Hillgrove Resources Reports Progress in Kanmantoo Project in Q4 2023

Significant Developments and Copper Production Forecast

Hillgrove Resources has reported substantial advancements in its Kanmantoo project, according to its latest quarterly report for the period ending December 31, 2023.

Key Milestones at Kanmantoo

• Infrastructure Development: The installation of primary ventilation and establishment of a secondary egress route were completed.
• Operational Readiness: The pit has been dewatered below the initial stope horizon, marking the commencement of stoping activities.
• Logistical Arrangements: Rotatable containers were delivered to Port Adelaide, and a contract for bulk haulage has been executed.
• Plant Commissioning: The dry circuit in the processing plant is now commissioned.

Copper Production Timeline

• The company remains on track to commence its first copper production in early 2024.

Drilling Results and Mineral Zones Confirmation

• Kavanagh and Spitfire Drilling: Infill and extensional underground drilling at Kavanagh and Spitfire confirmed several high-grade mineral zones. Notable results include:
  • 36.6m at 3.35% Cu from 43m downhole in East Kavanagh, including a segment with 2.1m at 24.76% Cu.
  • 40m at 1.27% Cu from 91m downhole in Central Kavanagh.
  • 33.23m at 1.46% Cu from 42m downhole in East Kavanagh.
• These findings align with previously reported exploration drilling results for these zones.

Discovery and Exploration Target Revision

• New Discovery Near Kanmantoo: A highly conductive zone, indicating low resistivity, was identified north of the existing underground mine development at Kanmantoo.
• Revised Exploration Target: Incorporating this new discovery, the total Kanmantoo Exploration Target is now estimated to be between 60 and 100 million tonnes, targeting grades of 0.9% to 1.2% Cu and 0.1 g/t to 0.2 g/t Au. However, it is important to note that this Exploration Target is conceptual and requires further exploration to define a Mineral Resource.