To date, the company has received 27% of the fire assay and total digest assays of drill samples lodged for analysis.
Further assays are yet to be received, and once compiled and interpreted as soon as practicable will be announced to the market in order to bring the Company out of its voluntary suspension.
King River Copper's suspension was requested by the Company for the following reasons:
- The Company was aware of elevated speculation in relation to exploration drilling and assay results, which triggered an ASX price query (dated 5 November 2013) and a subsequent ASX aware query in relation to the timing, content and market sensitivity of our most recent exploration update (dated 6 November 2013).
- The Company promptly responded to these ASX queries and was fully compliant in this respect to its continuous disclosure obligations.
- However, the following Friday (8 November 2013) the company became in receipt of some initial assay results related to Chapman Flats that couldn't be released in the most timely manner because our key geologists were either in the field demobilising our camp or on leave.
- The Directors formed the view that any partial release, and commentary, of those assay results could be unrepresentative and prove misleading to the market, if not reviewed in the context of a larger sample of outcomes. The Company requested a voluntary suspension (dated 11 November 2013).
The Directors reiterate that the objective of the 2013 exploration program was to test, with a shallow drilling program, the significance of elevated geochemical signatures and high grade surface rock samples at three easily accessible prospective areas.
The 2013 drilling program was undertaken at Chapman Flats, Catto and Todhunter North.
King River's two most interesting project targets (the Chapman outcrops of up to 39% copper- ASX announcement 4 October 2013) and the copper stained cliffs at Todhunter South (ASX announcement 24 September 2013 and Quarterly Report 30 October 2013) could not be drilled in 2013 due to the late season discovery and the inability to get formal government exploration approvals prior to the onset of the Kimberley wet season.
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