Koonenberry Gold is looking to list on the ASX later this month after completing its capital raising of up to $10m to pursue the development of a greenfields gold project northeast of Broken Hill.
The company says the project has a similar geology to the Stawell gold region, which is one of the two largest mine sites in Victoria having produced approximately 5m ounces of gold.
“Gold nuggets have been found near the surface at the Koonenberry Gold project, with this site having the potential to be a major new gold district,” Koonenberry CEO Karen O’Neill says.
The Koonenberry project comprises 12 exploration licenses covering an area of 1,339 sq/km.
“This is a large project that has the potential to be a major new gold discovery.
Koonenberry Gold will be the first company to undertake a systematic gold exploration program on its tenements in a highly prospective emerging gold province”, Ms O’Neill says.
Koonenberry will trade on the ASX under the ticker code KNG.