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King River Copper Heads To Market

King River Copper's (ASX: KRC) shares are in pre-open after it was granted an ASX trading halt in relation to a capital raising.

The company plans to start in May the first of two phases of drilling at its Speewah Dome project in Western Australia to explain high grade copper, gold and silver surface results.

Under the first phase, exploration will target copper-gold-silver mineralisation at specific, shallow, litho-structural positions.

The company will drill 11 diamond holes at Chapman, Catto West, Eiffler North, Todhunter Main and Todhunter South using a portable diamond drilling rig that allows early access to seasonally restricted project and drilling in steep/difficult terrain.

About 250 rock chip samples will also be taken to test areas for copper-gold mineralisation at major structural intersects in known prospective lithologies.

Subject to the results from Phase 1 drilling, Phase 2 will extend any mineralisation intersected as well as complete drilling at Chapman Flats, Catto West, Catto East, Chapman Flats North, Eiffler North, Todhunter North and Todhunter South.

Phase 2 will consist of 2,500 metres of shallow rotary air blast/reverse circulation drilling, 85 deeper targeted reverse circulation holes totalling 1,000 metres and between 5 and 10 diamond holes.

The company will also acquire 2,000 soil samples and 400 reconnaissance rock chip samples. These will be carried out in areas of known prospectivity and untested areas, especially south of Todhunter.

Phase 1 has been costed at $444,000 while Phase 2 will cost $1 million.

The halt will last until the earlier of the announcement being made or the start of trading on Tuesday, 1 April 2014.

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