Hillgrove Resources Limited ('Hillgrove', 'the Company') (ASX:HGO) is pleased to provide the following drilling update on the drilling completed from the 750 Diamond Drill Site at its Kanmantoo Copper Mine located at Kanmantoo.
The 750 Diamond Drill Site is the deepest underground drill site and is focused on testing the Kavanagh Mineralisation System. Drilling at the 750 Diamond Drill Site commenced in April, with mobilisation of the third underground diamond drill rig.
Hole 25KVUG0597 extends the Kavanagh West mineralisation to the 590m RL. Although these are narrow intercepts, this provides confidence of the continued plunge of the Kavanagh West mineralisation and provides additional targets for drilling the southern extent of the Kavanagh system. The high grade intersection of 13m @ 2.24% Cu & 0.13g/t Au (uncut) from 109m downhole in 25KVUG0607 supports the existing mineral resource estimation however the deeper low grade mineralisation within 25KVUG0607 illustrates the geometry of the adjacent Kavanagh lodes to the north of existing drilling. Current results are consistent with the existing interpretation of the Kavanagh Mineralisation where mineralisation occurs within the structural corridor and is observed to pinch and swell based on the available pathways for mineralising fluids within the corridor. This early drilling reported in holes 25KVUG0597, 25KVUG0601, 25KVUG0603, 25KVUG0605 and 25KVUG0607 from the 750 Diamond Drill Site has continued to identify the Kavanagh lode geometry assisting to interpret the lode plunge and internal geometries. This additional information is then used in the design of future drilling from this site. Drilling is planned to continue from the 750 Diamond Drill Site for the coming months. Drilling throughout the Kanmantoo System is ongoing for both stope definition and Resource expansion drilling for the copper-gold mineralisation system with the information continuing to provide input into future planning alongside operational requirements for stope and development designs.
Commenting on the drilling results, Hillgrove CEO and Managing Director, Bob Fulker said: 'We are still in the early stages of the drilling program at the Kavanagh 750 Diamond Drill Site, but I'm encouraged by the results so far. These are the first holes drilled in this area since underground development began, and they not only reaffirm our confidence in the existing Resource but also include several intersections with grades exceeding the current average in the published Mineral Resource Estimate. One particularly positive result comes from hole 25KVUG0597, which intersected mineralisation approximately 200 metres below the current Kavanagh West stoping horizon on the 785 Level. Although the intersection is narrow, it represents the deepest mineralised hit recorded at Kavanagh West to date. This opens up a new vertical extension target with the potential to expand the Mineral Resource Estimate if this trend continues. Drilling will continue at this site over the coming months, and we see strong potential to grow our Resource base and enhance the long-term outlook at Kanmantoo. We look forward to updating the market as further results from this extensive exploration program become available.'
Authorised for release by the Board of Hillgrove Resources Limited. For more information contact: Mr Bob Fulker CEO & Managing Director Tel: +61 (0)8 7070 1698 Mr Luke Anderson Chief Financial Officer Tel: +61 (0)8 7070 1698
Competent Person's Statement
The information in this release that relates to the Exploration Results is based upon information compiled by Caitlin Rowett, who is a Member of The Australasian Institute of Mining and Metallurgy. Caitlin Rowett is a full-time employee and holds equity in Hillgrove Resources Limited and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code)'. Caitlin Rowett has consented to the inclusion in the release of the matters based on their information in the form and context in which it appears. The information in this report that relates to the 2024 Kanmantoo Mineral Resource Estimate is extracted from ASX release titled 'Maiden Kanmantoo Underground Ore Reserve and 96% Increase in Copper Mineral Resource Endowment' dated 18 October 2024 and is available to view at www.hillgroveresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Forward Looking Statement
This Report contains or may contain certain forward-looking statements and comments about future events, that are based on Hillgrove's beliefs, assumptions and expectations and on information currently available to management as at the date of this presentation. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'plan', 'believes', 'estimate', 'anticipate', 'outlook', and 'guidance', or similar expressions, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and production potential, financial forecasts, product quality estimates of future Mineral Resources and Ore Reserves. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance achievements to differ materially from those expressed or implied in this announcement. Where Hillgrove expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Hillgrove that the matters stated in this presentation will in fact be achieved or prove to be correct. Except as required by law, Hillgrove undertakes no obligation to provide any additional or updated information or update any forward-looking statements whether on a result of new information, future events, results or otherwise. Readers are cautioned against placing undue reliance on forward-looking statements. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Hillgrove, the directors, and management of Hillgrove. These factors include, but are not limited to difficulties in forecasting expected production quantities, the potential that any of Hillgrove's projects may experience technical, geological, metallurgical and mechanical problems, changes in market prices and other risks not anticipated by Hillgrove, changes in exchange rate assumptions, changes in product pricing assumptions, major changes in mine plans and/or resources, changes in equipment life or capability, emergence of previously underestimated technical challenges, increased costs, and demand for production inputs.
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