King River Resources Ltd (ASX:KRR) Reports Promising Drilling Results
High-Grade Gold Discoveries
King River Resources Ltd (ASX: KRR) has reported significant results from the first phase of drilling at the Kurundi Prospect. The drilling program, as part of the Tennant Creek Gold-Copper Projects, encountered a new high-grade gold zone 250m south of the central main workings. Notable drill results include an impressive intersection of 9m at 1.62g/t gold, including 1m at 12.75g/t gold.
Further high-grade intersections were also recorded, such as 3m at 8.3g/t from drilling at the central main zone. These discoveries are a part of KRR’s larger $2 million drilling program following up on targets generated from a 2023 geophysics programme.
Operational Achievements
A total of 28 reverse circulation (RC) holes were completed in the first phase, spanning 1,986m. The drilling is aimed at extending previously identified mineralisation and exploring newly identified structures through advanced magnetic surveys. Notably, a second phase of drilling at Kurundi Main has already commenced to investigate promising new targets.
Financial Position and Future Outlook
As of December 31, 2024, King River Resources reported a strong cash position of $5,535,231. The company also confirmed the receipt of a final cash payment of $2.4 million from the sale of its Speewah Project, enhancing its financial flexibility for ongoing exploration activities.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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