Gold explorer with project in an underexplored emerging major mineral province of NSW

OnMarket Bidding Closed Koonenberry Gold Ltd ASX: KNB

Koonenberry Gold Ltd IPO | ASX: KNB

Fixed Priced IPOType of Offer
14 Jul 21Offer Open
30 Jul 21Pay By
$0.20Price
Up to $10 millionSize of Offer
$2,000 Minimum Investment
Ventnor SecuritiesLead Manager

Key Highlights

Introduction

Koonenberry Gold Ltd (ASX: KNB) is a gold exploration and development company with a focus on the Koonenberry Gold Project located approximately 160km northeast of the major mining centre of Broken Hill and 40km west of the opal mining town of White Cliffs. Koonenberry has twelve exploration leases of approximately 1,339 km2 in an emerging major mineral province which holds excellent potential for a number of different styles of gold mineralisation.

The Koonenberry Belt is an orogenic belt with the potential to become a major new mineral province and has been subject to uplift, sedimentation and deformation throughout the Phanerozoic, including the Benambran Orogeny, which is considered to be the main phase of gold mineralisation. It is comparable with the Stawell Zone of the Victorian Goldfields.

Source: Greenfield and Reid, 2006

Terms of the Offer

Koonenberry Gold Limited is looking to undertake an IPO on ASX to raise between $8 million and $10 million via the issue of between 40 million to 50 million shares under the Offer at an offer price of $0.20.  The company will have an indicative market capitalisation of approximately $29.77 million (at maximum raise) on a fully diluted basis on completion of the offer. 

The Project

The Project is located in north-western NSW, approximately 160km northeast of the major mining and cultural centre of Broken Hill and 40km west of the opal mining town of White Cliffs.

The Targets include:

Lucky Sevens:

Koonenberry considers Lucky Sevens to be the most advanced prospect, with costeans and historical drilling over a very short strike length of the >3km structure. There is visible gold in the reef at surface with a rich nugget patch. The current exploration information is concentrated around earlier RAB drilling which gave 5m @25.14g/t Au (KYRB_032) from surface. Soil sampling has been effective in defining the mineralised trend of the vein system. Geophysical resistivity techniques have been partially successful in identifying the steep easterly dip of the structure, which continues to the northwest of the drilling area.

Royal Oak

Early exploration has shown an outcropping reef rich in specimen nuggets, and early exploration results of rock chips to 10 g/t Au and Costean DTCOST03 1m @ 2.69 g/t Au from 46.5m. It appears to be an iron-rich reef system along the Royal Oak splay fault. There is no systematic historical exploration and it has not been drilled.

Breakaways

This target is one of numerous prospects within the Nuntherungie Basin and has been subjected to detailed mapping, sampling, and shallow aircore and RC drilling. There is a mineralised reef identified at surface which contains a complex array of veins and associated alteration. The Nuntherungie Basin also offers the possibility of hydrothermal mineralisation associated with basin development, with remobilisation of fluids during basin shortening. This is evidenced by nuggets, stream sediment anomalism, multi-element lag sampling anomalism and sub-economic RC results.

Old Bunker Tank

This area has strong indications of mineralisation and is favourably sited for both orogenic gold and alluvial mineralisation. Mapping has revealed carbonate spotting, pyrite euhedra, and bedrock bleaching alteration. An anticlinal fold hinge has been mapped which appears to correlate with the zone of sulphide enrichment in bedrock. Mafic rocks of the Bittles Tank Volcanics are exposed along the fold hinge.

An iron-enriched quartz vein from costean BOUNCOS8 in the Old Bunker Tank area (Bouncer Reef) returned a 31.2 g/t Au result.

Lonsdale

Reconnaissance exploration has identified a reef trending NNW @ 1m thick adjacent to the Lonsdale Fault splay and a number of discrete soil anomalies have been recorded in the vicinity. Recent mini bulk sampling results include 24.1 g/t Au and 4.95 g/t Au. There has been no exploration in this area.

Atlantis

Has the largest soil anomaly defined on the project to date > 5km @ 10 ppb Au. There is a copper-gold association with up to 15% copper in the rock chips. It has an association with fold hinge and very strongly silicified dome within a hematitic siltstone. Atlantis is seen as a possible intrusive-related Cu-Au system.

Business Model and Objectives

The primary objective of the Company is to focus on the exploration and development of the Koonenberry Gold Project, with the objective of defining a viable mineral resource, and proposes to fund its exploration activities over the first two years as outlined in the allocation of funds table.  The Company will continue to look for complementary and synergistic exploration opportunities and may acquire additional projects in the future in the same or different commodities.

The Company intends to undertake a multi-disciplinary exploration strategy to provide a thorough understanding of the mineralisation potential throughout the Project. This is aimed at proving the potential for a new high-grade gold JORC Code Compliant resource at the Project.

The plan includes:

  • comprehensive geological mapping to create a tenement scale exploration 3D model and high-resolution, local sub-models around the known prospects;
  • collation and extension of existing geochemical data and further geophysical studies;
  • definition and prioritisation of targets for drilling and further development, understanding the different mineralisation styles and the most efficient way of testing those targets, with Lucky Sevens a key prospect at this stage;
  • use its on-site mini-processing facility to handle large sample volumes and obtain more representative samples;
  • through exploration success, evaluate opportunities for near term gold production; and
  • seek further exploration, acquisition and joint venture opportunities primarily in Australia.

Management and Board

Koonenberry Gold Limited is led by a highly competent Board and experienced management team with a demonstrated track record in the mining and resources industry. These include:

 

John Elkington – Non-Executive Chair

Mr Elkington (MSc, FAusIMM, FAICD) is a highly experienced Australian mining executive and company director. His other roles include operating as an independent mining consultancy providing company management, strategic cashflow modelling and financial analysis, as well as project and risk management advice for consulting, mining and development companies in the mining industry. Mr Elkington was formerly Chair of the Mid West Ports Authority, which operates the busy regional port of Geraldton in Western Australia and is currently Chair of ASX listed TNG Limited.

Anthony McIntosh – Non-Executive Director

Mr McIntosh (BCOM, GAICD) has extensive experience in investment marketing, investor relations and strategic planning, with a focus on small caps, as well as a strong and well established network of stockbroking and investment fund managers. Mr McIntosh currently runs Adorina Investment Group, the McIntosh family investment company, and sits on a number of private and public company boards.

John Hobson – Non-Executive Director

Mr Hobson (MBA, BSc(Hons), GAICD) has extensive financial markets experience in Australia, Asia and New York, gained across senior investment banking, corporate and funds management roles. He was a top-ranking bank analyst with Morgan Stanley and Credit Suisse in Asia and also worked with and consulted to Macquarie Group.  He also has broad stakeholder engagement experience from his time as General Manager, Capital Markets at AGL Energy Limited and as Head of Investor Relations at Brambles Limited.

Karen O’Neill – CEO

Ms O’Neill (MBA, BCompt, FGIA, FCIS, GAICD) is a highly experienced governance and finance professional with strong commercial acumen and operations management. Ms O’Neill has spent the last 13 years working in the resources sector in diverse roles including executive leadership roles, operations, project management, and acquisitions / mergers, which has provided a strong base of hands-on operational understanding. She has worked with organisations in different stages of their lifecycles from exploration assets, through development and acquisition as well as operational management. Her last role was as Managing Director of an ASX listed gold producer, which saw a transformation in its operations under her tenure.

Andrew Bennett – Exploration Manager

Mr Bennett (BSc(Hons), MAusIMM) has over 25 years’ experience working as a geologist in a variety of exploration and mining environments and commodities throughout Australia. With WMC and BHP, he managed a massive exploration campaign at Olympic Dam, which added over 4Bt to the mineral resources and has since managed a number of junior companies through technical feasibility studies in gold, iron ore and base metals.

Ben Donovan – Company Secretary

Mr Donovan (AGIA, ACIS) is a member of the Governance Institute of Australia and provides corporate advisory, IPO and consultancy services to a number of companies. Mr Donovan is currently a company secretary to several ASX listed and public unlisted companies and has gained experience across resources, agritech, biotech, media and technology industries.

Key Offer Statistics

Use of Funds

Funds raised from the Offer will be applied as follows:

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 9 of the prospectus, Koonenberry Gold Limited is subject to a range of risks, including but not limited to exploration and development risks, limited history, contractual risk, titles, tenement applications and licence renewals and landowner and access risk.

 

Section 734(6) disclosure: The issuer of the securities is Koonenberry Gold Limited ACN 619 137 576. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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Koonenberry Gold Ltd ASX: KNB

Koonenberry Gold Ltd
Gold explorer with project in an underexplored emerging major mineral province of NSW

 

Koonenberry Gold Ltd (ASX: KNB) is a gold exploration and development company with a focus on the Koonenberry Gold Project located approximately 160km northeast of the major mining centre of Broken Hill, and 40km west of the opal mining town of White Cliffs. Koonenberry has a significant tenure  of approximately 1,339 km2 in an emerging major mineral province which holds excellent potential to yield economic mineralisation.

 

The Project area is centred on a major gold nugget field which has been exploited by prospectors who reportedly recovered thousands of ounces of gold through metal detecting. Historical artisanal reef mining has occurred, though not extensively.  

$0.20Price
Up to $10 millionSize of Offer
14 Jul 21Offer Open
30 Jul 21Pay By
IPO Closed Jul 2021

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