Untested Historic Mines at Prince of Wales Pose Exploration Risk and Opportunity
Koonenberry Gold Limited (ASX:KNB) has revealed compelling surface geochemical results at its Prince of Wales Project in NSW, highlighting significant gold and copper anomalies that suggest untapped large-scale mineralisation potential.
- Discovery of +2.5km gold-copper soil anomaly at Back Station Creek
- High-grade rock chip assays up to 5.26g/t Au and 0.57% Cu
- ~800m gold-in-soil anomaly at Sybil Prospect adjacent to historic mines
- Project remains undrilled despite historic production of 26,600oz at 8.7g/t Au
- Strong cash position of $10.35M to advance exploration in 2025
Exploration Breakthrough at Prince of Wales
Koonenberry Gold Limited (ASX:KNB) has announced promising new surface geochemical sampling results from its 100%-owned Prince of Wales Project, located in the Lachlan Fold Belt of New South Wales. The company’s recent work has identified two distinct gold and copper anomalous trends that have never been systematically drill tested, opening a fresh chapter in exploration for this historically productive region.
The Back Station Creek Prospect stands out with a large gold-in-soil anomaly extending over 2.5 kilometres, featuring peak gold values of 112 parts per billion and complementary copper mineralisation. Rock chip samples from this area have returned encouraging grades, including 2.41 grams per tonne gold and 0.57% copper, reinforcing the potential for significant epithermal gold and porphyry copper-gold systems.
Sybil Prospect, Historic Mines, Modern Potential
Meanwhile, the Sybil Prospect reveals an approximately 800-metre-long gold anomaly with peak soil assays reaching 349 parts per billion gold. This anomaly lies adjacent to the historic Prince of Wales and Sybil gold mines, which produced an estimated 26,600 ounces of gold at a high grade of 8.7 grams per tonne in the early 1900s. Despite this rich history, the area has seen limited modern exploration, with only 13 shallow drill holes completed previously.
Koonenberry’s Managing Director, Dan Power, emphasised the significance of these findings, noting the dual trends and the strong geological and geochemical evidence supporting the presence of large-scale mineral systems. He highlighted the company’s intent to advance these targets to drill-ready status within the year, backed by a robust cash balance exceeding $10 million.
Geological Context and Exploration Strategy
The Prince of Wales Project is situated within a world-class copper-gold province, hosting some of Australia’s largest deposits such as Cadia, Cowal, and North Parkes. The project’s geology features volcaniclastic rocks, dioritic intrusions, and hydrothermal alteration assemblages consistent with both epithermal and porphyry mineralisation styles.
Koonenberry’s exploration approach includes detailed soil and rock chip sampling, supported by advanced geophysical techniques like Induced Polarisation surveys to refine drill targets. The company plans further soil sampling and reconnaissance work to complement ongoing data interpretation and prepare for an inaugural drill program later in 2025.
A Portfolio of Prospective Projects
Beyond Prince of Wales, Koonenberry Gold maintains a diverse portfolio of gold and copper projects across NSW, including the Enmore Gold Project, which is currently in an exciting discovery phase with multiple drill intersections of broad and high-grade gold mineralisation. The company’s strategic focus on underexplored yet highly prospective ground positions it well to deliver value through new discoveries.
With a strong financial footing and a clear exploration roadmap, Koonenberry is poised to unlock the potential of the Prince of Wales Project and its broader portfolio, aiming to contribute meaningfully to Australia’s mineral resource landscape.
Bottom Line?
As Koonenberry Gold prepares to drill these compelling targets, the market will be watching closely for signs of a new discovery in NSW’s prolific Lachlan Fold Belt.
Questions in the middle?
- What will initial drilling reveal about the true scale and grade of mineralisation at Back Station Creek and Sybil?
- How might geophysical surveys refine target zones and impact drilling strategies?
- Could the Prince of Wales Project emerge as a significant new gold-copper resource in a well-established mining province?
