King River Copper (ASX:KRC) formerly known as Speewah Metals, has received a R&D tax rebate of $1.46 million, which will be used for working capital and further exploration at its projects in Western Australia.
The rebate would add to its cash balance of $1.02 million at the end of March 2013 quarter.
The R&D claim includes an advanced overseas funding approval for activities relating to the processing technologies to develop a flowsheet for King River's titanium, vanadium and magnetite iron ore deposit in the Hart Dolerite of Western Australia.
King River Copper's focus on its copper/gold prospects has led to identification of 13 lithostructural and geochemical targets coincident with faults within the Speewah Dome.
Two of these targets-Todhunter and Greys-Hayden- have been selected for further detailed review to ascertain best locations for drilling.
Todhunter is now one of three high priority exploration targets where field rock chip sampling identified a zone of gold and copper mineralisation assaying 4.9 - 7.3g/t gold with copper from 0.7 - 3.0% Copper.
At Grey-Hayden previously reported surface samples at these locations graded up to 27.5% copper, 25 ounces/tonne silver and 4.95 g/tonne gold.
The 2013 exploration program will prioritise these two targets and will include collecting soil and rock samples over all new vertical EM and lithostructural-geochemical targets that include previously untested structures.
Work program will also include infill soil sampling of priority targets and potential reverse circulation or DC drilling on the highest order targets to test mineralisation down dip.
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