How is King River’s (ASX:KRR) gold hunt program advancing in 2022?

Highlights

• King River Resources (ASX:KRR) has wrapped up a 37-hole RC drilling program over its gold prospects in NT.
• The company is awaiting assay results, while preliminary results seem highly encouraging.
• KRR has planned an extensive drilling campaign over its Mt Remarkable Gold Project in WA.

King River Resources (ASX:KRR) is effectively steering its 2022 gold exploration program. At the beginning of 2022, KRR announced its exploration targets for gold projects- Mt Remarkable (Western Australia) and Tennant Creek (Northern Territory). The exploration plan is underpinned by encouraging rock chip assay results and the interpretation of 2021 geophysical programs.

During its 2021 exploration program, the ASX-listed explorer carried out on-ground reconnaissance and airborne geophysical exploration activities across the targets. The aim was to generate high-quality drill targets. However, the COVID-19 pandemic-induced restrictions posed severe challenges for rig and staff availability. There were considerable delays in receiving assay results too which contributed to disruptions in the 2021 exploration season.

King River is focused on exploration on multiple Tennant Creek targets, including ‘Kurundi’ Main, Lonestar Trend prospect, Barkly Project and Tarragans.

KRR commences 2022 drilling season with Kurundi

A total of 34 RC holes for 1,223m were drilled at high-potential gold prospect ‘Kurundi’ Main in June 2022. A previous rock chip sampling program delivered multiple encouraging outcomes +10g/t Au, up to 17.25g/t Au, along a 2km trend that has not seen any drilling activities previously.

The recently completed drilling operations delineated a quartz vein of 1-5m within a broader shear structure. The samples assembled from visually mineralised intervals from 14 holes returned assay results with significant gold values. The best results so far were from the main workings. Also, one of the holes intersected underground workings at a depth of 9m.

Best results (Image source: Company update, 27 June 2022)

The company is awaiting assays for the remaining 20 holes as well as samples from the remaining parts of those 14 holes. Multi-element testing results are also pending for all holes for copper, lead and silver.

KRR is planning further drilling on the project. The exploration potential is believed to be significant for the 2km interpreted strike extent from northern to southern workings and therefore, the shallow dip of the structure. This means drilling, with shorter holes, can test more dip potential.

Future drilling campaigns will be designed to test extensions of the main zone along with north and south of the main workings as well as extensions in the depth. The company expects that the proposed drilling program will not only extend the currently known zones but will also discover new mineralised zones at depth and along strike, where the outcrop is obscured by the shallow cover.

Additionally, three RC holes were drilled with the aim to test gravity and magnetic targets. The targets were delineated at the Lonestar Trend area. The targets are located immediately east of the Tennant Creek gold field. These targets lie along the strike of Emmerson’s Mauretania Deposit, within a 700m strike of historic workings and ironstone trends.

KRR also revealed that two of the holes intersected significant structure and alteration, suggesting drilling was near or within the Mauretania/Hopeful Star corridor. The company is yet to receive the assay results for these three holes.

Drilling plan on Mt Remarkable

King River's 2022 exploration program on Mt Remarkable will be focused on targeting assets in areas of potential Whitewater volcanic rocks and will cover approximately 175km. These rocks host high-grade gold mining potential across the Mt Remarkable main project.

Field outcrops at Mt Remarkable (Image source: Company website)

The company will focus on RC drilling at the Middle Branch, Tunganary, and Mt Remarkable Main Prospects. The Trudi Offset area & Jennifer North in Mt Remarkable Main Prospect will also be targeted in the upcoming drilling operation. All of these target areas returned significant gold values during rock chip sampling programs.

Sandy Creek, a new target area, has also been identified through rock chip sampling. It returned anomalous grades up to 0.15 g/t Au.

KRR’s drilling activity is expected to continue year-round to test other priority targets too.  

KRR’s shares were trading at AU$0.020 in the early hours of 8 July 2022.