Koonenberry Gold Secures Drill Permits for Dunedoo Copper-Gold Target

Koonenberry Gold Locks in Drill-Ready Copper-Gold Target at Dunedoo as Permits Clear Path to Q3 2026 Drilling

Koonenberry Gold (ASX: KNB) has reported a cluster of drill-ready targets at its 100%-owned Dunedoo Project in New South Wales, led by a near-surface porphyry copper-gold target at Bolinda Vale. The target is supported by coincident magnetic, induced polarisation, soil geochemistry and alteration data, with drill permits already secured for a Q3 2026 reverse circulation drilling program.

For investors following ASX copper-gold explorers in the Lachlan Fold Belt, the update matters because it brings Dunedoo from target definition into the drill-testing stage. Furthermore, the announcement outlined two additional near-term epithermal gold-silver targets, Hillside and Tucklan, which are expected to be tested in the same program.

Why Does Bolinda Vale Stand Out?

Bolinda Vale is not being advanced on the basis of one isolated result. Instead, the target has been defined by several independent datasets that point to the same area, which typically improves confidence in drill targeting at the exploration stage.

The reported features include:

• A 3D modelled magnetic high measuring more than 0.5 km by 0.3 km, interpreted as a buried intrusive body
• A 1.6 km by 0.45 km induced polarisation (IP) chargeability anomaly, with values above 10 mV/V and peaking at 24.3 mV/V, extending to a depth of more than 300 metres
• A semi-coincident resistivity break associated with the chargeability response, interpreted as a possible deep-seated structural corridor
• A coherent copper-gold-molybdenum soil anomaly more than 800 metres long and 400 metres wide
• Surface alteration zoning identified through Short Wave Infrared Spectroscopy (SWIR), including siliceous gossan, phyllic, advanced argillic and propylitic assemblages

Taken together, these results suggest the target may represent the upper or outer part of a porphyry system. In simple terms, a porphyry system is a large mineralised zone formed around an intrusive rock body, often containing broad volumes of copper and gold mineralisation.

Diorite float observed within the magnetic feature was also cited as support for the buried intrusive interpretation.

What Does the Executive Chairman Say?

"The magnetic model looks to have defined a potential buried intrusive complex that may daylight where the Cu-Au-Mo soil anomaly is located, and the IP has revealed a coincident large-scale chargeability anomaly measuring 1.6km long x 0.45km wide, with resistivity break, all pointing to a high priority potentially sub-cropping porphyry Cu-Au target of scale," said Paul Harris, Executive Chairman.

"We have drill permits in place and are preparing a drill test as soon as possible, using relatively shallow RC holes."

What Does the Porphyry Copper-Gold Model Mean for Investors?

Porphyry deposits are one of the most important sources of copper globally and can also host material gold credits. They are usually large in footprint, even if grades are moderate, which is why early geophysical and alteration signatures can attract attention before drilling confirms the scale and mineral content.

At Bolinda Vale, the alteration pattern is a key part of the interpretation. Koonenberry identified:

• Siliceous gossan, which may indicate a weathered cap over a mineral system
• Phyllic alteration, marked by quartz, muscovite and pyrite
• Advanced argillic alteration, including pyrophyllite and kaolinite
• Propylitic alteration, including chlorite, carbonate, epidote, prehnite, pyrite and chalcopyrite

This zoning matters because porphyry systems often show different mineral assemblages at different levels. Surface rocks can represent the upper edge of the system, while stronger copper-gold mineralisation may sit below.

A Simple Guide to the Technical Signals

For non-specialist investors, three terms in the update are especially important:

The reported IP anomaly is particularly relevant. Sulphide-bearing rock can generate elevated chargeability, and in porphyry systems that can reflect a large hydrothermal halo around the core of mineralisation.

According to Koonenberry, the Bolinda Vale anomaly could represent a pyrite-rich alteration zone, which is commonly associated with the outer parts of copper-gold porphyries. That does not confirm economic mineralisation; however, it does provide a drill-supported geological case for testing the target.

Hillside and Tucklan Add Gold-Silver Exposure to the Drill Program

Bolinda Vale is the lead target, but the ASX update also defined two additional targets at Hillside and Tucklan. These are described as epithermal gold and gold-silver targets, a different mineralisation style to porphyry systems.

Epithermal systems form at shallower crustal levels from hot fluids and can host gold and silver in structurally controlled zones. Both targets share features with the nearby Bowdens Silver Mine, located about 68 km south of Dunedoo.

The reported results are summarised below:

At Hillside, the company reported a broad gold-in-soil anomaly supported by silver, arsenic, tungsten, lead and mercury-tellurium pathfinder elements. Rock chip sampling returned up to 1.24 g/t gold and 1.20 g/t gold.

At Tucklan, the announcement described a high-level epithermal environment with elevated silver, plus arsenic, antimony, mercury and thallium, and relatively low base metals. In practical terms, that chemical pattern can help geologists identify the upper parts of a gold-silver-bearing hydrothermal system.

For investors, the inclusion of these targets means the upcoming program is not reliant on one geological theory alone. Dunedoo therefore offers exposure to both porphyry copper-gold and epithermal gold-silver exploration models.

Dunedoo Sits in a Productive Geological Belt

The Dunedoo Project covers about 97 km² and is located roughly 1.5 km south of the town of Dunedoo in central western New South Wales. It sits within the Rockley-Gulgong Volcanic Belt, part of the eastern Macquarie Arc within the Lachlan Fold Belt.

That broader district hosts multiple deposit styles, including porphyry, epithermal and skarn mineralisation. In addition, Koonenberry pointed to a project-wide geochemical dataset showing anomalies across more than 12 km of strike, indicating the current drill targets may represent only part of the opportunity.

Reported project-wide geochemical highs include:

• 182.5 ppb gold in soil
• 200 ppm copper in soil
• 2.11 ppm silver in soil

The announcement also referenced regional deposits including Bowdens, Racecourse and Lucky Draw. These comparisons provide geological context only and do not imply Dunedoo will produce similar results, a distinction the company explicitly made in the release.

Upcoming Catalysts Across the Broader Koonenberry Portfolio

The Dunedoo update fits within a wider NSW exploration pipeline across 4,360 km² of tenure. Koonenberry is advancing multiple programmes at once, which may support regular news flow over coming months.

One point likely to attract investor attention is the Junee Joint Venture, where Newmont has commenced diamond drilling. Koonenberry holds a 20% free-carried interest, meaning the current programme is funded by Newmont rather than directly by Koonenberry.

Balance Sheet and Portfolio Position

Koonenberry's capital structure shows the following metrics:

For investors, that combination suggests the company has preserved exposure to a partner-funded drill programme while moving its wholly owned targets toward first-pass drilling.

Why Does the Dunedoo Update Matter?

The significance of the Dunedoo announcement lies in target maturity. Early-stage soil sampling and mapping can highlight prospectivity, but investor interest often increases when multiple datasets align and drilling permits are already in place.

At Bolinda Vale, Koonenberry has now reported:

• A sizeable magnetic feature interpreted as a buried intrusive source
• A large IP anomaly extending beyond 300 metres depth
• A matching soil geochemistry signature in copper, gold and molybdenum
• Surface alteration consistent with the upper part of a porphyry system
• A secured permit and a defined drilling window in Q3 2026

That does not establish a discovery. It does, however, move the project to a clear test point where the geological model can be assessed by drilling.

The same applies to Hillside and Tucklan, which add near-term gold-silver targets to the programme. Combined with regional anomalies across more than 12 km, the Dunedoo Project appears to offer more than a single-target exploration story.

For shareholders and resource investors, the next key catalyst is likely to be whether the planned RC drilling confirms the sulphide system and alteration model at Bolinda Vale, and whether the epithermal targets return mineralised intervals that justify follow-up work. Until then, the current ASX update places Koonenberry firmly in the category of permitted, catalyst-rich NSW explorers heading toward a meaningful drill test.

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