Geophysics and Drilling Collaborations Program 2021 Epenarra EL 31634 Tennant East Project Final Report

Abstract

King River Resources (KRR) applied for and was awarded in round 14 of the 2021 Geophysics and Drilling and Collaboration at its Epenarra Project on EL 31634 within the Tennant East Region. The proposed programme involved a region scale (433km2) detailed airborne magnetic survey to assess the nature of basement and the nature of any targets beneath the basin sediments. The target mineralisation is for Iron oxide copper gold deposits with magnetic signatures associated with ironstone, most likely Tennant Creek style. KRR tenements in the NT are held by Treasure Creek Pty Ltd which is a wholly owned subsidiary of King River Resources Limited ('Company'), an ASX listed public company (ASX: KRR). The tenement is within the East Tennant Area of the recent government 'Exploring For The Future' initiative. The tenement has only been covered by semi-regional geophysical surveys data which includes 200m line spaced air borne magnetics flown in 1999 and wide spaced 4km spaced gravity and regional AUSAEM and MT (AUSLAMP). There is no other exploration over the tenement except a RAB drill programme in the western most edge of EL 31634 where only one hole penetrated the Cambrian cover. It is interpreted that the +25km magnetic bodies beneath the Cambrian cover are related to Palaeoproterozoic rocks equivalent in age to the Warramunga Formation which is the main hosting stratigraphy for IOCG deposits at Tennant Creek. The depth of Cambrian cover is expected to be between 80 and 200m. The program was successfully completed with the detailed airborne magnetic survey over the whole of EL 31634 (100m line spacing, 30m survey height) totalling 6,035 line km. The detailed survey has identified numerous discrete high magnetic anomalies along structural and lithological trends. KRR is confident that these anomalies are associated with Warramunga equivalent rock units which are host to the IOCG gold deposits of the Tennant Creek Gold field. Fifteen historical holes were drilled at the western end of the tenement of which only one hole penetrated the cover (at 67m) intersecting a few metres of what was interpreted to be Warramunga Formation equivalent rocks before ending. Cover rocks are interpreted to range from only 67m to 100m across the tenement. These anomalies present quality IOCG targets within rocks shown to be Warramunga equivalent. Comparison of the pre-100m survey images of magnetic bodies versus images of the new data can be seen in the two figures below. The nature and positions of the targets identified in the application document are much more defined and details within higher zones are now evident. The airborne magnetic and passive seismic surveys have assisted with Regional geological understanding of the area - more understanding of the nature of the basement rock trends and structures - and King River Resources exploration/target prioritising on EL 31633/31634 and our surrounding tenements. The detailed magnetics have confirmed and defined targets for prioritisation and further exploration. Combined with 2020 collaboration work involving passive seismic to determine depth to basement this survey has provided excellent targeting opportunity?s that will be pursued. Recommended further work would include gravity surveys and ground magnetics over priority targets and also VTEM Max over EL 31633 and EL 31634 with an aim to provide quality drillable IOCG and basinal stratiform copper targets.