KGL Resources Announces High-Grade Copper Intersections at Reward Deeps and Underground
KGL (KGL) Share Update November 2024 Sunday 3rd
KGL Resources Unveils High-Grade Copper Intersections at Reward Deeps
KGL Resources Limited (ASX:KGL) has announced promising results from its recent drilling campaign at the Reward Deeps and Reward Underground, revealing substantial high-grade copper intersections.
Instant Summary:
- 16 holes drilled at Reward Deeps, Reward Underground, and Rockface.
- Notable intersections include 18.90m at 1.99% Cu from hole KJD637.
- Drilling confirms extension of Reward Main Shoot at depth.
- Rockface North Lodes remain open at depth.
Drilling Results
KGL Resources has completed an infill drilling campaign at the Reward Deeps and Reward Underground, part of the Jervois copper project in the Northern Territory. The campaign aimed to enhance geological understanding and convert inferred resources to indicated categories.
At Reward Deeps, hole KJD637 intersected 18.90 meters at 1.99% copper, 17.43 g/t silver, and 0.32 g/t gold from 527 meters, indicating a significant zone of copper mineralization. Similarly, hole KJD638 revealed 8.79 meters at 2.57% copper from 506 meters.
Reward Underground and Rockface
The Reward Underground drilling confirmed the extension of the Reward Main Shoot at depth, with holes KJD640, KJD640D1, and KJD640D2 intersecting broad zones of copper mineralization. These results enhance the geological model and resource confidence.
At Rockface, hole KJD627D2 intersected mineralization 70 meters below the current resource model, confirming the extension of the Rockface North Lodes at depth.
Future Prospects
The results from this drilling campaign are expected to significantly contribute to the upcoming resource upgrade. KGL Resources plans to shift focus to shallow RC drilling for further resource addition and upgrade along the Jervois J-fold strike.
The high-grade intersections at Reward Deeps and Underground are likely to boost investor confidence in KGL Resources, potentially leading to an increase in the company's stock price. The confirmation of geological continuity and resource expansion prospects are positive indicators for future growth.
Investor Reaction:
Analysts are expected to react positively to the news, given the high-grade copper intersections and the potential for resource expansion. The market may view this as a strong indication of KGL's growth potential in the copper sector.
Conclusion:
Investors should keep an eye on KGL Resources' upcoming resource update, which will incorporate these results. The company's strategic focus on expanding its resource base could present significant opportunities for growth in the copper market.