Quarterly Activities and Cashflow Report - Sept 2014
Brisbane, Nov 3, 2014 AEST (ABN Newswire) - During the quarter, KGL Resources Limited (
ASX:KGL) (KGL or the Company) reported very high grade near surface intersections from drilling at the Jervois Copper-Silver-Gold Project in the Northern Territory.
The drill results strengthened planning for initial high grade open pit development.
The Company announced an increase in the overall Resource at Jervois improving the basis for a sustained multi-metal mining operation. There was an 85% increase in the Resource to 25.3 million tonnes, a 64% increase in contained copper to 280,000 tonnes with an additional exploration target of 50,000 to 150,000 tonnes*, and a 150% increase in contained lead/zinc to 120,000 tonnes.
Illustrating the size of the mineralised system at Jervois and the potential for further significant extensions to the global Resource, the Company announced in October 2014 that the first deep diamond hole drilled at Jervois had intersected copper sulphide mineralisation 300 metres below the base of the Resource at Reward.
The pre-feasibility study currently under way is scheduled for completion in the current quarter.
The Company maintains a strong cash position of $12.8m.
To view the quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-KGL-414341.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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