King River Resources (ASX: KRR) gearing up for further drilling at Tennant Creek goldfield - Kalkine Media

Highlights

• During the quarter ended 31 December 2023, the focus was on advancing drilling across the Tennant Creek Project area.
• At the Providence Prospect of the Tennant East Project, 17 holes were completed with further drilling planned.
• Preparations are underway for drilling at the Commitment target area where geophysical targets were located.
• The company has allocated AU$2 million for follow up drilling on targets generated from the 2023 geophysics program.

King River Resources Limited (ASX: KRR) is an ASX-listed exploration firm with Tennant Creek Project in the Northern Territory and Mt Remarkable Project in the Western Australia.

During the quarter ended 31 December 2023, the company was focused on Tennant Creek Gold-Copper project area which includes the Tennant Creek East project, the Rover East Project, the Barkly Project and the Kurundi Project.

At the end of the quarter, the company held AU$3,901,783 in cash.

Let’s look into the activities undertaken by the company at the Tennant Creek Project during the latest quarter.

Providence Prospect drilled in the latest quarter

During the recent quarter, the company started drilling activities on Iron Oxide Copper-Gold (IOCG) targets at the Providence Prospect within the Tennant East Project area. The period saw completion of 17 holes covering 2,790m with additional drilling planned.

This drilling campaign marks the initial phase of KRR’s AU$2 million drill budget, with aims to follow up targets identified from the 2023 geophysics campaign focused on IOCG areas at projects included in the Tennant Creek Project area. The campaign included several targets along strike of geological and geophysical trends linked with other significant deposits of high-grade gold and copper including Rover, Bluebird and Mauretania.

Image source: KRR update

At Providence, drilling tested gravity, magnetic and Dipole-Dipole Induced Polarisation (DDIP) targets, where a complex geological/geophysical zone had been located linked with NW and WNW trending structures.

The initial drilling results demonstrated promising signs, revealing structure, veining, chlorite/hematite alteration, and ironstone zones in multiple holes. The results confirmed the presence of Warramunga formation rocks beneath shallow alluvial cover, displaying structural and alteration characteristics similar to nearby deposits in the northwest.

Currently, the assay results are pending with the initial results anticipated in January 20024.

DDIP survey concluded at Commitment target area

In 2023, the company finalised DDIP survey work, complimenting the historical magnetic and gravity results.

Data source: company update

As part of the 2023 geophysical campaign, four DDIP lines were finalised at Commitment. The results indicated a continuous chargeability anomaly along the base of the magnetic body NE of KRR’s 2020 drilling. The interaction of these DDIP, gravity and magnetic anomalies near geochemically anomalous ironstones, hidden below shallow Cambrian cover, offers significant IOCG drill targets.

The company highlighted that the preparations have started for drilling at the Commitment target area where four reverse circulation (RC) holes for 800m have been proposed. This drilling campaign is expected in mid-February 2024.

KRR shares traded at AU$0.014 on 18 January 2024, up 7.6% from the last close.