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King River Copper Ltd increases drilling budget with placement

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King River Copper Ltd (ASX:KRC) has received firm commitments for its placement of 48,129,032 shares at $0.0062 raising $298,400 from professional and sophisticated investors.

King River's shares last traded at a significant premium of $0.014 per share.

These funds will be added to the oversubscribed share purchase plan which raised $788,000.


Drilling to begin


Drilling is expected to begin in the third week of August, following up high-grade targets in the Kimberley region of Western Australia.

Field sampling in July has identified an epithermal quartz vein outcrop along the Chapman West trend that returned an assay 29.7g/t gold.

This new target is one of 10 new, and very interesting gold-copper targets to be drilled in the coming months.

A surface rock subcrop at the JoeFisher VTEM target north of Chapman assayed 1.75% copper.

 

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Quick facts: King River Resources Ltd

Price: 0.02 AUD

ASX:KRR
Market: ASX
Market Cap: $24.97 m
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