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Hillgrove Resources acquires option over South Australia copper-gold mine

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Hillgrove Resources (ASX:HGO) has taken over the option agreement to acquire the Kitticoola underground copper-gold mine in South Australia from CN Resources.

Kitticoola is located about 35 kilometres from the company’s wholly-owned Kanmantoo Copper Mine and was operated at various times from 1846 up to 1971, producing about 30,000 tonnes of gold ore and 7,000 tonnes of copper ore.

Most of the mining focused on soft oxide minerals located above the water table.

More recently in 1980, CRA took underground samples at the mine which appeared to confirm grades presented by previous works.

It then drilled four diamond holes that encountered sub economic mineralisation.

Exploration work by others evaluated remnant mineralisation with average grade of 5.24 grams per tonne gold and 0.55% copper over 1.4 metres in the oxide zone, and 14.52g/t and 4.45% copper over 1.5 metres in the sulphide zone.

Hillgrove intends to carry out initial exploration work over the next year or so to determine the possible extent and depth of the mineralisation.

The Option Agreement with the owner of Kitticoola provides Hillgrove with the exploration rights and any potential future mining rights over the Prospect, subject to certain conditions within the Option Agreement.

Hillgrove paid a nominal cash amount to CN Resources for the Rights over the Prospect.

 

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Price: 0.038 AUD

ASX:HGO
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Market Cap: $22.25 m
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