King River Copper is rewarding eligible shareholders with one free option with an exercise price of $0.12 and an expiry date of 31st July 2020 for every three shares held.
Shareholders who have existing options are not eligible for the bonus options without first exercising their existing options before the record date on 18 July 2018.
More than 412.8 million bonus options will be issued unless existing option holders exercise their options in which case additional options will be issued.
Shares in King River have performed well this year, reaching a high of $0.165 back in March. They are currently 19 times higher than they were at this time last year.
King River shareholders will have plenty to look forward to with drilling at the Mt Remarkable gold project returning a constant spate of spectacular and near spectacular results and the Speewah vanadium-titanium project is also shaping up to be one of, if not the largest vanadium titanium play in the world today.
Recent drilling at Mt Remarkable, located 200km southwest of Kununurra in the East Kimberley region of W.A, returned a 2 metre intersection grading 16.78 grams per tonne gold from 15m down-hole from the easternmost drill line.
This has once again extended the limits of mineralisation at the Trudi Vein area and the mineralisation remains open.
Another intersection of 10m @ 1.53g/t gold from 60m down-hole, including 2m @ 6.04g/t gold in the deepest hole completed to date is 40m below the main mineralisation being targeted at Trudi Vein.
King River is also evaluating the possibility of almost doubling the size of its proposed Speewah vanadium-titanium project in the East Kimberley.
The company told the ASX in June that the best case to emerge from an initial mining study by CSA Global was a large pit measuring 4.2km by 1.2km with a depth of 90m that could produce sufficient material for several decades of economic production at respectable grades.
As a result, it is now considering an almost doubling of the operation proposed in the company’s 2012 scoping study that had envisaged mining 6.3 million tonnes a year at a strip ratio of 0.5 to 1 to produce 75,000 tonnes of titanium dioxide, 12,400 tonnes of vanadium pentoxide and 410,000 tonnes of hematite.
A recent trial of a new process to extract vanadium has also delivered encouraging results and boosted the potential for the production of high-value vanadium electrolytes at Speewah.
King River’s first attempt to use the ammonium metavanadate or “AMV” process produced vanadium pentoxide with a purity of 99.47%, just below the threshold for high purity vanadium pentoxide of between 99.5-99.9%.
Management believes that high purity vanadium pentoxide produced via this process can be readily upgraded into electrolytes for vanadium redox batteries.
