ASX: KRR under Investor’s radar; soared 4.5% today

An exploration and mining company, King River Resources Ltd (ASX: KRR) is focused on the development of its 100% owned global scale and class Vanadium project, largest vanadium-in-magnetite deposit in Australia.

In the recent past, the company has made significant progress in the development of its 100% owned Speewah Specialty Metals (SSM) Project and 100% owned Mt Remarkable Gold project, both of which are located in the East Kimberley of Western Australia.

During the 2019 March quarter, the company reported the Speewah Specialty Metals (SSM) Project studies. At SSM project, the company has been conducting sulphuric acid (H2SO4) flooded vat leach and agitated leach tests on coarse magnetite gabbro lumps and magnetite-ilmenite concentrate, from the high-grade zone of the Central Vanadium deposit. The leach test work has successfully demonstrated good metal extractions from both lump and concentrates in sulphuric acid, which is very encouraging for the company.

The company has announced that it will shift its focus to precipitation test work to recover the targeted metals from the leach solutions, and now the group will be emphasizing on the precipitation of iron (Fe) as ferrous sulphate and the oxidation of the ferrous sulphate for the production of an iron oxide product and recover sulphur dioxide.

Recently, Mining Industry Consultants, CSA Global Pty Ltd (CSA Global) completed an amended resource estimate reporting in accordance with the JORC Code (2012) for SSM Project. At the request of King River Resources, CSA Global amended the manner in which the Mineral Resource estimate was reported and as per the amended Mineral Resource estimate, the Speewah deposits comprise a combined Measured, Inferred and Indicated Mineral Resource of 4,712 million tonnes (mt) at 0.3% Vanadium oxide (V2O5), 14.7% Iron (Fe) and 3.3% Titanium dioxide (TiO2).

This combined resource comprises Measured Resources of 322 mt at 0.32% V2O5, 3.4% TiO2 and 14.9% Fe, Indicated Resources of 1,054 mt at 0.33% V2O5, 3.3% TiO2 and 14.9% Fe, and Inferred Resources of 3,335 million tonnes at 0.29% V2O5, 3.3% TiO2 and 14.6% Fe.

The company is in the process of completing a Prefeasibility Study into the preliminary economics of the SSM project. The test work and studies completed during the March quarter have identified a clear path forward for the project based on Mine-Beneficiation-Sulphuric Acid Agitated Tank Leach-Precipitation of V2O5, TiO2 and FE2O3 products.

At Mt Remarkable Gold project, the company has completed the drilling and has received the final assays.

Notable results from the final batch of assays include:

  • 4m @ 19.88g/t Au including 1m @ 69.30g/t Au from 21m in KMRC194
  • 2m @ 10.47g/t Au from 33m in KMRC196
  • 3m @ 4.29g/t Au including 1m @ 6.7g/t Au from 27m in KMRC195

At the end of the March quarter, the company had cash and cash equivalents of A$3,682k. For 2019 March quarter, the company spent A$463k of cash in operating activities with A$323k spent on exploration and evaluation.

At the close of market on 26 April 2019, the stock of the company was trading at a price of A$0.023, up by 4.55% with a market capitalisation of ~A$27.25 million.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform. 

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report