King River Resources (ASX: KKR) stock races higher on Tennant Creek project update

Highlights

• 2023 geophysics campaign has been completed in the Tennant Creek Region.
• The budgeted drill program is 13,500 metres with the first drill program at Lone Star East for 2,500 metres. 
• The planned RC drilling at Lone Star East is expected to commence on 10 November 2023.
• The company plans to test a selection of geophysical targets situated on high-potential trends at this target.

King River Resources Limited (ASX: KRR) is all set to commence drilling at Lone Star East on 10 November 2023. The budgeted drill program is 13,500 metres with the first drill program at Lone Star East for 2,500 metres. 

The company has completed its 2023 geophysics campaign in the Tennant Creek Region. To date, the results received are significant and have generated new drill targets at multiple locations. 

Under the drilling campaign, reverse circulation (RC) drilling is planned for ~20 holes for 2,500m with the intent to examine a selection of geophysical targets sitting on high-potential trends at Providence - Lone Star East. This would target the main NW trend, the east/west trends, and the interaction of the two. 

The company has plans to undertake drilling, at multiple locations, for months.

KRR shares jump 20%

KRR’s share price jumped by 20% to trade at AU$0.018 apiece during the early morning trading hours on 11 October 2023. The stock has registered a gain of 80% in the past six months.

Details of the geophysical programme

The extensive geophysical programme targeted prospective iron oxide copper gold ore (IOCG) areas at Rover East, Tennant East, Barkly and Kurundi covering several targets along strike of geological and geophysical trends associated with Rover, Bluebird and Mauretania, the known copper and gold deposits.

The campaign, concluded in September 2023, comprised 32-line km of DDIP (Dipole-Dipole IP traverses), 9km² of GAIP (Gradient Array IP Grids), 320km² of detailed magnetics and 25km² of gravity work.

The campaign has determined several DDIP anomalies. 3D modelling and interpretation highlighted that the new IP anomalies lie along the north-west and east-west gravity trends and along the main NW gravity trend.

More about Providence - Lone Star East

Data source: company update

At the Bluebird Perseverance NW trending gravity anomaly, ASX listed Tennant Minerals has reported 30m @ 6.2% copper and 6.8g/t gold.

Target location (Image source: company update)

At the company’s tenement, EL31619, at the Lone Star East Prospect, gold bearing ironstones sit within multiple NW trends. Also, Europa prospect is situated along a trend that strikes into the target area. Historical RAB drilling at the Europa prospect returned 17m @ 0.64g/t Au from 6m including 2m @ 2.42g/t Au.

The ongoing processing and interpretation of the 2023 geophysical results is expected to deliver more drill targets.