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King River (ASX:KRR) shares jump 10% on high-grade gold results at Tennant Creek

Image Source: KRR update, 27 June 2022

Highlights

  • King River has completed a 37-hole RC drilling campaign over the Tennant Creek Gold Project.
  • The company has received gold intercept results up to 35.26g/t Au from one of the holes.
  • KRR plans further drilling to extend the current known zones and discover new mineralised zones.
  • The company drilled three RC holes at Tennant Creek East.

King River Resources Limited (ASX:KRR) has unveiled solid assay results at the Kurundi tenement, giving a leg up to the company’s exploration progress at its Tennant Creek Gold Project.

The company has wrapped up a reverse circulation (RC) drilling program over its 100%-owned Tennant Creek Gold Project in the Northern Territory. The drilling operation covered a total of 37 holes including 34 holes at the Kurundi tenement and 3 holes at the Tennant Creek tenement.

Triggered by the update, KRR shares shot up by 10.5% during the early hours of trade on 27 June 2022. The shares were trading at AU$0.021 with a market cap of AU$29.51 million.

Related read: King River Resources (ASX:KRR) jumps on gold drilling update for Tennant Creek

High-grade gold assay results at Kurundi

Earlier this month, King River commenced its gold drilling campaign with the Kurundi Main prospect being the priority target. Previously, a rock chip sampling program over Kurundi Main returned high-grade gold value of up to 17.25g/t along with a 2km-long trend that was never drill tested.

The company focused its latest drilling operation along this 2km trend and intersected a 1-5m quartz vein within a broader shear structure. The samples selected from visually mineralised intervals in 14 holes have returned high-grade assay results.

  • 7m @ 6.35g/t Au from 25m including 2m @ 21.30g/t Au with 1m @ 35.26g/t Au - TTRC019
  • 5m @ 3.84g/t Au from 22m including 2m @ 7.82g/t Au with 1m @ 9.99g/t Au - TTRC040
  • 6m @ 4.77g/t Au from 29m including 3m @ 9.28g/t Au with 1m @ 14.76g/t Au - TTRC041
  • 6m @ 3.58g/t Au from 8m including 1m @ 17.04g/t Au - TTRC042

Map showing drill hole locations at Kurundi with assay results (Image source: Company update, 27 June 2022)

The drill program established that the vein structure is continuous at depth within a broader shear zone. The presence of malachite, azurite, sulphides and iron oxides have been observed with some intersections.

Assaying of samples from 14 holes has been received. The best results so far received are from around the main workings. One of the drill holes intersected underground workings at 9m depth.

Related read: Gold hunt on cards for King River Resources’ (ASX:KRR) 2022 game plan  

The vein is open to the north, south and at depths of the main workings area. TTRC39, the deepest hole at the main working area, intersected mineralisation and very strong veining (4m) and structure. Moreover, TTRC029, 200m south of the main workings, intersected very strong veining (+7m) and malachite/azurite.

King River is awaiting assays for the remaining 20 holes, along with unassayed portions of these 14 holes. Also, multielement results, including Cu, Pb, and Ag are pending for all holes. 

Further drilling on cards to discover new mineralised zones   

Encouraged by the assay results, the company plans further drilling campaigns over the prospect. King River believes that exploration potential is high along the 2km interpreted strike extent and the shallow dip of the structure.

The next campaign over Kurundi will test for the extensions to the main zone, north and south of the main workings as well as depth extensions. The proposed drilling campaign is expected to extend the current known zones as well as discover new mineralised zones at depth and along strike where outcrop is covered by shallow cover.

Related read: King River Resources’ (ASX:KRR) HPA project gathers steam with recent developments

Three holes drilled over Tennant Creek East

KRR drilled three holes over Tennant Creek East to test gravity and ground magnetic targets identified at the Lonestar Trend area.

The holes were drilled immediately east of the Tennant Creek gold field and within 700m strike of historic workings and ironstone trends and along strike of Emmerson’s Mauretania Deposit.

Drill hole locations at Lone Star Trend prospect (Image source: Company update, 27 June 2022)

Two of the drill holes intersected significant structure and alteration, suggesting drilling is close to or within the Mauretania/Hopeful Star Corridor. The hole TTRC048 hit a strong zone of veining and alteration and TTRC049 intersected a narrow zone (<1m) of magnetite ironstone as well as broad structure and weak magnetite alteration.

Assay results are pending.

Related read: Inside King River Resources’ (ASX:KRR) quest to supercharge gold exploration


 


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