King River Copper (ASX:KRC) expects to start the highly anticipated drilling program at its Speewah Dome copper, gold and silver project in Western Australia on Thursday, 29 May 2014, with the arrival of the drilling rig on site.
The phase 1 program utilises a small diamond rig that can be easily mobilised to different sites by helicopter.
As a further hint at the project’s prospectivity, the company recently found further copper carbonate (malachite) in quartz veins and breccias while carrying out bulldozer work to access two drill site location.
These zones at the Chapman outcrops have been lodged for assay.
The current scope of the program is for drilling at:
- Chapman Hills: targeting a 3 way point of intersection below sandstones, of the Chapman structure, the target (felsic granophyre) horizon, and the recently identified north-south shear zone;
- Chapman outcrops: targeting the undrilled main mineralised outcrop with best assays of 39% copper, 335 grams per tonne silver, 3.96g/t gold;
- Catto: following up a float sample of 8g/t gold and best 2013 surface assays of 804g/t silver;
- Eiffler North: targeting the Felsic granophyre and structures below anomalous soil samples of uranium and silver;
- Calamondah: following up anomalously interesting rock chips of palladium, silver, gold and copper in a quartz vein and now targeting the nearby granophyre-siltstone contact;
- Todhunter central: targeting a west dipping structure near rock samples that assayed at 7.3g/t gold and 3% copper in separate samples; and
- Todhunter South: drilling a north-south structural corridor with a copper stained cliff.
A soil sampling program will also be carried out at Rogers Valley, to follow up recent rock chip samples of 35% copper and 282 grams per tonne silver.
This phase 1 exploration program may be varied at any time, but is currently expected to take 5 weeks to complete.
All of the diamond core will be transported to Perth in early July for assaying as quickly as will be possible.
The scope of the phase 2 exploration program will depend on the results obtained from this phase 1 program and shareholders will then be advised accordingly.
Investors have clearly been keeping a keen eye on King River Copper’s Phase 1 drilling program bidding up the share price by 51.2% to the current $0.13 from its close of $0.086 on 22 May 2013.
This program will investigate high grade copper, gold and silver surface results at Speewah Dome.
These targets are now believed to be litho-structural in nature.
Drilling will give the company an understanding of the more complex controls on the origin of the high grade results at the project. If King River can thread the needle in this program and find high grade material, the current share price will look cheap.
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