Exploration and mining company, King River Resources Limited (ASX: KRR) is focused on the development of Titanium, Magnesium, Iron, High Purity Alumina and many more specialty metals.
The share price of King River Resources has increased substantially in the last one month from $0.023 on 23 April 2019 to $0.034 (As on 21 May 2019). The stock has soared by 47.83% over last one month.
The stock is gaining significant traction among the investors while the company made significant development with regards to its Speewah Specialty Metals project. Besides, it has also announced encouraging HPA precipitation test results , demonstrating that the company is having a potential to add a material new revenue stream to its 100% owned Project. The company is currently trying to include Aluminium (Al) and Magnesium (Mg) in its Joint Ore Reserves Committee (JORC) resource statements in order to allow these potential future revenue streams to be included in prefeasibility studies.
High purity alumina assaying 99.99% Al2O3 (4N HPA) produced from sulphuric acid leach solutions was the major highlight of the HPA precipitation test results, an encouraging news for the company and its shareholders.
The company has been involved in examining several process routes to extract products like vanadium pentoxide (V2O5), titanium dioxide (TiO2) and iron oxide (Fe2O3) and for that, it is investigating both vat leach of lump material and agitated tank leach of concentrates using sulphuric acid. As per Scoping level capital expenditure and operating expenditure costings, the agitated tank concentrate leach option is the preferred process route for the production of above-mentioned products.
With the increasing demand of HPA in the market, it has become very essential for the company to identify the best precipitation method to HPA.
Besides this, the company is also progressing well with its Mt Remarkable project with the discovery of numerous surface gold anomalies and the grant of Additional Mt Remarkable Exploration Licence.
Map showing newly granted tenement E80/5133, existing Mt Remarkable tenement E80/5007 and pending applications covering 200km of strike length of gold prospective Whitewater Volcanics (Source Company’s Report)
The company has reported high grade gold intersections to the east and below the main Trudi grid, including:
- 3m @ 4.29g/t Au including 1m @ 6.7g/t Au from 27m
- 4m @ 19.88g/t Au including 1m @ 69.30g/t Au from 21m
- 2m @ 10.47g/t Au from 33m
In 2019 March quarter, the company spent A$323k of cash on exploration & evaluation activities and at the end of March quarter, the company had cash and cash equivalents of A$3.68 million. The company further anticipates spending ~ A$350k on drilling and evaluation in the current quarter.
At the time of writing, i.e., on 22 May 2019, the stock of the company settled the day’s trading at a price of A$0.033 with the market capitalisation of ~A$42.11 Mn.
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