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KGL Resources Ltd.
Summary
| Project: | Jervois | |
|---|---|---|
| Deposit: | Rockface | |
| Location: | Australia | |
| Commodities: | Copper-Lead-Zinc-Silver-Gold | |
| Date: | 10/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-10-2018: KGL Resources Ltd. announces an Exploration/Drilling Update report for its Rockface deposit at the Jervois project. Drilling results incl. 35.51m @ 3.97% Cu, 0.03% Pb, 0.1% Zn, 17.5g/t Ag, 0.23g/t Au from 555.05m. During the quarter, KGL Resou | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Adriaan van Herk (Internal) | |
| ABSTRACT: | During the quarter, KGL Resources Limited (ASX:KGL) (KGL or the Company) advanced the Jervois Copper Project in the Northern Territory towards development. Comprehensive work programs progressed in line with the strategy formulated more than two years ago. Infill drilling to upgrade mineral resources neared completion, with the latest results confirming high grades and indicating further potential at the Rockface and Reward prospects. Mining and engineering studies and other activities were well advanced ahead of project development. A successful capital raising has ensured that the infill drilling programs and project studies will be fully funded, and also allows for further exploration of high potential opportunities at Jervois. Jervois Copper Project, Northern Territory (KGL 100%) KGL continued with the strategy of increasing the quality and size of the already high-grade Resource at Jervois before the development of the project is commenced. In the previous (June) quarter, the Company announced an increased copper and silver Resource with significantly higher grades than the 2015 estimate. In the last (September) quarter, the focus was on further upgrading the resources where the initial mining is proposed. An infill drilling program at the Rockface prospect neared completion, and an updated Resource is expected to be announced shortly. Infill drilling of the proposed open pit mining areas at the Reward and Bellbird prospects also approached completion. Progressive results of the infill drilling are reported below. The draft Environmental Impact Statement, the last of the major licences required at Jervois, was completed and lodged with the Northern Territory Environmental Protection Authority. Capital raising During the quarter, KGL was successful in raising approximately $6.45 million comprising $5.7 million from a placement and approximately $750,000 from a Share Placement Plan (SPP). The placement to a small group of sophisticated and institutional investors including two existing major shareholders was made at 38 cents per share, a 12.8% premium to the last market price before the close. Shares under the SPP were issued to participating shareholders at 33 cents per share | |
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