KGL Resources higher on unveiling record assay of 61.4% copper from massive bornite intersection at Rockface

KGL Resources Ltd (ASX:KGL) has surged on new results from Rockface deposit that include a record assay of 61.4% copper within a mineralised zone grading 20.5% copper over an estimated true width of 4.21 metres.

This result is within a total intercept of 20.5% copper and 302 g/t silver over 4.21 metres from 698.80 metres downhole at Rockface within the Jervois Copper Project.

Shares up 25%

Securities have been as much as 25% higher this morning to $A0.60 while the market cap was approximately A$188.3 million pre-opening.

There are still two new Rockface intersections of massive sulphides which are awaiting assay results.

Six drill intercepts now extend massive sulphides over 160 metres, up and down plunge. 

The Rockface deposit remains open at depth and to the west and drilling continues at Rockface and Reward. 

Copper assay “extraordinary”

KGL managing director Simon Finnis said: “The new record copper assay from hole D6 at Rockface is extraordinary.

“Mineralogically, it represents 97% pure bornite and confirms the previous visual estimate.

“More importantly, together with previous results and the new visual mineral intersections announced here, they demonstrate that the high-grade shoot of massive sulphides has significant dimensions and grades that bode well for the future.

“Equally exciting are the indications from the DHEM geophysics that the Rockface deposit remains open for significant extensions at depth.”

Drilling continues

Finnis added: “Drilling continues with two drill rigs on site, and this will continue into calendar 2022, focusing on a strong portfolio of exploration targets and brownfield potential to extend our existing deposits.

“The feasibility study, targeted for completion in early 2022 is progressing well with all major work packages being finalised.”

Potential for extensions

KGL consulting geophysicist Kate Hine, of Mitre Geophysics Ltd, said: “DHEM has proved highly effective at defining Rockface mineralised zones.

“The DHEM results from KJCD481D3 and D4 both show a very strong in-hole response from the very high grade bornite plus chalcopyrite intersected in the holes, combined with an off-hole response from the distal part of the Rockface North lode.

“The in-hole response is so strong that it mostly swamps the signal from the distant parts of the Rockface North lens.

“However, reviewing the results from KJCD481D3 and D4 in conjunction with the previous deep DHEM in this area indicate that the Rockface North is not closed off at depth, ie, the DHEM does not indicate a ‘lower edge’ to the mineralisation.

“This confirms the potential for significant extensions to Rockface.”

Jervois geophysical surveys

The extensive geophysical surveys at Jervois for 2021 are complete and in the final stages of analysis, along with the results from recent exploration drilling into the various targets indicated by the geophysics.

These will form the basis for the exploration program that will be initiated in 2022.

Story by ProactiveInvestors