Today’s market saw King River Resources Ltd’s [ASX:KRR] share price skyrocket by 11.76% at one point, building on yesterday’s increase of 15.15%.
King River shares are currently trading at 0.037 at the time of writing, after a slightly turbulent week of trading.
It seems investors have gained some confidence in the gold exploration company, since King River’s announcement of new gold drilling results at its Mt Remarkable project in Western Australia.
King River’s share price rises after positive drilling results
After the results from its latest phase of RC drilling at Mt Remarkable project, KRR has discovered a new high grade gold zone, which could be the reason for such a jump in its value, after its initial falls back in August 2018.
In the latest phase before the wet season, KRR drilled 18 holes in the eastern most edge of the Trudi grid drilling, a site that also had visible gold located through panning.
Exploration of the site is set to continue after the wet season is over, with ongoing drilling interpretation and further analysis expected.
KRR rising share price may also reflected in a strengthening gold price.
King River Resources’ 2019 outlook
2019 is looking to be an exciting year for King River. With some of its application licenses set to be granted, this will open up new exploration opportunities for the company leading into this year and beyond.
King River’s current exploration targets include, as well as expanding high-grade mineralisation, plans to step out exploration to east of the main grid, where grades of 5.76 g/t Au have been returned.
There will also be follow up drilling taking place at the Jeniffer Vein for high grade mineralisation.
With all of KRR’s future prospects, this year could potentially have big things in store for investors interested in gold.
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