Holy Cow-al! Koonenberry defines epithermal gold near prolific Evolution mine

• Koonenberry Gold highlights multiple targets at its Wilga Flats project in NSW during geochem work
• A 4.2km trend indicates the potential for Cowal-style mineralisation along with multiple anomalies
• With $8.7m in the bank, the company will continue its works across the project

Special report: Soil sampling at Koonenberry Gold’s Wilga Flats project in NSW has outlined a 4.2km trend consistent with gold-rich epithermal mineralisation encountered at Evolution Mining’s nearby Cowal gold mine.

There were 403 samples collected along Olaf’s Trend, including 40 rock samples (grab, outcrop and subcrop) that showed high-K calc-alkaline basaltic-andesite signatures, similar to phase 1 magmatism in NSW’s Macquarie Arc.

Koonenberry (ASX:KNB) believes this confirms analogues with outcropping parts of the highly prospective Fairholme/Cowal Igneous Complex.

Some important observations include a magnetic high coinciding with the copper-in-soil anomaly peak, intersected by an NNW-SSE trending magnetic low, likely representing a cross-arc structural feature.

KNB says this magnetic low trend is semi-coincident with a ~0.8km long gold-in-soil anomaly within the broader trend at Olaf’s, which represents an important structural control on mineralisation within the East Lachlan.

Wilga Flats sits just north of Evolution Mining’s (ASX:EVN) prolific 13Moz Cowal gold mine.

Advancing targets to drill-ready status

KNB managing director Dan Power said the review of historical work revealed that the geology, mineralisation, alteration and scale of this newly defined trend had a strong resemblance to the Cowal deposit.

“Our first phase of work at Wilga Flats has returned encouraging results highlighted by an extensive 4.2km long gold+base metal pathfinder element soil trend,” he said.

“The identification of likely high K calc-alkaline Macquarie Arc rocks is also significant as it supports the exploration rationale and confirms the tenement prospectivity.

“Being the first explorer to have ever conducted systematic soil sampling including routine gold analysis along the Olaf’s trend, each of these anomalies remain untested by drilling, and we will advance these targets to drill-ready status.”

Drills set to turn at Enmore in October

Meanwhile, second phase drilling at the Enmore project in NSW’s northeast is set to begin in early October following continued wet weather and unfavourable ground conditions.

“All regulatory approvals are in place and a drilling contractor has been secured to commence up to 10,000m of infill, extensional and discovery drilling,” Power said.

“With $8.7m cash at June 30, the company is fully funded to complete this work and maintain our efforts across our enviable portfolio of gold and copper projects in NSW.”

This article was developed in collaboration with Koonenberry Gold, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.