Koonenberry Gold Ltd. report the commencement of field work in 2023. An extensive 4-to-6-week rock chip sampling campaign has been initiated after extensive review of the Company's datasets over the summer. Several targets have been generated for follow up and extensional rock chip sampling, including high grade gold rock chip assays at Bellagio (11.25g/t Au), Two Up (8.71g/t Au) and Lucky Sevens (6.5g/t Au), not previously reported.

There are also two high-grade copper rock chip samples (15.3%1 and 5.6% Cu) at Atlantis that require extra sampling coverage to assist with determining the possible deposit model and exploration approach (e.g. Orogenic and/or Volcanogenic Massive Sulphide - VMS)­. There are also a large number of sample descriptions and vein occurrences in the Company's database that contain interesting geological observations but do not contain any assay data. These will be resampled in the current program.

Numerous areas along favourable prospective structures will also be targeted for first-pass reconnaissance exploration, including rock chip sampling and assaying. In parallel, additional soil sampling is planned for areas with no or limited coverage. These include infill sampling and along strike sampling to the SE and NW of Lasseters Prospect, as well as infill sampling at Crystal Palace, with the aim of better defining robust drill targets at both.

The Company has a solid pipeline of anomalous and drill ready Prospects with preparation advancing for Air core (AC) drill programmes to be completed during the remainder of the financial year. In addition, early-stage targets will be advanced with planned rock chip and soil geochemistry programs. Koonenberry Gold plans to complete a substantial Air Core program at a number of Prospect areas in the coming months subject to regulatory approvals. Planning for Air Core drilling at the Atlantis, Vegas and Four Queens Prospects is advanced and a number of other target areas are undergoing targeting to bring them to drill-ready status.

In addition, geophysical surveys are also being designed (with potential follow up AC drilling) to test to test for a conductive response associated with Cu-Au mineralisation and alteration at Atlantis. At the Bellagio and Longhorn Prospects, soil sample pulps will be submitted for multi-element analysis. It is expected that further multi-element soil data will help to define drill targets in these Prospect areas.