Promising drill assays from King River Resources (ASX: KRR) Providence target uncover geochemical anomalies - Kalkine Media

Highlights

• Encouraging assay results have been received from the first phase drilling programme at Providence.
• The results revealed substantial geochemical anomalies associated with recently identified ironstone, structure and alteration zones.
• The company intends to conduct further drilling.

King River Resources Limited (ASX: KRR) has received promising assay results from drilling activities undertaken at Providence in November 2023. Providence is one of the target areas identified at the company’s Tennant Creek project in the Northern Territory.

The results from the first phase of drilling unveiled geochemical anomalies linked to recently identified alteration, ironstone and structure zones.

The assays have returned grades of up to 0.1g/t Au, 109 g/t Sb, 322g/t As, 194ppm Co and 5.8% S.

Encouraging assay results

As part of the drilling campaign at Providence, the company analysed magnetic, gravity and dipole-dipole induced polarization (DDIP) targets. The company had defined geophysical/ geological zones.

The first phase of reverse circulation (RC) drilling has returned encouraging results. The campaign focused on two main gravity and DDIP trends.

The campaign identified structure, veining, hematite alteration and ironstone zones intersected in several holes. These findings confirm the presence of Warramunga formation rocks under shallow alluvial cover. Structural and alteration styles mirror the nearby IOCG deposits and mines.

Drilling showed that northwest gravity anomaly has association with a substantial, broad ironstone structure under <4m shallow cover.

Two locations were selected to test the northwest gravity rend. The northern end was designed to analyse the main northwest gravity trend, which revealed geochemically anomalous findings, including up to 109ppm Sb, 58ppm Th, 289ppm As, 0.57% S, and 304ppm Pb. This occurred within a broad alteration and ironstone zone. Notably, this intersection lies above a solid, deeper gravity high, which the company intends to assess during follow-up drilling.

The southern end of the prospect area was designed to evaluate the robust east-west gravity trend near its convergence point with the primary northwest gravity trend. Geochemically anomalous results were obtained, including gold values of up to 0.1g/t Au, as well as 56ppm Sb, 33.7ppm Th, 322ppm As, 4.9% S, and 355ppm Pb.

The company also tested the Europa Trend. In two eastern most holes, the company intersected substantial alteration and structure, with geochemical anomalism of maximum 50ppb Au, 14ppm Sb, 22ppm Th, 322ppm As, 1.7% S and 747ppm Pb.

Discovery of geochemical anomalies and gold values of up to 0.1g/t Au, have association with recently identified ironstone zones is very promising.

Future drilling plans

King River Resources plans to conduct additional drilling at the main northwest gravity structure, stronger, deeper gravity anomalies on both trends and at the intersection of these trends.

The company expects to re-commence 2024 RC drilling as the weather conditions improve by mid-March. The initial drilling would focus on the Tennant Creek East, covering three main areas. The Commitment area will be tested first, followed by the Langrenus area and the Providence area.

KRR shares traded at AU$0.010 apiece at the time of writing on 8 March 2024.