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During the quarter, KGL Resources Limited (KGL or the Company) (ASX:KGL) (OTCMKTS:KGOLF) continued to pursue the exploration and development of the Jervois copper-silver-gold project in the Northern Territory. Intensive drilling and electromagnetic surveys produced consistently good results in an exploration program to increase and extend the total Resource.
A new high grade copper zone, East Reward, was discovered alongside Marshall-Reward deposit, the largest known ore body at Jervois.
Adding to the significance of the drilling results, EM surveys located several conductors, indicating possible extensions, including a 500-metre conductor to the north of Reward and East Reward in line with the currently defined Resources.
The Company has rescheduled the completion of the Resource update from May to August in order to include the results of the current exploration activity.
KGL completed the sale of the Murchison gold project for a total cash consideration of $15 million. The Company now has more than enough funds to complete the currently approved drilling and to complete the pre-feasibility study.
To view the complete quarterly activities and cashflow report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-KGL-405580.pdf
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