Koonenberry boosts portfolio with gold and copper-gold plays in NSW

Koonenberry Gold Ltd (ASX:KNB) is set to transform into a gold and copper-gold explorer holding 4,410 square kilometres across prolific territory focused specifically on New South Wales, with the addition of two new acquisitions in these two commodities.

The company has entered into binding agreements to take on Enmore Gold Project from Global Uranium & Enrichment Ltd (ASX:GUE) and Lachlan Project from Gilmore Metals Pty Ltd.

Enmore is located in the New England Fold Belt, proximal (within 20 kilometres of) the 1.7 million-ounce Hillgrove gold-antimony mine, and its historic results have included 174 metres at 1.82 grams per tonne from 0 metres, including 31 metres at 3.05 grams per tonne from 115 metres and 1 metre at 15.15 grams per tonne from 172 metres- at the Sunnyside target.

At the Lone Hand target, results included 0.45 metres at 234 grams per tonne, 0.9 metres at 21 grams per tonne, and 3 metres at 15 grams per tonne – all from underground workings.

Lachlan – located in the prolific Lachlan Fold Belt – has included results such as 18% copper and 0.5 grams per tonne of gold in one hole, and 1.1% copper and 3.4 grams per tonne of gold in another.

Alongside this at Lachlan, Koonenberry will also obtain two existing farm-in joint ventures with a Newmont Corporation subsidiary, with historic results including 224 metres at 0.19% copper and 0.20 grams per tonne from 172 metres at the Junee JV.

Bracketing the acquisitions is a plan to raise $4.5 million through a placement, with support from major shareholder Lion Selection Group Limited (ASX:LSX), in addition to incoming Lowell Resources Fund (ASX:LRT).

Koonenberry shares rose on the news, and at 14:41 AEDT, they were trading at 1.8 cents – a rise of 50% since the market opened.

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