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King River Copper Places Additional Shares To Drill Speewah Dome

King River Copper (ASX: KRC) has placed an additional 4,000,000 shares at $0.063 to raise $252,000, which increases the total funds raised over the last week to $756,000 less costs.

The funding will cover the cost of the phase 1 drilling program at Speewah Dome due to commence in May 2014.

King River has developed two exploration models to explain high grade copper, gold and silver surface results at in Western Australia.

The Chapman, Catto and Greys prospects are thought to be controlled by the intersection flat dipping sulphidic quartz veins with the target horizons and major sub-vertical faults.

Meanwhile, certain aspects of the geology at Speewah match criteria for the development of an iron oxide copper gold deposit.

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.