Koonenberry Gold (ASX:KNB) has defined copper-gold and epithermal gold targets for drilling along the 4.2km Olaf’s Trend at its wholly owned Wilga Flats Project in New South Wales.
Wilga Flats lies approximately 20km north of Evolution Mining’s (ASX:EVN) Cowal Gold Mine, which contains more than 13 million ounces of gold.
The southern copper-gold target comprises a 1.2km by 0.5km copper-in-soil anomaly coinciding with a 600m by 100m gold anomaly.
Rock-chip sampling of outcropping mineralisation within the anomaly returned copper grades of up to 1.37% and 1.27%.
Koonenberry says the mineralisation occurs in altered basaltic-andesite volcanic rocks and hydrothermal breccias interpreted as equivalents of the Cowal Igneous Complex.
Three-dimensional magnetic modelling has identified responses overlapping the soil anomalies and surface mineralisation. The company interprets the magnetic highs as possible hydrothermal alteration or buried intrusive bodies.
A separate target in the northern part of Olaf’s Trend is based on historical drilling, re-assaying, soil geochemistry, and magnetic modelling.
Historical hole ODH-1 returned 11.33m @ 2.05% combined lead and zinc from 190.52m. Koonenberry’s re-assaying of available core identified 32m @ 0.10 grams per tonne gold from 65m, above the base metal intersection.
The historical lead-zinc interval could not be re-assayed for gold because insufficient core remained.
Executive Chairman Paul Harris says the results have advanced Olaf’s Trend from a regional geochemical anomaly into two target areas.
“The convergence of high-grade copper mineralisation at surface, extensive copper-gold soil anomalism, favourable hydrothermal alteration and coincident magnetic responses supports compelling drill targets,” Harris says.
The company notes it has submitted an approval application to drill the northern epithermal gold target, while permitting for the southern copper-gold zone remains underway.
Koonenberry says it plans to use the rig currently operating at its Dunedoo Project. Seven reverse circulation holes totalling 1,326m have been completed at Dunedoo, with diamond drilling due to begin shortly and full results expected in the December quarter.
Koonenberry Gold is an Australian gold and copper explorer with a 4,360km² portfolio of projects across NSW.
Write to France Pinzon at Mining.com.au
Images: Koonenberry Gold
