King River Copper Ltd (ASX:KRC) received a speeding ticket from the Australian Securities Exchange today after a fall in the company’s share price.
The copper-gold and vanadium asset holder paused at 1.13pm before commenting on the price change in a letter to the ASX released at 1.41pm.
READ: King River Copper proposes a name change to King River Resources
King River Copper acknowledged the ASX had flagged recent changes to the share price and higher volume trading in the company’s securities.
The ASX noted the company’s share price closed at 6.9 cents yesterday but had achieved a 5.4-cent intraday low by the time it wrote to King River.
King River company secretary Greg MacMillan said the company had disclosed all price-sensitive information to market and was not award of any material information that had not been announced that could explain recent trading.
MacMillan wrote: “The company’s board can offer no further explanation for the recent trading.”
Restructuring on the cards
The company is embarking on a restructure and plans to rebadge itself as King River Resources Limited, if shareholders agree at their next formal meeting.
MacMillan said: “Gold exploration at Mt Remarkable and adjacent targets has continued over the past 6 weeks with our assay laboratory now in receipt of over 1500 RC drill samples with the company now awaiting assays.”
The Mt Remarkable Project in Western Australia East Kimberley region has drilled up three high-grade intersections in the Trudi Grid area.
These include: 4 metres at 36.77g/t gold from 7 metres, including 1 metre at 70.9 g/t gold; 3 metres at 29.53 g/t gold from 9 metres, including 1 metre at 87.30 g/t gold; and 5 metres at 9.03 g/t gold from 8 metres, including 1 metre at 28.10 g/t gold.
READ: King River Copper confirms more high-grade gold hits from Mt Remarkable Project
The gold project is expected to be spun into new wholly-owned subsidiary called Kimberley Gold Pty Ltd along with King River’s other West Australian copper-gold tenements and applications held outside the boundary of its flagship Speewah Dome project near Mt Remarkable.
Speewah Mining Pty Ltd, King River’s existing subsidiary, is to continue to hold 100% of the company’s vanadium, titanium, iron and fluorspar projects.
King River’s share price closed 1.1 cents or 15.94% down to 5.8 cents by end of trade after achieving a high of 6.8 cents and low of 5.3 cents during intraday trading.