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Hillgrove Resources Ltd.
Summary
| Project: | Kanmantoo | |
|---|---|---|
| Deposit: | Giant Pit | |
| Location: | Australia | |
| Commodities: | Copper-Gold-Silver | |
| Date: | 10/18/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 18-10-2016: Hillgrove Resources Ltd. announces a Resource Estimation report for its Giant Pit deposit at the Kanmantoo project. Increase in Ore Reserves of 7.4kt copper metal (14%) before mining depletion. Hillgrove Resources Limited (ASX:HGO) advises tha | |
| Resources: | (Reserve, P+P): 9.5Mt @ 0.6% Cu, 0.07g/t Au, 1.0g/t Ag | |
| CP/QP: | [Resources]: Peter Rolley (Internal) | |
| ABSTRACT: | Hillgrove Resources Limited (ASX:HGO) advises that a new Mineral Resource Estimate and Ore Reserve Estimate has been prepared for the Kanmantoo Copper Mine in accordance with The JORC Code 2012 Edition. Highlights include: Increase in Ore Reserves of 7.4kt copper metal (14%) before mining depletion predominantly driven by classification upgrade of Inferred Mineral Resources within the Giant Pit design following infill drilling campaign. Net of mining depletion since 30 June 2016, the Ore Reserve Estimate increased by 5.4kt copper metal (10%). The updated resource estimate has incorporated the 2016 RC drilling results. Overall, the Mineral Resource Estimate completed in October 2016 (“Oct 2016 MRE”) for the Giant copper deposits1 has added 5.9kt tonnes of copper metal (4% increase in copper metal after mining depletion) compared to the previous May 2016 resource model2 for the same deposits, from the same surface and to the same depths. Reconciliation of the Oct 2016 MRE against historic production in Kavanagh indicates that the model over-reports by 3% on tonnes and under-estimates by 1% on copper grade for a combined variance of 2% in copper metal tonnes, and will be useful for mine planning and forecasting. The Total Mineral Resources for all of the 11 copper deposits at Kanmantoo (the Oct 2016 MRE plus the 2013 depleted resources) at 0.2% Cu cut-off grade and from the 1 October 2016 surface are represented in Table 2. | |
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