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Highlights
- King River Resources’ June quarter centred on drilling activities at the Langrenus Prospect and the Kurundi Prospect within the Tennant East Project area
- The drilling campaign marks the second phase of the company’s comprehensive AU$2 million drill budget
- KRR received an AU$361,360 R&D tax refund for expenditures related to R&D activities in the fiscal year ended 30 June 2023
- The June quarter saw a AU$1.6 million cash payment from Tivan Limited for the sale of the Speewah Project
King River Resources Limited (ASX: KRR), an Australia-based gold exploration firm, experienced significant financial boost and intensified exploration efforts across its Tennant East Project area in the Northern Territory during the three-month period ended 30 June 2024.
The company concluded the June quarter with active drilling activities at the Langrenus Prospect and the Kurundi Prospect within the Tennant East Project area.
During this period, King River Resources received a AU$361,360 research & development tax refund for expenditures related to research & development activities in the fiscal year ended 30 June 2023. Furthermore, subsequent to the quarter end, KRR received a AU$1.6 million cash payment from Tivan Limited for the sale of the Speewah Project.
As of 15 July 2024, the company’s cash reserves amount to AU$5,149,124.
KRR accelerates gold-copper hunt under AU$2mn drill initiative
KRR’s drilling campaign at the Tennant East Project area marks the second phase of its extensive AU$2 million drill budget, following up on targets identified from the 2023 geophysics program. The program aims to explore promising IOCG (Iron Oxide Copper Gold) areas across Tennant East, Rover East, Kurundi, and Barkly. The focus includes several targets located along geophysical and geological trends associated with established high-grade copper and gold deposits such as Bluebird, Rover, and Mauretania.
Additional drilling phases are planned at other project areas throughout the year.
Image source: Company update
Image description: KRR Tennant Creek tenements, main project areas, and main target zones (colored ellipses) identified from the 2023 Geophysical Exploration Program.
RC drilling at Langrenus
The company has completed planned reverse circulation (RC) drilling at Langrenus, comprising 11 holes totalling 1,824m. Approximately 1,300 drill samples have been dispatched to the laboratory for assay, with results pending. uture plans include returning to further investigate newly identified targets.
Drilling tested two main areas along the Mauretania-Hopeful Star trend:
Drilling at Kurundi
Scheduled RC drilling at the Kurundi Project aims to verify recent geophysical findings from 2023 DDIP, GAIP, and drone magnetic surveys. The drilling program also seeks to revisit promising high-grade drill outcomes previously identified in the main prospect area including:
Based on 2023 survey data, King River Resources plans to drill a total of 20 holes covering 1,600 metres. This includes 800 metres to test the primary mineralised zone and another 800 metres to explore extensions to the north and south, along with other positions recognised by GAIP and magnetic structures.
With ongoing drilling initiatives at Langrenus and Kurundi, the company remains focused on unlocking the potential of its Tennant East Project, aiming to capitalise on identified geological targets and expand its resource base. Looking ahead, King River Resources is poised to continue its momentum in advancing towards its exploration and development objectives in the Northern Territory.
KRR shares traded at AU$0.012 at the time of writing on 17 July 2024.
