King River Resources Announces Significant Gold Discovery at Kurundi Project
KING RIVER RESOURCES LIMITED (KRR) Share Update January 2025 Wednesday 15th
King River Resources Discovers New High-Grade Gold Zone at Kurundi
King River Resources Ltd (ASX: KRR) has announced the discovery of a new high-grade gold zone at its Kurundi Project, located in the Northern Territory, following the completion of its Phase 1 drilling program.
Instant Summary:
- Discovery of a new high-grade gold zone 250m south of the main workings.
- Significant drill results include 9m @ 1.62g/t Au and 3m @ 8.3g/t Au.
- Phase 2 drilling has commenced to explore further targets.
Exploration Success at Kurundi
During the quarter ending 31 December 2024, King River Resources completed its Phase 1 drilling program at the Kurundi Project, which is part of its larger $2 million exploration budget. The project is located 80km southeast of Tennant Creek and targets high-grade gold mineralization.
The drilling program resulted in the discovery of a new high-grade gold zone 250 meters south of the central main workings. Notable drill results include 9 meters at 1.62 grams per tonne (g/t) gold from 49 meters, including 1 meter at 12.75 g/t gold from 53 meters, and 3 meters at 8.3 g/t gold from 35 meters, including 1 meter at 15.5 g/t gold from 36 meters.
Geological Context and Future Plans
The Kurundi Project is part of a broader exploration effort targeting prospective IOCG (Iron Oxide Copper Gold) and gold areas in the Tennant East region. The company's extensive geophysics program in 2023 identified several promising targets, which are now being tested through drilling.
In addition to the new gold zone, the drilling program has identified a potential new style of mineralization on the contact between porphyry and basalt rocks, which will require further investigation. The company has already commenced a second phase of drilling to further explore these targets and expand on the new discoveries.
The discovery of a high-grade gold zone is a positive development for King River Resources, potentially increasing the value of its Tennant Creek assets. This could lead to a positive market reaction as investors anticipate further successful exploration results. The discovery also enhances the prospectivity of the region, potentially attracting more investment and interest in the area.
Investor Reaction:
Analysts are likely to view the discovery as a significant boost to King River Resources' exploration portfolio. The high-grade nature of the gold findings could lead to increased investor interest and a potential uptick in the company's stock price, assuming continued positive exploration results.
Conclusion:
Investors should keep an eye on King River Resources as it continues its exploration efforts at the Kurundi Project. The discovery of new gold zones could significantly impact the company's valuation and future prospects. Staying informed about upcoming drill results and developments will be crucial for making informed investment decisions.