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King River Resources sets scene for further progress at Speewah Specialty Metals project in Western Australia

Snapshot

The company is focused on improving project economics at its Speewah Specialty Metals Project in the Kimberley, Western Australia.

King River Resources Ltd - King River Resources updates the mineral resource at the Speewah Specialty Metals project in Western Australia

Quick facts: King River Resources Ltd

Price: 0.022 AUD

ASX:KRR
Market: ASX
Market Cap: $27.47 m
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King River Resources Ltd (ASX:KRR) has set the scene for further progress in 2020 at its Speewah Specialty Metals (SSM) Project during the December quarter, updating the mineral resource and looking to further optimise the pre-feasibility study (PFS).

Exploration is also ongoing at the company’s other West Australian assets, the Mt Remarkable Gold Project and the Treasure Creek Gold-Copper Project.

Mineral resource amendment

KKR has updated the mineral resource to include aluminium oxide and magnesium oxide at the Central deposit of the Speewah project.

The deposit comprises a measured, indicated and inferred mineral resource of 1.24 billion tonnes at 0.31 vanadium pentoxide, 3.3% titanium dioxide, 14.6% iron, 12.5% aluminium oxide and 4.7% magnesium oxide.

Within this are measured resources of 230 million tonnes at 0.33% vanadium pentoxide, 3.4% titanium dioxide, 14.9% iron, 12.7% aluminum oxide and 4.5% magnesium oxide, indicated resources of 301 million tonnes at 0.31% vanadium pentoxide, 3.4% titanium dioxide, 14.8% iron, 12.5% aluminum oxide and 4.6% magnesium oxide, and inferred resources of 709 million tonnes at 0.30% vanadium pentoxide, 3.3% titanium dioxide, 14.5% iron, 12.5% aluminum oxide and 4.8% magnesium oxide.

Speewah test work

The pre-feasibility study (PFS) for Speewah project is examining several process pathways and the company is investigating a smaller scale beneficiation-agitated tank sulphuric acid leaching precipitation process.

Test work and studies are underway to produce high purity alumina (HPA) assaying 99.99% aluminium oxide (4N HPA) and vanadium pentoxide (greater than 98%), titanium dioxide ( greater than 99%) and iron oxide ( greater than 65% ) as co-products, with a completion date by end March 2020.

Optimising the PFS

The test work developments have the potential to positively impact project economics and warranted a redesign of the process flowsheet to be incorporated into the PFS.

The company is looking at ways of refining the PFS further, including minimising waste streams by maximising by-products, potential site selection, start-up scale and scalability options, and the co-production of various vanadium pentoxide, titanium dioxide and iron oxide products in response to changing market conditions.

The PFS is now expected to be completed in late March.

Location of newly discovered mineralised veins (red ovals) outside the main project area where RC drilling is now completed.

Ongoing Mt Remarkable exploration

During the quarter, KRR completed a reverse circulation (RC) drill program at the Mount Remarkable Gold Project for a total of 39 holes for 2,677 metres.

The drilling targeted the high-grade Trudi vein where 17 holes for 1,368 metres were completed.

Best results are 6 metres at 5.95 g/t including 1-metre at 33.7 g/t, and 3 metres at 7.1 g/t including 1-metre at 17.9 g/t.

Newly discovered gold mineralised veins outside of the main project area were also drilled including the Jeniffer, Central Dome and Camp North areas.

Twenty-two RC holes for 1,309 metres were drilled with significant structure and quartz adularia veining intersected at all three locations.

Weakly anomalous gold was intersected in two of the three holes at Jeniffer and assays are pending for the other 19 holes.

Treasure Creek tenements

Geophysical surveys and reconnaissance were undertaken at two priority Treasure Creek tenements over the quarter which have delineated targets for drilling in 2020.

Multiple iron oxide copper-gold targets were identified within the granted licences and KRR is now waiting on environmental approvals for the planned drilling which are currently under review by the Northern Territory mines department.

The company also applied for two new exploration licences in the southern part of the tenement package which cover an area of 1,172 square kilometres.

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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