Join our daily newsletter At The Bell to receive exclusive market insights
- King River Resources has applied for two highly prospective tenements in the Tennant Creek Region
- These tenements are believed to be highly prospective for copper-gold mineralisation
- King River is also currently engaging in a detailed geological and geophysical review of all its Treasure Creek tenements and has already identified multiple copper-gold targets
King River Resources has announced today that it has applied for two highly prospective tenements in the Tennant Creek Region.
These two new applications are believed to be very prospective for high-grade copper-gold mineralisation.
These new applications will add to its existing portfolio of the Treasure Creek Iron Oxide Copper Gold (IOCG) exploration holdings which consist of 12 other granted exploration licenses.
When combined, these holdings now cover a total area of 6800 square kilometres.
The Tennant Creek and Rover gold fields are host to high-grade IOCG deposits with over 5.5 million ounces of gold mined from Tennant Creek and a resource of 1.2 million ounces of gold at Rover.
The Treasure Creek holdings cover areas along strike of Tennant Creek and Rover as well as covering areas of similar stratigraphic and structural settings.
Past exploration in these areas has been brief, occasional and disjointed with many of the targets likely to be under shallow cover. King River believes that with systematic exploration and advanced geophysical techniques, a significant gold discovery could be made.
The first of the new applications covers the Whistle Duck-Edmirringee trend, where historic rock chip sampling returned five per cent copper and 13 g/t gold.
The second application covers part of the Kurundi Anticline and covers the Kurundi historic gold mine where historic rock chip sampling returned results over five grams per tonne gold and up to 9.7 per cent copper.
It has been estimated that 25-75 kilograms of gold was mined from historic workings from previous owners.
King River is currently engaging in a detailed geological and geophysical review of all its Treasure Creek tenements and has already identified multiple copper-gold targets.
King River shares are up 10.3 per cent today, trading for 3.2 cents a piece with a market cap of $35.92 million.
