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KGL Resources (ASX:KGL) share price rockets 34% on copper update

The mineral exploration company had another rocking day today.
The post KGL Resources (ASX:KGL) share price rockets 34% on copper update appeared first on The Motley Fool Australia. –

The KGL Resources Ltd (ASX: KGL) share price soared 34% after the company revealed record copper results.

Shares in the mineral exploration company were swapping hands at 64.5 cents at market close, up 34.38%.

KGL Resources is focused on exploring and developing the Jervois Base Metal Project in the Northern Territory.

Record results

In today’s announcement, KGL Resources reported a mammoth assay of 61.4% copper within the Rockface diamond drill hole located at the Jervois project.

The miner said this percentage was within an intercept of 20.5% copper and 302 grams per tonne of silver across 4.21 metres.

The company also revealed it has discovered two new massive sulphide deposits.

In total, six drill intercepts have been found to contain massive sulphides across a distance of more than 160m. Mass sulphides are discoveries that could be rich in metal including copper.

As previously reported by Motley Fool Australia, the KGL Resources share price soared to a 5-month high in November on the back of initial assay results from the Rockface drill hole.

The company will continue drilling at Rockface and assessing the results.

Management comment

Commenting on the copper update, KGL managing director Simon Finnis said:

The new record copper assay from hole D6 at Rockface is extraordinary. Mineralogically, it represents 97% pure bornite and confirms the previous visual estimate.

More importantly, together with previous results and the new visual mineral intersections announced here, they demonstrate that the high-grade shoot of massive sulphides has significant dimensions and grades that bode
well for the future.

SKGL Resources share price snapshot

In the past 12 months, the KGL share price has soared more than 124%. The company’s share price reached a 52-week high of 84.5 cents in April. The yearly low was 25 cents in December last year.

KGL Resources commands a market capitalisation of roughly $253 million at the time of writing.

The post KGL Resources (ASX:KGL) share price rockets 34% on copper update appeared first on The Motley Fool Australia.

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More reading

Why is the KGL (ASX:KGL) share price up over 14% today?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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