KGL RESOURCES LIMITED For personal use only
Rockface Resource Update
7 March 2022
-
Rockface indicated and inferred mineral resource estimate updated o 4% increase in contained copper metal to 108.3 kt
o Mineral Resource tonnes up 7% to 3.53 Mt. o Copper grade above 3%
o Silver grade up 12% to 21.0 g/t
o Silver ounces up 20% to 2.38 Moz - Rockface Copper resource now 87% Indicated, increased from 83%
KGL Resources (ASX:KGL) is pleased to announce an update of the mineral resource estimate for the high-grade Rockface deposit. The Rockface deposit hosts one of the three principal mineral resources which comprise the Jervois Copper Project and has been subject to a significant program of resource- consolidation drilling during 2021.
This Rockface update follows the updated mineral resource estimate update for Reward that was announced on 10 January 2022 and for Bellbird on 27 January 2022.
Rockface Resource Update
The mineral resource estimate was completed by experienced and independent consultants, Mining Associates Pty Ltd, and their summary report is included as part of this announcement. The mineral resource estimate incorporated the results from drilling during 2021, along with drilling results from previous years. The estimate is reported according to the JORC (2012) guidelines.
Results
When compared to the most recent previous estimate (2020), the Rockface indicated and inferred mineral resource estimate delivers a 4% increase in contained copper metal, to 108.3 kt (from 104.3 kt), and a 7% increase in resource tonnes to 3.53 Mt (from 3.29 Mt). Copper grade is reported at 3.07% and represents a drop of 3% (from 3.17% Cu). Silver grades have increased considerably to 21.0 g/t (from 18.7 g/t) and contained silver metal increased 20% to 2.38 Moz (from 1.98 Moz). 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 (Figure 4). Table 1 presents the latest mineral resource parameters and Figure 1 show the progression of copper results from the past four Rockface mineral resource estimates.
KGL Resources Limited | Rockface Resource Update
Page 1 of 7
For personal use only
Rockface Resource Update
Table 1. Rockface Mineral Resource Estimate 2022
* Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes.
Mineral resources are not ore reserves and do not have demonstrated economic viability.
Inferred resources have less geological confidence than indicated resources and should not have modifying factors applied to them. It is reasonable to expect that with further exploration most of the inferred resources could be upgraded to indicated resources.
Rockface Copper | |||||||||
200 | 3.50 | ||||||||
3.17% | 3.07% | ||||||||
180 | 2.90% | ||||||||
3.00 | |||||||||
160 | |||||||||
CopperMetal (kt) | 2.50 | ||||||||
2.17% | |||||||||
140 | |||||||||
120 | 108 | 1.00Cugrade% | |||||||
74 | 104 | ||||||||
60 | |||||||||
100 | 93 | 97 | 18 | 14 | |||||
80 | 23 | 1.50 | |||||||
40 | 75 | 87 | 94 | ||||||
0.50 | |||||||||
20 | |||||||||
19 | |||||||||
0 | 0.00 | ||||||||
2018 | 2019 | 2020 | 2022 | ||||||
Indicated | Inferred | Cu Grade (%) | |||||||
Figure 1: Showing the progression of Rockface copper mineral resource estimates from 2018 until the current estimate in 2022. The 2022 estimate provides a 4% increase in total copper metal and a 9% increase in Indicated copper metal compared with the 2020 estimate.
KGL Resources Limited | Rockface Resource Update
Page 2 of 7
For personal use only
Rockface Resource Update
Gold and Silver
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%. Figure 2 shows the progression of silver metal content and grade for the most recent four mineral resource estimates and Figure 3, similarly, for gold, for the most recent three estimates (gold was not estimated in 2018).
Rockface Silver
Ounces) | 3.0 | 18.4 g/t | 21.0 g/t | 20.0 | |||||||||||||||
2.5 | 16.8 | 2.4 | |||||||||||||||||
1.9 | 2.0 | ||||||||||||||||||
Troy | 0.5 | 15.0 | |||||||||||||||||
2.0 | 1.7 | 12.8 g/t | g/t | ||||||||||||||||
(MillionMetal | 0.4 | GradeAg | |||||||||||||||||
1.5 | 0.5 | 10.0 | |||||||||||||||||
1.0 | 1.4 | 1.6 | 1.9 | ||||||||||||||||
1.3 | 5.0 | ||||||||||||||||||
0.5 | |||||||||||||||||||
Silver | |||||||||||||||||||
0.0 | 0.3 | 0.0 | |||||||||||||||||
2018 | 2019 | 2020 | 2022 | ||||||||||||||||
Indicated | Inferred | Ag Grade g/t | |||||||||||||||||
Figure 2: Showing the progression of Rockface silver mineral resource estimates from 2018 until the current estimate in 2022
KGL Resources Limited | Rockface Resource Update
Page 3 of 7
For personal use only
Rockface Resource Update
Rockface Gold
Ounces) | 40.0 | 0.24 g/t | 0.22 g/t | 0.25 | ||||
0.17 g/t | 0.20 | |||||||
Troy(thousand | (g/t)GradeAu | |||||||
24.0 | 25.0 | 25.3 | ||||||
5.0 | 4.2 | 0.15 | ||||||
20.0 | 6.4 | |||||||
0.10 | ||||||||
Metal | 17.6 | 20.0 | 21.1 | 0.05 | ||||
Gold | 0.0 | 0.00 | ||||||
2019 | 2020 | 2022 | ||||||
Indicated | Inferred | Au Grade g/t | ||||||
Figure 3: Showing the progression of Rockface gold mineral resource estimates from 2019 until the current estimate in 2022
KGL Resources Limited | Rockface Resource Update
Page 4 of 7
For personal use only
Rockface Resource Update
Figure 4: Long Projection of Rockface Resource Model showing drillhole pierce-points (circled crosses) in the plane of Rockface North lode. Modelled conductors (red rectangles) from recent DHEM survey in KJCD481D8 and earlier DHEM survey in KJCD230, which are the deepest holes at Rockface, indicate that the conductive sulphide mineralisation continues to greater depths.
KGL Managing Director Simon Finnis comments: "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 programme of drilling and resource estimation needed for the Feasibility Study. The study is on track for finalisation in mid-2022.
KGL Resources Limited | Rockface Resource Update
Page 5 of 7
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
KGL Resources Limited published this content on 06 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2022 23:18:07 UTC.
