Exploration Update
Brisbane, Feb 20, 2015 AEST (ABN Newswire) - KGL Resources Limited (
ASX:KGL) has commenced a nine hole diamond drilling program to obtain geotechnical data for the two largest pits Marshall-Reward and Bellbird South. This will assist in further optimising the final pit designs for the Pre-Feasibility Study. Drilling of the second hole at Marshall-Reward intersected unexpected mineralisation east of Marshall (Figure 1 in link below).
Diamond hole GTD002 was collared approximately 130m east of the Marshall-Reward resource, close to the east wall of the proposed open pit (Figure 4 in link below). The hole intersected sulphide and quartz-sulphide veins in an unexpected zone of alteration within the footwall sequence of interbedded siltstones and mudstones. The mineralisation is at a shallow depth and has been partially oxidised with chalcopyrite converting to bornite and malachite (Figure 1 in link below). Associated garnet-biotite alteration is typical of alteration in the main Marshall-Reward resource.
This mineralisation is in a similar position to East Reward that was previously thought to be closed off 400m to the north and may be a link between East Reward and the Sykes prospect in an area of alluvial cover. Additional shallow RC drilling is planned to delineate the extent of the mineralisation because of it's potential impact on the location of the pit wall.
On the 14th May Mitchell Services commenced a 9,000m RC drilling program focussed on the Marshall-Reward and Bellbird resources. Extensional drilling will target resources in close proximity to planned underground and open pit development. Drilling will also test high-priority targets down dip and down plunge from the existing resources. At Bellbird drilling in 2014 revealed a moderate north plunge that remains open with holes KJC031 intersecting 4m @ 4.9% Cu and KJCD026 5m @ 3.9% Cu on the margin of the resource (Figure 4 in link below).
Simon Milroy the managing director of KGL Resources comments "Jervois continues to surprise with unexpected shallow mineralisation in close proximity to the Marshall Reward deposit. This current RC drilling program is focussed on extending the high grade zones at Bellbird, Green Parrot and Marshall-Reward within the top 350m of the deposits. This drilling combined with the 10,000m of RC completed late 2014 will be basis for an updated resource to be announced in June."
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-KGL-419325.pdf
About KGL Resources Ltd
KGL Resources (ASX:KGL) is an Australian mineral exploration company focussed on increasing the high grade Resource at the Jervois Copper-Silver-Gold Project in the Northern Territory and developing it into a multi-metal mine.
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