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KGL Resources Ltd.
Summary
| Project: | Jervois | |
|---|---|---|
| Deposit: | Jervois | |
| Location: | Australia | |
| Commodities: | Copper-Silver-Gold | |
| Date: | 8/22/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 22-8-2019: KGL Resources Ltd. announces a Resource Estimation report for its Jervois deposit at the Jervois project. Updated mineral resource estimate for project. Copper Mineral Resources have been significantly upgraded at the Jervois Copper Project in | |
| Resources: | (Resource, I+I): 26.6Mt @ 1.47% Cu, 24.7g/t Ag | |
| CP/QP: | [Resources]: Simon Tear (H&S Consultants Pty Ltd.) | |
| ABSTRACT: | Copper Mineral Resources have been significantly upgraded at the Jervois Copper Project in the Northern Territory, 100% owned by KGL Resources Limited (ASX: KGL) (KGL or the Company). Confidence levels in the resource estimates have been strengthened by an increase in the Indicated Copper category from 50% to 65% of the total copper Mineral Resources. The total copper resource estimates now stand at 26.6 million tonnes at 1.47% copper and 24.7 g/t silver, containing 390,600 tonnes copper and 21.1 million ounces silver, including Indicated Resources of 255,000 tonnes contained copper and 12.7 million ounces contained silver. The upgrade is the successful result of a recently completed infill drilling program at the Reward and Rockface deposits. The drilling achieved the objective of increasing the confidence levels in the underground Mineral Resources by converting resources from the Inferred to Indicated category. Indicated Resources of copper at Reward and Rockface were increased by 240% and 34% respectively. The upgrading of mineral resources parallels other advances towards project development: Environmental Impact Statement – the Supplementary EIS was lodged last month as part of the final stages of the approval process. Water sourcing – sufficient bore water for the project has now been sourced. Project planning and design – initial studies into conceptual mine planning, processing and process plant design are completed, and negotiations with mining contractors, processing consultants, power suppliers and village and transport logistics providers are continuing. Welcoming the resources update, KGL Executive Chairman Denis Wood commented: “With the Indicated Copper Resource category increasing from half to two thirds of the total copper resources at Jervois, we are very pleased to be delivering on our commitment to focus on improving the quality of mineral resources through infill drilling. “Today’s announcement on upgraded Mineral Resources is an important step towards the essential establishment of a Mining Reserve which, in conjunction with the EIS, our water sourcing success and mining and other planning work, is advancing us towards project development.” | |
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