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- The Russia-Ukraine war has pushed up gold prices, with gold spot price trading at US$1,917 as of 30 March 2022.
- In the current upbeat scenario for the precious yellow metal, King River Resources is all geared up to advance its gold exploration at the Mt Remarkable and Tennant Creek projects.
- The Company is in an excellent position to test its quality gold exploration targets this year.
The bullion market across the world is on investors’ radar as gold prices are hovering around US$2000/oz. Amidst the Russia-Ukraine war and rising inflation, investors have started betting on the precious yellow metal as their safe haven.
Investors seek gold to limit their exposure to losses during market downturns as the yellow metal is negatively correlated to the financial market. Meanwhile, gold for centuries has been regarded as a valuable commodity, boasting a range of applications.
In the current upbeat scenario for the precious yellow metal, King River Resources Limited (ASX: KRR) is all geared up to advance its gold exploration at the Mt Remarkable project in Western Australia and the Tennant Creek project in the Northern Territory. The exploration work in 2022 would focus on testing priority gold targets at Mt Remarkable as well as generating and advancing new quality gold targets in the Tennant Creek/Barkly region.
Source: KRR Update, dated 18 February 2022
KRR continues exploration at its Tennant Creek project comprising 16 granted exploration licences, held by its 100%-owned subsidiary Treasure Creek Pty Ltd.
Initial drilling is planned at the Kurundi Main high-grade gold prospect in May 2022. The exploration work would focus on the prospect where rock chip grab samples returned multiple +10g/t Au results, some up to 17.25g/t Au.
The drilling would also be undertaken at some coincident gravity and ground magnetic targets identified at the Lonestar Trend area, which lies within the proximity to historic workings and immediately east of the Tennant Creek gold field.
The Company intends to test multiple magnetic high targets in the competitive Barkly Project area in 2022.
The 2021 exploration at Mt Remarkable-targeted regional tenement holdings covering ~175km of prospective Whitewater volcanic rocks. These rocks host high-grade gold mineralisation at the Mt Remarkable main project as well as the Hunter Project held by WA Mining Resources.
At Mt Remarkable, drilling in 2022 would focus on Middle Branch where rock chip grab sample returned a high-grade gold result of 7g/t Au and follow-up sampling returned 9.3g/t Au.
The Company would also undertake RC drilling at Tunganary, where a complex epithermal vein system has been identified with anomalous gold values. Moreover, RC drilling has been planned across the Mt Remarkable Main Prospects, including the Trudi Offset area and Jennifer North, where the 2020 RC drilling intersected high-grade gold.
The impeccable rally of the yellow metal and the presence of high-grade gold projects in top mining jurisdictions have created a golden opportunity for King River Resources’ gold exploration endeavours. The Company is all set to kickstart the planned exploration and drilling program at its gold project portfolio this year.
KRR shares were trading at AU$0.023 in the early hours of 30 March 2022, up more than 2% from the last close.
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