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King River Resources (ASX: KRR) is ready to extend its drilling at Mount Remarkable. Its local subsidiary, Whitewater Minerals, was granted another mining licence at its project.
While it still has a backlog of licences to be granted, this one is a significant step because it surrounds the area for a licence it already has returned significant gold results from.
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The company has told shareholders sampling at the area will begin this month and it will start drilling in September.
Surface anomalies had previously been discovered at Mt Remarkable but the project remains in early stages. The company is currently working on its prefeasibility study for the project.
Among its best drilling results at Trudi Vein, results included one hole with 4m @ 113g/t of gold including 1m @ 346g/t of gold.
The company implied its superior drilling techniques were behind the discoveries in noting, “there are multiple known, but poorly tested, vein sets to be further explored” and noting its methods had, “proved so successful in 2018”.
Shares were up 4.5 per cent at the start of trade this morning.
In other ASX gold news today
Saturn Metals (ASX: STN) announced drilling results at its Apollo Hill gold project. The company is in the middle of a 48-hole drilling campaign and holes 25-30 returned positive results. One hole intersected 13m grading 5g/5 gold from 74 metres. Saturn managing director Ian Bamborough was very excited to announce the results saying the result was “one of the best ever reported at Apollo Hill. It represents the start of a new direction for the deposit and its future resource growth potential.”
Alloy Resources (ASX: ALY) has announced the appointment of Gary Powell as a director and resignation of Alan Kelly. Powell is a geologist with 35 years experience in the sector. He comes to the company weeks after it announced significant inferred resources at its Horse Well gold project. Alan Kelly departs Alloy after two years service, having been appointed in February 2017, and leaves owning 4.3 million Alloy shares (worth around $38,000).