Koonenberry Gold Limited has significantly expanded its New South Wales footprint through the acquisition of the Enmore Gold and Lachlan Copper-Gold Projects, delivering promising drilling results and a robust capital position to advance exploration.
- Acquisition of Enmore Gold Project and Lachlan Copper-Gold Projects expands NSW landholding to 4,192km²
- Notable drilling intercepts include 174m @ 1.83g/t Au at Enmore and 224m @ 0.19% Cu, 0.20g/t Au at Lachlan
- Newmont Exploration manages joint ventures at Junee and Fairholme projects with Koonenberry 20% free carried
- Phase II electromagnetic survey at Atlantis Cu-Au prospect finds no massive sulphide conductors but highlights geological features
- Successful $4.5 million capital raising supports upcoming drilling and exploration programs
Strategic Acquisitions Redefine Koonenberry Gold
In a transformative move, Koonenberry Gold Limited has completed the acquisition of two significant exploration assets in New South Wales: the Enmore Gold Project and the Lachlan Copper-Gold Projects. These acquisitions elevate Koonenberry’s portfolio to one of the largest and most diverse in NSW, covering a combined 4,192 square kilometres across frontier, emerging, and world-class geological terranes.
The Enmore Gold Project, located in the New England Fold Belt near Armidale, is notable for its proximity to the Hillgrove Au-Sb Mine and shares similar geological characteristics. Historic drilling at the Sunnyside Prospect has yielded impressive intercepts, including 174 metres at 1.83 grams per tonne gold from surface, with higher-grade zones within this interval. These results underscore the project's potential for rapid advancement through targeted drilling.
Lachlan Projects Offer Porphyry Copper-Gold Potential
The Lachlan Copper-Gold Projects, acquired through the purchase of Gilmore Metals Pty Ltd, include tenements managed under joint ventures with Newmont Exploration Pty Ltd. The Junee Project, where Koonenberry holds a 20% free carried interest, has delivered encouraging early-stage drill results such as 224 metres at 0.19% copper and 0.20 grams per tonne gold. These findings point to the potential for porphyry-style copper-gold mineralisation, a hallmark of the Lachlan Fold Belt’s world-class deposits.
Newmont’s involvement brings significant exploration expertise and funding, allowing Koonenberry to leverage joint venture arrangements while focusing on advancing its 100% owned assets.
Geophysical Surveys Refine Exploration Targets
At the Atlantis Cu-Au Prospect, a Phase II ground electromagnetic survey was completed to identify potential massive sulphide accumulations. While no definitive bedrock conductors were detected, the survey highlighted conductive features likely related to geological structures and weathering profiles. These insights will guide future exploration efforts, refining target areas for drilling.
Robust Capital Position to Drive Exploration
Koonenberry Gold successfully raised $4.5 million through a private placement, supported by Lion Selection Group, Lowell Resources Fund, and existing shareholders. This capital injection positions the company strongly to fund planned drilling campaigns and exploration activities across its expanded portfolio. As of 31 December 2024, the company held $4.37 million in cash with no debt, underscoring a solid financial footing.
Looking ahead, drilling is scheduled to commence at Enmore’s Sunnyside Prospect in February 2025, targeting high-grade gold shoots. Concurrently, multiple targets within the Lachlan Projects are being prioritized for advancement to drill-ready status, with ongoing reconnaissance and geophysical surveys planned.
A Portfolio Poised for Discovery
Koonenberry’s expanded NSW portfolio now spans multiple geological settings, including orogenic gold systems at Koonenberry and Enmore, and porphyry copper-gold systems in the Lachlan Fold Belt. The company’s Managing Director, Dan Power, highlighted the transformational nature of these acquisitions, emphasizing the inherent value and discovery potential they bring. With a pipeline of projects at various stages of exploration and strong joint venture partnerships, Koonenberry Gold is strategically positioned at a discovery inflection point.
Bottom Line?
Koonenberry Gold’s expanded NSW portfolio and strong capital base set the stage for a pivotal year of exploration and potential discovery.
Questions in the middle?
- How will upcoming drilling at Enmore and Lachlan projects refine resource potential and impact valuation?
- What are the implications of the Atlantis EM survey results for future copper-gold exploration strategies?
- How might Newmont’s farm-in agreements influence Koonenberry’s operational focus and capital allocation?