King River Resources (ASX:KRR) announced a pivotal strategic move by entering an agreement to acquire the Mindoolah Gold Project, located in the premier Murchison Province of Western Australia.
Situated 70km north-west of Cue, the project places KRR in a "Tier-1 Jurisdiction" boasting an endowment of over 35 million ounces of gold, flanked by major operating mines and accessible via the Great Northern Highway.
The acquisition is underpinned by exceptional historical data, including a production average of 19.02 g/t Au.
Modern exploration has further validated the site's potential, with un-mined drill intercepts revealing high-grade results such as 4m @ 9.30 g/t Au from a shallow depth of 33m.
Recent surface rock chip samples have also yielded peaks of up to 40.2 g/t Au, suggesting that the 100km2 tenure remains underexplored.
Managing Director Graham Gadsby described the acquisition as a "decisive" step for the company, noting that the scale of the greenstone belt offers massive expansion potential under shallow cover.
The transaction is structured via KRR’s subsidiary, Auradoolah, which holds an exclusive option to acquire the project for $225,000 by June.
Upon exercise, the deal includes a $600,000 cash payment, a capped 1% net smelter royalty on deep ore, and a 10% gross revenue share on shallow ore.
At the time of reporting, King River Resources' share price was $0.029.