ASX: KRR - King River Resources
- Matt Birney
- Jul 2
- 3 min read
King River Resources: A historical gold project littered with geological goodies
King River Resources Managing Director Graham Gadsby on 3AW & 6PR Bulls N' Bears Report
Listen to ASX-listed King River Resources Managing Director Graham Gadsby talk to Matt Birney on Bulls N’ Bears about King River’s brand-new gold project. It was historically mined at crazy high grades at the turn of the century and still holds a big grab bag of geological targets to go after.
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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 Matt, how are you?
Matt Birney - I'm good. Okay, so King River has swung the spotlight onto gold, picking up the historic Mindoolah Goldfield about 70 km's northwest of Cue in WA's prolific Murchison province. This is old high-grade country, mined back in the 1900s and again in the 1980s, then largely forgotten by the market. King River now owns it 100% and reckons the old-timers left plenty behind, and they've just rolled out a drill rig to test that theory.
Matt Birney - Okay, Graham, these historically mined projects always seem to be harbouring lots of geological goodies. I want to start with the mining of it in the 1900s. What grade was it mined at and how many old shafts and hand workings are scattered across this project?
Graham Gadsby - Well, it was mined at 19 grams per tonne back in the 1900s and we've actually lost count of how many old shafts and workings are on the site at the moment. They'll be double digits.
Matt Birney - Yeah, good sign. Okay, so fast forward to the 1980s. Mindoolah was mined again but only to about 20 meters when the gold price was cellar dwelling at I think about 400 bucks an ounce. How many historical open pits are there at the project and what do you see as the major opportunities in and around them?
Graham Gadsby - So there's five historical open pits, only about 20 meters deep and got stuck up by the water table. Main opportunities we're looking there is direction of drill angle, of which looks like it could be questionable back from the 1980s.
Matt Birney - Now, I know there's another big opportunity, that is the presence of waste stockpiles at this project that were created back in the '80s and they only mined the really high-grade dirt. How many stockpiles are there and what sort of tonnes and grade are they showing?
Graham Gadsby - We've got three significant stockpiles there which are pretty close to 750,000 tonnes of material based on a bulk density we've come up with and we've got multiple grab samples off there ranging from, from a low of one and going up to 40.
Matt Birney - And you're planning to drill it?
Graham Gadsby - We're drilling it right now, drill rigs on site.
Matt Birney - How was this project overlooked you think for all these years? You know, these historically mined projects are often pretty lucrative. Why has it been sitting idle, do you think?
Graham Gadsby - Think it sat idle because it was mined originally by a privately held mining company in the '80s and then there's the death of the owner essentially which happened in that period and I think from there it just got lost.
Matt Birney - Just as an aside, King River has a pretty big holding in another ASX listed company by the name of Tivan. I think Tivan's got a fluorspar and vanadium project in WA. How much is that holding in Tivan worth right now?
Graham Gadsby - About $27 million.
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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