Key Highlights

  • Koonenberry Gold (ASX:KNB) traded at $0.015, down 11.77%, after touching a 52-week low during the 26 October 2026 session.
  • A roughly 450 metre hole is under way at a blind porphyry target at Wilga Flats.
  • The first three holes are at the laboratory, with assay results expected in late Q4.

Koonenberry Gold Limited (ASX:KNB) shares touched a 52-week low during the Trading session on 26 October 2026, trading at $0.015, down 11.77% on the day. Koonenberry is an Adelaide-based explorer with its Wilga Flats Project in the East Lachlan region of New South Wales. In an announcement dated 20 October 2026, it reported an expansion of its drilling program there.

Drilling Expanded at Wilga Flats

Koonenberry said it has expanded its ongoing drilling at Wilga Flats following geological observations from initial drilling along the 4.2 kilometre long Olaf's Trend, with assays pending. Three holes for 744 metres have been completed at the Olaf's epithermal gold target, and a hole of about 450 metres using RC and diamond methods is now under way.

Initial drilling identified zoned hydrothermal alteration, including phyllic, propylitic and inner propylitic assemblages, within a basaltic to andesitic volcaniclastic sequence, together with rare porphyry-style quartz-magnetite-pyrite and magnetite veinlets. The company said these features are consistent with epithermal-porphyry gold-copper systems elsewhere in the East Lachlan. It also noted that the company's visual estimates of alteration and veining should not be treated as a substitute for laboratory analyses.

Epithermal gold systems form at shallow depths, while porphyry systems are larger and deeper intrusion-related systems that can host copper and gold. The announcement positions the blind porphyry target as potentially lying beneath the epithermal level, which is why the new hole extends to about 450 metres. The announcement lists hole coordinates in a table and shows the Olaf's target on a magnetic image.

Blind Porphyry and Copper-Gold Targets

The new hole tests a blind porphyry target defined by a magnetic high of about 400 metres by 500 metres that extends more than 1,000 metres vertically, with coincident induced polarisation and geochemical responses. The company describes a classic porphyry geophysical signature supported by zoned soil geochemical anomalism.

A further two holes of about 500 metres in total will test a copper-gold target in the central Olaf's Trend, defined by a copper-in-soil anomaly of about 1.2 kilometres by 0.5 kilometres, a coincident gold-in-soil anomaly of about 600 metres by 100 metres, and rock chips returning up to 1.37% copper. Historic drilling at the Olaf's target returned 32 metres at 0.10 grams per tonne gold, including 1 metre at 0.76 grams per tonne from 65 metres in hole ODH1.

About Koonenberry Gold

Koonenberry Gold is based in Carrington Street, Adelaide, and focuses on gold and copper exploration in New South Wales. The company's current drilling at Wilga Flats combines RC and diamond drilling, and it reports that drilling and sampling are progressing efficiently.

The company said the geological observations from initial drilling gave it confidence to expand the program. The first three holes were completed for 744 metres and have been delivered to the laboratory, and the company expects to receive assay results late in the fourth quarter.

Risks

Assay results are pending, so no grades from the new drilling have been reported, and the announcement's alteration and vein observations are visual. Blind targets are concealed beneath surface cover, and their presence and scale cannot be confirmed until drilling intersects them. The share price of $0.015 means very small price changes produce large percentage moves.

The announcement states that the blind porphyry target has a classic geophysical signature, but the company also notes that visual estimates of alteration, veining and style are not a proxy for laboratory analyses where grade is the Factor of principal economic interest. Historic drilling at the Olaf's target returned a low-grade gold interval, which the company cites as encouraging gold anomalism.

Catalysts on Investors' Radar

The first three holes are with the laboratory, and results are expected late in the fourth quarter. The ongoing 450 metre hole and the two planned holes in the central Olaf's Trend would follow, with assays reported once received.

The announcement adds that drilling and sampling is progressing efficiently and that the company is planning further holes into the substantial copper-gold surface anomaly along the trend. Each of the planned holes would report assays after laboratory processing, which the company expects to begin delivering in late Q4.

Final Perspective

Koonenberry touched a 52-week low six days after announcing an expanded drill program. Assay results from the first holes are expected late in Q4, and drilling continues at the blind porphyry target.