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King River Copper's Share Price Re-Rating Continues

King River Copper's (ASX: KRC) shares have continued to firm, with the stock adding another 12.5% yesterday to close at $0.135, on volume of over 1.3 million shares.

There are plenty of drilling and assay results to be released.

The company has recently made numerous copper / gold discoveries at Chapman, north of Greys (now called Catto) and Todhunter, which are located in the Kimberley region of Western Australia.

Initial assays from rock chip sampling at Chapman returned results as high as 39% copper, 335g/t silver and 3.96g/t gold.

The drilling program that commenced on 13th October is now 35% complete with 34 holes drilled for 744 metres at Chapman Flats west of Chapman.

Drilling at Chapman Flats has intersected multiple quartz veins with sulphides (possible arsenopyrite and chalcopyrite altered to malachite).

An additional rig is to be deployed to drill deeper and infill around quartz-sulphide mineralisation.

Drilling is yet to commence at Greys North and Todhunter. This drilling is testing the basement for copper / gold mineralisation in alluvium covered areas where soil anomalies, surface rubble and the geophysical interpretation suggest basement targets.

Samples from the drilling are being progressively sent to the laboratory from the field and at this time all drill assay result are pending.

Drilling about 1 kilometre north of Greys will test an arsenic soil anomaly, several rubble areas with copper and gold mineralisation (including a float sample with 8g/t gold), a geophysical VTEM anomaly and a newly found mineralised vein outcrop just east of the VTEM anomaly. About 22 holes are planned.

Drilling at the northern end of the large Todhunter structures will commence in about one week.

The planned holes are located north of the main copper and gold discovery (where previously reported quartz breccia gave a maximum of 3% copper and 7g/t gold in separate samples), targeting where the Todhunter mineralised faults may extend under cover supported by soil Niton anomalies and newly discovered veining with visible malachite staining.

A second drill rig arrives on site this week to help complete the program before the onset of the wet season.

This slightly larger rig will facilitate drilling deeper holes and infill around holes with quartzsulphide mineralisation.

Analysis

In July this year Proactive Investors published: "The current price of around $0.025 is there for the taking."

Even with the stock having traded several times higher, we believe that exploration success will deliver further upside in the stock from the current levels.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.