King River Resources (ASX:KRR) Unveils Gold Potential With Prospective Ironstones Uncovered in Tennant East

  • November 05, 2020 05:59 PM AEDT
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King River Resources (ASX:KRR) Unveils Gold Potential With Prospective Ironstones Uncovered in Tennant East

Summary

  • King River Resources has discovered prospective ironstones, east of Tennant Creek under the Georgina Basin’s Cambrian cover rocks.
  • The Company at its two Tennant East prospects, which include Lone Star Trend and Commitment, has drilled a total of 11 RC holes for 2,376m.
  • The newly discovered ironstones were intersected at Commitment.
  • At Lonestar Trend, drilling was undertaken at eight holes, intersecting hematite altered shales strongly.

Australian explorer King River Resources Limited (ASX:KRR) is committed towards enhancing potential across its project portfolio, with its Tennant Creek Project bustling with gold exploration activities. The Company on 5 November 2020 announced the discovery of prospective ironstones, 35km east of Tennant Creek under the Georgina Basin’s Cambrian cover rocks.

KRR at its two Tennant East prospects, which include Lone Star Trend and Commitment, has drilled a total of 11 reverse circulation (RC) holes for 2,376m. The newly discovered ironstones were intersected at Commitment. 

ALSO READ: Supercharged King River Resources to Beef Up Gold Exploration at Tennant Creek, Stock Zooms ~18%

Assay results returned from the ironstones are geochemically anomalous. The results indicate that they are prospective to host IOCG (iron oxide copper-gold) gold mineralisation.

Commitment Drilling

Two holes were drilled for 474m, with coincident gravity anomalies and NW striking airborne magnetic anomaly targeted in the drilling. Significantly, the gravity anomalies lie 35km eastward to Tennant Creek and 10km eastward to the eastern most known Tennant Creek IOCG deposit. KRR holds the ground between the known deposits and Commitment. 

The area lies under the Georgina Basin’s Cambrian cover, which concealed the anomaly in the previous exploration. The cover was found to be only 30 to 70m deep, and the two holes intersected ironstone in Warramunga Formation basement rocks.

Hematite rich ironstone was intersected by the easternmost hole while the westernmost hole intersected a hematite/magnetite ironstone surrounded by a broad zone of magnetite alteration. 

The main airborne magnetic anomaly has a strike length of more than 1km. The Company has commenced a detailed ground magnetic survey to aid in delineating the magnetite rich zones and any relevant structures for more targeted drilling. 

The Company has prioritised a selection of targets for ground magnetic as well as gravity surveys. Moreover, it has selected five other areas for prioritised ground geophysical work. Post completion of the Commitment survey, the Company would commence ground magnetic work. 

ALSO READ: King River Resources (ASX:KRR) Kickstarts Drilling at Mt Remarkable Gold Project, Stock Zooms 7%

Lone Star Trend Drilling

At Lonestar Trend, eight holes which were drilled to test three gravity/magnetic targets included: 

  • Two holes were drilled to test the main gravity and magnetic anomaly
  • Three holes for testing a northwest-trending zone 
  • Three holes to test an east-west trending zone

Strongly hematite altered shales were intersected from the drilling. The best results were returned from the main gravity anomaly. 

The Company plans to extend the gravity survey to the edge of the tenement in the west, to within 700m of Emmerson Resources Mauretania deposit. 

ALSO READ: King River Resources (ASX:KRR) Reports Stellar September Quarter with Impressive Project Developments

Other Tennant Creek Exploration Plans

In the Tennant Creek Region, the Company holds 7,900km2 in 16 tenements. The four main project areas covered include:

  • Tennant Creek East
  • Tennant East/Barkley
  • Rover East 
  • Kurundi 

ALSO READ: King River Resources’ Gold Exploration Plan Sitting on Sweet Spot with SPP Offer Completion

Treasure Creek

The holdings of Treasure Creek, which is a wholly owned subsidiary of KRR, cover areas along strike of both the Rover Gold Fields and Tennant Creek, and has areas of similar structural and stratigraphic settings.

The Company believes in a significant gold discovery potential with the application of new/advanced geophysical techniques and systematic exploration. 

IOCG style mineralisation is targeted in the exploration and would be characterised by mineralisation of gold and copper associated with ironstone bodies, possibly of the Tennant Creek Style. 

Tennant East/Barkley 

KRR has been awarded a funding grant under NTGS’ (Northern Territory Geological Survey) administered Round 13 of the Geophysics and Drilling collaborations program. 

(Image Source: ©️ Kalkine Group 2020, Data Source: KRR ASX Update, 5 November 2020)

(Image Source: ©️ Kalkine Group 2020, Data Source: KRR ASX Update, 5 November 2020)

The program would test as well as define significant magnetic anomalies and cover depth in an unexplored area under the Georgina Basin. The surveys are scheduled to commence in two weeks.

Rover East

The Rover East project’s geophysical review is ongoing, and the Company has identified multiple geophysical targets. 

Ground geophysics is planned especially along the Rover trend’s eastern extension. It will be followed by drilling of the best targets. 

Kurundi 

At Kurundi Project, KRR has four exploration licences over part of the Kurundi Anticline and covers multiple prospects including the Kurundi historic gold mine (historic underground and open-pit mining) and the Whistle Duck prospect. 

Initial reconnaissance exploration has also been completed at the Kurundi Project. The area is known for high-grade copper and gold mineralisation. Assay results are pending.

KRR stock closed at $0.027 on 5 November 2020. The stock has exhibited a price momentum of 1.28x on the year-to-date basis. 

 

 


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