- Hillgrove Resources (HGO) has intersected 170 metres of copper mineralisation through diamond drilling at the Kanmantoo Copper Mine in South Australia
- The 25-hole program is targeting copper and gold in the Kavanagh underground deposits
- While latest grades only peaked at 2.48 per cent copper, Hillgrove is pleased with the extensive widths of mineralisation
- Once drilling has wrapped up, the company will update the project’s mineral resource estimate and undertake metallurgical test work to increase gold recoveries
- Hillgrove’s shares are up 64.8 per cent to trade at 8.9 cents
Hillgrove Resources (HGO) has received assays from another three holes drilled within the Kanmantoo Copper Mine in South Australia.
The company began a diamond drilling program in February which is targeting copper and gold mineralisation in the Kavanagh underground deposits.
Pleasingly, latest results have shown drilling intersected over 170 metres of copper mineralisation.
Assays include 170.65 metres at 1.01 per cent copper, 0.11g/t gold from 339 metres downhole including 11 metres at 1.65 per cent copper, 0.1g/t gold from 339 metres downhole and 23 metres at 2.48 per cent copper, 0.24g/t gold from 385 metres downhole.
While the grades are relatively low, Hillgrove is pleased by the extensive widths of mineralisation.
“The multiple high grade copper-gold intersections in hole KTDD205 which aggregate to over 170 metres at 1.01 per cent are an exciting development,” CEO and Managing Director Lachlan Wallace said.
“Coupled with the rising copper price, this could provide opportunities to consider lowering cut-off grades to expand the potential mining inventory and optimise the existing plant and tailings storage capacity at the Kanmantoo site,” he added.
So far, Hillgrove has received results from 16 drill holes under the planned 25-hole program which is ongoing.
Once drilling is finished, the company will evaluate the results for additional copper-gold mineralisation potential, complete an updated mineral resource estimate and undertake metallurgical test work to increase gold recoveries.
Hillgrove’s shares are up 64.8 per cent to trade at 8.9 cents at 10:59 am AEST.