King River Resources Limited (ASX: KRR) is an exploration and mining company, focused on the development of High Purity Alumina, Titanium, Magnesium, Iron and many more specialty metals.
Today, KRR’s shares went up over 17% during the intraday trade. Although the company has not released any price sensitive information today, which could justify the share price improvement, it is believed that the investors are having a positive view about the company, as it has continued to make significant progress in the development of its projects.
Further, the company recently announced about the high-purity alumina (HPA) assaying 99.99% Al2O3 produced from sulphuric acid leach solutions at its 100% owned Speewah Specialty Metals project in the East Kimberley of Western Australia. In light of the increasing demand for HPA in the market, this was very encouraging news for the company as well as investors with HPA precipitation test result having a potential to add a material new revenue stream to the SSM project.
The company has established a portfolio of 100% owned tenements covering approximately 2,488 square kilometres and has applications pending for 924 square kilometres, in the East Kimberley region in Western Australia. In the East Kimberley area of WA, the company is focused on the exploration and development of the tenements. King River has also established a portfolio of 100% owned tenements covering approximately 6,619 square kilometres, in the Tenant Creek region of the Northern Territory.
The company believes that its Speewah Project is taking shape much more than another large Vanadium project and it cannot be easily compared with other emerging Vanadium groups who may rely solely on the future price and demand for only vanadium products. The company is now targeting different metals like Iron, Magnesium, Vanadium, Titanium and Aluminum from its Speewah Project.
The company is also progressing well with its Mt Remarkable project, at which an additional Exploration Licence number E80/5133 was recently granted to Whitewater Minerals Pty Ltd, a wholly-owned subsidiary of King River Resources Ltd. Besides this, the company also discovered surface gold anomalies at the Mt Remarkable Project, including high-grade mineralisation outside of the Trudi Vein.
After completing the drilling at Mt Remarkable Project (200km south of Kununurra), the company reported some remarkable results from the final batch of assays, which include:
- 3m @ 4.29g/t gold (Au) including 1m @ 6.7g/t Au from 27m
- 4m @ 19.88g/t Au including 1m @ 69.30g/t Au from 21m
- 2m @ 10.47g/t Au from 33m
Due to these key developments in the company’s projects, investors are having a positive outlook towards the company. In the past one month, the share price of the company increased by 34.62% as on 10th May 2019. At market close on 13th May 2019, the stock of the company was trading at a price of $0.041, up 17.143% during the day’s trade with a market capitalisation of A$43.35 million.
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