Koonenberry Gold acquires high-grade NSW project
Koonenberry Gold (ASX:KNB) strengthened its position in the Lachlan Fold Belt after entering into a binding agreement to acquire the Gundagai Gold-Copper Project from Gilmore Minerals.
The acquisition introduces a Tier 1, "camp-scale" opportunity featuring four contiguous tenements with highly prospective, near-term drill targets.
Gold rock chip assays include peaks of 386g/t, 320g/t, and 274g/t Au, alongside outstanding copper grades reaching up to 27.05% Cu.
Limited historical shallow drilling has already yielded significant intersections, highlighted by 20m at 1.78g/t Au from 27m (including 1m at 23g/t Au) and 7m at 3.52g/t Au.
Furthermore, multiple open historical copper drill intercepts have been reported, such as 2.4m at 2.93% Cu from 139.8m.
The tenure captures highly sought-after epithermal-porphyry gold-copper, intrusion-related, and orogenic gold targets within the interpreted Macquarie Arc.
The Gundagai Project sits contiguous to Koonenberry’s existing Prince of Wales and Brungle projects, and is near the Junee Newmont joint venture, cementing a commanding, underexplored ground position in New South Wales.
To drive the expanded portfolio forward, Koonenberry has bolstered its leadership team, bringing on Executive Technical Director Darren Glover, Chief Geologist Ben Harper, and Exploration Manager Bryn Ellingworth to work alongside recently appointed Executive Chairman Paul Harris.
At the time of reporting, Koonenberry Gold's share price was $0.023.
