King River Resources (ASX: KRR) eyes first assays from Providence drilling in mid-Jan

Highlights

• First phase of RC drilling has been completed at the Providence target area with 17 holes for 2,790m.
• Assays from the initial drilling are expected in mid-January.
• Preparations have begun for drilling at the Commitment target area where new DDIP targets were identified.

King River Resources Limited (ASX: KRR) shares jumped over 16% to trade at AU$0.014 midday on 18 December 2023 post an upbeat company update.

KRR has wrapped up the first phase of the reverse circulation (RC) drilling at the Providence target area within EL31619. With this development, 17 holes have been concluded for 2,790 metres.

This campaign is the first part of the company’s AU$2 million drill budget to follow up on targets identified through its 2023 geophysics campaign.

Now, the company is gearing up to drill the Commitment target area where new DDIP targets were identified.

First assays in January, follow up drilling at Providence

The drilling program at Providence aimed at examining the magnetic, gravity and DDIP targets where a complex geophysical/geological zone was located directly along strike of the Metallic, Gigantic and Blue Moon historic mine trends and along strike of the Bluebird Perseverance northwest trending gravity anomaly.

Initial drilling at the target confirmed the existence of Warramunga formation rocks under shallow alluvial cover. Moreover, the results indicated that the structural and alternation styles are similar to the neighbouring deposits to the northwest.

First set of assay results are expected by mid-January.

The company plans to undertake follow up drilling at Providence to examine the northwest gravity trend. The focus will be on the intersection of the northwest trending gravity anomalies with the east west trending gravity/magnetic and IP trends.

RC drilling at Commitment area in February

The company is preparing to conduct drilling at four proposed RC holes for 800m at Commitment. Drilling is expected to commence in February 2024.

The Commitment area comprises a northwest striking airborne anomaly and coincident gravity anomalies.

In 2020, the company finalised two RC drill holes targeting magnetic and coincident gravity anomalies. Through this drilling, the company identified a geochemically anomalous ironstone within Warramunga Formation units under Cambrian cover.

In 2023, DDIP survey work was completed at this area, which complimented the previous magnetic and gravity results.

Data source: Company update

King River expects to identify additional drill targets at the interpretation of the 2023 geophysical results continues for the remaining project areas. With the generation of priority targets, further drilling would be proposed with 13,500m of RC drilling to be allocated to priority targets for 2023/24.

KRR shares jumped 16.67% to trade at AU$0.014 apiece at the time of writing on 18 December 2023.