KNB
Koonenberry Gold Limited
ASX
Project Update
Sentiment:
Project Update
21 April 2024 7:02 PM
Koonenberry Gold provides an update on drilling progress at the Atlantis and Bellagio prospects, encountering challenges at Atlantis due to hard ground conditions and awaiting assay results from both programs.
Worse than expected
The drilling at Atlantis did not reach the target depth due to difficult ground conditions, which is worse than expected.
Delay expected
Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
Summary
- Koonenberry Gold has completed aircore drilling at the Atlantis Cu-Au Prospect, totaling 18 holes for 892 metres.
- Drilling at Atlantis targeted high-grade copper and gold rock chip results and a coincident Au-Cu-Sb-As soil anomaly, as well as three electromagnetic (EM) geophysical conductors.
- The drilling intersected sediments with some narrow intervals of malachite and up to 10% disseminated pyrite in black shales.
- Due to difficult drilling conditions, the air core rig could not penetrate to the planned depths to test the EM conductors, which start around 100m depth.
- Aircore drilling has also been completed at the Bellagio Au Prospect, with a total of 17 holes for 1,506 metres.
- Drilling at Bellagio targeted the down-dip/down-plunge extension of the gold zone and aimed to determine the footprint of the gold system.
- Drilling at Bellagio intersected sediments with variable intensity quartz veining.
- Assay results from both programs are pending and expected in mid-late May.
- Further work is planned to test the EM targets at Atlantis with a different drill rig.
- Additional drilling at Bellagio will be guided by the results of the current drilling program.
- Soil sampling and prospecting will be conducted along the 20km strike extent of the Royal Oak Fault to define targets for drill testing.
Sentiment
Score: 5
Explanation: The sentiment is neutral. While drilling programs were completed, there were challenges encountered at Atlantis, and the results are still pending. The management expresses optimism, but the lack of concrete results tempers the overall sentiment.
Positives
- Drilling programs were completed at both Atlantis and Bellagio prospects.
- Drilling at Bellagio intersected sediments with variable intensity quartz veining, which is encouraging.
- The company is planning further work to test the EM targets at Atlantis.
- The company is actively exploring the 20km strike extent of the Royal Oak Fault.
Negatives
- Difficult drilling conditions at Atlantis prevented the air core rig from reaching the planned depths to test the EM conductors.
- The company needs to use a different drill rig to test the EM conductors at Atlantis.
- All results are pending.
Risks
- The company may encounter unexpected challenges during drilling.
- The assay results from the drilling programs may not be positive.
- The company may not be able to identify new drill targets along the Royal Oak Fault.
Future Outlook
Further drilling at Atlantis will be aided by assay results to better target EM anomalies, and a different drill rig will be required. Further drilling at Bellagio will be guided by the results of the current drilling, and work along the Royal Oak Fault will consist of soil sampling and prospecting to define drill targets.
Management Comments
- 'We are pleased to inform our shareholders that we are doing what we said we would do and are getting on with the job off testing our high-ranking targets with the drill rig,' said Managing Director, Dan Power.
- Dan Power also noted that being the first company to ever drill at any prospect can bring unexpected challenges, and that ground conditions at Atlantis required a different drill rig to test the EM conductors.
Industry Context
This announcement reflects ongoing exploration activities in the Australian mining sector, where companies are actively drilling and testing prospects for gold and copper deposits. The challenges encountered at Atlantis highlight the inherent risks and uncertainties associated with early-stage exploration projects.
Comparison to Industry Standards
- It is difficult to compare the results to industry standards without assay results.
- The drilling challenges encountered at Atlantis are not uncommon in mineral exploration, as ground conditions can vary significantly.
- Other companies exploring in similar geological settings include Chalice Mining in the Victorian Goldfields, which is also exploring for gold deposits in a similar geological setting.
Stakeholder Impact
- Shareholders are informed about the progress of exploration activities.
- Employees are involved in the drilling and exploration work.
- The company's activities may have a positive impact on the local community if successful discoveries are made.
- Suppliers of drilling equipment and services are involved in the exploration programs.
Next Steps
- Await assay results from Atlantis and Bellagio drilling programs.
- Plan further drilling at Atlantis with a different drill rig to test the EM conductors.
- Conduct soil sampling and prospecting along the Royal Oak Fault to identify new drill targets.
- Further drilling at Bellagio will be guided by the results of the current drilling program.
Key Dates
- 21/03/2023: Referenced ASX announcement date regarding EM Conductor detected at Atlantis Au-Cu Prospect.
- 22 April 2024: Date of the project update announcement.
- Mid-late May: Anticipated timeframe for receiving assay results from both drilling programs.
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.
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.