The last round of assays from King River Copper’s maiden drill program at the Mt Remarkable gold project in W.A has produced a feast of good news for shareholders and lifted the company’s share price by almost 10%.
The balance of assay results from the RC drill program were released this week from holes designed to test for extensions of the high-grade Trudi vein and define other gold mineralised vein systems in close proximity.
The results were keenly anticipated after a drill hole to validate historical drill hits on the Trudi vein exceeded all expectations with an 11m intercept grading 27.9 grams per tonne gold from just 13m down-hole, including a 1m interval at a spectacular 90.7 g/t gold.
The latest results show gold mineralisation on the Trudi vein extends 100 metres further west and 600 metres further east, lifting the high-grade Trudi vein system to a potential strike of almost 1km.
In a statement to the ASX, the company said that, given the Trudi vein is mineralised at both ends of its known extent, it was not unreasonable to assume potential for multiple, high-grade shoots to occur along its strike length or even a larger main deposit.
The latest results also provide plenty of support for the idea of other vein systems in the near vicinity.
Assays showed that high-grade gold mineralisation of plus +5 grams per tonne occured at the eastern part of the Gemma veins, adjacent to areas of structural complexity with large vein widths.
Gold mineralisation was also encountered at a number of other locations, including the Grahame vein, an area west of the Catherine vein, and an intersection of mineralised veining near a previously reported rock chip sample that assayed 30.8 g/t gold.
In a statement to the ASX, King River Copper directors said: “These recent gold assays that identify additional mineralised vein systems at Mt Remarkable now open up very exciting potential for repeats of the high-grade shoots evident around most similar epithermal gold systems. Exploration will recommence at Mt Remarkable as soon as the Kimberley wet season subsides and tracks can be re-established into the area.”
The company is planning a petrological, geophysical and 3D structural review during the wet season to help identify controls on the high-grade gold mineralisation and advance the exploration model for drilling in 2018.
King River Copper shares soared by over 400% to 2.1 cents last month on news of the big gold intercept at Trudi before settling back to around 1.3c a share.
The big question on investor’s lips right now is; just how remarkable is Mt Remarkable ?
By Matt Birney
