KGL Resources Ltd (ASX:KGL) has bolstered copper resources at the high-grade Rockface deposit within its Jervois Copper Project in the Northern Territory with additional silver and gold ounces to boot.
There has been a 7% increase in resource tonnes to 3.53 million tonnes while the indicated and inferred mineral resource estimate delivers a 4% lift in contained copper metal to 108,300 tonnes.
While the resource grade has dropped 3% to 3.07% it still represents a high-grade deposit compared to many other copper projects.
Notably, 87% of the copper resource is now in the indicated category, up from 83%
There has been a 20% increase in silver ounces to 2.38 million ounces with the grade increasing 12% to 21 g/t while the gold resource has increased to 25,300 ounces at 0.22 g/t.
“Important milestone”
KGL managing director Simon Finnis said: “The update of the Rockface mineral resource estimate is an important milestone for KGL as the resource model is a critical input to the feasibility study.
“The model is now with our consulting mining engineers who are undertaking a revision of the mine design and an update of the ore reserves and production schedule.
“We have now completed the program of drilling and resource estimation needed for the feasibility study. The study is on track for finalisation in mid-2022.
“KGL’s independent resource consultants Mining Associates Pty Ltd, are busy compiling a full and detailed report on the combined Reward, Rockface and Bellbird mineral resource which will be communicated to shareholders as soon as it is complete.”
Resource update
The Rockface update follows the updated mineral resource estimate for Reward that was announced on January 10, 2022, and for Bellbird on January 27, 2022.
The mineral resource estimate for Rockface was completed by experienced and independent consultants, Mining Associates Pty Ltd, incorporating the results from drilling during 2021, along with drilling results from previous years as per JORC (2012) guidelines.
Resource estimates
Progression of Rockface copper mineral resource estimates from 2018 until the current estimate in 2022.
The mineral resource estimates show increased metal contents, in each precious metal, from the 2020 resource estimate to now.
Silver grades have increased 12% whilst gold grades have dropped 6% showing the progression of metal content and grade for the most recent mineral resource estimates.
Progression of Rockface silver mineral resource estimates from 2018 until the current estimate in 2022.
Progression of Rockface gold resource estimates from 2019 until the current estimate in 2022.
Rockface has not been closed off at depth by drilling and DHEM geophysics carried out on the deepest holes drilled to date, indicates that the conductive sulphide mineralisation continues substantially below the level of current drilling.
Inferred resources have less geological confidence than indicated resources and should not have modifying factors applied to them.
Therefore, it is reasonable to expect that with further exploration most of the inferred resources could be upgraded to indicated resources.