King River Resources Unveils Encouraging Discoveries For Its Mt Remarkable Gold Project

Australian gold explorer, King River Resources (ASX: KRR) has been exploring the potential of its high-grade Mt Remarkable gold project for quite some time now.

In late November 2019, the company completed the 2,500m Reverse Circulation (RC) drill programme at the project with initial results indicating high-grade gold intersections from the main Trudi Vein with best results of 6m @ 5.95g/t Au from 20m including 1m @ 33.7g/t Au and 3m @ 7.1g/t Au from 26m including 1m @ 17.9g/t.

Gold Exploration Update

With the return of all assays from the 2019 RC drilling program, further good news has arrived as KRR has identified a new mineralised zone 150m east of the main Trudi deposit and has intersected gold mineralisation on a quartz adularia vein set in newly granted tenement EL5133 at Jennifer North 3 holes, as announced on 10 January 2020.

At a time where gold prices are touching sky heights in the global market amidst escalating US-Iran tension, these recent discoveries surely hold significant importance for the company.

Let us now discuss the new discoveries in detail.

New mineralised zone at Trudi deposit

Notably, the new mineralised zone at Trudi deposit has been intersected with grades up to 2.42g/t Au and is between the main Trudi deposit and a broad mineralised zone intersected in 2018.

The strength of the quartz-adularia veining, higher grades and low gold/silver ratio has provided more confidence to the company for further exploration for high-grade zones around and down plunge of this new intersection. In addition to this, the intersection also confirmed that the Trudi vein has been offset 50m to the north by a north east trending fault.

Intersections at Jeniffer North Vein

As per the recent update, the drilling at Jeniffer North intersected significant gold mineralisation up to 0.64g/t Au in 3 of the 4 holes drilled. The company drilled 3 mineralised holes over a strike length of 70m (35m spacing) and the fourth was drilled further to the east and did not intersect the vein, interpreted to be offset to the north by an oblique structure.

It is to be noted that, the newly intersected mineralisation is open along strike to the west, down plunge to the east and at depth. The company intends to continue the reconnaissance exploration.

It is likely that Jennifer North is the eastern extent to the Jeniffer Vein where 6m @ 0.12g/t Au and 1m @ 3.16g/t Au was intersected in 2018. This would make the anomalous zones for Jeniffer over 1.2km in strike extent presenting multiple opportunities for further exploration.

Treasure Creek Project Update

At its Treasure Creek Project, the company has completed the Geophysical ground magnetic and gravity survey. The Lonestar Trend magnetic anomaly and Commitment Magnetic are the two main targets that were surveyed.

Gravity and magnetics at Lonestar Trend have clearly defined the main magnetic anomaly which is only 3.3km away from Emmerson’s Mauritania prospect. Further, the company has also identified another significant east-west magnetic trend.

At the Commitment Prospect, via the Gravity survey, the company has identified a significant gravity high adjacent to and slightly offset from the main magnetic high which may represent a more hematite rich part of an ironstone body and is currently being modeled for drill targeting.

Gravity over ground magnetics shows coincident magnetic high and gravity high trend (Source: Company’s Report)

Way Ahead

The company continues to engage in a detailed geological and geophysical review of all its Treasure Creek tenements and has already identified multiple iron oxide copper-gold targets within the granted licences. Resource Potentials in Perth is doing the geophysical review.

The company is planning to undertake drilling at the main EL31619 geophysical targets in late March of this year. The company is currently waiting for the environmental approvals for the planned drilling.

At market close on 10 January 2020, KRR stock was trading at a price of $0.019.

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