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King River Resources set to start gold exploration programs at Mount Remarkable and Tennant Creek

Exploration will follow-up high-grade results last year of 4 metres at 113.29 g/t gold including 1-metre at 346 g/t gold at Mount Remarkable as well as targeting high-grade IOCG deposits at Tennant Creek.

King River Resources Ltd - King River Resources ready to start gold exploration programs at Mount Remarkable and Tennant Creek
RC drilling is set to start next month

King River Resources Ltd (ASX:KRR) is higher on news that it will next month begin its 2020 gold exploration program after delays caused by the COVID-19 pandemic restrictions.

The company plans to undertake a 2,500-metre reverse circulation (RC) program at Mt Remarkable in Western Australia and a 2,000-metre RC program at Tennant Creek in the Northern Territory.

Shares have been as much as 20% higher this morning to  3.6 cents.

Chairman Anthony Barton said: “With a relaxation of the COVID-19 restrictions, King River is now very pleased to accelerate our gold exploration and drilling programs at Mt Remarkable and Tennant Creek.”

Mt Remarkable exploration

He said: “At Mt Remarkable, the drilling will initially target potential high-grade extensions of the Trudi vein, where our previous drilling had intersected gold mineralisation of up to 4 metres at 113 grams/tonne.

“Numerous other shallow gold targets in the general vicinity of the main Mt Remarkable area are also targeted based on anomalous surface sampling and structural mapping.”

The proposed 2,500-metre RC program will target the Trudi Offset, Trudi East, Graham/Catherine Vein Intersection and Jeniffer North prospects.

Map showing location of King River Resources exploration holdings at Mt Remarkable and relevant gold prospects.

Regional reconnaissance planned

The Mt Remarkable exploration licences cover the Whitewater Volcanics, the rock unit that hosts the high-grade gold mineralisation reported within the main Mt Remarkable project.

The company believes that further high-grade deposits are yet to be discovered along this prospective, sparsely explored trend.

Reconnaissance is planned over the Hunter East high-grade gold area and southern tenement gold prospects of Tunganary, Middle Branch Bore Lansdowne and Little Gold River.

The total area of these granted exploration licences is more than 2,300 square kilometres.

Tennant Creek drilling

King River plans to begin 2020 exploration in the Tennant Creek region with a 2,000-metre RC drill program to follow-up on positive geophysical results from its 2019 ground magnetics and gravity surveys.

Barton said: “At Tennant Creek our drilling will be targeting copper-gold mineralisation at two well defined co-incident magnetic-gravity anomalies, the first being the Lonestar target and the other being the Commitment prospect."

Lonestar is about 700 metres along strike from Emmerson Resources Limited's (ASX:ERM) Mauretania deposit where 20 metres at 38.5 g/t gold was returned in 2019.

Tennant Creek tenements and project areas.

Reconnaissance exploration

The company will also conduct reconnaissance exploration of Tennant Creek East with the best of the known magnetic anomalies and reconnaissance discoveries in this area to be tested with ground magnetics/gravity surveys this year.

Reconnaissance exploration is also planned at Kurundi project, which covers the Kurundi historic gold mine where previous exploration rock chip sampling returned results over 5 g/t gold and copper values up to 9.7%, as well as the Whistle Duck prospect where previous exploration reported results up to 13 g/t gold and copper values up to 5% in rock chip sampling.

Reconnaissance exploration at these prospects will begin concurrently with the other programs planned in the Tennant Creek region.

Northern Territory Geological Survey

In the Tennant East/Barkley area, the company has been awarded a grant for funding under Round 13 of the Geophysics and Drilling collaborations program administered by the Northern Territory Geological Survey (NTGS).

The co-funded program includes a ground geophysical and a detailed airborne magnetics survey over tenement EL31633 and a ground geophysical survey over tenement EL31634 to test and define significant magnetic anomalies and depth of cover in a previously unexplored area.

Barton said: “The Northern Territory government is very supportive of contemporary geophysical surveys and has offered to provide KRR 50% of the cost towards a new survey that covers some prognosed extensions to the IOCG belt in the Eastern Tennant Creek area that had been receiving recent interest from the major explorers like Newcrest Mining Limited (ASX:NCM) and Rio Tinto Limited (ASX:RIO).”

The survey will define the existing targets and identify new targets allowing prioritization for subsequent drill programs.

Quick facts: King River Resources Ltd

Price: 0.026 AUD

Market: ASX
Market Cap: $40.39 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

4 min read