Ann: Enmore 2nd hole returns 172.9m @ 2.07g/t Au inc 25m @5.23g/t, page-26

Tier-1 Potential of the Enmore Gold Project (Koonenberry Gold) in NSW

Diamond drilling at the Sunnyside Prospect, Enmore Project (northeast NSW). The project has yielded visible gold in all of the first four drill holes, sparking comparisons to Tier-1 gold deposits.

Introduction and Project Background

Koonenberry Gold’s Enmore Gold Project in northeastern New South Wales (near Armidale) has recently delivered exciting drill results at the Sunnyside prospect. In early 2025, the company completed its first diamond drilling campaign at Enmore (acquired in late 2024), targeting high-grade gold zones indicated by historical drilling . Notably, all of the first four holes (25ENDD001 through 004) intersected visible gold in quartz-sulphide veins, confirming a robust gold-bearing system . These early results have prompted speculation about whether Enmore could evolve into a Tier-1 gold asset – typically a world-class deposit defined by large size, high grade, and strong economics. This report analyzes the likelihood of Enmore being Tier-1, based on the latest ASX announcements and global Tier-1 criteria, and provides a probability estimate with rationale.

Recent Drill Results at Enmore (Sunnyside Prospect)

Drilling Overview: Koonenberry’s maiden diamond drilling program at Sunnyside (8–10 holes, ~3,000 m planned) aimed to twin and extend historical intercepts, test new structural orientations, and expand the mineralized footprint . The first four holes (001–004) were completed by March 2025 (1,355.9 m drilled) , and assays for holes 001 and 002 have been received (holes 003 and 004 pending as of April). Key results include:

•Hole 25ENDD001: Twinned a 2021 RC hole (OSSRC006) and confirmed a huge gold intercept of 170 m @ 1.75 g/t Au from 77 m, including 18.3 m @ 9.95 g/t Au from 172.9 m, with a bonanza sub-interval of 0.3 m @ 144.5 g/t Au. This result validates the broad mineralization reported historically (e.g. 174 m @ 1.83 g/t in OSSRC006) and reveals exceptionally high-grade veins within the broader zone . Gold occurs in intense multi-phase veins, sulphidic breccias and quartz stockworks in granite, with coarse visible gold at multiple points . Mineralization remains open up-dip (toward surface above 77 m), along strike, and at depth beyond 170 m .

•Hole 25ENDD002: Drilled ~25 m along section (down-dip) from Hole 1, it intersected similar broad zones of alteration, veining and sulphides, and encountered visible gold from 287.2–299.1 m down-hole. This ~11.9 m visible gold interval is interpreted as the down-dip extension (~100 m deeper) of the high-grade zone from Hole 1 . Preliminary assays from Hole 2 confirm high-grade gold within broader mineralization. For example, a 1 m core sample at ~217 m depth ran 28.7 g/t Au (with specks of visible gold in quartz) . The full assay interval for Hole 2 is pending, but Koonenberry’s Managing Director noted the result “turned out to be even better” than Hole 1, demonstrating ~35 m of vertical continuity of high-grade on that section and extending overall gold depth from ~240 m to ~275 m from surface . Hole 2 thus confirms continuity of the system at depth and additional high-grade veins (e.g. visible gold also noted around 291–293 m ).

•Holes 25ENDD003 & 25ENDD004: Both encountered visible gold as well, indicating the system is persistent. Hole 3 hit visible gold between 252.3–264.9 m (multiple specks over ~12 m), while Hole 4 (still in progress at the time) showed visible gold in three zones: 146.1–160.1 m, ~184.9 m, and 223.9–237.8 m . These intervals suggest multiple stacked or parallel lodes. Both holes also showed broad alteration and quartz-sulphide veining similar to the first holes . Assays for 003 and 004 are expected in late April/May, and for the purpose of this analysis we assume they return strong gold grades consistent with the visible gold (e.g. further high-grade intercepts). Early geological observations from Hole 3 indicate a ~125 m wide structural corridor over at least 550 m of strike, open NE-SW, which could host extensive mineralization .

Significance of Results: The first four holes demonstrate a combination of broad low-to-moderate grade gold envelopes and narrow high-grade shoots with visible gold. For instance, Hole 1’s 170 m @ 1.75 g/t Au confirms a bulk-tonnage scale zone, while the included 18.3 m @ 9.95 g/t Au (with ultra-high 144.5 g/t spikes) reveals a rich core . Hole 2’s visible gold zone extended that high-grade shoot ~100 m deeper , and encountered additional shallow high-grade veins (e.g. 28.7 g/t) above it . All holes indicate mineralization from near surface (upper tens of meters) to ~250–300 m depth, with gold remaining open at depth and along strike . This suggests potential for both open-pittable resources in the upper portion and deeper high-grade zones that could be mined underground in future. The presence of visible gold in every hole is particularly notable – as MD Dan Power quipped, “the best pathfinder for gold is gold itself,” highlighting how encouraging it is to hit visible gold each time . He also stated that the “extensive alteration, sulphides, veining and improved structural understanding point to this system having significant size potential” . In summary, the Enmore drilling to date has confirmed a sizable gold-bearing system with continuity, reinforcing the possibility of a major discovery.

Tier-1 Gold Deposit Criteria and Global Benchmarks

In the mining industry, a “Tier-1” gold asset refers to a world-class deposit or mine with outstanding size, grade, and economic returns. Barrick defines a Tier-1 gold mine as one with ≥5 million ounces of contained gold (in reserves) that can support ≥10 years of production at ~500,000 oz per year, and with costs in the lower half of the industry cost curve. In practice, this translates to a large, long-life mine with >5 Moz of gold resources, an average grade typically above ~1.5 g/t Au (for open-pit or bulk-tonnage mines) or even higher for underground, and robust economics (high margin per tonne).

Some globally recognized Tier-1 gold deposits include:

•Kalgoorlie Super Pit (Golden Mile, Australia): A giant Archean gold system that has produced over 60 Moz of gold over 120+ years . The open pit and underground combined operation produces ~400–800 koz annually, with current open-pit grades around 1.2–1.5 g/t Au . This deposit exemplifies enormous scale and long life.

•Cadia Valley (Australia): A cluster of deposits (Cadia East, Ridgeway, etc.) with >37 Moz Au in reserves/resources (plus copper), averaging ~1 g/t Au with copper credits. Cadia produces ~800 koz Au per year over decades, leveraging low costs through scale and block-cave mining – a Tier-1 by size and cost profile.

•Ravenswood (Queensland, Australia): An intrusion-related/Orogenic gold system in the same broader New England Fold Belt as Enmore, with ~8 Moz gold endowment . Ravenswood (plus nearby Mount Wright) had a long open-pit and underground operation, demonstrating that this geologic province can host multi-million-ounce deposits.

•Lihir (PNG) and Muruntau (Uzbekistan) – examples of Tier-1 mines with >40–50 Moz endowment each, though of different styles (epithermal and orogenic respectively). These highlight how Tier-1 assets can be either very large low-grade bulk deposits or very high-grade systems, as long as the total gold inventory and economics are top-tier.

Typically, Tier-1 gold deposits share the following criteria:

•Resource/Reserve Size:>5 Moz of gold (often much more). This usually implies tens to hundreds of millions of tonnes of ore (depending on grade).

•Grade Quality:>1.5 g/t Au average for open-pit or bulk deposits is often cited. Many Tier-1 mines have ~1.5–3 g/t if large tonnage (e.g., Boddington ~0.7 g/t Au, but with huge tonnage; Tropicana ~1.6–2.0 g/t Au ; Kalgoorlie ~1.4 g/t open-pit ). High-grade underground Tier-1s might average >5–10 g/t but smaller tonnage (e.g., some Nevada deposits). The key is high total ounces with sufficient grade to be economic.

•Production and Mine Life: Ability to produce on the order of 0.3–0.5 Moz (300-500 koz) per year for 10+ years. This requires both large reserves and an extraction method that can sustain high throughput or high ounce yield. A ≥10 year mine life at large scale underpins the Tier-1 status.

•Cost Profile:Low cost per ounce, often measured by All-In Sustaining Cost (AISC) in the lower 50% of industry. Tier-1 assets often benefit from economies of scale, favorable metallurgy, or by-product credits (e.g. Cadia’s copper) to keep costs <$900/oz, which yields strong cash margins. High-grade mines can also have low costs due to more ounces per tonne.

•Geological Continuity & Scalability: Tier-1 deposits usually occupy a world-class district or belt and have significant exploration upside. They often consist of extensive continuous ore bodies or multiple large lenses, giving confidence that resource growth can continue (“geologically driven addition” ). The deposit should show consistency (so it can be reliably mined and modeled) and/or multiple centers that collectively contribute to scale.

•Infrastructure & Location: While not a geological criterion, being in a mining-friendly location with good infrastructure (roads, power, water, skilled workforce) facilitates development and lowers capital/operating costs, contributing to Tier-1 economics. Conversely, a great deposit in a very remote or high-risk area might struggle to realize Tier-1 status in practice. Tier-1 assets are often in proven mining regions (e.g., Kalgoorlie, Nevada, Ontario) or at least accessible districts.

With these benchmarks in mind, we will assess Enmore’s Sunnyside prospect on each aspect to gauge the probability it could reach Tier-1 class.

Geological Setting and Mineralization Continuity

Deposit Style: The Enmore/Sunnyside mineralization is described as orogenic mesothermal gold, hosted near the contact of a Permo-Carboniferous granite (Monzogranite) and metasedimentary rocks in the New England Fold Belt . This setting is analogous to the nearby Hillgrove deposit (20 km north) which is a gold-antimony (Au-Sb) vein system . At Sunnyside, gold occurs in a NE-SW trending shear zone (the Sunnyside Fault) and in later NW-SE trending quartz veins that crosscut the shear at high angles . These intersecting structural trends create dilational sites for high-grade veins within a broad damaged zone. Gold is closely associated with arsenic sulphides (arsenopyrite, pyrite, pyrrhotite) and occurs as free gold in quartz veins and breccias . Traces of galena, chalcopyrite and sphalerite have been noted, and historically some shoots in the region contained stibnite (Sb) , though initial surface sampling at Enmore showed low Sb (antimony) in most areas. The presence of arsenopyrite and occasional stibnite suggests a similar paragenesis to Hillgrove, but so far Enmore appears primarily a gold-dominant system (no significant Sb reported in assays yet).

Alteration and Continuity: Drilling has revealed intense silica-sericite alteration, tectonic hydrothermal brecciation, and multi-phase quartz veining through a wide zone in the granite host . This alteration is pervasive and indicates a substantial hydrothermal system. Importantly, gold mineralization has been observed to extend ~50–100 m out from the main shear into the granite, over a strike length of ~450–550 m and to depths of ~250–300 m so far, and remains open in all directions. In fact, grades appear to increase with depth in some sections – for example, the deepest parts of holes 1 and 2 had the highest grades (8.86 g/t at 172 m in historical hole, 9.95 g/t at ~173–192 m in Hole 1, and visible gold ~290 m in Hole 2) . This bodes well for finding a richer core at depth, a common feature in orogenic systems (e.g., Fosterville’s high-grade zone at depth). Geological sections indicate the high-grade shoot(s) have at least 240–275 m of vertical extent so far on multiple sections , and additional sub-parallel lodes may exist within the 125 m wide corridor .

The consistency of broad mineralization across multiple holes and sections suggests good geological continuity. Hole 1 and 2 showed the same major zones offset by structure, confirming predictability of the main shoot over tens of meters . The fact that every hole drilled hit gold over significant widths implies a laterally persistent system rather than isolated pockets. However, as with many orogenic gold deposits, grade distribution is heterogeneous – there are high-grade “sweet spots” (nuggety veins) within lower-grade halos. This means while the bulk continuity of ~1–2 g/t mineralization is likely, the ultra-high grades might form discrete shoots. Overall, the geological evidence points to a significant, continuous mineralized system at Sunnyside that could potentially yield a large resource if fully delineated. The size of the alteration footprint (hundreds of meters scale) and open boundaries indicate room for expansion, an encouraging sign for Tier-1 potential.

Grade Profile, Visible Gold, and Assay Considerations

The grade profile at Enmore’s Sunnyside prospect so far is encouraging and near the Tier-1 benchmark range:

•Broad Intercepts Average ~1.5–2 g/t Au: The first hole’s 170 m @ 1.75 g/t is on par with many bulk-tonnage Tier-1 deposits (e.g., Tropicana’s open-pit averaged ~2 g/t in early years) and above the often-cited 1.5 g/t threshold . Historical drilling similarly had 100+ meter intercepts around 1.3–2 g/t . These grades, if consistent over large volumes, could support an open-pit operation with good economics, especially given the near-surface start (mineralization from <50 m depth in historical holes) . It’s worth noting the reported intercepts use low cut-offs to emphasize bulk potential; within them are higher-grade sections.

•High-Grade Cores: Each broad zone contains higher-grade intervals (e.g., 18.3 m @ 9.95 g/t in Hole 1) . Hole 2 is expected to have a similarly rich core (the 11.9 m visible gold zone) though assays are pending . These high-grade zones greatly boost the contained ounces and could allow selective mining (e.g., underground targets) if continuous. For instance, the 18.3 m @ ~10 g/t contains roughly 5,800 grams of gold per tonne block, which is almost 2,000 oz of gold in just 18 m of core – a very high concentration for any deposit. Comparatively, Tier-1 systems often have such high-grade shoots that improve the overall grade or support higher-grade starter production. For example, Kalgoorlie’s Golden Mile had numerous 1–5 m reefs of >1–2 oz/ton (31+ g/t) within wider lower-grade lodes, and even large porphyries like Cadia have higher-grade portions (Cadia East has sections of >4 g/t Au) that are mined first. Sunnyside’s bonanza intervals (131–144 g/t over 0.3 m ) show it has the “jewelry boxes” typical of an orogenic Tier-1 deposit, albeit narrow. The key will be defining how extensive these high-grade shoots are along strike and dip.

•Visible Gold and Nugget Effect: The frequent visible gold (VG) indicates a coarse gold component to the mineralization. While VG is exciting (often correlating with high assays), it introduces a nugget effect – grade variability due to uneven gold particle distribution. Koonenberry has already addressed this by conducting Screen Fire Assays on VG-bearing samples. Notably, screen fire re-assays increased reported gold grades by an average of +38% overall in visible gold zones, and by +64% for samples originally >10 g/t. This confirms that conventional fire assays were under-reporting gold (tiny gold nuggets can be missed in normal prep). The implication is two-fold: (1) Metallurgical upside – more gold is present than standard assays show, and proper processing (gravity recovery) can capture it. And (2) Resource estimation challenges – to estimate grade accurately, drilling must be dense or large samples used, otherwise there’s a risk of either over- or under-estimating due to random VG hits. Many Tier-1 orogenic gold deposits (e.g., Bendigo, Fosterville in Australia, and the high-grade lodes of Red Lake in Canada) had to account for nugget effect via closely spaced drilling, bulk sampling, or geostatistical methods. Koonenberry’s use of screen assays demonstrates they recognize this. The strong coarse gold presence at Sunnyside, while making assays variable, confirms the high-grade nature of the system and suggests that reported grades might be conservative if coarse gold isn’t fully accounted for. Future resource work will likely incorporate these techniques to ensure the true grade (and contained ounces) is captured.

•Deposit Style and Grade Distribution: Sunnyside’s combination of disseminated mineralization and vein-hosted gold is promising. The granite host rock seems to have a broad lower-grade disseminated or stockwork gold content (possibly ~0.5–2 g/t in a wide halo), while the shear and cross veins carry higher grades (5–100+ g/t in narrow intervals) . This is akin to an intrusion-related/orogenic hybrid system. If the low-grade halo is sufficiently continuous, it provides a large tonnage backbone, and the high-grade veins add substantial ounces and improve average grade when diluted into a mining width. For a Tier-1 outcome, maintaining a weighted average grade ≥1.5–2 g/t over multi-million tonne volumes will be critical. Early signs indicate this is achievable at Sunnyside (the first hole’s average was 1.75 g/t over 170 m using a very low cutoff, meaning a lot of that interval was above 1 g/t) . It will be important to see if similar long intercepts are present across the 550 m strike – if multiple holes return 50–150 m intercepts ~1–2 g/t on each section, it signals a laterally consistent mineralized envelope. The grade may also improve at depth (if the “boiling zone” or high-grade portion is deeper, as hints suggest ), which could lift the overall resource grade.

In summary, grade-wise Sunnyside is off to an excellent start for a potential Tier-1 deposit. It already demonstrates an average grade in line with known Tier-1 gold mines (many large open pits operate at ~1–1.5 g/t, and Sunnyside is at or above that so far). The presence of very high-grade coarse gold zones is a positive indicator, as most world-class gold systems have a coarse gold component (and often require similar assay considerations). The company will need to ensure proper sampling to quantify these grades, but the initial screen fire results confirm strong coarse gold influence and upside. If future drilling can show that multi-gram per tonne averages hold up over hundreds of meters of strike and depth, Enmore’s grade criterion for Tier-1 status would be largely satisfied.

Scale Potential: Resource Size and Mine Life Outlook

Perhaps the most critical question for Tier-1 potential is “Can the Enmore project host >5 million ounces of gold?” While it is too early to calculate a resource, we can make conceptual estimates based on the exploration results and geology:

•Current Known Extents: The mineralized corridor at Sunnyside is at least 550 m in strike length, ~125 m in width, and ~250 m in vertical extent (open beyond) . If we consider this as a roughly rectangular solid of mineralized rock, and assume an average specific gravity of ~2.7, we can approximate tonnage. For example, 550 m (strike) * 125 m (true width) * 250 m (depth) = ~17,187,500 cubic meters. At density 2.7, that’s about 46 million tonnes of rock. If that entire volume averaged, say, 1.5 g/t Au, it would contain on the order of 2.2 million ounces of gold (46 Mt * 1.5 g/t = 69 million grams = 2.22 Moz). If the average were 2 g/t, it would be ~3 Moz. These back-of-envelope figures indicate that multi-million ounce potential is plausible even within the currently defined footprint (on the order of a few Moz). To reach the Tier-1 threshold of 5 Moz, the system likely needs to extend further or have richer portions:

•If strike can be extended beyond 550 m (say to 800 m or 1 km) or if multiple parallel lodes exist within the 125 m width, tonnage grows proportionally.

•Depth extension is another key lever: many orogenic gold deposits continue to great depths. If Sunnyside continues strongly to, say, 500 m or more depth (which is possible if grade at depth is increasing), the resource could double in vertical extent.

•Another factor is additional prospects at Enmore: Sunnyside is just one target; the project includes others like Sunnyside North, Bora, and Lone Hand. The company’s soil sampling and mapping have identified multiple anomalies and historic workings in the district. A Tier-1 project might comprise several deposits that collectively exceed 5 Moz. If Sunnyside yields, for instance, 2–3 Moz, and another nearby prospect adds 1–2 Moz, the project as a whole could cross the Tier-1 threshold.

•Comparison to Known Deposits: The Hillgrove mine 20 km away had historical production and resources around ~0.7 Moz Au (and significant Sb) and never reached Tier-1 size . However, Hillgrove was mined to only ~300 m depth; Sunnyside appears geologically analogous but potentially larger in footprint. In the broader New England region, Ravenswood (8 Moz) and Mount Morgan (~8 Moz Au) in Queensland show that multi-million-ounce systems exist in this orogenic belt . Ravenswood’s open pit (Bucks Reef/ Nolans) had similar grades (~1.2–1.5 g/t) but over several kilometers of strike. If Enmore’s structures connect into a longer shear zone system, it could approach that scale. Additionally, the historic Enmore goldfield (as referenced in older reports) had numerous high-grade vein occurrences – modern exploration could tie these into a larger resource base.

•Scalability and Upside: One hallmark of Tier-1 assets is that initial discoveries tend to grow significantly with more drilling. At Sunnyside, the fact that drilling only started in 2021 and already hit such broad zones suggests the previous work “just scratched the surface.” The current program is the first oriented core drilling, and already new vein orientations were recognized that could lead to more discoveries (e.g., NW veins) . The mineralization is open in all directions, which is a very favorable sign – there are no obvious limits yet. The company explicitly highlighted a “significant size potential” with the intersection of visible gold in all four holes and the identification of a large structural corridor . Moreover, Koonenberry has expanded the project area (ASX 25/02/25) to secure adjacent gold-antimony targets, indicating there are multiple prospects regionally (possibly along the same trend or parallel belts). This project-scale approach could mean Enmore hosts a cluster of deposits (a “camp”), which collectively might achieve Tier-1 scale even if each single deposit is smaller.

•Mine Life Implications: If we assume Enmore can delineate ~2–3 Moz in the next couple of years of drilling (a speculative but not unreasonable target given early results), that could underpin an initial operation producing, say, 150–200 koz/year for ~10+ years (which is respectable but not Tier-1 level output). To reach a Tier-1 500 koz/year for 10 years (5 Moz) scenario , obviously a larger resource is needed – likely on the order of 8–10 Moz total resource (since not all resources convert to reserves or get mined). Is that achievable? Potentially yes, if Sunnyside continues to grow and if additional zones are found. For example, if Sunnyside yields ~4 Moz (with depth extension and strike growth) and two smaller satellite deposits yield ~1 Moz each, the project could have ~6 Moz total. This is speculative but within reason given the geological setting (the presence of multiple mineralized shear structures regionally). It’s also possible that drilling may discover higher-grade “core shoots” that increase the ounce per vertical meter significantly (for instance, if a Fosterville-like zone was found at depth, ounces could skyrocket in a smaller volume).

In conclusion on scale: Enmore’s Sunnyside prospect has the early hallmarks of a multi-million-ounce system, but to be Tier-1 (>5 Moz) it will need to roughly double or triple the currently indicated footprint through further exploration success. The good news is that nothing in the data so far precludes this – the system is open and could extend, and the New England Fold Belt examples show precedent for ~5–8 Moz deposits . Therefore, the resource size potential for Tier-1 is present, though not yet demonstrated. A cautious view is that it’s too early to assume 5 Moz will be proven, but an optimistic view is that the combination of broad mineralization and high-grade shoots at Sunnyside give a strong platform to build ounces quickly with more drilling.

Infrastructure and Development Considerations

Location and Access: The Enmore project is advantageously located only ~30 km from Armidale, a regional city in NSW, and about 20 km south of the operating (or recently operating) Hillgrove gold-antimony mine. This is a relatively developed area – Armidale has an airport, highways, and a skilled workforce (it’s also a university town). Therefore, infrastructure such as roads and power are nearby. The proximity to Hillgrove means there’s mining infrastructure in the district (Hillgrove had a processing plant for gold and antimony). If Enmore delineates a significant resource, it could potentially leverage some of Hillgrove’s infrastructure or at least the knowledge base. The region’s mining history should make permitting and community engagement more straightforward than a greenfield site, though environmental considerations (the area has some national parks and rural residential areas) will need to be managed.

From a Tier-1 perspective, infrastructure is not a limiting factor here – unlike some Tier-1 deposits that are extremely remote (e.g., high Andes or Arctic). Good access can translate to faster development timelines and lower capital costs. For example, a mine at Enmore could likely connect to the state power grid and use existing roads, lowering the cost per ounce (helping meet the “lower cost half” criterion). Additionally, being in NSW (a stable jurisdiction) checks the box for “Tier-1 in safe location” which Barrick’s definition emphasizes (world-class district, low geopolitical risk) .

Mining and Processing Implications: The mix of broad zones and high-grade veins suggests a possible two-phase mining approach in future: initially an open pit to extract the near-surface broad mineralisation, followed by underground mining to chase the high-grade shoots at depth. Many Tier-1 mines have done similar (e.g., Tropicana in WA started open-pit and later added underground; Kalgoorlie Super Pit is transitioning to underground in parts). Enmore’s topography and overburden are not described in detail, but given historical drilling started at surface, there’s likely minimal cover – an open pit could be feasible to, say, 200–300 m depth to scoop up the bulk of 1–2 g/t material.

Processing-wise, metallurgy is an important aspect. Orogenic gold with arsenopyrite and pyrrhotite can sometimes be refractory (gold locked in sulphides). However, the presence of abundant free gold indicates much of the gold is not locked but free-milling. Hillgrove’s ore was refractory due to antimony (they produced a sulphide concentrate), but Sunnyside’s low Sb and visible free gold suggest it might be amenable to standard gravity + CIL (carbon-in-leach) processing. The company will likely do metallurgical tests, but early clues (screen fire recovery of coarse gold) imply that with gravity circuits to catch nuggets and a leach for finer gold, recoveries could be high (perhaps >90%). If arsenopyrite is significant, an oxidation step might be needed for some fraction, but since they note “unclear how much gold is in solid solution vs free” , this will need testing. For now, there are no red flags on processing – if anything, the coarse gold is a positive for recovery (gravity separation is cheap and effective for that).

Cost Profile Potential: Given the location and presumed mining methods, Enmore could potentially be a mid-cost producer or better. An open pit at ~1.5–2 g/t Au is likely to have a decent strip ratio (unless a lot of waste needs removal – but the deposit is largely hosted in granite and within 50 m of surface in historical holes, so it might outcrop or subcrop). With good grade, the unit cost per tonne can be lower (since more gold per tonne). Also, scale economies: if the deposit supports a large mill (say >3 Mt/year), fixed costs per ounce drop. To meet Tier-1 cost criteria, AISC ideally <$1000/oz is targeted. We can’t calculate that yet, but things like existing infrastructure, possibly using contract mining (common in Australia), and no major processing complexities help. One potential cost challenge could be managing the nugget effect – e.g. doing more infill drilling or bulk sampling is an exploration cost issue more than production cost, though grade control in operations might require close-spaced sampling to avoid missing pockets of gold.

One minor consideration: If antimony or other by-products are present in economic quantities, they could provide by-product credits (Hillgrove produced antimony concentrate, which offset costs). However, so far Enmore hasn’t shown significant Sb – which is actually probably a good thing from a processing viewpoint (simpler metallurgy), even if it means no by-product credit.

Scalability of Operations: For a Tier-1, the operation must be scalable to high output. If Enmore indeed has e.g. >5 Moz, it would likely justify building a large processing plant (2-4 Mtpa or more). The area has space for infrastructure (it’s not in a densely populated or mountainous terrain from the looks of it – the New England Tablelands are undulating but mining can be done). Water supply can sometimes be an issue in Australia; however, this region gets more rainfall than outback WA, and historic mining at Hillgrove managed water with dams, etc. Power could come from the grid; if not, on-site diesel or renewable hybrid power could be installed (again easier here than extremely remote sites).

In summary, infrastructure and development factors pose no significant hindrance to Enmore’s Tier-1 aspirations. On the contrary, being in a mining-friendly, infrastructure-rich area is a big plus. This means if the geology delivers the ounces and grade, turning Enmore into a mine (and a highly productive one) is quite feasible. Tier-1 status requires not just geology but the ability to produce at scale – in Enmore’s case, nothing external stands out as limiting that (e.g., no extreme altitude, no conflict zone, no lack of roads). The project can likely be fast-tracked if results continue, perhaps reaching a development decision within a few years. This favorable setting increases the effective likelihood of Tier-1 classification because often great deposits in poor locations fail to be developed fully – here that risk is minimal.

Probability Assessment: Tier-1 Potential of Enmore’s Enmore Project

Taking all factors into account – geology, grade, scale, and development – we now estimate the likelihood of Enmore’s Sunnyside (and overall project) being a Tier-1 gold asset. We will express this as a quantitative probability (%) and categorize it into a band (High, Moderate, Low), with reasoning:

•High Probability (>50%): This would imply more likely than not, Enmore is Tier-1. Given the early stage (only a handful of holes with assays), it is too premature to assign a high probability. High confidence would require a substantial resource already defined or a clear indication of multi-million-ounce continuity. Enmore isn’t at that stage yet – it’s a very promising discovery but not yet a proven Tier-1. So we do not consider the Tier-1 likelihood to be in the “high” band at present.

•Moderate Probability (20–50%): A moderate chance means Enmore has a realistic shot at Tier-1, but it’s far from guaranteed – roughly 1 in 5 up to 1 in 2 odds. We assess Enmore’s Tier-1 potential as moderate, leaning towards the lower end of this range. The reasoning: The project checks several key boxes (good grade, open large system, infrastructure, analogous to known big deposits) which substantially de-risk it compared to a typical early-stage gold prospect. Many early gold finds might only have a few high-grade hits but lack size – Enmore already shows sizeable intercepts over hundreds of meters. This elevates it above most grassroots projects (which might be <10% chance of ever hitting Tier-1). On the other hand, to actually achieve >5 Moz will require continued exploration success and some favorable geology that is not yet proven (such as the system extending much further or repeating). There are certainly positive signs – e.g., all holes hitting gold (rare for first program), 240+ m vertical continuity demonstrated , and historical holes ending in mineralization . These suggest that with more drilling the ounces will grow. We place the probability in moderate range, roughly ~25% likelihood that Enmore becomes a Tier-1 (>5 Moz) deposit in time. This can be interpreted as “a decent chance, but not the most likely outcome” given the many hurdles between discovery and delineating 5 Moz.

•Low Probability (<20%): This band would suggest it’s unlikely to be Tier-1. We do not think the probability is very low, because the data so far de-risks many common failure points. Enmore is not a pure long-shot; it already is a legitimate discovery with multi-ounce visible gold and broad zones. For context, of all gold exploration projects, only a small fraction ever become >1 Moz, let alone >5 Moz – so on a generic basis, odds are low. But Enmore is not generic; it has moved into a select class of discoveries that have the right ingredients. Thus, we elevate it out of the “low” category. If future drilling disappoints (e.g., if mineralization pinches out or is more poddy than thought), the assessment could be revised down. At this stage though, the probability is above the low threshold.

Our Estimated Probability:≈ 30-40% chance that Enmore becomes a Tier-1 gold asset (5 Moz+). We categorize this as a moderate probability (medium confidence). This essentially means we see a meaningful opportunity but also significant work ahead. In practical terms, Enmore is one of the more promising new gold projects in 2025 (few have such high grades and long runs so early), but many things still need to go “right” for it to join the ranks of world-class deposits.

Supporting rationale for this moderate rating includes:

•Pros: Strong initial grades and thickness (suggesting critical mass is attainable) ; system open and growing ; coarse gold indicating potential undervaluation of grade (upside) ; similarity to known large deposits (regional analogues like Ravenswood) ; good jurisdiction/infrastructure which improves chances of full resource development.

•Cons/Risks: Early stage – no resource defined yet, so 5 Moz is an extrapolation; possibility that high-grade is confined to smaller shoots within a lower-grade halo (could result in, say, a 1–2 Moz high-grade deposit rather than a 5 Moz bulk deposit); the need for extensive drilling and investment to prove the ounces (which introduces funding and execution risk); and typical geological uncertainties (the system could have faults truncating it, etc., which aren’t known yet).

In the context of Tiered probability bands, we would say: currently “Moderate” confidence in Tier-1 potential. If upcoming holes 3 and 4 (and beyond) continue to expand the mineralization and perhaps yield additional high-grade intercepts, the probability could move upward into a higher band. Conversely, any signs of limitations could reduce it. For now, we maintain a cautiously optimistic stance.

Comparison to Tier-1 Assets and Remaining Steps

It is instructive to compare Enmore’s current status to mines that successfully reached Tier-1:

•Scale of Drilling: Tier-1 deposits usually require dozens if not hundreds of drillholes to outline. Enmore has only 4 (with 8-10 planned in phase 1). It’s at the “discovery step” of the ladder. For example, the Hemi discovery (Pilbara, WA) in 2020 started with a few great holes and within a year ~70,000 m of drilling delineated ~6.8 Moz @ 1.1 g/t. Enmore might follow a similar trajectory if results hold – rapid resource drilling could outline multi-million ounces within a year or two. The key will be consistent results.

•Grade/Size vs others: Enmore’s ~1.5–2 g/t broad zones with high-grade streaks is reminiscent of Tropicana (WA) in its discovery stage – Tropicana’s first results were ~70 m @ 2–4 g/t, and it turned into ~7+ Moz @ ~2 g/t . Enmore’s even longer intercepts (170 m) at decent grade are encouraging. If we compare to Fosterville (Vic) – a high-grade underground mine (~3 Moz reserve at 10+ g/t, produced ~600 koz/year at its peak), Enmore’s grade is lower but width is greater. Enmore might be more analogous to Cadia Hill + Cadia East combination: a big low-grade with high-grade pockets in one system.

•Required Continuity: The world-class Carlin Trend deposits (Nevada) achieve Tier-1 by having many kilometers of consistent mineralization at ~1-2 g/t. Enmore is far smaller in known extent, but it’s also less explored. It will need to show that kind of continuity over at least 1–2 km (either in one stretch or combined across multiple zones) to confidently reach >5 Moz. This is one uncertainty – we’ve seen 0.5 km; seeing 1 km or more will likely require step-out drilling along the shear zone.

•District Potential: Many Tier-1 assets are surrounded by satellite deposits that add ounces. Enmore project’s inclusion of multiple prospects (some with historic high-grade like Borah and Lone Hand where underground sampling returned 15–234 g/t in narrow veins ) hints that the project could yield several deposits. If Sunnyside alone falls short of 5 Moz, the aggregate of several prospects in Enmore could still be Tier-1. This contrasts with standalone Tier-1s (like Muruntau or Lihir, which are singular massive ore bodies). The probability increases if we consider the project as a whole rather than just Sunnyside.

Ultimately, the next steps to move Enmore towards Tier-1 status include: extensive step-out and infill drilling to delineate the full size of Sunnyside; testing of other targets on the property for additional resources; metallurgical studies to confirm gold recoveries; and initial resource estimates to quantify ounces. Each successful step will increase confidence. For instance, an initial resource in the millions of ounces (even <5) would drastically raise the Tier-1 odds (perhaps into “high” probability, as further expansion from a multi-million-ounce base is common).

Conclusion and Summary

The Enmore Gold Project’s Sunnyside prospect has emerged as a significant new gold discovery with attributes favorable for a Tier-1 asset. It boasts broad zones (up to 170 m) of ~1.5–1.8 g/t Au with localized ultra-high grades, strong geological continuity, and remains open in all directions . These results validate the historical data and point to a system that could host multi-million ounces of gold .

When evaluated against global Tier-1 criteria – resource size, grade, mine life, cost profile, continuity, and scalability – Enmore shows both notable strengths and remaining gaps. Strengths: The grade so far meets Tier-1 expectations, the mineralization is geologically widespread and robust, and the project’s location/infrastructure is excellent (supporting low costs and scalability). Uncertainties: The confirmed mineralized volume is still relatively limited (~hundreds of meters scale), and whether it can be expanded to the kilometer-scale volume needed for >5 Moz is yet to be determined. The project is in early exploration; thus, there is inherent risk that it might plateau at a smaller size.

Taking all factors into account, we assign a ~30-40% probability (confidence range) that Enmore will evolve into a Tier-1 (>5 Moz) gold asset. This corresponds to a moderate likelihood, reflecting cautious optimism. In other words, there is a reasonable chance – on the order of 1 in 4 – that continued drilling success could prove Enmore as a world-class gold deposit. This is a much higher probability than a generic exploration project, owing to the excellent results to date, but it also acknowledges that the majority of gold discoveries do not reach Tier-1 scale. Enmore will need to continue delivering exceptional drill results and ultimately define several million ounces before it truly enters the Tier-1 league.

Confidence Range: At this exploration stage, our confidence in the Tier-1 potential is tentative but positive. If upcoming assays from holes 003 and 004 (assumed strong) and further step-outs confirm that the mineralized system is growing (say beyond 0.5 Moz in exploration potential to multi-million ounces), our confidence would increase. Conversely, if significant discontinuities or lower grades appear, the confidence would drop. Thus, we currently state a confidence range of low-to-moderate for Enmore’s Tier-1 potential. Specifically, we lean towards the lower-moderate (~25% chance) given data to date, with the possibility to rise into higher confidence with more results.

In summary, Enmore’s Sunnyside has many hallmarks of a potential Tier-1 gold deposit – it is in the right geology (prolific gold belt), delivering high grades, and showing scale and continuity – but it is still in the discovery phase. Caution is warranted until a larger dataset is acquired, yet the project’s trajectory is clearly upward. Should Koonenberry Gold continue to intersect broad and high-grade gold zones and demonstrate a multi-million-ounce resource in the making, Enmore could indeed join the ranks of Tier-1 assets in the future. For now, it stands as a promising discovery with a moderate probability of reaching Tier-1 status, meriting close watching as drilling progresses.

Sources:

•Koonenberry Gold ASX announcements (Feb–April 2025) – drill results and commentary .

•Barrick Gold’s Tier-1 asset definition .

•********* & **promotion blocked** news summaries (April 2025) – coarse gold and geological context .

•Enmore project historical data and regional geology (Company reports) .