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King River Resources Ltd granted six exploration licences near high-grade gold discovery at Mt Remarkable in WA

The company believes further high-grade deposits are yet to be discovered along the prospective and sparsely explored trend.

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The total area of King River’s granted exploration licences now amounts to more than 2,300 square kilometres

King River Resources Ltd (ASX:LRR) has been granted six of eight exploration licence applications over its Mt Remarkable Gold Project in Western Australia.

The licences cover the primary strike extension of the Whitewater rock unit that hosts the high-grade gold mineralisation reported within the main Mt Remarkable project area.

They are held in the name of Speewah Mining Pty Ltd, a wholly-owned subsidiary of King River, and also included within the new licences are areas near the Speewah Dome that are prospective for fluorspar.

READ: King River Resources remains focused on world-class Speewah vanadium development

King River chairman Anthony Barton said high-grade gold mineralisation at Mt Remarkable was hosted by the Whitewater rock unit, a Proterozoic stratigraphy that is older than the Speewah project rocks to the north.

He added that the horizon extends from Great Western Exploration’s Hunter project, where historic high-grade gold values of up to 50.65 grams per tonne gold have been returned from epithermal quartz veins, right down to Mt Remarkable.

READ: King River Resources formulating commercialisation strategy for Speewah Specialty Metals Project

Best downhole results at Mt Remarkable have included:

  • 4 metres at 113.29 g/t gold including 1 metre at 346 g/t;

  • 6 metres at 60 g/t including 2.8 metres at 108 g/t;

  • 4 metres at 39.78 metres including 1 metre at 82.7 g/t;

  • 4 metres at 36.77 g/t from 7 metres including 1 metre at 70.9 g/t; and

  • 3 metres at 34.8 g/t including 1 metre at 50.5 g/t gold.

 

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Barton continued: “Past exploration between these two high-grade gold exploration projects has been sparse, providing an excellent opportunity for additional gold discoveries within the Whitewater.

“The Whitewater horizon also continues to the South hosting both the Tunganary and Middle Branch Bore gold prospects within anticlinal fold structures.”

READ: King River Resources granted exploration licences adjacent to Mt Remarkable

Reconnaissance exploration and rock chip sampling on recently granted licences E80/5133 and E80/5176 has begun this month, with multiple new areas of quartz-adularia veining identified and sampled.

Quartz-adularia veining is characteristically associated with gold mineralisation at the main Mt Remarkable area, including the high-grade gold-hosting Trudi vein.

Gridded soil sampling is being done on newly-discovered veins to assist with identifying zones of mineralisation and respective trends for drill targeting later in the year.

Reverse circulation drilling is planned to start in October or November this year, following up on high-grade gold intersections returned in 2018 on the main Mt Remarkable project.

Drilling will also test a selection of the best targets returned from the current reconnaissance program.

READ: King River Resources’ study reveals reduced capital costs for Speewah Specialty Metals Project

“The company intends to use the knowledge and experience gained from gold exploration at the Mt Remarkable and Speewah projects, to identify and test multiple new high-grade gold targets while also advancing its existing discovery prospects at and around the main Mt Remarkable project.

“Ongoing analysis of drill results and petrological and spectral analysis have continued to provide an excellent insight into the mineralisation controls of the area.”

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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

3 min read