King River Resources (ASX:KRR) Uncovers New Gold Opportunities at Mindoolah Project, Shares Up

Highlights

• King River Resources has identified approximately 746,000 tonnes of excavated material remaining across historical stockpiles and waste dumps at the Mindoolah Gold Project.
• Historical reconciliation work revealed a major discrepancy between recorded production and estimated excavated material.
• Grab sampling returned high-grade gold results of up to 10.0g/t Au at Excelsior, 9.39g/t Au at Mindoolah Main Reef, and 31.70g/t Au at Bertram’s.
• KRR has identified the Excelsior Prospect as a priority exploration target.
• The company plans to begin systematic stockpile drilling and a high-resolution magnetic survey in June to refine deeper exploration targets across the project.

King River Resources Ltd (ASX:KRR) has announced new exploration findings from its Mindoolah Gold Project in the Murchison Province, revealing historical mining discrepancies, substantial surface stockpiles, and multiple high-priority drill targets. Located ~70 kilometres northwest of Cue, the project has historically produced high-grade gold and is now the focus of renewed exploration aimed at identifying additional mineralised zones.

Following the update, KRR shares were moved 16.67% higher at AUD 0.028 per share at the time of writing on 18 May 2026.

Survey Results Reveal Historical Discrepancies

The volumetric survey and LiDAR survey estimated that approximately ~1.08 million tonnes of material had been excavated from historical open pits. A reconciliation of historical open-pit voids at the Excelsior, Cundy, Le Soleil, Bertram’s, and Mindoolah Main Reef workings, expects a cumulative excavation volume of 595,729 m³ and about 467,659m³ of stockpiled material remains on-site across mining leases P20/2444 and P20/2445.

Detailed surveys confirmed that approximately 746,000 tonnes of excavated material remain on-site across historical waste dumps and stockpiles. This finding presents an immediate opportunity for evaluation and systematic drilling.

After reconciling historical open-pit voids with the remaining stockpiles, the company identified a substantial discrepancy between the physical material movement and official government production records. Historical reports submitted between 1986 and 1989 documented only 38,589 tonnes of mined ore, despite the much larger estimated volume of excavated material.

KRR highlighted these findings indicating that historical reporting was either ambiguous or incomplete. Based on historical grades averaging 2.44g/t gold, the company estimates that as much as 23,541 ounces of gold may remain unreconciled.

High-Grade Stockpile Samples Draw Attention

Grab sampling conducted across historical stockpiles returned encouraging gold results from multiple prospects.

At the Excelsior Prospect, largest pit on the tenure, sampling returned grades ranging from 0.61g/t gold to 10.0g/t gold. The company estimates the Excelsior stockpile complex contains approximately 285,630 cubic metres of potentially mineralised material.

KRR highlighted that no historical drilling has been completed directly beneath the Excelsior pit floor, while no east-west drilling has ever tested the broader mineralised structures. The company now considers Excelsior a priority target for future exploration.

At the Mindoolah Main Reef Prospect, grab samples from miscellaneous stockpiles returned grades of up to 9.39g/t gold. Historical underground mining at the prospect during the early 1900s reportedly achieved average recovered grades of 11.4g/t gold, indicating the high-grade nature of the primary lodes at depth.

At Bertram, historical grab samples intersected grades up to 31.70g/t Au.

Multiple Prospects Identified for Further Testing

The company also outlined exploration opportunities at the Cundy and Le Soleil prospects.

At Cundy, stockpiles are estimated to contain around 79,511 cubic metres of material.

Meanwhile, at Le Soleil, no historical drilling has been conducted beneath the existing pit floor. Historical drilling returned intercepts including 2 metres at 2.38g/t gold from 23 metres depth. Additional grab samples from spoil material recorded 3.2g/t gold. At Le Soleil, 20,745m³ of stockpiled material has been confirmed through volumetric survey.

June Exploration Program Set to Begin

KRR is preparing to commence a systematic drilling program in early June to assess the grade distribution and potential economic value of the identified 467,659 cubic metres of surface stockpile material. The company has also rescheduled its high-resolution magnetic survey to the first half of June following a third-party equipment delay.

Data from the magnetic survey will be combined with the recently completed LiDAR Digital Terrain Model (DTM) to refine deeper exploration targets beneath the Excelsior and Mindoolah Main Reef pits.

In preparation for the upcoming activities, KRR completed extensive earthworks and site preparation during March.