King River Resources (ASX:KRR) has scheduled drilling at the Providence area, as part of its Tennant Creek Project in the Northern Territory, to resume in mid-March 2024 once access conditions improve following heavy rainfall.
The $15.53 million market capitalisation company says the first phase of drilling this year will prioritise the Tennant Creek East prospect, focusing on the Commitment, Langrenus, and Providence areas.
Drilling will follow-up on newly discovered geochemically anomalous ironstones, alteration, and structures associated with gravity and dipole-dipole induced polarisation (DDIP) anomalies at Providence.
Further drilling phases are expected to be completed at other project areas during the year as interpretation of more 2023 geophysical results continues.
As further priority targets are generated, further drilling will be proposed. Up to 13,500m of reverse circulation (RC) drilling will be allocated to priority targets for 2024.
According to King River, drilling has been scheduled to restart after posting ‘promising’ results from first phase drilling, which demonstrates grades up to 0.1 grams per tonne (g/t) gold, 109g/t antimony, 322g/t arsenic, 194 parts per million cobalt, and 5.8% sulphur.
Last year, the company allocated $2 million to its drilling budget to follow up on the Tennant Creek East, Rover East, Kurundi, and Barkly projects, along strike of geophysical and geological trends associated with known deposits of ‘high-grade’ copper and gold including Rover, Bluebird, and Mauretania.
King River Resources is a gold explorer with holdings at the Mt Remarkable Project in the Kimberley region of Western Australia and at Tennant Creek in the Northern Territory.
As of December 2023, the company had under $3.902 million cash at hand, according to its latest half year financial report.
Write to Adam Drought at Mining.com.au
Images: King River Resources
