King River Resources’ (ASX: KRR) FY23 focused on geophysical exploration at Tennant Creek

Highlights

• King River hosts a portfolio of 100% owned tenements across Tennant Creek region of the Northern Territory and in the East Kimberley region, WA.
• During FY23, KRR started geophysical works at Tennant Creek, identifying multiple new targets.
• KRR sold its Speewah Project to ASX-listed Tivan Limited.

ASX-listed King River Resources Ltd (ASX: KRR) hosts a portfolio of 100% owned tenements spanning across 6,641 km² in the Tennant Creek region of the Northern Territory. The company also has a portfolio of 100% owned tenements spread over an area of about 351km² in the East Kimberley region in Western Australia.

Let’s look at the progress made by the ASX-listed company during the twelve-month period ended 30 June 2023, as mentioned in its recently released 2023 annual report. During the year, KRR continued to advance exploration at its Tennant Creek Project.

Tennant Creek Geophysical Programme makes headway
During FY23, KRR started  geophysical works at Tennant Creek. Also, the company conducted IP work at Tennant East and Kurundi locations, additional airborne magnetics at the new Pioneer Project and the Barkly areas along with geophysical processing and modelling of all the data.

With the gravity work already completed at the site, KRR has identified several targets. The company is now looking forward to conduct additional gravity surveys.

The company began the geophysical programme in April this year targeting prospective IOCG areas at Barkly, Rover East, Kurundi and Tennant East. It includes a proposed: 55 line km of DDIP, 10km² of GAIP, 30km² of Gravity and 370km² of detailed magnetics to find new targets.

According to the company, initial results are brilliant with identification of multiple targets at numerous locations.

2023 Geophysical Exploration Programme Proposal for Tennant Creek Projects
Image source: company update

Sale of Speewah specialty metals project
KRR inked a binding term sheet with Tivan Limited (ASX:TVN), following which Tivan secured 100% acquisition of the issued capital of Speewah Mining Pty Ltd, which owns the Speewah Project in North Western Australia.

The two parties completed the sale transaction in April 2023 with several conditions precedent being fulfilled. An independent geological assessment was done to verify the reported resources of Speewah Vanadium-Titanium-Iron Project.  

KRR received AU$2.5 million cash along with 100 million ordinary fully paid shares in Tivan, in the month of April. Also, the company received AU$2.5 million cash from Tivan in July.

King River remains focused on advancing the ongoing geophysical survey programme at Tennant Creek as well as gold exploration across Treasure Creek and Mt Remarkable.

KRR shares traded at AU$0.009 on 20 September 2023.