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Highlights
- 2024 RC drilling is expected to begin next week with the first phase focusing on Tennant Creek East.
- Three prime areas will be tested under the drilling programme that includes the Commitment area, Langrenus area and the Providence area.
- Assays for 1,700 samples collected from 2023 drilling are pending.
- Further drill targets are expected with the finalisation of the 2023 geophysical results.
King River Resources Limited (ASX: KRR) shares gained nearly 10% to trade at AU$0.011 on 20 February 2024. The share price momentum followed the company’s update on its 2024 drilling plans and new geophysical targets at the Langrenus area.
KRR is set to kick off its 2024 drilling campaign next week, initially focusing on the Tennant Creek East.
In 2023, a drill budget of AU$2 million was allocated by KRR to follow up on targets located from the 2023 geophysics campaign. The targets were identified at the Rover East, Tennant Creek East, Barkly and Kurundi Projects.
2024 gold-copper hunt plans
The company intends to commence reverse circulation (RC) drilling in the upcoming week. The first phase would focus on Tenant Creek East.
The campaign would focus on testing three primary zones, starting with the Commitment area, where four RC holes are planned for a depth of 800m. Subsequently, drilling will shift to the Langrenus area, involving 10 holes spanning 1,500m. The company will then proceed with drilling at the Providence area, following up on the findings of last year's drilling which identified ironstone, alteration and structure linked with gravity and dipole-dipole induced polarization (DDIP) anomalies.
The company informed that assays from 1,700 samples are still awaited.
During the year, additional drilling will be conducted at the other project areas as analysis of the 2023 geophysical results continues.
Details of the targeted areas
Commitment area – It lies near Tennant Minerals’ Bluebird deposit, which recently returned diamond drill intersection of 61.8 metres at 2.3% Cu intersection including 6.85 metres at 17% Cu. Drilling will focus on new geophysics targets discovered via DDIP, magnetics and gravity linked with geochemicaly anomalous ironstone identified in 2020.
Langrenus area – This target area lies along strike of the Hopeful Star historic workings and along strike of the Mauretania prospect. During the 2023 geophysical programme by KRR, 12 DDIP sections were finalised along the Mauretania – Hopeful Star trend, and results complimented the historical magnetic and gravity targets in this area. For drill testing, three priority target areas have been located and 8 holes for 1,500m proposed.
Data source: Company update
Further drill targets
Additional drill targets are expected as processing and analysis of the 2023 geophysical results continue for the rest of the project areas.
As the priority targets are finalised, additional drilling would be planned with 13,500m of RC drilling to be conducted on priority targets in 2024.