KGL Resources has announced a 26.4% increase in underground mineral resources at its Jervois copper project in Australia, following the completion of its 2024 underground drilling programme.
This growth enhances the project’s overall mineral resource estimate (MRE) and extends its mine life, which the company anticipates will further support the project economics.
The updated underground resource has increased by 4.1Mt. This expansion has resulted in significant gains in contained metals, with copper rising by 42.7kt, silver by 2.8Moz, and gold by 22.4koz.
In addition, the Jervois mineral resource has grown from 23.37Mt to 27.45Mt, an increase of 17.4% higher than the May 2024 estimate. However, the copper grade has slightly reduced from 2.02% to 1.87%.
Total contained copper now stands at 513kt, while contained silver and gold have reached 22.4Moz and 215koz, marking increases of 14.7% and 11.3%, respectively.
KGL Resources said that the 2024 drilling programme was completed ahead of schedule, which included 75 drill holes totalling 23,037m.
The company plans to extend its exploration efforts through the remainder of 2024, targeting additional near-surface resources with results expected in early 2025.
Simultaneously, KGL Resources is conducting a comprehensive review of the Jervois mineral system to refine exploration plans for the next year.
Progress has also been made on the feasibility study update for the Jervois copper project. Separate Tier 1 contractors have reviewed and updated key areas, including open-cut and underground mine designs, along with scheduling and civil works.
An independent technical expert (ITE) review will also be conducted before finalising the updated feasibility study.
KGL Resources CEO Philip Condon said: “KGL’s exploration team has conducted a successful 2024 exploration program and we are pleased to provide an updated mineral resource estimate that incorporates the results of this work.
“The program has helped add 4.1Mt to the underground resource, and increase the contained copper at the project to over half a million tonnes, representing a major milestone in the development of the Jervois Project.”
Located in the Northern Territory, the Jervois copper project was acquired by KGL Resources in 2011. The environmental approval for the project was recommended in October 2019, followed by the mining management plan approval in January 2021.
