Koonenberry Gold Ltd (ASX:KNB) ('Koonenberry' or the 'Company') is pleased to report the progress of work at the Koonenberry Project.
Managing Director, Dan Power, said: 'Whilst we have seen a slight delay to the work program due to a significant rain event earlier in the month, we were fortunate to have completed enough drilling at Atlantis to gain drill positions for the downhole EM work. This type of geophysical surveying has been successfully applied by other explorers in the highly prospective Koonenberry Belt who have intersected copper mineralisation in similar rock types at depth under subtle surface features less than 50km from our Atlantis Prospect3 .'
Koonenberry Belt VMS Cu-Au Prospectivity The Koonenberry Belt is a frontier Terrane prospective for Orogenic gold, VMS Cu-Au-Pb-Zn-Ag and Magmatic Ni-Cu-PGE systems. Traceable for over 225km, the Koonenberry Fault has acted as a longlived deep crustal structure that has tapped metal source rocks and acted as a conduit for mineralised fluids. The Koonenberry Fault has numerous associated splays, second order faults/thrusts and associated folds and is believed to be critical for concentrating these fluids and depositing metals within trap sites and dilatant zones. The Koonenberry Belt has been largely under-explored due to its remoteness, with past exploration efforts considered to have been largely ineffective. In recent years however, the belt has been heavily pegged by various explorers who have recognised the enormous prospectivity of the belt to host significant Tier 1 deposits. Modern exploration techniques are being applied for the first time at a belt and prospect scale and are likely to increase the probability of discovery. The majority of the 2,060km2 Koonenberry Gold Project is considered highly prospective for Orogenic Gold. With abundant evidence of gold mineralisation in multiple bedrock sources and a pipeline of emerging targets, the Company believes it has the potential to discover significant gold deposits. Furthermore, along the western margin of the Project a sequence of sedimentary rocks and volcanics can be traced to the south where other explorers have demonstrated recent success in applying electrical geophysical techniques that have resulted in the discovery of high grade Cu-dominant VMS systems (G11 Resources Ltd, ASX announcement dated 4 June 2024 'High Grade Copper Intercepts at Wilandra Central.' e.g. 9m @ 2.66% Cu from 310m, inc. 6m @ 3.46% Cu from 311m)4 .
The geology comprises sediments, volcanics and an interpreted doubly-plunging basalt dome which is represented as a magnetic high. The sedimentary sequence is further broken into lithic muddy feldspathic quartz siltstone, feldspar quartz greywacke and laminated carbonaceous mudstone and (all from the Cambrian Teltawongee Group) and has been metamorphosed to subgreenschist/greenschist facies. The area is considered highly prospective for Orogenic Gold mineralisation (Stawell Gold Mine - Type). Copper-dominant mineralisation styles such as VMS (Volcanogenic Massive Sulphide) are also possible.
A Moving-Loop Electromagnetic (MLEM) survey was completed in March 2023 at the Atlantis Prospect to test for the presence of conductive bodies potentially representing sulphide mineralisation. The survey was completed over only a 600m strike length of the 6.5km long gold-copper-antimonyarsenic soil anomaly. Three Electromagnetic (EM) conductors were detected proximal to peak gold and copper rock chip assays of 0.84g/t gold and 15.3% Cu. The EM conductors, whilst relatively weak, are interpreted to represent possible interconnected sulphide veinlets associated with Cu-Au mineralisation. These are labelled as EM Plate 1 - 3 on the cross section and have approximate strike lengths of 200m, 150m and 300m respectively, each with 125m down dip extent. Significantly, the high-grade Cu-Au rock chip samples sit directly up dip from the modelled central plate. The down dip extension of the SW plate coincides with a monoclinal flexure in the conductivity profiles. These coincidences could be interpreted as up-dip leakage of sulphide mineralisation from a NE dipping body and the SW dipping plate reflecting a fault. In addition, the high-grade rock chips, copper-gold-multielement soil anomalies and the late-time EM response (red component) are all co-incident with a fold hinge mapped by the Geological Survey of NSW. Modelled EM plates appear to be located on both limbs of the fold. The limbs may have increased structural complexity related to deformation and folding and therefore be better sites for mineralisation. This is supported by the observaOon of a carbonaceous mudstone unit during Phase I drilling which forms a marker horizon and indicates that the straOgraphy may folded into an anOform, or be a parasiOc fold on a larger anOformal/domal structure.
AlteraOon observed in the field is predominantly silica, however secondary alkali feldspar, K-feldspar, bioOte (retrograde to chlorite) and sericite/muscovite has been observed petrographically and is likely to represent a potassic peak metamorphic metasomaOc event. Fe-carbonate alteraOon has been observed to cross-cut the earlier alteraOon assemblage and may represent a second, cooler fluid event. In drilling, no sulphides other than pyrite were observed in hand specimen (although malachite was observed in the weathered zone), however very fine to ultra fine-grained Fe-sulphides are observed petrographically intergrown with, intersOOal to, and included within, the quartz, alkali feldspar, bioOte and Fe-rich carbonate alteraOon assemblage. Sulphides are observed as pyrite, arsenOferous pyrite, pyrrhoOte, arsenopyrite and chalcopyrite in polished thin secOon work. Highly anomalous Pb and Zn assays (Pb max 0.95%, Zn max 0.15%) also suggest that Galena and Sphalerite are also likely to be present in the samples. In previous petrological studies on the outcropping mineralisaOon at AtlanOs, vein-related sulphides were determined to include galena along with arsenopyrite and chalcopyrite
Competent Persons Statement
The information in this announcement that relates to exploration results is based on information compiled under the supervision of Mr Paul Wittwer, who is a Member of the Australian Institute of Geoscientists (AIG) and the Australian Institute of Mining and Metallurgy (AusIMM) and is the Exploration Manager of Koonenberry Gold Limited. Mr Wittwer has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves.' Mr Wittwer consents to the inclusion in this report of the matter based on his information in the form and context in which it appears. Where reference is made to previous announcements of exploration results in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information and results included in those announcements.
Forward looking statements
This announcement may include forward looking statements and opinion. Often, but not always, forward looking statements can be identified by the use of forward looking words such as 'may', 'will', 'expect' 'intend', 'plan', 'estimate', 'anticipate', 'continue', 'outlook' and 'guidance' or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements are based on Koonenberry and its Management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect Koonenberry's business and operations in future. Koonenberry does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that Koonenberry's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by Koonenberry or Management or beyond Koonenberry's control. Although Koonenberry attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of Koonenberry. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law in providing this information Koonenberry does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any changes in events, conditions, or circumstances on which any such statement is based
Cautionary statement on visual estimates of mineralisation
Any references in this announcement to visual results are from visual estimates by qualified geologists. Laboratory assays are required for representative estimates of quantifiable elemental values. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations
(C) 2024 Electronic News Publishing, source ENP Newswire