: 7

Explanation: The announcement is positive due to the discovery of visible gold in multiple drill holes, confirming the geological model. However, the delay in drilling due to weather conditions slightly tempers the overall sentiment.

Positives
  • Visible gold has been identified in multiple zones across the first four drill holes, indicating a potentially significant gold system.
  • The confirmation of the geological model, with granite as the preferred host rock, expands the search area.
  • The identification of a prospective structural corridor measuring 125m x 550m suggests potential for further discoveries.
  • Extensive alteration, sulphides, and veining indicate a system with significant size potential.
Negatives
  • The drilling program has been paused for up to one week due to heavy rains, which may delay the timeline for results.
Risks
  • Heavy rains have paused the drilling program, potentially delaying the timeline for assay results.
  • Visual estimates of mineralisation may not accurately reflect the actual gold content, requiring laboratory assays for confirmation.
  • The abundance of gold within the entire sample is likely to be <0.01% (i.e. <100ppm).
Future Outlook

The company plans to resume drilling within a week and will use the initial drill results to design a follow-up diamond drill program to test the continuity of mineralisation at Sunnyside in multiple directions and to plan drilling at other prospects in the district.

Management Comments
  • 'It is often said the best pathfinder for gold, is gold itself and we are extremely encouraged to have hit visible gold in our first four drillholes at Sunnyside,' according to KNB Managing Director, Dan Power.
  • Dan Power also stated that the extensive alteration, sulphides, veining and an improved structural understanding point to this system having significant size potential.
  • Dan Power stated that the company has confirmed their geological model with granite being the preferred host rock and mineralisation defined both along the shear zone and at a high angles to the shear zone.
  • Dan Power stated that this is potentially very significant as it opens their search space away from historic drill hits along a +550m structural corridor.
Industry Context

The Enmore Gold Project is located in the New England Fold Belt (NEFB) in NE NSW, which hosts several large deposits including the Hillgrove Au-Sb Mine (1.7Moz Au), the Ravenswood Mine (8Moz Au), the Mt Morgan Mine (7.7Moz Au, 0.36Mt Cu) and Cracow (2.5Moz Au).

Comparison to Industry Standards
  • The document references the Hillgrove Au-Sb Mine (1.7Moz Au) as a comparable project in the same region.
  • Other mines in the New England Fold Belt are mentioned for context, including Ravenswood Mine (8Moz Au), Mt Morgan Mine (7.7Moz Au, 0.36Mt Cu) and Cracow (2.5Moz Au).
Stakeholder Impact
  • Shareholders: The discovery of visible gold is likely to be viewed positively by shareholders, potentially increasing the company's stock value.
  • Employees: The ongoing exploration success may boost employee morale and job security.
  • Customers: Not applicable as the company is in the exploration phase.
  • Suppliers: Increased drilling activity could lead to more business for drilling and assay service providers.
  • Creditors: Positive exploration results may improve the company's creditworthiness.
Next Steps
  • Resume drilling after the rain delay.
  • Receive and analyze assay results from the initial drill holes in early April 2025.
  • Design a follow-up diamond drill program based on the initial results.
  • Plan drilling at other prospects in the district based on soil program results.
Key Dates
  • 19/02/2025: ASX Announcement regarding impurities or deleterious physical properties relevant to valuations.
  • 26/02/2025: ASX Announcement regarding impurities or deleterious physical properties relevant to valuations.
  • 17 March 2025: Date of the ASX announcement regarding more gold zones identified at Enmore Gold Project, NSW.
  • early April 2025: Anticipated date for initial drill results.
  • late April 2025: Expected date to receive visual results.
Keywords
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.
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.
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.
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.

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.