June quarter update signals progress at King River Resources’ (ASX:KRR) Gold-Copper Projects

Highlights

• Geophysics program is underway at Tennant Creek projects, targeting prospective IOCG areas.
• At the Rover East project, the company has wrapped up gravity work across three targets.
• KRR has initiated the IP Survey with DDIP work advancing at the Tennant Creek East Project.
• The company sold the Speewah Vanadium-Fluorite Project in a transaction valued at AU$20 million.

ASX-listed King River Resources Limited (ASX: KRR) capped off June 2023 quarter with key developments including exploration across its gold-copper projects and sale of the Speewah Vanadium-Fluorite Project. 

The company closed the period with cash balance of over AU$3.14 million.

Geophysics work designed to test IOCG potential  
KRR holds 7,000 square kilometres in the regions of Barkly and Tennant Creek. Recent exploration success in these regions by Tennant Minerals, Castille and Emmerson’s has shown the excellent IOCG potential of the field.

Data source: company update

As per the company, the initial results are excellent with new targets generated at multiple locations.  

Encouraging initial outcomes from gravity work

Across Rover East Project, KRR concluded gravity work at the BIF Hill East, Anomaly 2 and Explorer 42 west targets.

The preliminary outcomes are encouraging with anomalies (coincident magnetic and gravity) returned from the targets, says the company.

2023 Geophysical Exploration Programme Proposed for Tennant Creek Projects
Image source: company update

Also, the gravity work at the Kuiper targets in the Tennant Creek East Project has delivered promising results with gravity anomalies coincident with previously detected airborne magnetic anomalies interpreted to be associated with IOCG prospective Warramunga formation units beneath shallow Cambrian cover.

Details of IP program  

KRR has initiated the IP Survey with DDIP work advancing at the Tennant Creek East Project. Initial results at Lonestar East have indicated significant structural trends and a possible E-W trending conductive body along strike and <1km of the Mauritania and 700m of the Hopeful Star ironstone deposits.

Drone magnetic program  
King River Resources has concluded drone magnetic surveys at Kuiper and Tarragans. Airborne magnetic anomalies have been confirmed and defined through the survey results along with excellent resolution of faults and structures.

At Tennant Creek East and the Barkly Project, the company intends to undertake an airborne magnetic survey work. At the Tennant Creek East area, the aim would be to test unexplored areas and identify the main geophysical/structural intersects and magnetic anomalies.

Detailed magnetics will be flown over Barkly Project target areas including the tenement EL31623. The Barkly project is situated in a geophysical corridor which as per government precompetitive work is a new unexplored region with IOCG potential.  

Speewah Project Transaction
In line with the project sale, KRR received the first component of the total sale proceeds of AU$20 million. It covered AU$2.5 million in cash and AU$10 million through the share issue.

Stock price performance

KRR shares traded at AU$0.011 at the time of writing on 13 July 2023, with a market cap of over AU$17 million.