12% Copper, 22% Lead, 17% Zinc, 963 g/t Silver at Jervois
Brisbane, Aug 14, 2014 AEST (ABN Newswire) - KGL Resources Limited (
ASX:KGL) (KGOLF:OTCMKTS) announces more very high grade drilling results at the Green Parrot deposit as part of the campaign to increase the total Resources at the Jervois Project in the Northern Territory.
The historic Green Parrot pit lies south of Marshall-Reward, the location of the largest currently known Resource at Jervois.
Commenting on the latest results, Simon Milroy, the Managing Director of KGL, said:
"These extraordinary intersections confirm the mineralisation at Green Parrot as both high grade and multi-metal - copper, lead, zinc, silver and gold, and are close to the surface, strongly indicating the potential for open pit mining."
"They follow last month's announcement of the highest grade copper ever recorded at Jervois along with very high silver (2m @ 31.5% copper, 5.96% lead. 1.77% zinc, 1240 g/t silver) from Hole JOC062 which lies approximately 100m to the north."
"The results further expand and upgrade the extensive zone of high grade mineralisation centred on the main Marshall-Reward deposits and now extending from Morley in the north to Green Parrot in the south."
"These intersections come on top of other recent announcements of further high grade drilling results to the south along the 'J-curve' Jervois fold and are part of the 6km mineralised trend that extends from Bellbird to Reward and Morley."
Previous exploration at Green Parrot delineated several high-grade lead-zinc-copper resources that were partially mined from an open pit in the 1980's. As part of the recent extension drilling program by KGL two RC holes were drilled from the base of the Green Parrot pit to test the main lead-zinc lens and to extend it down dip.
Some historical drilling stopped short of the main zone of mineralisation (Figure 1 in link below). JOC176 and JOC177 both intersected high grade massive sulphide that over intervals contains in excess of 50% combined copper-lead-zinc. The mineralised zone in JOC176 also includes individual results of up to 25.7g/t gold and 1,055g/t silver (refer Table 2 in link below).
Mr. Milroy added:
"When you consider over 80% of the historical holes at Green Parrot were not assayed for gold, and in many cases these were also not assayed for silver or zinc, the potential within the known mineralisation is yet to be fully realised."
"The two deepest historical holes on this section stopped short of the main lode, hence the high grade mineralisation on this section has only now been explored to approximately 60m vertically below the surface and this lode is still open down dip. We plan to test this in the upcoming drill programme."
"These two holes conclude the results from the phase 2 drill programme and we look forward to commencing the phase 3 drill programme in September 2014."
To view resource tables and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-KGL-409927.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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