KGL Resources (ASX:KGL) has updated the mineral resource estimate (MRE) for the Bellbird deposit in Australia’s Northern Territory.
Highlights:
Bellbird mineral resource estimate updated
o 14% increase in contained copper metal to 129 kt o Resource tonnes up by 16%
o Copper grade marginally lower at 1.93%
• Maiden JORC Measured Resource reported o Resource categories within open pit design – 85% Measured – 14% Indicated – 1% Inferred
• Total Jervois mineral resource now increased to o 23.80 million tonnes, containing – 481.2 Kt Copper (@ 2.02% Cu) – 19.3 Moz Silver (@ 25.3 g/t Ag) – 189.6 koz Gold (@ 0.25 g/t Au)
The Bellbird deposit, is one of the three principal mineral resources (along with Reward and Rockface) which comprise the Jervois Project mineral resources.
A 16-hole drilling programme was carried out during June 2022. Drilling was focused primarily on improving the mineral resource of the Bellbird Hanging-wall lodes and generally continued on to intersect the Main lode.
By virtue of the improved drill spacing and resultant enhanced confidence in the geological model, a significant proportion of the mineral resource is now classified as Measured.
“We completed the RC infill drilling, assaying and resource estimation programme at Bellbird in July, the aim of which was to improve the confidence in the Resource,” Executive Chairman, Denis Wood, said.
“The outcome is that there is now a contained copper Resource at Bellbird in the Measured category – the first Measured Resource for the project. This is an excellent outcome from the project and is also significant as mining in the current optimised mine plan starts with the Bellbird open cut. In fact, the Resource that is now in the Bellbird Open-cut mine plan is 85% in the Measured category.”
Copper
When compared to the most recent previous estimate (January 2022), the latest Bellbird mineral resource estimate delivers a 14% increase in contained copper metal, to 129.0 kt (from 113.4 kt), and 16% increase in resource tonnes to 6.69 Mt (from 5.76 Mt).
Copper grade is reported at 1.93% and represents a small drop from 1.97% Cu. In the current estimate, Measured Resources have been reported for the first time at Bellbird and for Jervois as a whole.
Gold and Silver
Both gold and silver grades have remained relatively steady and, by virtue of the increased tonnes, the silver and gold metal contents have each increased. Silver metal is up 18% to 2.64 Moz (from 2.24 Moz) and gold metal is up 10% to 27.5 koz (from 25.0 koz). Both silver and gold now have mineral resources classified as Measured.
Bellbird Mineral Resources Constrained by Open Pit Design
A major aim of the recent drilling and resource estimation work at Bellbird was to improve the quality (JORC classification) of the mineral resources within the proposed planned open pit design. This target was achieved with 99% of mineral resources within the current pit design classified as either Measured (85%) or Indicated (14%). The improved classification is anticipated to have significant positive impacts on the Bellbird ore reserves, which are currently being estimated.
For further information please visit: https://www.kglresources.com.au/
