King River Resources (ASX: KRR) ends September quarter with continued progress at Tennant Creek

Highlights

• King River Resources closed the three-month period ended 30 September 2023 at a cash position of AU$4,741,480.
• The company completed the 2023 geophysics program at the Tennant Creek gold-copper projects last month.
• As per the company, results received so far from the ongoing geophysical processing and interpretation are excellent with new drill targets generated at multiple locations.
• KRR’s stock price has gained 50% over the past one month.

King River Resources Limited (ASX: KRR) continued progress in exploration activities at its major projects in the latest quarter. The period ended 30 September 2023 saw completion of geophysics program at the company’s Tennant Creek gold-copper projects. At the end of the quarter, KRR had a cash position of AU$4,741,480. This included the second payment of AU$2.5 million from the sale of the Speewah Vanadium-Fluorite Project to Tivan Limited.

Northern Territory based Tennant Creek Projects

Tennant Creek Project tenement locations over TMI magnetics
Image source: Company website

The company completed the 2023 geophysics program at the Tennant Creek gold-copper projects in September 2023. The program included a 9km² of GAIP, 32-line km of DDIP, 320km² of detailed magnetics and 25km² of gravity survey.

During the geophysical program, KRR targeted prospective IOCG areas at Barkly, Tennant East, Rover East, and Kurundi. Presently, the company is conducting geophysical processing and interpretation. As per the company, results received so far are excellent with new drill targets identified at multiple sites.

As the processing and interpretation of the 2023 geophysical results continues, King River Resources intends to generate additional drill targets with 13,500m of RC drilling planned to be undertaken for 2023/2024 priority targets.

Total drilling budget of AU$2 million has been allocated for the targets identified during the program. The process of drilling is scheduled to begin from 10 November 2023.

Providence - Lone Star East – The Key Priority Target

King River Resources has completed detailed airborne magnetics and DDIP work at its Providence – Lone Star East target area, directly along strike of the Blue Moon, Gigantic and Metallic Hill historic mine trends as well as multiple other prospects and historic workings to the northwest.

Numerous DDIP anomalies situated along the mineralised ironstone association trends have been identified during the 2023 geophysical work. According to the analysis, the new IP anomalies are located along the NW and EW gravity trends and along the main NW gravity trend.

Next, King River Resources is looking forward to begin drilling at its priority target, Providence - Lone Star East. The company has defined a complex geophysical/geological zone at the target directly along strike of historic mines and along strike of the Bluebird Perseverance NW trending gravity anomaly..

Location of Tennant East Project area with KRR’s main target areas in relation to Gigantic/Metallic Hill deposits and Tennant Minerals Bluebird-deposit.
Magnetics (black and white) and gravity (coloured), insert is Tennant Minerals Gravity map

Total 2,500m of RC drilling has been allocated as part of KRRs 2023/2024 drilling campaign to test a selection of geophysical targets on these high potential trends at Providence – Lone Star East.

KRR shares up 50% in a month

KRR shares traded at AU$0.015, up over 7% from the last close, on 19 October 2023. In the last one-month period, the shares have appreciated 50%.