Exciting Exploration Phase Begins at Junee JV: Newmont (ASX:NEM) Starts Drilling Campaign

2 min read | January 16, 2025 05:57 PM AEDT | By Team Kalkine Media

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Exciting Exploration Phase Begins at Junee JV: Newmont (ASX:NEM) Starts Drilling Campaign — Image source: Shutterstock

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Highlights

Newmont (ASX:NEM) commences an expansive drilling program at Junee JV.

Koonenberry Gold (ASX:KNB) holds a 20% interest, with no funding obligations.

The project lies in the world-class Lachlan Fold Belt, a rich gold and copper region.

Koonenberry Gold Ltd (ASX:KNB) celebrates the commencement of a major drilling campaign at its Junee Joint Venture (JV) with exploration giant Newmont (ASX:NEM). This marks a significant step in advancing the project situated in the highly productive Lachlan Fold Belt of New South Wales. The generative aircore drilling program, which aims to complete approximately 144 holes totaling up to 11,000 metres, is fully funded by Newmont, showcasing their commitment to unlocking the full potential of this promising area.

So far, Newmont has invested a remarkable A$23.9 million into acquiring high-quality datasets, in addition to conducting over 66,000 metres of previous drilling work. These substantial investments support the exploration for gold-copper porphyry systems in the region. The prospect is particularly promising given its geological similarities to other world-class mining deposits, including Newmont’s own Cadia Mine and Evolution Mining’s (ASX:EVN) Northparkes deposits.

Newmont’s exploration team, led by experienced geologists, has outlined drilling targets focusing on buried intrusive complexes that may be associated with copper-gold mineralisation. The aircore drilling campaign is part of a broader strategic effort to better understand geophysical anomalies within a favourable structural setting, which could pave the way to discovering new gold and copper resources. The region has demonstrated high mineral potential, with previous studies indicating similar rock types, mineralisation, and alterations seen in productive porphyry systems of the Lachlan Fold Belt.

Koonenberry Gold retains a 20% stake in the Junee project and, notably, is free-carried to commercial production. This arrangement allows Koonenberry to benefit from the results of the drilling program without the financial obligation, making it a promising and risk-mitigated opportunity. The focus of the current drilling is on regional-scale geophysical anomalies beneath shallow cover, investigating potential porphyry systems linked to WNW-ESE trending cross-arc structures – key indicators of mineralisation in this region.

The Lachlan Fold Belt, a renowned geological province, boasts a combined metal endowment of over 88 million ounces of gold and significant copper reserves. This exploration project, with the backing of a global leader like Newmont, positions Koonenberry Gold in an exciting phase of exploration in one of the world’s most prolific mining districts.

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