King River Copper (ASX: KRC) plans to scoop up more ground around its Mt Remarkable gold project in the East Kimberley region of Western Australia, applying for three large exploration licences on the surrounding area.
The applications have been made by King River’s wholly-owned subsidiary Speewah Mining and comprise a total of 1569sq km in the Wilson River, Jail House Creek and Tunganary/Middle Branch areas.
The applications cover sparsely-explored sections of the Whitewater Volcanics horizon, which extends from Great Western Exploration’s (ASX: GTE) Hunter project to King River’s Mt Remarkable project and further south.
King River carried out two reverse circulation drill programs at Mt Remarkable in 2017, with one hole at the Trudi vein intersecting 11m grading at 27.9 grams per tonne of gold, including 1m at 90.7 g/t gold.
Historic high-grade gold values of up to 50.65 g/t gold have also returned from epithermal quartz veins at the Hunter project.
The decision to substantially increase the exploration footprint around Mt Remarkable was triggered by King River’s recent discovery at the Trudi vein, as well as further knowledge gained in recent months by detailed analysis of historic work around the area.
“Very little gold exploration has occurred in the new applications, despite the clear evidence that the Whitewater Volcanics, which hosts the Mt Remarkable gold system, may be the primary host rock for other gold occurrences in the general area,” the company stated.
Once the applications are granted, King River planned to use its knowledge and experience gained from gold exploration at the Mt Remarkable and Speewah projects to identify and test multiple, new, high-grade gold targets.
The company also intends to continue advancing its Mt Remarkable prospects, with drilling planned to start in early May.
This drill program will include testing and extending the high-grade mineralisation at the Trudi vein, as well as exploring for new high-grade mineralised zones.
King River shares jumped up 24% to $0.16 on the news by afternoon trade on Monday.
The company’s shares have been on an incline since late February when it announced metallurgical testing on its Speewah project ore had achieved vanadium pentoxide purity of 99.48%.
The company is aiming to reach a purity rate between 99.5-99.9% through a “vanadium concept study” being currently conducted at the project.