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KGL Resources (ASX:KGL) has announced its latest copper drilling assay results, posting brief intersections at high grades from relatively shallow depths at its NT-based Jervois project.
Assays were conducted on diamond drill rig samples pulled from the company’s Reward target area of interest.
The company unveiled the below on Wednesday:
- 4.15m @ 5.04% copper and 129g/t silver from 15.4m depth
- 4.41m @ 6.4% copper and 74.79g/t silver from 15m depth
- 5.33m @ 2.44% copper and 17.1g/t silver from 17m depth
- 3.55m @ 3.55% copper and 36.79g/t silver from 82m depth
While the final results sunk to depths of 80m+ – and while those intersections <10m aren’t enough on which to boast any overwhelming confidence – the results do point to a potential extension of the known copper mineral system on-site.
The results are more compelling than those the company pulled from its Rockface play early last month, though, KGL shares had fallen through the cracks into a quiet corner of illiquidity before that.
In April of 2021, shares flirted with 80cps, however in July 2024, they’ve sunk to 10cps after enjoying a small revival in late 2022.
Cboe live pricing indicated a flat first ten minutes of trade for the stock on Monday at 10.10am AEST.
The first two drill holes which reflected higher copper and silver grades respectively were pulled from the Marshall Lode target of interest.
“Although the two holes are 15 m apart, the northernmost hole (KJD625) exhibits a relatively shallow oxide zone, containing predominately chalcocite below 10 metres (down hole depth),” the company wrote on Wednesday.
“Whilst, the southernmost hole (KJD628) exhibits a relatively thicker oxide zone, containing predominantly malachite and significant silver intercepts.”
Infill drilling will continue at Reward through 2024 towards a possible resource upgrade and increase in geotechnical understanding of the underground geology.
KGL last traded at 10.5cps.
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