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King River Resources' Tennant Creek drilling program to begin Monday

The company will also begin reconnaissance exploration and geophysical surveys (ground and airborne) in the coming weeks to progress other priority targets for drilling.

Kingwest Resources Ltd - King River Resources' Tennant Creek drilling program to begin Monday August 9
The drilling will follow-up on very encouraging geophysical results returned from 2019 geophysical surveys

King River Resources Ltd (ASX:KRR) will begin a 2,000-metre reverse circulation drilling program on Monday, August 9 at Tennant Creek in the Northern Territory.

The drilling will follow-up on very encouraging geophysical results returned from 2019 geophysical surveys (ground magnetics and gravity) and will also begin reconnaissance exploration as well as geophysical surveys in the coming weeks to progress other priority targets for drilling.

Drilling program details

Drilling at the Lone Star area will target-3 main coincident gravity and magnetic trends.

The strength of the magnetic and gravity anomalism of these targets is comparable to other known Iron Oxide Copper Gold (IOCG) deposits in the area.

Notably, Emmerson Resources Ltd (ASX:ERM) Mauretania deposit is only 700 metres from the western boundary of KRR’s tenement where 20 metres at 38.5g/t  gold was returned in a diamond drill hole last year.

Drilling will then move to the Commitment Prospect where a large coincident magnetic and gravity anomaly follows a NW/SE trend.

The program is set to target the main magnetic body as well as a strong gravity anomaly slightly offset from the main magnetic body possibly representing a hematite rich zone.

Other exploration plans

The Tennant Creek and Rover gold fields are host to high-grade IOCG deposits with over 5.5 millino ounces gold mined from Tennant Creek and a resource of 1.2 million ounces gold estimated in 2010 at Rover-1.

The company believes that, with the application of systematic exploration and new/advanced geophysical techniques, significant gold discovery could be made.

Exploration is targeting IOCG style mineralization (IOCG) characterized by gold and copper mineralization associated with ironstone bodies, likely of the Tennant Creek Style.

These ironstone bodies have varying degrees of hematite and magnetite often forming discrete geophysical targets and may be characterised by the bonanza gold intersections seen elsewhere at Tennant Creek.

Initial reconnaissance exploration is also planned for KRR’s Kurundi Project where KRR has 4 exploration licences (2 granted) over part of the Kurundi Anticline and covers the Kurundi historic gold mine

Proposed 2020 exploration at Tennant Creek

  • RC drill programme at Lonestar Trend, Commitment and BIF Hill;
  • Reconnaissance exploration of Tennant Creek East;
  • Ground magnetic surveys at Tennant Creek East best air magnetics and reconnaissance anomalies;
  • Airborne magnetics and ground geophysical surveys at Tennant East/Barkley -EL31633 and EL31634;
  • Reconnaissance exploration at Kurundi; and
  • Follow-up drilling of best results from 2020 exploration.

Quick facts: King River Resources Ltd

Price: 0.031 AUD

ASX:KRR
Market: ASX
Market Cap: $48.16 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