Hillgrove Resources Limited ('Hillgrove', 'the Company') (ASX:HGO) is pleased to provide the following drilling update at its Kanmantoo Copper Mine located at Kanmantoo, 55 kilometres southeast of Adelaide in South Australia.
Diamond holes 25KVUG0527 to 25KVUG0530 represent a zone of 140 vertical metres between the 960 and 820mRL.
Commenting on the drilling results, Hillgrove CEO and Managing Director, Bob Fulker said: 'The recent drilling results further confirm the continuity and depth potential of the Nugent copper-gold mineralisation system. The results continue to be higher than the Resource grade at Nugent, which is of course one of the reasons why we are fast tracking production from Nugent. We are targeting first Nugent development ores to go through the mill in December. The intersection in 25KVUG0530 is very encouraging, as it represents the deepest mineralised zone identified to date at Nugent, approximately 45m below the closest drill hole and 270m below the Nugent Pit, reinforcing our confidence in the significant resource growth potential at Nugent and Kanmantoo. We have a significant exploration budget earmarked for CY 2025 and we look forward to reporting further exploration success as drilling continues.'
This drilling of the northeastern end of the Nugent lode has continued to identify elevated gold intersections with visible gold identified in hole 25KVUG0530, with the continued drilling demonstrating the continuity of the copper and gold mineralisation within the Nugent lode. Hole 24KVUG0527 targeted the strike extension of the zone previously identified by holes 24KVUG0476 and 24KVUG05032 with additional follow-up drilling planned for the area.
Drilling is continuing for both stope definition and Resource expansion drilling along the Nugent copper-gold mineralisation system to provide input into future planning alongside operational requirements for stope and development designs.
Contact:
Mr Bob Fulker
CEO & Managing Director
Tel: +61 (0)8 7070 1698
Mr Joe Sutanto
Chief Financial Officer & Company Secretary
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 previously reported exploration drilling results were extracted from the ASX release titled 'Quarterly Report and Appendix 5B for 31 December 2024' released on 21 January 2025, 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 announcements and that all material assumptions and technical parameters underpinning the estimates 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 announcement.
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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