King River Copper (ASX:KRC) will look to undertake a capital raising when it returns to the boards on Wednesday 17 June 2014 as its shares enter into a trading halt.
Last week, King River reported on a new phase of drilling at Speewah Dome ahead of pending assay results and the wet season in the Eastern Kimberley region of Western Australia.
First phase drilling supported the geological model for targeting high grade copper-gold-silver mineralization along shear zones, fault intersections, and the granophyre-shale contact zones.
The increased understanding gained from earlier exploration programs and the encouraging intersection of various fault and thrust structures and mineralisation, provides King River with an opportunity to hone in on best targets.
A total of 60 holes (2,200 metres of RC and RAB drilling) will be undertaken at multiple locations targeting copper/gold/silver mineralisation that has been outlined by KRC's high grade copper-gold-silver exploration model.
Priority targets for the Reverse Circulation programme include:
- NS faults - Chapman, Catto, Greys (2014 Phase 1 exploration identified a mineralised NS shear zone at Chapman interpreted to be a major controlling factor for the targeted Cu-Au-Ag mineralisation).
- Todhunter South (2014 Phase 1 exploration returned a previously reported 20g/t Au surface rock chip sample and drilling intersected nearby structures).
- Todhunter Main Flats (2014 Phase 1 drilling intersected a robust 10m breccia with encouraging alteration and sulphides).
- Calamondah (2014 Phase 1 surface sampling identified 800m of anomalous strike extent and an additional mineralised vein approximately 1km to the west).
- Chapman - Pentecost Intersection (The target horizon exists un-eroded close to the Pentecost Fault zone where significant structural complexity and fluid flow is interpreted to have occurred).
- Todhunter - Pentecost Intersection (Close to the three way intersection of Todhunter, the Pentecost Fault zone and an inferred major crustal transform fault which is believe to influence mineralsation on a regional scale).
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.