King River Copper (ASX:KRC) has completed a buy-back of its own shares as part of a capital maintenance program, removing an "overhang" from the market, acquiring 13,065,999 shares for a consideration of $287,468.
Formally Speewah Metals, the company signalled it is edging closer to receipt of a Research & Development Tax incentive of $1.38 million, expected within the next 4-6 weeks.
King River is focused on copper/gold within the Speewah Dome in Western Australia, where surface rock chip samples have previously found anomalous copper and gold.
Todhunter was selected as one of three high priority exploration targets from the field work. Surface rock chips at two locations 90 metres apart along the Todhunter fault identified a zone of gold and copper mineralisation assaying 4.9 - 7.3 g/t gold with copper from 0.7 - 3.0% grade.
This zone is untested to the north and south. 3D modelling of magnetic data shows this fault is 2.5 kilometres long.
Not to be outdone, King River had amassed a comprehensive data set of magnetics, surveys, surface sampling and some drilling at Grey-Hayden. Previous samples graded up to 27.5% copper, 25 ounces per tonne silver and 4.95 grams per tonne gold.
Upcoming exploration work and studies will prioritise these two targets.
With an overhang of shares removed, King River is looking to pick up exploration momentum in 2013.
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