Koonenberry Gold’s data review highlights more gold potential at namesake project

Koonenberry Gold ASX KNB Lucky Sevens Cretaceous cover Victoria quartz reef
Koonenberry Gold noted historic drilling at Lucky Sevens returned 5m at 25.1g/t gold from surface.

A data review at Koonenberry Gold’s (ASX: KNB) namesake project in New South Wales has highlighted the potential for repetitions of its flagship Lucky Sevens target across the project.

Historic drilling at Luck Sevens unearthed 5m at 25.1 grams per tonne gold from surface. The gold was hosted within a quartz reef.

The Lucky Sevens structure is traceable from more than 2km along strike and is one of many gold targets that has been identified across the wider project’s 1,339 square kilometre tenure.

Koonenberry’s geologists have reviewed all available geological and geophysical data on the Lucky Sevens area and identified the potential for “several possible repetitions”.

These include targets buried under cover that have never been investigated.

Koonenberry chief executive officer Karen O’Neill said the company was “encouraged” by the review because the data “highlights the mineralisation parallels between the Koonenberry project and the Victorian goldfields”.

The project lies within the “little-explored” Koonenberry fold and thrust belt, which is considered prospective for orogenic gold systems similar to the Stawell zone within the Victorian goldfields.

Next steps for Koonenberry gold project

Upcoming exploration at Koonenberry will include detailed field structural mapping, which will be fed into the conceptual desk top work to better-understand mineralisation and its controls.

In parallel, a regional soil sampling program will continue, which started prior to the company’s ASX listing last month.

Assays are pending from infill soil samples taken from several targets including Lucky Sevens along with rock chips and costean samples from Seventeen Black.

Results from these programs will feed into drill target generation and prioritisation.

Drilling is expected to begin in the March quarter of next year.

Koonenberry ASX listing and portfolio

Koonenberry begun trading on the ASX late last month after raising $8 million in an IPO that issued 40 million shares at $0.20 each.

The company describes itself as an “early mover in an emerging gold province” with the namesake Koonenberry project as its focus.

Koonenberry comprises 12 exploration licences and is drill ready with land access agreements either in place or progressing. Environmental approvals have been secured and native title has mostly extinguished.

Ms O’Neill said she believes the project has the potential for a “significant discovery”.

“There is so much evidence of gold within our leases, and we are approaching exploration with a geologically robust, methodical program that I am confident will give us the best chance of success,” she added.

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