Koonenberry Gold Ltd is getting set for its ASX debut this month after finalising a capital raise of up to $10 million to pursue the development of its greenfields gold project northeast of Broken Hill, NSW.
The company reports that it has a “strong and supportive” register of institutions, ultra-high net worth family offices and experienced mining investors, with many increasing exposure via the IPO. A small proportion of the IPO is being made available to retail investors via several platforms including the company website.
“Koonenberry Gold has attracted a lot of attention from investors within Australia’s gold mining ecosystem”
Koonberry greenfields gold project
The Koonenberry Gold Project, located ~160km northeast of Broken Hill comprises 12 exploration licenses covering an area of 1,339km². The company describes it as sharing similar geology to the Stawell gold region, which is one of the two largest mine sites in Victoria having produced approximately 5 million ounces of gold to date.
The project is considered prospective for large-scale intrusive gold mineralisation, with the company identifying sufficient geological evidence to indicate potential for orogenic and placer gold mineralisation supported by a range of data, including but not limited to historical artisanal production exceeding 1,870 kg of gold (as per NSW Department of Primary Industry records), along with gold nuggets found near surface.
Over $4 million has been spent to date on target definition, geochemistry collecting and collating, and geophysical data.
Management comments
Koonenberry Gold CEO Karen O’Neill said: “Koonenberry Gold has attracted a lot of attention from investors within Australia’s gold mining ecosystem, but we want to broaden our shareholder base with an allocation for retail investors. Koonenberry has eight near-drill ready exploration targets. The Lucky Sevens prospect is the most advanced and we are encouraged by visible gold in the reef at the surface and evidence of a large reef structure along strike and to depth.
This is a large project that has the potential to be a major new gold discovery. Koonenberry Gold will be the first company to undertake a systematic gold exploration programme on its tenements in a highly prospective emerging gold province.”
Images: Koonenberry Gold Ltd