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King River Copper Ltd's Share Purchase Plan oversubscribed

Funds will be allocated for a drilling program due to commence in the third week of August.

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King River Copper Ltd (ASX:KRC) has received strong support for its Share Purchase Plan (SPP), with the company having to close of applications early.

King River has advised that it is now in receipt of applications for the SPP in excess of $788,230.

Application monies now received from Monday 1 August 2016 will be fully refunded to shareholders at the soonest and existing applicants may be subject to modest scale back.

Funds will be allocated for a drilling program due to commence in the third week of August.

Earlier in the month King River identified a significant demagnetised zone between two NNE Pentecost faults on the northern rim of the Speewah Dome project in the Eastern Kimberley of Western Australia.

The prominent 5 kilometre north-south geophysical VTEM anomaly is on the northern extension of the Greys/Chapman mineralised corridor in the northern part of the Speewah Dome.

This anomaly is of significance given its size and depth and occurs in a location to have potentially been the major feeder zone for the Chapman corridor area, which lies only 2 kilometres to the south.


Mt Remarkable Gold

King River Copper has another string to its bow with the Mt Remarkable Exploration Licence application ELA80/5007, located some 80 kilometres south of Speewah Dome.

Historical exploration returned high grade gold intersections included 5 metres at 15.36g/t gold and 35g/t silver, including a 35.55g/t gold and 41.8g/t silver hit.

The mineralisation identified to date is most likely to be part of the base metal zone of an extensive epithermal system.

 

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ASX:KRR
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Market Cap: $51.27 m
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