King River Resources (ASX: KRR) first-half advances drilling on Tennant Creek gold-copper targets

Highlights

• KRR posted a consolidated cash position of AU$3,901,784 at 31 December 2023.
• The firm has completed the first phase of RC drilling at the Iron Oxide Copper-Gold (IOCG) targets at the Providence Prospect within the Tennant East Project area.
• KRR has allocated AU$2 million for drilling campaigns to follow up on targets generated from the 2023 geophysics programme.

Mineral exploration company King River Resources Limited (ASX: KRR) hosts a portfolio of 100% owned tenements of over 6,641km² in the Tennant Creek region of the Northern Territory. Also, the ASX-listed firm boasts a rich portfolio of 100% owned tenements of 351km² in the East Kimberley region in Western Australia.

The firm recently released its progress report for the half-year ended 31 December 2023. It posted a consolidated cash position of AU$3,901,784, at the end of the reported period.

2023 geophysics programme in Tennant Creek

The firm concluded its 2023 geophysics program in the Tennant Creek Region in September 2023, covering 32 line km of DDIP, 25km² of Gravity, 9km² of GAIP, and 320km² of detailed magnetics.

The geophysical programme targeted prospective IOCG areas at Rover East, Tennant East, Barkly and Kurundi, including multiple targets along strike of geophysical and geological trends associated with other known significant deposits of high-grade Cu and Au, including Rover, Bluebird, and Mauretania.

While processing and interpretation of geophysical programme is in process, the firm has received excellent results so far with new drill targets generated at multiple sites.  

Phase 1 RC drilling completed at Providence

The firm has completed the first phase of reverse circulation drilling at the IOCG targets at the Providence Prospect within the Tennant East project area, covering 17 holes over 2,790m.

Now, KRR is planning to start drilling at the Commitment target area, which hosts multiple DDIP targets. For in-depth details of the target areas and the company’s 2024 drilling plans, you may read here.

Gravity, magnetic and DDIP targets were tested during drilling at Providence with complex geophysical/geological zone identified along strike of the Bluebird Perseverance northwest trending gravity anomaly and directly along strike of the Blue Moon, Gigantic and Metallic Hill historic mine trends.

These drilling campaigns are part of a drilling budget of AU$2 million allocated by the company to follow up on targets generated from the 2023 geophysics programme targeting prospective IOCG areas at Rover East, Tennant East, Barkly and Kurundi.

KRR shares traded at AU$0.010 midday on 07 March 2024.