Perth-based speciality metals explorer, King River Resources Limited (ASX: KRR) is primarily focused on the development of its globally renowned vanadium project, alongside other exploration projects for gold, silver and copper.
KRR’s wholly owned subsidiaries are -
- Speewah Mining Pty Ltd
- Treasure Creek Pty Ltd
- Kimberley Gold Pty Ltd
- Whitewater Minerals Pty Ltd
By incorporating the approach centred at the discovery and development of mineral deposits, the Company primarily aims to create shareholder wealth and intends to accomplish this objective by assessing a range of mineral commodities that are located within its existing tenements (~2,534 km2) in the Eastern Kimberley region of Western Australia.
The Company also has a portfolio of 100% owned tenements (~6,618.9 km2) in the Tennant Creek region of the Northern Territory.
With this backdrop, let us develop a deeper understanding of the Company’s projects.
Speewah Specialty Metals Project
KRR’s 100% owned Speewah Specialty Metals (SSM) project is located on the Speewah Dome in the East Kimberley region, with access to nearby infrastructure including highway, Wyndham Port, Ord River Dam and hydroelectric project, and skilled workforce. Over the last decade, the project has evolved as a world-class vanadium deposit.
For the project, the Company’s main objective is to design an optimal process route to produce high purity alumina, vanadium, titanium, magnesium and iron. KRR is currently undertaking a pre-feasibility study (PFS) into the project.
As part of the PFS, the Company is currently investigating a smaller scale Beneficiation-Agitated Tank Sulphuric Acid leaching precipitation process. Additionally, testwork and studies are underway to produce High Purity Alumina (99.99% Al2O3).
The PFS is expected to complete by end-March 2020.
Mt Remarkable Project
Wholly owned by KRR, Mt Remarkable gold project lies on the margin of the mineral rich Halls Creek Orogen in East Kimberley.
The Company recently completed a RC drill program at the high-grade gold project, including reconnaissance exploration, surface rock sampling and a ground magnetic survey. The drilling program returned more gold intersections along the Trudi vein including 6m @ 5.95g/t Au (including 1m @ 33.7g/t Au) and 3m @ 7.1g/t Au (including 1m @ 17.9g/t).
Tennant Creek: Treasure Creek Project
Tennant Creek project typically consists of Iron Oxide Copper Gold (IOCG) deposits that are characterised by magnetite and haematite ore bodies mineralised with copper, silver, bismuth and sometimes gold.
The two priority tenements are EL31617 and EL31619, covering the eastern extension (under-explored) of the Rover Gold Field and the eastern extension (under-explored) of the Tennant Creek Mineral Field, respectively.
The Company, which has already identified multiple iron oxide copper-gold targets within the granted licences, is engaging in a detailed geological and geophysical review of all its Treasure Creek tenements.
KRR Plans towards Transforming from Exploration to Development
For the SSM project, the Company plans on delineating a process route and development scenario for commercially high demand products that would ensure the achievement of high realisable market value aided by the lower capital and operation cost structure.
The Company intends to focus on only those areas that have compelling geographical models as well as positive exploration results, enabling a reduction in cost spend.
Leadership - Board & Management
A strong board & management team with highly experienced and distinguished members is the backbone of a successful business, enabling the company to move ahead with its vision. KRR board & management executives have high calibre technical, management and financial skills.
Let us take a look at the Company’s board & management team:
Mr Anthony Barton - Chairman - Appointed as KRR Chairman on 21 May 2007, Mr Barton has over 40 years of commercial experience in capital markets, funds management, corporate finance and venture capital. In the past, he has been engaged with the foundation and growth of number of successfully listed public companies.
Mr Leonid Charuckyj – Director - Mr Charuckyj holds vast experience over management, technical, engineering and corporate roles. Both in Australia and oversees, he has held senior positions in public, private and government companies.
Mr. Greg MacMillan - Director & Company Secretary - Holding over 30 years of commercial experience in wide ranging financial, corporate, and capital markets, Mr MacMillan was appointed as a KRR Director in July 2014 and Company Secretary in 2012.
Ms Kathrin Gerstmayr - Joint Company Secretary - Ms. Gerstmayr, majoring in marketing management and professional accounting, is serving as the Joint Company Secretary of King River Resources since April 2019. She has worked into a number of finance roles in a variety of industries.
KKR has the objectives of offering attractive opportunities to investors for benefiting from the growing interest and demand on a global level for vanadium resources and secondary multi-commodity exposure for existing fluorite resource and prospective gold and base metals.
In line with these objectives, the Company is ensuring fast tracking of feasibility and scoping studies, actively pursuing gold and base metal exploration, and drilling and assessment programs, targeted towards bringing its projects to commercialisation and creating value for shareholders.
Three-Month Return of 28%
The Company got listed on the Australian Stock Exchange in September 2007. The stock of KRR ended the day’s trade flat at $0.032 per share on 6 March 2020, with a market capitalisation of $39.96 million and total outstanding shares of ~1.25 billion. The stock has generated a total return of 28% in three months.
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