King River (ASX:KRR) reports progress at Tennant Creek and Speewah projects in December quarter - Kalkine Media

Highlights

• King River Resources continued exploration work at its gold-copper project and metallurgical investigations for the Speewah project during the December 2022 quarter.
• The company undertook exploration work at the Tennant Creek project areas to generate drill targets for the 2023 field season.
• Metallurgical investigations by Murdoch University progressed to develop an optimised process flow sheet for the Speewah project.
• The company has received a research & development tax refund for the 2021/22 financial year.

King River Resources Limited (ASX: KRR) has released its activities report for the quarter ended 31 December 2022. During the quarter, the Australia-based exploration mining company continued exploration work at its gold-copper project in the Northern Territory and metallurgical investigations for the Speewah project.

The company has holdings at Tennant Creek in the Northern Territory and the Speewah and Mt Remarkable projects in the Kimberley region of northern Western Australia. Its portfolio also includes a high-purity alumina (HPA) project.  

Exploration at Tennant Creek to generate drill targets for 2023

During the quarter, the company continued gold and copper exploration works at its Tennant Creek project areas. The program is aimed at generating drill targets for the 2023 field season, and the results are expected in the coming month.

The Tennant Creek Project is located to the East, Southeast and South of the rich historic goldfields of Tennant Creek comprising gold-copper exploration leases. The tenements are held by a 100% subsidiary of KRR, Treasure Creek Pty Ltd.

King River has a very large area of prospective ground in the Tennant Creek area, for which it has been approaching several domestic and international groups for partnership in exploration. Exploration in those areas has become increasingly competitive, and there have been reports of significant gold and copper results, highlights the company report.

Metallurgical investigations for Speewah project

Image source: Company update

Image description: Vanadium deposits in Australia, including KRR’s Speewah deposit

King River reported continued metallurgical investigations by Murdoch University Hydrometallurgy Research Group for the Speewah Project. It is aimed at developing an optimised process flow sheet for the project to produce high-purity vanadium oxide (V₂O₅), pigment-grade titanium dioxide (TiO₂) and iron metal by testing oxidative and reductive roast techniques. It also includes the use of hydrogen as a reductant.

The company says that the Speewah Vanadium-Titanium-Iron project has evolved into a world-class deposit over the past 10 years. 

Further, the company wrapped up a thorough technical background report of its large Speewah Vanadium Titanium-Iron deposit. It is in discussions with several potential buyers and/or partners. For those interested in further evaluation with their own studies, the company has released drill core and concentrate samples. KRR plans to release more information if these discussions progress.

Financial update

King River ended the quarter with a cash position of AU$1,164,147. Post the quarter end, the company reported receiving a research & development tax refund of AU$781,697 for the 2021/22 financial year. As of 18 January 2023, the company's cash position stood at AU$ 1,845,928.

In respect to the airborne magnetic survey completed over tenements EL31633 and EL31634, the company received a geophysical and drilling collaboration program grant of AU$50k. The grant was provided as the final 50% funding instalment from the Northern Territory government. 

As of Friday, 20 Jan, 12:20 PM AEDT, shares of King River Resources were trading at AU$0.012 with a gain of 4.347%.