Join our daily newsletter At The Bell to receive exclusive market insights
Copper explorer KGL Resources Ltd (ASX:KGL) has reported that grades of more than 19 percent have been yielded from diamond drilling work at its Rockface prospect in the Northern Territory, where the company is seeking to expand the resource of its Rockface North Lode deposit in particular.
Intercepts from two holes revealed high grade mineralisation, including 5.42 metres at 1.89 percent copper, 17.27 grams per tonne of silver and 0.27 grams per tonne of gold from 797.57 metres, including 0.72 metres at 3.72 percent copper, 33.40 grams per tonne of silver, and 0.29 grams per tonne of gold in one.
The second hole revealed 1.42 metres at 19.87 percent copper, 286.00 grams per tonne silver and 1.07 grams per tonne gold from 919.27 metres.
Two more holes are in-focus for KGL: one deep hole which intersected mineralisation at the lower edge of Rockface North Lode – for whom assays are awaited – and another which is being drilled in search of mineralisation 40 metres deeper than the current deepest hole drilled at Rockface, with the latter showing that Rockface North Lode is open at depth.
The already-reported assays were taken from drilling work to boost geological confidence in the Rockface North Lode deposit, filling in gaps in the current resource model. The first hole in this program revealed a thick zone of high-grade copper in the North Lode position, plus three thin zones connected to the Main Lode.
KGL had previously reported its highest-grade intersections in the North Lode’s western margin, with drilling identifying bornite-bearing, very high-grade massive sulphide in the lode hanging-wall and chalcopyrite-bearing massive sulphide zone in the lode footwall.
The Rockface prospect is part of the wider Jervois copper project, which is estimated to hold 23.80 million tonnes at 2.02 percent copper, 0.25 grams per tonne gold and 25.3 grams per tonne silver.
KGL shares rose slightly on the news: at 12:31 AEDT, they were priced at 10.7 cents, an increase of 2.38 percent since the market opened.
