King River Resources (ASX: KRR) advances at Tennant Creek with promising gold values - Kalkine Media

Highlights

• Significant drilling activities have been conducted at the Providence Prospect within Tennant East, targeting Iron Oxide Copper-Gold (IOCG) deposits.
• Preliminary drilling results confirmed the presence of Warramunga formation rocks under shallow alluvial cover.
• KRR is encouraged by the identification of geochemical anomalies and gold values related to ironstone zones.
• The company plans to test three areas across Tennant Creek East.
• Additional drilling phases are scheduled as interpretation of the 2023 geophysical data progresses and new drill targets are identified.

King River Resources Limited (ASX: KRR) is a gold exploration company with holdings at Mt Remarkable, Western Australia, and Tennant Creek, the Northern Territory.  

The recent focus has been on advancing drilling as part of the company’s AU$2 million drilling budget aimed at investigating targets identified from the 2023 geophysics program. These targets focus on potential IOCG areas at Rover East, Tennant East, Barkly, and Kurundi.  

In the latest quarter ended 31 March 2024, the company advanced exploration across its Providence Prospect within the Tennant East project area, with all assays from drilling Iron Oxide Copper-Gold (IOCG targets received. The initial outcomes have been promising.

Promising drilling results for Providence

As part of drilling at the Providence Prospect, 18 holes were completed for 2,790m. The drilling assessed DDIP, magnetic and gravity targets, focusing on a complex geophysical and geological zone identified along the extension of the northwest-trending gravity anomaly of Bluebird Perseverance. Recent drilling results include an intersection of 61.8 metres at 2.3% copper, with a notable section of 6.85 metres at 17% copper.

Preliminary RC drilling results have been promising, confirming Warramunga formation rocks presence under shaw alluvial cover as structure, veining, hematite alteration and ironstone zones were intersected in multiple holes.

Two main DDIP and gravity trends were targeted through drilling, validating that the primary northwest gravity anomaly correlates with a substantial and extensive ironstone formation beneath a shallow layer of cover.

Data source: KRR update

At the southern end of the primary northwest gravity high, two lines of RC holes were strategically placed to examine the strongest east-west gravity trend near its convergence with the main northwest gravity trend. The drilling intercepted substantial structural features, alteration, and ironstone, yielding geochemically anomalous results, including gold values of up to 0.1g/t Au, 56ppm Sb, 33.7ppm Th, 322ppm As, 4.9% S, and 355ppm Pb.

Exploratory drilling was conducted across the Europa trend, revealing notable structural features and alterations, particularly in the two easternmost holes. Geochemical anomalies were detected, with values reaching up to 50ppb Au, 14ppm Sb, 22ppm Th, 322ppm As, 1.7% S, and 747ppm Pb.

The company highlighted that identification of geochemical anomalies along with gold value of maximum 0.1g/t Au, related to recently identified ironstone zones is encouraging.

 Tennant Creek East drilling to target three areas  

King River Resources is focused on prioritising drilling activities across Tennant Creek East, with testing to begin with the Commitment area, followed by the Langrenus area and the Providence area.

Additional drilling phases are scheduled to take place at the remaining project areas as the interpretation of the 2023 geophysical data advances and new drill targets are identified.

The company held cash of over AU$4.4 million at the quarter end.

KRR shares traded at AU$ 0.009 on 19 April 2024.