KGL Resources Limited Drilling Returns Further High Grade Intersections
24.10.2014 | ABN Newswire
Brisbane, Australia (ABN Newswire) - KGL Resources Ltd. (ASX:KGL) (OTCMKTS:KGOLF) report that the Jervois drilling returns further High-Grade Intersections. More high-grade intersections have been generated by the in-fill resource drilling at Jervois. Significant results include:14m @ 4.17% Cu, 77.1g/t Ag, 1.42g/t Au from 18m (JOC206)
16m @ 2.55% Cu, 93.8g/t Ag, 0.49g/t Au from 56m (JOC207)
11m @ 3.24% Cu, 24.7g/t Ag, 0.26g/t Au from 44m (JOC179)
8m @ 3.59% Cu, 37.2g/t Ag, 0.28g/t Au from 29m (JOC212)
A second program of resource definition drilling at Marshall-Reward and Bellbird commenced in early October with drilling designed to convert Inferred resources within the optimised open pits to the Indicated category and ultimately into Reserve. Initial assay results have been received and continue to confirm the shallow, high-grade mineralisation intersected in the first program. Enrichment of copper at shallow depth and elevated silver and gold will have a positive impact on the economics of the open pits and the project as a whole.
Two holes were drilled to test copper occurrences with minor workings along the newly defined Bellbird East trend. The best results include:
2m @ 2.09% Cu, 2.39% Pb, 0.44% Zn, 9.3g/t Ag from 18m (JOC238)
This result is significant because the prospect is on the margin of the newly optimised Bellbird East pit. Follow up drilling along this new mineralised trend is planned.
Drilling is continuing on site with programs planned for the new Morley open pit east of Reward, the Killeen Zn-Cu prospect, Rockface and several new exploration targets. Results from this drilling will be available in coming weeks.
Background
In May-June 2014 KGL completed 177 hole reverse circulation program at Jervois for 9,653m. The drilling program was designed to improve delineation of shallow mineralisation and to improve interpretation of the oxidation boundaries within the regolith profile prior to a resource update. The new resource was subsequently used for a pit optimisation that forms part of the preliminary feasibility study.
The drilling returned high-grade shallow copper intersections that were better than anticipated because of supergene enrichment at the base of oxidation. Following the pit optimisation the current phase of shallow drilling was designed with the aim of converting all Inferred resources within the Marshall-Reward, Bellbird and East Reward pits to the Indicated category and test for extensions beyond the pit designs.
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About KGL Resources Limited:
KGL Resources Ltd. (ASX:KGL) is an Australian mineral exploration company focussed on increasing the high grade Resource at the Jervois Copper-Silver-Gold Project in the Northern Territory and developing it into a multi-metal mine.
Contact:
KGL Resources Ltd.
Mr Simon Milroy, Managing Director
Phone: (07) 3071 9003