Koonenberry Gold (ASX:KNB) has finalised its acquisition of 100% of Gilmore Minerals, securing ownership of the Gundagai Gold-Copper Project in New South Wales.
The transaction adds 485km² to the company’s Lachlan Fold Belt portfolio across four exploration licences comprising the Johnston’s Hill, Big Ben-Princess Marina, Snowball-Califat, and Kimo targets.
Previous exploration delivered rock chip results up to 386 grams per tonne gold (Au) and 320g/t Au, along with copper rock chip grades reaching 27.05%. Limited shallow drilling intercepted 1m @ 23g/t Au from 20m @ 1.78g/t Au.
Executive Chairman Paul Harris says the acquisition provides a ‘camp-scale’ opportunity with near-term drill targets.
“The acquisition strengthens our Lachlan Fold Belt position, being contiguous with our existing Prince of Wales and Brungle Projects and our nearby Junee Newmont JV, where Newmont [is] currently diamond drilling,” Harris says.
Consideration shares issued to Gilmore Minerals vendors are subject to a 12-month voluntary escrow period.
Koonenberry says tenement transfers are underway. Upon completion, field activities involving surface geochemistry and targeted geophysics are scheduled to commence later this quarter.
The company intends to execute a ‘rapid’ exploration program to delineate drill-ready targets.
Koonenberry Gold is a minerals explorer focused on gold and copper discoveries across its projects in New South Wales.
Write to Paula Fabe at Mining.com.au
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