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Explorer Killi Resources (ASX:KLI) has been up more than +35% in Australia’s Thursday trade after being awarded a Queensland government grant for impending drilling in the Baloo prospect at the Mt Rawdon West project.
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Preparations for the drilling at Baloo have been hindered by Queensland’s severe wet season, with Killi waiting on access protocols and for site preparation works to commence once conditions improve.
The target, dominated by shallow transported cover, is associated with a 1,400 metres long copper, gold, molybdenum, and bismuth soil geochemical anomaly at the junction of major intrusive bodies and regionally significant structures.
Recent exploration at Mt Rawdon West identified two priority target areas, including the Mt Rawdon Fault and King Louie breccia prospects.
The Mt Rawdon Fault target was highlighted by peak soil assay results of 1,760 parts per billion (ppb) gold and 602 parts per million (ppm) copper, and magnetic and IP chargeability geophysical anomalies.
The Mt Rawdon Fault target was also highlighted by peak soil assay results of 1,760 parts per billion (ppb) gold and 602 parts per million (ppm) copper, and magnetic and IP chargeability geophysical anomalies.
The company’s decision to make Mt Rawdon Fault its preferred target has been backed by the successful application for co-funding for drilling.
Mt Rawdon West is Killi’s flagship exploration asset covering 309 square kilometres of prospective gold and copper ground between Evolution’s Mt Rawdon gold mine and SolGold’s Mt Perry project.
The project is an early-stage exploration play and hosts a large copper, gold, and molybdenum soil geochemical anomaly at the intersection of major structural breaks, extending from the Mt Perry and Mt Rawdon deposits.
Killi has significantly advanced the understanding of high-priority areas at Mt Rawdon West with the analysis and interrogation of extensive historic and new surface geochemical sampling. Early work identified geochemical signatures consistent with intrusive-related mineralisation, and Killi believes the geochemical and geophysical anomalies at Mt Rawdon West are significant.
KLI is up +25% to 17.5c this afternoon.
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