KGL Resources (ASX:KGL) - CEO, Simon Finnis
CEO, Simon Finnis
Source: Simon Finnis / LinkedIn
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  • KGL Resources (KGL) updates the mineral resource estimate for the Reward deposit at its Jervois Copper Project in the Northern Territory
  • It delivered a 20 per cent increase in contained copper to 244,000 tonnes and a 20 per cent increase in resource tonnes to 13.58 million tonnes
  • Mineral resource estimates are now underway for the Bellbird and Rockface deposits and, once completed, will underpin the upcoming feasibility study
  • Initially, the feasibility study was expected to be completed in Q1 2022, however, COVID-19-related restrictions impacted site activities and it will now be released mid-2022
  • KGL Resources ends the day 1.67 per cent in the green with shares trading at $0.61 each

KGL Resources (KGL) has updated the mineral resource estimate (MRE) for the Reward deposit at its Jervois Copper Project in the Northern Territory.

The MRE was completed by experienced independent consultants Mining Associates, and incorporated results from the 2021 drilling program.

It delivered a 20 per cent increase in contained copper to 244,000 tonnes and a 20 per cent increase in resource tonnes to 13.58 million tonnes.

The copper grade remained consistent at 1.8 per cent.

“While we have experienced delays in the resource work after we were unable to drill in 2020 due to COVID-19, which has subsequently delayed the feasibility study, a 20 per cent increase in the Reward mineral resource is an important result for KGL,” Managing Director Dimon Finnis said.

“This increase has been achieved by carefully planned resource growth drilling, largely within the known footprint of the Reward deposit.”

Mineral resource estimates are now underway for the Bellbird and Rockface deposits and, once completed, will underpin the upcoming feasibility study.

Initially, the feasibility study was expected to be completed in Q1 2022, however, COVID-19-related restrictions impacted site activities.

As a result, the feasibility study is now scheduled for release in mid-2022.

KGL Resources has ended the day 1.67 per cent in the green with shares trading at $0.61 each for a $235.3 million market cap.

KGL by the numbers
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