공고 • Nov 24
Koonenberry Gold Limited Announces Promising New Prospects
Koonenberry Gold Ltd. announced promising assay results from new prospects as part of the Company's latest soil sample programme. 222 assay results received so far from a 441-soil sample programme undertaken earlier in the year. The purpose of this round of sampling was to infill regional anomalies, including the Vegas and Four Queens targets, as well as to extend the regional soils program into previously untested areas. In both cases to date, the Company reported that excellent results have been obtained, further adding to the inventory of high priority areas being delineated for drilling. The Koonenberry Gold Project lies within the little-explored Koonenberry fold and thrust belt which is considered prospective for orogenic gold systems based on similar lithostratigraphy, structural style, mineralisation timing and tectonic setting as seen in the Victorian Goldfields, in particular, the Stawell Zone. At Vegas, the infill sampling was designed to follow up regional anomalism in the Ponto Group, west of the Koonenberry Fault. The geology there consists of a sporadically outcropping mudstone-dominant sedimentary sequence, interleaved with mafic intrusive and extrusive rocks of the Bittles Tank Volcanics. Numerous quartz reefs and iron oxide quartz breccias were observed during reconnaissance mapping, concordant with the pervasive cleavage direction. Four of the 88 results from Vegas returned >10ppb Au, including results of 14.9, 18.4, 18, and 25.1ppb Au, which are highly anomalous results for this terrain, where 10ppb represents approximately the 97th percentile and the background level is around 1ppb. Importantly, however, the results form a coherent NW-trending anomalous zone, which is at least 1.8km long and 50-150m wide at +5ppb Au. There has been no previous exploration at Vegas. The Company intends to initially follow up with more soils to close the current gaps and define the geometry in readiness for drilling. Mini-bulk rock chip samples were collected from this area, and concentrates are currently being assayed, with results due in early December. A small number of results (38) were returned at the northern tip of the anomaly, with the best result being 8ppb Au. As previously reported, (refer ASX announcement 14 October 2021), the gold anomaly is very large, being over 4km long, at typically 100m width at +5ppb Au. GSNSW mapping shows that the anomaly sits over the Kandie Tank Fault splay, which defines the contact with the Ordovician Nuntherungie Basin. The new results have helped to define the anomaly geometry and have highlighted a possible east-west structural intersection at the northern end. No previous exploration has been undertaken in the area. The Company is intending to undertake field mapping of this area and further soils to see if the anomaly extends further to the northwest and southeast. A number of reconnaissance soil traverses have intersected more interesting results in areas of no previous work. For example, two consecutive results of 9.1 and 10ppb Au, were intersected amongst other anomalous results to the west of the Chimney prospect within the Bunker Creek Formation (Figure 2). One result of 20.3ppb was also intersected to the south of Vegas. All of these results present new opportunities and require follow-up to investigate their significance. The remaining soil results from the current programme are expected to be reported in December. These samples also concentrated on infilling existing anomalies in preparation for a focussed drilling campaign to begin next quarter. Follow up soil and ground magnetic programmes are planned for the coming months. Soil sampling is an inexpensive and effective technique to prioritise prospects that may have the potential for hosting a large ore body. Since commencing this work, the Company has already identified at least 3 other targets that have geochemical signature equivalent to, or better than, the flagship Lucky Sevens target. Ground magnetics will be deployed over selected targets where detailed airborne magnetic data is unavailable and will be used to understand the structures in those areas. The Company has purchased a portable XRF device and re-testing of the pulps from all past soil sampling programs is underway for multi-element geochemical characterisation. This will be used to determine possible pathfinder elements for gold mineralisation and other mineralisation styles which have never been previously investigated. The Company has commenced a comprehensive structural geology study, the first phase of which is initially looking at the regional structures controlling mineralisation. The second phase will involve detailed field mapping, to map the key features and assist in drill targeting. The outcome of these studies will be a 3D geological map which will drive the definition and prioritisation for drilling in March 2022 and further exploration targeting. The Company is pursuing large gold deposits at its Koonenberry Gold Project and is encouraged not only by the geological similarities with the Victorian Goldfields, but also by the size of the geochemical anomalism generated and widespread surficial expression of gold to date.
