ASX: KRR - King River Resources
- Matt Birney
- 20 hours ago
- 4 min read
King River Resources: How is this gold project not already public??
King River Resources Managing Director Graham Gadsby on 3AW, 2GB, 4BC & 6PR Bulls N' Bears Report
Listen to ASX-listed King River Resources Managing Director Graham Gadsby talk to Matt Birney on the Bulls N’ Bears Report about King River’s brand-new gold project that was mined historically at crazy high grades and has plenty more to give.
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RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by gold explorer King River Resources
Matt Birney - ASX code: KRR
Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of King River Resources, Graham Gadsby.
Matt Birney - Hi Graham.
Graham Gadsby - Hey mate, how are you?
Matt Birney - I'm good. Okay, so King River Resources has been building a target pipeline in the Northern Territory’s Tennant Creek belt but has just locked down an agreement to buy the historic high‑grade Mindoolah gold project, about 70 kilometres north‑west of Cue in WA. Mindoolah has a punchy historic production history and a treasure trove of remnant geological indicators that scream – there’s more gold here. At face value the project looks like a classic high grade historical mine story that has plenty more to give.
Matt Birney - Okay, Graham, when was this project first mined? How many ounces were pulled out and at what grades?
Graham Gadsby - The historic records say first mined in the very early 1900s. There's 5,726 ounces was pulled out at an average grade of 19 grams per tonne.
Matt Birney - Yeah, crazy good grades. What are the best indicators that the project is still harbouring more gold?
Graham Gadsby - In the 80s there was a smaller company up there and they put four, three holes sorry underneath some of the old workings. We got four at 9.3 from 33 meters. So very shallow. Four at 8.85 and a two at 9.38. All roughly about 30 meters below surface unmined.
Matt Birney - What about at surface? Have you got any indicators at surface?
Graham Gadsby - Yeah, we've got some rock chips which are scattered around the place from in situ. So we've got 40 grams per tonne. We've got a 31 which is ounce targets and 26.8. So really good numbers.
Matt Birney - And what about down the hole? Have you managed to take any samples from the underground?
Graham Gadsby - There is a few historic samples from underground as well. We do have a I think it's a 6.59 from the Mindoolah Queen area which was one of the flagship ones there. Kurundi Prospect we got 6.08 grams a tonne across four trenches at 6 meter intervals and we got a 9.98 from Excelsior South and 6.67. 120 meters away from that pit as well. So very good.
Matt Birney - Yeah, plenty of geological goodies there. What did you pay to pick up the project?
Graham Gadsby - $225,000 is an upfront auction payment which gives us the exclusivity up until 30 June and after that we'll pay $600,000 plus 1% next month to royalty and 10 point gross revenue royalty just on the shallow ore on that one.
Matt Birney - So it's looking like one of these old mines that was never actually mined out at the time. What's the sort of work program now? When will you get boots on the ground and what will you do?
Graham Gadsby - So we intend to be up there within the next week or two to get up there and assess the ground situation. First of all, we'll probably get up there with a close space aeromag survey, some structural mapping in the pits, sampling of the on surface stock piles, which was pre-mined from the 80s. So hopefully they're going at good grade and then we'll get a maiden drill drill core program over there within hopefully the first three or four months.
Matt Birney - Graham Gadsby from King River Resources.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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