King River Resources : Mt Remarkable Gold Drilling Commencement

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King River Resources Ltd (ASX:KRR) is pleased to announce the commencement of a 2,500m RC drill programme, testing for high-grade gold mineralization at its Mount Remarkable Project, in Western Australia, where multiple high grade gold results were returned last year including best result of 4m @ 113.29g/t Au including 1m @ 346g/t Au (KRR ASX 4 June 2018).

Mt Remarkable Drilling Targets

The drilling will test new exploration targets as well as follow-up on the encouraging gold results returned from targets drilled in 2018 and 19.

Trudi Vein

Drilling will continue to test the main Trudi vein where multiple high-grade gold results have been returned including best results of:

• 4m @ 113.29g/t Au including 1m @ 346g/t Au in KMRC78 (refer KRR ASX 4 June 2018)
• 6m @ 60g/t Au including 2.8m @ 108g/t Au in KMDD01(refer KRR ASX 10 September 2018)
• 4m @ 39.78g/t Au including 1m @ 82.7g/t Au in KMRC75 (refer KRR ASX 20 June 2018)
• 4m @ 36.77g/t Au from 7m including 1m @ 70.9g/t Au in KMRC127 (refer KRR ASX 7 August 2018)
• 3m @ 34.8g/t Au including 1m @ 50.5g/t Au in KMRC0077 (refer KRR ASX 4 June 2018)

There are 5 main targets being tested on the Trudi vein (Figure 1). These are: Trudi Main (strike and dip extensions to the high grade zones delineated in previous grid drilling), Trudi Offset (the newly identified mineralization intersected in 2019 approximately 150m east of the main deposit), Trudi West (testing of the western extents of the vein 150m from the main deposit), and Trudi East (where previous KRR drilling returned mineralization in 3 shallow RC holes 500m east of the main deposit).

TRUDI 2020 DRILL TARGETS

Trudi Ridge

Figure 1: Long projection, looking north, showing the new mineralised zone intersected 150m east of Trudi Main and the multiple very high-grade gold zones within the Trudi Main Grid Area.

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Other Veins

Drilling will also target a number other prospective epithermal veins including:

• The Jeniffer North prospect (where initial drilling in 2019 returned mineralisation in 3 adjacent holes with grades up to 0.64g/t Au),
• The Catherine Vein in a similar litho-structural setting to the Trudi vein where it intersects the Grahame Vein under interpreted cover units. This is 400m north of the main Trudi deposit (Figure 2).
• Gemma Offset Vein where historical sampling returned gold grades up to 0.72g/t in rock chip grab sampling along 300m of strike but the vein was never drilled.
• A quartz adularia vein where previous rock chip grab sampling returned grades up to 30.8g/t in rock chip samples. Subsequent drilling failed to intersect the vein however it is now believed that the high- grade mineralization may be within an en-echelon zone of the vein and previous drilling may have passed under or between veins (Figure 2).

Figure 2: Mt Remarkable Main Zone, New High Grade gold target where the Catherine Vein intersects with the Grahame vein under interpreted cover units - very similar lithostructural setting to the Trudi deposit.

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Over 30 RC holes are planned for this phase of drilling which will be completed close to the end of the dry season period in the Kimberlies (November/December). Reconnaissance exploration is planned for early next dry season across KRR's extensive tenement holdings in the region. These tenements cover the prospective Whitewater Volcanic rocks that extend 200km along a NE-SW strike south of the Speewah Dome (Figure 3). High grade gold mineralisation at the Mt Remarkable Project is hosted by the Whitewater rock unit, a Proterozoic stratigraphic horizon that is older than the Speewah Project rocks. This horizon extends from the Hunter Project (held by WA Mining Resources), where historic high-grade gold values of up to 50.65g/t Au have been returned from epithermal quartz veins, through to KRR's Mt Remarkable Project and continues to the South hosting both the Tunganary and Middle Branch Bore gold prospects within anticlinal fold structures. Past exploration along this prospective trend and between these high-grade gold exploration projects has been sparse providing excellent opportunity for additional high-grade gold discoveries within the Whitewater unit.

Speewah Project - KRC

HIGH GRADE GOLD

HUNTER PROJECT

WA Mining Resources

(up to 50.65g/t Au Rock Chips)

HIGH GRADE GOLD

MT REMARKABLE

PROJECT - KRC

E80/5176

E80/5133

Figure 3: Map showing location of King River Resources exploration holdings at Mt Remarkable and relevant gold prospects.

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Directors comment

Previous drilling at the Mt Remarkable Trudi Vein has yielded some excellent high-grade epithermal gold values. The primary objective of this current 2020 program is to investigate the possibility of an offset of this high-grade gold mineralisation, by targeting an area with 4 holes approximately 120 to 150 metres East of that original discovery. The rig will also test 9 other nearby locations in the project area. Geologists have also been on site for a number of weeks doing first pass reconnaissance over other nearby locations.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Ken Rogers and Andrew Chapman and fairly represents this information. Mr. Rogers is the Chief Geologist and an employee of the Company, and a member of both the Australian Institute of Geoscientists (AIG) and The Institute of Materials Minerals and Mining (IMMM), and a Chartered Engineer of the IMMM. Mr. Chapman is a Consulting Geologist contracted with the Company and a member of the Australian Institute of Geoscientists (AIG). Mr. Rogers has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Chapman and Mr. Rogers consent to the inclusion in this report of the matters based on information in the form and context in which it appears.