King River Resources Advances Mindoolah Gold Project with Early Completion of Systematic RC Drilling and Comprehensive Geophysical Surveys

LiDAR Volumetric Survey Highlights Significant Near-Surface Resource Potential

During the quarter ending 30 June 2026, King River Resources employed LiDAR technology to map and measure historical waste dumps and stockpiles across key mining zones at Mindoolah. The survey identified roughly 467,659 cubic metres of material across five principal stockpile locations within exploration licences P20/2444 and P20/2445. The largest stockpile was at Excelsior with 285,630 cubic metres, followed by Cundy (79,511 m³) and Mindoolah Main Reef (75,195 m³). Smaller volumes were recorded at Le Soleil (20,745 m³) and miscellaneous sites (6,578 m³). This comprehensive dataset provides KRR with a detailed inventory for systematic evaluation.

Volumetric analysis revealed a significant discrepancy compared to historical excavation records and production figures. KRR's technical review identified open-pit void volumes totaling approximately 595,729 cubic metres across Le Soleil, Bertram's, Excelsior, Cundy, and Mindoolah Main Reef workings. When reconciled with surveyed stockpile volumes and historical production data from 1986 to 1989—which reported only 38,589 tonnes mined at 2.44 grams per tonne gold (yielding 5,632 ounces)—the analysis suggests a substantial amount of excavated material remains unaccounted for. This discrepancy, potentially representing around 300,089 tonnes of material, underpinned the decision to undertake systematic RC drilling of surface stockpiles to evaluate grade distribution and economic viability.

Historical Production Reconciliation Indicates Unaccounted Gold-Bearing Material

KRR's reconciliation of historical mining at Mindoolah highlights a notable gap between excavation volumes and official production reports. The analysis indicates that open-pit mining between 1986 and 1989 extracted about 1,084,301 tonnes from five main pit locations, yet only 38,589 tonnes were officially recorded. This suggests incomplete or ambiguous historical reporting. Applying the historical average grade of 2.44 grams per tonne gold to the 467,659 cubic metres of remaining surface material, KRR estimates approximately 23,541 ounces of gold may not be fully accounted for in production records, though this estimate depends on assumed density values not yet validated by a competent person.

The cause of the discrepancy between surveyed excavation volumes, surface stockpiles, and reported production remains unclear from available records. However, combined with encouraging selective grab sampling results, this finding motivated KRR to pursue systematic drilling. Managing Director Graham Gadsby stated that the first integrated modern dataset over Mindoolah is providing clearer insights into surface inventory and structural controls on mineralisation, enabling evaluation of whether historical surface material merits processing or further exploration.

Phase 1 RC Drilling Completed Ahead of Schedule Across Key Stockpiles

King River Resources completed Phase 1 RC drilling of historical surface waste dumps and stockpiles ahead of schedule during the June quarter. The drilling targeted Excelsior, Cundy, and Mindoolah Main Reef stockpiles, with samples sent for assay analysis. The company maintained strong field momentum by immediately transitioning the RC rig from stockpile evaluation to testing shallow extensions beneath historic pits and shafts. This efficient operation maximized rig utilization during the reporting period. Pending assay results from Phase 1 drilling are a critical near-term milestone, as grade and sample continuity data will inform the commercial viability of surface material recovery.

On 2 July 2026, KRR announced the completion of Phase 1 RC drilling with samples submitted and assays pending. Incoming assay data is expected to be a key catalyst in the September quarter, guiding subsequent exploration phases. Managing Director Graham Gadsby emphasized the strategic transition of drilling into unexplored ground adjacent to historical infrastructure, positioning KRR to evaluate extensions of the gold system.

High-Resolution UAV Magnetic Survey Provides Detailed Structural Data

During the June quarter and immediately after, King River Resources conducted a high-resolution UAV magnetic survey across the Mindoolah Mining Centre on 25-metre line spacing. This close-spaced dataset offers far greater detail than conventional ground or airborne magnetic surveys, enabling resolution of structural features, quartz-vein corridors, and lithological contacts relevant to underground and near-surface gold mineralisation. Data processing and interpretation are underway, expected to refine drill-target conceptualisation and support strategic drilling placements.

Integration of UAV magnetic data with LiDAR volumetric models, geological mapping, historical drilling, and surface geochemistry has identified multiple prospective structural intersections and lithological contacts at Excelsior, Cundy, Bertram's, and Mindoolah Main Reef. This comprehensive technical approach has strengthened priority targets and established a robust exploration framework. The pending magnetic survey interpretation is anticipated to guide drill-target selection in the coming months.

Structural Targets Defined Across Main Mining Areas

Combining LiDAR volumetric data, geological mapping, historical drilling, and surface geochemistry, KRR has identified multiple prospective structural targets across the Mindoolah Mining Centre. Key exploration vectors include structural intersections, quartz-vein corridors, and lithological contacts at Excelsior, Cundy, Bertram's, and Mindoolah Main Reef. Modern geophysical interpretation and detailed surface observations have enhanced these targets, forming a foundation for systematic testing of depth extensions and parallel structures potentially hosting additional mineralisation.

KRR's systematic, multi-disciplinary exploration methodology aims to maximize the likelihood of discovering economic gold mineralisation. By integrating historical mining data with modern acquisition and processing, the company can place drill targets more precisely and reduce exploration risk. Pending Phase 1 assay results and ongoing magnetic data interpretation will continue refining these targets.

Mindoolah's Historical Production and High-Grade Potential

The Mindoolah Gold Project includes five main mining areas historically mined between 1986 and 1989. Official records report 5,632 ounces of gold extracted from 38,589 tonnes at an average grade of 2.44 grams per tonne gold during this period. These grades are relatively high for regional open-pit operations, confirming Mindoolah as a gold system of commercial significance. Multiple mining areas and documented production validate the project's mineralisation.

Beyond official records, the presence of approximately 467,659 cubic metres of surface material and the discrepancy between excavation volumes and reported mined tonnes suggest significant additional gold-bearing material may exist within stockpiles and unexplored deposit extensions. Managing Director Graham Gadsby noted Mindoolah exhibits characteristics of an underexplored, high-grade gold system, supported by integrated data indicating incomplete historical delineation. Current drilling and sampling aim to quantify this exploration legacy's economic potential.

Strong Cash Position Supports Ongoing Exploration

As of 30 June 2026, King River Resources reported total cash and listed investments of $30,228,004, providing a solid financial base for continued Mindoolah exploration and corporate activities. This balance enables funding of extended exploration without immediate capital raising or dilution. The cash position is critical for investors assessing the company’s ability to execute multi-phase programmes and meet operational needs through the September quarter and beyond.

The approximately $30.2 million cash reserve offers KRR flexibility to conduct systematic drilling, geophysical surveys, assay analyses, and preliminary assessments at Mindoolah. This financial strength allows strategic acceleration of exploration if Phase 1 results prove promising. Investors should monitor cash burn rates and capital allocation as KRR advances from data gathering toward resource definition or economic assessment.

Upcoming Exploration Phase Guided by Data-Driven Decisions

King River Resources enters the September quarter with a strong pipeline of pending assay results and geophysical interpretations. Phase 1 stockpile drilling assays will provide critical insights into grade distribution, continuity, and sample recovery across surface dumps, directly informing Phase 2 drilling scope, bulk-density studies, and extension drilling beneath historical pits. Laboratory analysis is underway, with results expected to guide systematic exploration.

Managing Director Graham Gadsby emphasized that KRR is well positioned with multiple upcoming data deliverables to inform next-phase exploration. Completion of UAV magnetic survey interpretation, Phase 1 assay release, and ongoing geological mapping integration are expected to converge, refining the exploration framework. Investors will be attentive to announcements on Phase 2 drilling plans, preliminary stockpile economic assessments, and 2026–2027 exploration budgets.

Murchison Province: A Proven Gold Exploration Hub

The Mindoolah Gold Project lies within Western Australia's Murchison Province, about 70 kilometres northwest of Cue. This province is a highly prospective region known for historical gold production and active exploration by major and junior companies. The regional Archean granite-greenstone geology is typical of Western Australian gold systems, with proven mineralisation across multiple deposits and mines. Mindoolah's location within this productive district provides a favorable exploration context, supported by historical mining and documented gold production.

The Murchison Province’s established mining history and presence of numerous gold producers and explorers indicate a vibrant exploration and development environment. This regional activity and infrastructure offer operational advantages for KRR, including access to skilled personnel, drilling contractors, and laboratory services. The province’s gold discovery track record supports economic viability prospects for projects like Mindoolah. However, competition for tenements and service providers may challenge operational flexibility. Overall, Mindoolah’s position in an established mining district is a positive factor for KRR’s long-term development potential.