King River Copper (ASX: KRC) emerged from a trading halt this morning with news it had intersected further high-grade gold at its 100%-owned Mt Remarkable project, 200 kilometres (km) south of Kununurra in Western Australia.
These latest results were from a 1450 metre (m) reverse circulation drilling campaign the company kicked-off in October to get a better understanding of the Trudi mineralised vein within the project.
Drilling intersected 11m grading 27.9 grams per tonne (g/t) gold including 3m grading 5g/t gold from the top of the hole.
Less than two weeks ago, King River Copper reported it had intersected 6m grading 37.6g/t gold which included 1m grading 90.7g/t at Mt Remarkable.
Speaking with Small Caps King River Copper chairman Anthony Barton said it was a “very interesting discovery for the company”.
“Of particular significance is that this high-grade gold mineralisation is so close to the surface and the scissor hole has been interpreted to have passed through two separate mineralised vein systems.”
King River Copper plans to carry out a downhill survey at the Trudi target, as well as several others, prior to the wet season.
In addition to the 1450m campaign, 680m of drilling was recently completed across other targets within the project.
“Those assays will be forthcoming in the next two to three weeks,” Mr Barton said.
“What we are hoping to do is pick up more evidence of vein systems that are mineralised with gold.”
He added that would back the company’s belief Mt Remarkable is situated in a prospective gold region.
Mr Barton said the company would use the wet season as a time to assess its data and investigate the best way to conduct the next round of drilling, which is scheduled for the second quarter of 2018.
Due to the mineralisation’s shallow epithermal style, Mr Barton said the company was looking at using a short exploration shaft to better define the vein system. He added this would help King River Copper more accurately identify the gold mineralisation than conventional reverse circulation or diamond drilling campaigns.
He said the style of mineralisation King River Copper was discovering at Mt Remarkable was similar to Minjar Gold’s Pajingo underground gold mine in Queensland.
Exploring for other commodities
In addition to exploring for gold, King River Copper’s tenements in the Kimberley are prospective for copper, silver, titanium, vanadium and fluorite.
According to Mr Barton, its tenements contain one of the world’s largest undeveloped titanium-vanadium-magnetite deposits with a resource estimate of 4.7 billion tonnes grading 0.30% vanadium and 2% titanium.
“On top of our gold ambitions, King River Copper also has one of the largest JORC resources of vanadium in a titanium-magnetite in the world, and metallurgical test work is well-advanced with an update to shareholders expected in the coming weeks,” Mr Barton added.
King River Copper’s shares were up more than 13% in early afternoon trade to A$0.017.