King River Resources (ASX:KRR) has completed the transaction with critical minerals company Tivan (ASX:TVN) to acquire 100% of the issued capital of Speewah Mining, the owner of the Speewah Project.
The sale of King River Resources’ Speewah Project to Tivan enables the vendor to approve an ‘aggressive’ $1.25 million geophysical exploration program in Tennant Creek to begin.
The upcoming program is designed to prioritise target drill positioning over specific targets in locations around the Tennant Creek field, with the expectation that drilling will start mid-year 2023.
The company has received the first component of the $20 million acquisition comprising of $2.5 million cash and $10 million through the issue of 100 million ordinary fully paid shares in Tivan to King River Resources at an issue price of $0.10 per share.
These shares are subject to a voluntary escrow for a 2-year period.
King River Resources’ cash position on 11 April 2023 is $4.039 million.
According to the company’s website, the Speewah Vanadium-Titanium-Iron-HPA Project has evolved over the past decade into a ‘world-class’ deposit. The Speewah resource (in accordance with JORC 2012 guidelines) comprises a combined measured, indicated, and inferred mineral resource of 4.712 billion tonnes at 0.3% V2O5, 3.3% TiO2, and 14.7% Fe (reported at a 0.23% V2O5 cut-off grade from the Central, Buckman and Red Hill deposits).
