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Exploration and mining company, King River Resources Limited (ASX: KRR) is working on further expanding its Treasure Creek Iron Oxide Copper Gold (IOCG) exploration holdings with two new exploration licence applications.
In an update provided on 2nd August 2019, the company updated that it has applied for two highly prospective tenements in the Tennant Creek Region which is expected to supplement the companyâs existing holdings in that region. `
Following the release of this news, the companyâs shares were uplifted by more than 10% mid-day, currently trading at $0.032 as on 2nd August 2019 (AEST 3:41 PM AEST).
Earlier on 30 July 2019, the company had announced that it has been granted six licence applications over the Mt Remarkable Gold Project. With this encouraging piece of news for the company and its shareholders, the stock shot up by 3.5% on 30 July. The company has already made substantial progress in the development of its flagship Speewah Specialty Metals (SSM) Project with excellent initial precipitation efficiencies of iron oxide and titanium dioxide products and encouraging initial HPA precipitation test result, increasing the overall value of the SSM Project from the exploration perspective as well as showing potential for adding material new revenue stream to the project.
King River, via its wholly owned subsidiary Treasure Creek Pty Ltd, already holds 12 granted Exploration Licences totalling 6,634 square kilometres of area in the Tennant Creek copper-gold belt and now with these two new exploration licences, the holdings cover a total area of over 6,800 square kilometres.
The Treasure Creek holdings cover areas along strike of the Tennant Creek and Rover Gold Fields which are host to high-grade Iron Oxide Copper Gold deposits. The company is of the view that with the application of systematic exploration and new and advanced geophysical techniques, significant gold discovery could be made in these areas, which were subject to sporadic and brief exploration in the past.
KRRâs new exploration licence applications, granted exploration licences and relevant gold prospects (Source: Companyâs Report)
As per the companyâs Release, the two new exploration licence applications are covering some very prospective ground for high grade copper gold mineralization.
The new application EL32199 is covering the Whistle DuckâEdmirringee trend where the historic rock chip sampling returned 5% Cu and 13g/t Au while the other new application EL31626 is covering a part of the Kurundi Anticline as well as the Kurundi historic gold mine.
King River Resources new applications EL32199 and EL32200 and relevant prospects (Source: Companyâs report)
With the help of detailed geological and geophysical review of all its Treasure Creek tenements, the company has already identified multiple copper-gold targets within the granted licences.
As announced earlier, the company has planned a drilling on two priority tenements (EL31617 and EL31619). The tenement EL31617 covers the under-explored eastern extension of the Rover Gold Field while the tenement EL31619 covers the under-explored eastern extension of the Tennant Creek Mineral Field.
Mt Remarkable Update: The 6 new exploration licence applications over the Mt Remarkable Gold Project which have been granted recently are covering the primary strike extension of the Whitewater Volcanics that has hosted the high-grade gold mineralization; and besides this it is believed that there are further high-grade deposits which are yet to be discovered.
These new licences which are held in the name of KRRâs wholly owned subsidiary Speewah Mining Pty Ltd, include areas near the Speewah Dome that are prospective for Fluorspar with total area measures over 2,300 square kilometres.
KRRâs new exploration licence applications and relevant gold prospects at Mt Remarkable (Source: Company Reports)
On the recently granted E80/5133 and E80/5176 exploration applications, the company has already commenced the reconnaissance exploration and rock chip sampling and has identified multiple new areas of quartz-adularia. The company is now undertaking Gridded soil sampling on these newly discovered veins to identify areas of mineralization.
Most probably in the month of October or in November 2019, the company is expected to conduct RC drilling to follow up on high-grade gold intersections (returned in 2018) and to test a selection of the best targets returned from the current reconnaissance programme.
The best downhole results from Mt Remarkable Project include:
- 4m @ 113.29g/t Au including 1m @ 346g/t Au in KMRC78
- 6m @ 60g/t Au including 2.8m @ 108g/t Au in KMDD01
- 4m @ 39.78g/t Au including 1m @ 82.7g/t Au in KMRC75
- 4m @ 36.77g/t Au from 7m including 1m @ 70.9g/t Au in KMRC127
- 3m @ 34.8g/t Au including 1m @ 50.5g/t Au in KMRC0077
SSM Project: At the SSM project, the following products have been precipitated from leach solutions:
- High purity alumina 99.99% Al2O3 (4N HPA);
- Iron oxide 67% Fe2O3;
- Titanium dioxide 80% TiO2.
The company is now progressing with test work and studies to complete a Prefeasibility Study (PFS) towards the end of 2019. KRR recently commenced a 31-hole drill programme on an existing Mining Lease (M80/267) to define the additional resources on a Mining Lease, eyeing on future development.
The amount of experience and knowledge obtained from gold exploration at the Speewah and the Mt Remarkable Projects will now be used by the company to identify and test various new high-grade gold targets and advance its existing prospects at the Mt Remarkable Project.
At the time of writing, KRRâs stock was trading at a price of $0.032 with a market capitalization of circa $35.92 million as on 2nd August 2019.
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