Mt Remarkable gold hits means King River has a few irons in the fire
Mining & Resources
Diversified explorer King River Resources has hit a new, very high-grade gold zone at its “Mt Remarkable” project in northern Western Australia.
The gold hits were made at the edge of the “Trudi” deposit and included 4 metres at 19.88 grams per tonne of gold just 21 metres from surface. One of those metres was at 69.30 grams per tonne gold.
A gold deposit above 5 grams per tonne is considered high grade, and shallow, near-surface mineralisation can be easier and cheaper to mine.
This intersection was returned from a new, very high-grade gold zone at Trudi’s most eastern most edge, where visible gold was noted from panning of the drill piles.
King River (ASX:KRR) told investors the discovery of this new high-grade zone was “very encouraging — confirming the company’s belief that multiple high-grade shoots exist at Trudi and are yet to be discovered”.
Other drilling results identified new high-grade zones and extended the main Trudi system to a potential length of nearly 1km, with gold found 600m to the east and 100m to the west of the original historical drilling.
King River is currently taking a breather from on-the-ground exploration during the wet season – which usually runs from November to about April.
King River is still focused on vanadium
King River’s shares were pounded in November after it released an underwhelming baseline study for its nearby Speewah vanadium-titanium-iron project.
Eight pages into the study, the explorer admitted that initial up-front capital costs would be in the billions.
The company was now looking at other processing options for the project, and will start a Pre-Feasibility Study (PFS) in 2019 when this analysis is completed.
King River was contacted by Stockhead for additional comment.