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King River Copper’s shares surge higher following fluorite resource upgrade

The company is proceeding with a scoping study into the feasibility of producing acid grade fluorspar.

a chart showing rising share price
Acid grade fluorspar prices have recently increased

King River Copper Ltd (ASX:KRC) has revealed an upgraded resource of 27.2 million tonnes at 9.5% fluorite for the Windsor Fluorite deposit within its Speewah Project in Western Australia.

Within this resource is a high-grade indicated and inferred resource of 6.7 million tonnes at 24.6% fluorite (at a 10% fluorite cut-off grade).

King River’s shares closed circa 20.5% higher on Friday, at $0.047.

Acid grade fluorspar prices have recently increased

The company is planning to complete a scoping study into the feasibility of producing acid grade fluorspar from the Windsor fluorite deposit.

Acid grade fluorspar is a high-value product sold as a concentrate and used to manufacture hydrofluoric acid, fluorocarbon chemicals, foam blowing agents, refrigerants and for petroleum refining.

Acid grade fluorspar prices have increased recently to USD$480-520 per tonne for 97% fluorspar wet filtercake.

READ: King River Copper concludes $1.2mln placement for vanadium-titanium project

The company recently concluded a placement of shares to professional and sophisticated investors to raise $1.2 million.

King River is now fully funded to complete the current metallurgical test work and complete the concept and scoping study on the Speewah Project in Western Australia.

It is worth noting that the company’s recent tests have further improved the value of vanadium and titanium products that can be produced at Speewah.

Quick facts: King River Resources Ltd

Price: 0.025 AUD

ASX:KRR
Market: ASX
Market Cap: $38.84 m
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King River Resources Ltd - Elevator Pitch

Anthony Barton, non executive chairman of King River Resources Ltd (ASX:KRR), pitches the company to investors. For more information visit https://kingriverresources.com.au/

on 24/1/19

2 min read