- Koonenberry Gold (KNB) says its latest results from maiden reverse circulation drilling at its Lucky Sevens prospect fell “below expectations”
- Drilling at the prospect, which lies within its namesake gold project in New South Wales, targeted a 400-metre portion of a four-kilometre gold-in-soil anomaly at Lucky Sevens
- The drilling intersected quartz veins with zones up to 30 metres in width over a two-kilometre strike, along with “low-tenor” gold results, with peak assays of two metres at 0.13 grams per tonne (g/t) gold
- KNB Managing Director Dan Power says the company has “barely scratched the surface” of the project, with many more targets to be tested
- Koonenberry Gold is down 14.3 per cent and trading at 6 cents at 1:10 pm AEDT
Koonenberry Gold (KNB) on Wednesday reported its latest results from maiden reverse circulation drilling at its Lucky Sevens prospect fell “below expectations”.
The company received assays from its maiden reverse circulation (RC) program at the prospect within its namesake gold project in New South Wales, with only 13 ‘Aqua Regia’ assays still pending.
The 11-hole, 2258-metre program was the first ever conducted by Koonenberry and targeted a 400-metre portion of the four-kilometre gold-in-soil anomaly at Lucky Sevens.
The drilling intersected quartz veins with zones up to 30 metres in width over a two-kilometre strike.
Low tenor gold results were returned, with peak assays of two metres at 0.13 grams per tonne (g/t) gold. Koonenberry said, however, this did not explained the “extensive surface gold anomaly” at Lucky Sevens.
“Whilst the assay results of this modest drilling campaign are below expectations, we have learned a lot about the geology and drilling conditions,” KNB Managing Director Dan Power said.
“We have barely scratched the surface of the project with many more targets to be tested.”
The company said the results may reflect the structural complexity of the local geology, where any mineralised veins could have been missed by the wide-spaced, first-pass program.
Alternatively, the company said higher-grade mineralisation could be focused elsewhere along the four kilometres of strike at Lucky Sevens.
Meanwhile, Mr Power told investors progress was being made for the 15,000-metre air core drilling program at the Atlantis, Four Queens and Vegas prospects.
“Collectively, these three targets represent over 13 strike kilometres of gold in soil anomalism which have never seen a drill rig.
“It is rare to find a quality project with so many walk-up drill targets and the company is excited to see what we might discover in the next round of drilling which is anticipated in Q3.”
Koonenberry Gold was down 14.3 per cent and trading at 6 cents at 1:10 pm AEDT.