() has completed arrangements for a $900000 capital raising for a new phase of exploration drilling to search for high grade mineralisation at Speewah Dome in Western Australia’s Eastern Kimberley region.
The funds will be raised through the issue of 20 million shares priced at $0.045 each to sophisticated and professional investors.
The capital raising will be undertaken in 2 tranches with the first tranche for 13796004 shares to raise $620820 to be issued upon completion of the documentation and the second tranche for 6204005 shares to raise $279180 to be completed upon shareholder approval.
Second phase drilling is expected to recommence the week beginning 22 September during the available dry weather window.
This follows up on first phase drilling that supported the geological model for targeting high grade copper-gold-silver mineralization along shear zones fault intersections and the granophyre-shale contact zones.
The increased understanding gained from earlier exploration programs and the encouraging intersection of various fault and thrust structures and mineralisation provides King River with an opportunity to hone in on best targets.
A total of 60 reverse circulation and rotary air blast holes totalling 2200 metres will be undertaken at le locations targeting copper gold and silver mineralisation that has been outlined by KRC’s high grade copper-gold-silver exploration model.
This has been budgeted to cost about $450000.
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