en.Wedoany.com Reported - On August 11, Australian mineral exploration company Koonenberry Gold disclosed that it had completed the acquisition of all issued shares of Gilmore Minerals on August 10, thereby securing a 100% interest in the Gundagai gold-copper project. The transaction was approved by shareholders at the company's general meeting on July 31, and the transfer of ownership for the project's related exploration licenses is currently being processed.
The Gundagai project comprises four adjacent exploration licenses—EL8061, EL8586, EL8889, and EL8998—covering an area of approximately 485 square kilometers, and includes four primary exploration zones: Johnston's Hill, Big Ben-Princess Marina, Snowball-Califat, and Kimo. Following the completion of the acquisition, Koonenberry Gold's exploration tenements in the Lachlan Fold Belt of Australia have increased to approximately 2,065 square kilometers.
As part of the transaction consideration, Koonenberry Gold issued 12 million fully paid ordinary shares to the former shareholders of Gilmore Minerals on August 10, with the shares subject to a voluntary 12-month lock-up period from the closing date. The previously announced transaction arrangements also include 33 million performance rights tied to the company's share price conditions.
The highest grades obtained from previous surface rock chip sampling at the project were 386 grams per ton of gold and 27.05% copper, respectively; historical shallow drilling intersected a mineralized interval of 20 meters with an average gold grade of 1.78 grams per ton, including 1 meter at 23 grams per ton of gold. These data represent historical exploration results, and the project has not yet reported mineral resources in accordance with current standards.
Upon completion of the transfer of ownership for the exploration licenses, the company plans to initiate a surface geochemical survey later this quarter, followed by targeted geophysical exploration based on the survey results, to further identify targets ready for the drilling stage.
