Koonenberry Gold extends gold anomalies, strong belief for ‘significant’ discovery
The company’s namesake Koonenberry gold project has eight almost drill ready targets where sampling has uncovered 31.2g/t gold and up to 15% copper.
Koonenberry Gold (ASX: KNB) has extended gold anomaly zones at its eponymous gold project in the northwest corner of New South Wales, a historic mining region only now being rediscovered by explorers.
Chief executive officer Karen O’Neill said the soil sampling work at four of its targets has built the company’s geological knowledge.
“The results affirm our belief that there is strong prospectivity for significant discovery,” she added.
Koonenberry holds 12 exploration licences covering 1,070sq km and has a 60km strike length to explore.
Some 288 soil samples were collected over four targets.
Good results are consistent with previous sampling
The Lucky Sevens gold anomaly has now been extended to about 2.5km in length and 450m at its widest point.
The company said more than 2.5km of the length of the known structure has been proven anomalous and the structure is estimated to be greater than 3km long.
Six of the approximately 70 soil assays at Lucky Sevens returned above 10 parts per billion gold, with a maximum of 52.3ppb.
The gold anomalism is closely associated with the Lucky Sevens quartz reef.
Koonenberry said results are consistent with previous sampling and support a thickening of the anomaly where there is a noticeable bend in orientation of the reef.
The Atlantis anomaly has been extended to more than 5.5km in length.
The company is the first to undertake exploration around this target. Atlantis is currently the largest soil anomaly defined on the project to date and its copper association, (up to 15% copper in rock chips), is pointing towards a completely different style of mineralisation, says Koonenberry Gold.
Results of infill soils at Four Queens have allowed the anomaly to be extended from 2.5km to more than 4km and the anomaly is still open in some directions.
A relatively new target, Goodfellows, returned the highest gold value in the current program of 105ppb gold.
Drilling planned for early 2022
The geology, Koonenberry says, is similar to that which hosts the Stawell gold mine, one of the two largest mining sites in Victoria.
Gold nuggets have previously been found near surface on Koonenberry’s ground.
A big plus is that there is little sedimentary cover and access to the area is by major state roads.
The company has now completed collecting a further 441 infill soil samples, with results expected in November.
Ms O’Neill says the company will, by early 2022, be able to characterise top priority targets and design a “major” reverse circulation drilling campaign.