King River Resources’ (ASX:KRR) 2023 Geophysical Survey at Tennant Creek advancing well

Highlights

• King River Resources is progressing with its 2023 geophysics program at the Tennant Creek Project.
• The targets include prospective IOCG areas at Rover East, Tennant East, Barkly and Kurundi.
• ‘Initial results received to date are excellent with new targets generated at several locations,’ says the company.
• The company has concluded the gravity work at three target areas from its Rover East Project and received encouraging initial outcomes.
• KRR has begun the IP Survey while DDIP work continues at the Tennant East Project

In the latest announcement, ASX-listed King River Resources Limited (ASX: KRR) shared an update about the ongoing 2023 geophysics program at its Tennant Creek Project. The program is focused on prospective iron oxide copper gold (IOCG) areas at Rover East, Tennant East, Barkly and Kurundi. This also covers targets along strike of geological and geophysical trends associated with other known deposits of high-grade Cu and Au, including Rover, Bluebird, and Mauretania.

The 2023 geophysical program of the company includes a proposed 55-line km of DDIP, 10km² of GAIP, 30km² of gravity and 370km² of detailed magnetics (drone and airborne) to identify multiple targets.

According to the company, the initial results have been excellent with new targets identified at multiple sites. There are substantial holdings of more than 7,000km² of the company in the highly contended Tennant Creek and Barkly fields where excellent IOCG potential of the field has been demonstrated during a recent exploration success by Tennant Minerals, Castille, and Emmerson.

2023 Geophysical Exploration Programme Proposal for Tennant Creek Projects

Gravity Programme
The company has concluded the gravity work at three target areas from KRR’s Rover East Project along strike of the geophysical units that host the Rover and Explorer deposits of the Rover Gold field where Castile Resources intersected 30.4m @ 35.6g/t Au in a diamond drill hole at Rover in 2021 (ASX CST 2/6/21).

As per the company’s ASX release, initial results are very promising with coincident magnetic and gravity anomalies from all three target areas (BIF Hill East, Anomaly 2 and Explorer 42 west).

Gravity survey results for Rover East, residual gravity as coloured images over 1vd magnetics

IP Programme
The company has initiated IP survey at the Tennant East Project. As of now, significant structural trends and a possible E-W trending conductive body along strike and less than 1km of the Mauritania and 700m of the Hopeful Star ironstone deposits have been highlighted in the initial results at Lonestar East.

Additionally, the drone magnetic surveys have been wrapped up at Kuiper and Tarragans. The survey outcomes confirmed and defined airborne magnetic anomalies and offered excellent resolution of faults and structures.

KRR is planning to hold a detailed airborne magnetic survey in June, at Tennant East (Pioneer targets) and the Barkly Project.

Stock price performance

KRR stock closed at AU$0.009 on 31 May 2023, with a market cap of AU$15.53 million.