Koonenberry Gold Limited reported the preliminary results of the EM geophysical survey at the Atlantis Au-Cu Prospect. Seven 1.5km long Moving-Loop Electromagnetic (MLEM) lines at 100m line spacing and 50m station spacing were completed at the Atlantis Prospect to test for the presence of conductive bodies potentially representing sulphide mineralisation. A SMARTem24 receiver combined with a high temperature three component SQUID sensor was employed using a Slingram array with 200m centre to centre separation. GEM Geophysics, an industry leading geophysical contractor, completed the survey within 10 days, with technical supervision provided by ExploreGeo. The EM conductor detected, whilst relatively weak, is interpreted to represent possible interconnected sulphide veinlets with Au-Cu mineralisation. In addition to the EM conductor, there is
a coincident IP (Induced Polarisation) response from the EM survey which may come from disseminated sulphides in bedrock. The survey also confirmed that this portion of Atlantis is not a Volcanogenic Massive Sulphide (VMS) target as no strong EM conductor was identified. As the
siltstone is flooded by silica alteration in many places and is chert at peak silica, coupled with Au-Cu in outcrop overlaying the conductor, the target Geological Analogue is Orogenic Gold (e.g., +5Moz Magdala Deposit - Stawell Gold Mine). Importantly, the gold in soil anomaly, multi-element pathfinder contours and the late-time EM image (red component) are all co-incident with a fold hinge mapped (by the Geological Survey of NSW), with
the EM conductor on the southern limb. This limb may represent a dilational structure or increased structural complexity for mineralised fluid deposition. Rock Chip Petrography: Supporting the prospectivity and EM results are the nine samples from the 2019 Atlantis rock chip program submitted for Petrographic analysis to Teale & Associates. Rock Chip Sample KB03118 (0.84g/t Au) from this analysis is fine grained, intensely silicified and contains large, possible (former) phenocrysts. This sample is important in the light of the EM survey as it supports the Orogenic Gold model (+5Moz Magdala Deposit (Stawell Gold Mine).