King River Resources (ASX:KRR) is gearing up to begin a fresh drilling program across a string of projects in the Northern Territory to follow up on some 2023 geophysics work.
The $15.5 million market capitalisation company plans to complete around 13,500m of reverse circulation (RC) drilling over 2024, focusing on targets generated from the previous geophysical work and potential extra targets to be identified as the processing and interpretation of this data progress.
King River says in 2023, it allocated a $2 million drilling budget following the geophysics program, and the drill targets span across the Tennant Creek East, Rover East, Kurundi, and Barkly Projects, which lie along-strike of geophysical and geological trends associated with known deposits of ‘high-grade’ copper and gold.
The company’s drilling work is slated to begin next week.
The first phase of drilling will focus on Tennant Creek East, with 3 main areas to be tested. These include the Commitment area, where King River plans to drill 4 RC holes for 800m, the Langrenus area, with 10 holes planned for 1,500m, and the Providence area.
Drilling at Providence during 2023 uncovered ironstone, alteration, and structure associated with gravity and dipole-dipole induced polarisation (DDIP) anomalies, with assays from 1,700 drill samples still pending.
The Commitment area lies 4km northwest of Tennant Minerals’ (ASX:TMS) Bluebird deposit, where recent diamond drilling results have returned intersections such as 61.8m @ 2.3% copper, including 6.85m @ 2.1% copper and 4.6 grams per tonne (g/t) gold from 153.
Meanwhile, Langrenus lies 700m along-strike of Hopeful Start historic workings and 1km along-strike of the Mauretiania prospect, where Emmerson Resources (ASX:ERM) has struck drill results of 20m @ 28.5g/t Au.
King River says it has identified 3 ‘priority’ target areas for drill testing at Langrenus.
According to its latest quarterly report, King River Resources had around $3.9 million cash at hand at the end of December 2023.
Images: King River Resources
