In response to the Financial Review Article, which claimed things not yet proven by the company, King River Copper Limited (ASX: KRC) today issued media release clarification stating that the outcomes of ongoing Scoping Studies are still to be completed and investors are recommended to wait until the official release of information.
This comes after The Australian Financial Review posted the article titled “Vanadium discovered a battery game changer”. Though the article did not linger in for long, but it has been heard saying that “The miner’s new study will model a mining rate of double the 2012 study”, “hosting a massive 4.7 billion tonne resource.”
In reference to the above stated media report, the company advised its investors to not rely on any such information until the results are released by the company on factual and proven basis. Australian-based explorer King River Copper stated that the Scoping Studies results on Vanadium, titanium Iron and the Fluorspar projects are anticipated to be issued in the coming weeks. The company suggests that these studies would provide a more accurate instrument to gauge revenues, production targets and forecast financial information, subject to ASIC, JORC and ASX policies.
Pending this media release clarification, the company decided to press the pause button early this morning. ASX market release informed that the trading in securities of King River Copper is paused temporarily. However, the pause didn’t persist for a long time as after the issue of media release clarification few hours later, the securities resumed trading on ASX.
At the time of writing, 21 September 2018 (2:00 PM AEST), King River Copper sky rocketed 18% to trade at $0.059. The stock has seen a performance change of as huge as +525% over the past one year. But its has been observed that stock price has plunged by 44.44% over the last three months.
King River Copper Limited is an Australia-based mineral explorer. It is engaged in development and exploration of the tenements located in the Kimberley region of Western Australia. The company primarily focuses on gold-silver-copper exploration along with Titanium-Vanadium and Fluorite. Incorporated in 2002, King River Copper Limited holds a tenements’ portfolio of covering around 770 square kilometers. The company’s tenements contain undeveloped titanium-vanadium in magnetite deposits with combined measured, indicated and inferred resources totaling approximately five billion tons in over three deposits, which include the Central, Red Hill and Buckman deposits. The tenements of the company are located approximately 110km southwest of Kununurra and 100 km south of the Wyndham port in the Kimberley region of Western Australia. The Tenements are accessed via 30 kilometres of unsealed tracks from the sealed Great Northern Highway.
In the recently released exploration update, the company announced the total of 50 holes for 3,725 metres drilling at Mt Remarkable Project, 200 Km south of Kununurra. With an extension to the Trudi Main Grid, the company discovered the high-grade zone intersection with 4m @ 113g/t Au, including visible gold and grades up to 346g/t Au, at diamond core drill hole KMDD01.
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