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Highlights
- King River Resources has received a cash payment of AU$1 million from the sale of the Speewah Project to Tivan Limited.
- TVN is yet to pay an outstanding balance of AU$4 million for the acquisition of Speewah.
- As at 27 March 2024, KRR has a cash position of AU$4,427,191.
In the latest announcement, King River Resources Limited (ASX: KRR) revealed that the firm has received a cash payment of AU$1 million from the sale of the Speewah Project to Tivan Limited (ASX: TVN). Under the restructured final payment terms, TVN is yet to pay an outstanding balance of AU$4 million for the acquisition of Speewah.
As at 27 March 2024, the ASX-listed exploration firm has a cash position of AU$4,427,191.
At present, the company has centred its focus on the Northern Territory-based asset, Tennant Creek. The project area comprises the Tennant Creek East project, the Barkly Project, the Rover East Project, and the Kurundi Project. It has been gradually progressing the work at the project site.
Recent developments at Tennant Creek Project
Earlier this month, King River Resources announced assay results from the drill campaign conducted at Providence in November 2023.
As per the company, the maiden phase drill programme results have been encouraging, with geochemical anomalies associated with newly discovered ironstone, alteration, and structure zones. It returned grades up to 0.1g/t gold, 109 g/t Sb, 322g/t As, 194ppm cobalt and 5.8% sulphur. The company is now looking forward to hold another drill campaign at the site.
The company is planning to initiate drilling at the Commitment target area, with numerous dipole-dipole induced polarization (DDIP) targets.
KRR shares traded at AU$0.009 on 27 March 2024.