Key Highlights

  • Three holes totalling 744 metres have been drilled to date at Wilga Flats along Olaf's Trend.
  • A second rig has started four further holes along the 4.2 km trend, with assays from the first three expected in late December.
  • Rock-chip samples at Breakfast Creek returned up to 19.05% copper, adding to earlier results of up to 18.5% copper.
  • Early exploration has begun at the recently acquired Gundagai Project, with a large soil program planned.

Koonenberry Gold Limited (ASX:KNB) has provided an update on exploration across its New South Wales gold-copper portfolio, in an announcement dated 4 November 2026. The update covers drilling at Wilga Flats, rock-chip and soil work at Breakfast Creek, a maiden program at Dunedoo and early activity at the recently acquired Gundagai Project.

Wilga Flats and Olaf's Trend

Three holes totalling 744 metres have been drilled along Olaf's Trend 1. A diamond hole of about 450 metres, testing a blind porphyry copper-gold target, is nearing its planned depth.

A second drilling rig has commenced four further RC and diamond holes along the 4.2 kilometre trend. Assays from the first three are expected in late December, which the company says will be the next material data point for the trend.

The porphyry copper-gold target tested by the diamond hole is described as blind, meaning it has no surface expression. It was identified from geophysical and geological data, and the second rig adds to the number of holes being drilled along the trend, so assay timing will depend on laboratory turnaround.

Breakfast Creek and Gundagai

At Breakfast Creek, three polymetallic skarn drill targets have been defined at Balbardie and Bimberoo, with drill planning and permitting well advanced. New rock-chip samples returned up to 19.05% copper and 3.22% copper, adding to earlier results of up to 18.5% copper and 7.02 g/t gold.

Silver, tin and tungsten anomalism were also identified. At Gundagai, initial on-ground exploration is under way, and a large soil sampling program will begin shortly across the Big Ben Trend.

The polymetallic skarn targets at Breakfast Creek are supported by infill soil sampling and reprocessed electromagnetic data. The release notes that the EM data identified previously undrilled conductors close to or alongside the soil anomalies, which the company uses to define drill targets.

Dunedoo Results

The maiden seven-hole drill program at Dunedoo returned low-grade gold-silver anomalism at Hillside, including 36 metres at 0.10 g/t gold and 3.84 g/t silver from surface. Results at Bolinda Vale were not significant, as the induced polarisation and magnetic anomalies there are explained by pyrite and magnetite alteration.

Follow-up work to the north of Hillside is being assessed by the company.

The Dunedoo program is described as a maiden effort. The company treats the Hillside results as low grade and explains the Bolinda Vale anomalies by alteration, and these findings help define where follow-up work is focused.

Exploration Stages and Next Steps

The update covers several projects at different stages. Wilga Flats is in active drilling, Breakfast Creek is in target definition with drill planning under way, Dunedoo has completed a maiden program, and Gundagai is at the start of soil sampling. The company's next data points will come from the Wilga Flats assays and from the soil program at Gundagai. The release does not set a schedule for Breakfast Creek drilling beyond noting that planning and permitting are advanced.

Final Word

The update describes exploration activity and early-stage results across several NSW projects. Most of the Wilga Flats drilling is still awaiting assays, and the Dunedoo gold-silver results are described as low grade. The announcement does not indicate a resource, so the next assay batches will determine whether the drilling supports further work on the trend.