Koonenberry Gold (ASX:KNB) said assays from surface geochemical sampling at its Prince of Wales Project in the Lachlan Fold Belt, New South Wales, highlighted two separate copper and gold targets, according to a Tuesday Australian bourse filing.
The company has found a 2.5-kilometer-long gold-in-soil anomaly, which is open to the north, with rock chip results highlighting gold and copper potential of up to 2.41 grams per tonne of gold and 0.06% copper.
The company said that the results, combined with observed geology and alteration, indicate the potential for large-scale epithermal gold and porphyry copper-gold targets or both, which have never been drill tested.
The company plans to advance targets to drill-ready status within the year and is funded to continue exploration across its projects with about AU$10.4 million in cash.
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