King River Resources strikes high-grade gold at Mt Remarkable

King River Resources ASX KRR strikes high-grade gold Mt Remarkable
King River Resources has intersected 4m at 19.88g/t gold, including 1m at 69.30g/t gold from 21m while drilling at its Mt Remarkable project.

King River Resources’ (ASX: KRR) Mt Remarkable project in Western Australian appears to be living up to its name after a high-grade gold zone was intersected.

The company announced that the latest round of drilling which intersected the gold zone remains open, both up and down plunge to the east.

The high-grade intersection found at the main Trudi deposit stands at 4m at 19.88 grams per tonne gold, including 1m at 69.30g/t gold from 21m.

The 2018 drilling program comprised 167 holes with other key results returning 2m at 10.47g/t gold from 33m and 3m at 4.29g/t gold including 1m at 6.7g/t gold from 27m.

King River said the high-grade find was returned from a new gold zone at the eastern most edge of the Trudi grid drilling where visible gold was noted from panning of the drill piles.

“The discovery of this new high-grade zone is very encouraging confirming the company’s belief that multiple high-grade shoots exist at Trudi and are yet to be discovered,” it added.

Mt Remarkable overview

Mt Remarkable is located 200 kilometres south west of Kununurra in the East Kimberley and is fully owned by the company.

Drilling at the Trudi vein to date has confirmed historical high-grade drill intersects, new high-grade zones and the extension of the main Trudi vein system.

Interpretation of last year’s drilling program is continuing with exploration set to recommence at the end of the wet season.

King River targets Speewah pre-feasibility study

The company’s other key focus remains on delineating an alternative development plan for its Speewah vanadium-titanium-iron project in the east Kimberley region.

Speewah has a combined measured resource of 322 million tonnes at 0.32% vanadium, 2% titanium and 14.9% iron.

A scoping study for the project was released towards the end of last year which demonstrated a viable business case for further development, with work now targeting the release of a pre-feasibility study this year.

While costs at this stage remain preliminary, the scoping study estimated the projects total up-front capital cost to tip in at between $2-$2.5 billion.

The company’s shares gained 9% to $0.036 in afternoon trade.

Lauren has more than seven years’ experience as a business journalist and editor in Australia and Southeast Asia. With specialist knowledge of the resources sector, including oil and gas, she has covered publicly listed companies of all sizes. Lauren has reported across a range of industries including mining and property.