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King River Copper receives ASX speeding ticket

Published: 18:56 26 May 2014 EDT

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King River Copper (ASX:KRC) shares have risen 33.7% to an intra-day high of $0.115 on Friday, 23 May 2014, leading the ASX to issue a price and volume query.

The company said in response that it was not aware of any information not already released that could explain the price increase since its close of $0.086 on 22 May 2013.

Drilling has not yet commenced at the shear zone on Chapman Hills, but the highly anticipated program is due to start this Wednesday, May 28 followed by a diamond drilling program at the Chapman outcrops.

The phase 1 drilling program will be spread over 7 different locations and is expected to take up to six weeks.

However, the company noted it has found further copper carbonate (malachite) in quartz veins and breccias while carrying out bulldozer work to access two drill site locations at its Speewah Dome copper, gold and silver project in Western Australia.

These zones at the Chapman outcrops have been lodged for assay.

All drill core will be stored on site, then delivered to Perth early July for cutting and assaying.

Recent Work

Helicopter reconnaissance had recently identified a previously unknown +20 metre wide shear zone near the Chapman outcrops.

It also identified new areas that will be targeted by the Phase 1 drilling program.

Mineralisation at Chapman is believed to be litho-structural.

 

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.

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