King River Resources (ASX: KRR) ready to roll out drilling within Kurundi project area

Highlights

• KRR has outlined new geophysical targets and planned RC drilling at the Kurundi Project area.
• The company plans to drill a total of 20 holes covering 1,600 metres.
• Last year, the company allocated AU$2 million for drilling to follow up on targets identified in its extensive 2023 geophysics program.

King River Resources Limited (ASX: KRR), an Australia-based exploration firm, has unveiled new geophysical targets and outlined plans for reverse circulation (RC) drilling at the Kurundi Project.

Last year, the company earmarked an AU$2 million drill budget to follow up on targets identified through its comprehensive 2023 geophysics program, covering the Tennant Creek East, Kurundi, Rover East, and Barkly Projects.

Kurundi

The upcoming drilling campaign at Kurundi aims to investigate recently identified geophysical target zones from surveys conducted in 2023. Additionally, it will build upon KRR's 2022 high-grade gold RC drill results, which yielded notable outcomes at the main prospect area:

Data source: Company update

Image source: Company update
Image description: Long projection of Kurundi Main area drill intersections. Coloured by down hole width multiplied by grade. Long projection is perpendicular to the plane of the mineralised vein with is approximately 35^o towards 215^o.

In 2022, drilling was limited to a vertical depth of 40 metres, revealing high-grade gold in both primary and oxidised zones. However, GAIP and drone magnetic survey from 2023 have highlighted numerous potential opportunities:

• Several geophysical trends associated with the primary mineralised zone have been identified, allowing for the planning of RC drill holes to target extensions to the main gold zone and sub-parallel structures. Based on these findings, the main target structure is estimated to span 2.5km in strike length.
• It revealed a chargeability anomaly north of the main workings.
• The 2023 drone magnetic survey identified a northwest-striking fault zone in the area, highlighting it as a new exploration target.
• Additionally, the 2023 DDIP survey detected anomalies in chargeability and resistivity around the northern and main workings.
• Specifically, a resistivity anomaly has been identified beneath the main mineralised zone in the main workings area. This anomaly suggests the possible presence of a thicker quartz vein at depth, and it will be a focal point in the upcoming RC drilling program.

The company plans to drill a total of 20 holes spanning 1,600 metres. Of the total, 800 metres will focus on testing the main mineralised zone, while the remaining 800 metres will target extensions to the north and south, as well as other positions identified by GAIP and magnetic structures.

Following this initial drilling phase, additional drilling campaigns are scheduled across various project areas throughout the year, aligning with a continued interpretation of the 2023 geophysical data.

Ongoing RC drilling has covered Providence, Langrenus, and Commitment, with the drill rig set to move to the Kurundi Project soon. Recent drilling has discovered multiple ironstone and iron-altered zones in exploration areas previously devoid of such features.

Assay results from the latest drilling at Langrenus, Commitment, and follow-up holes at Providence are currently pending.

The shares of KRR closed on 28 June 2024 at AU$0.014, with a gain of around 8%.