Thursday, August 23, 2012

Hillgrove Resources quarterly report

Hillgrove Resources Limited (ASX:HGO) has released its second quarter activities and cashflow report for the period ended 31 July 2012.

Kanmantoo Copper Mine, South Australia
  • Crushing circuit and ore processing plant meet targeted throughput rates with both performing at or above expectations.
  • Mining operations continue to increase capacity and meet mill feed requirements in addition to opening up additional pits with pre-stripping in the Kavanagh and Emily pits.
  • Improvements to mill feed grade compared to previous quarters.
  • 30% increase in copper production on previous quarter.
  • Further positive drilling results from the exploration program continue to indicate resource extension.
IndonesiaSumba Island Project
  • A new gold discovery made by Hillgrove Resources at Kairipi prospect, Sumba. Significant gold intersections continuing from drilling.
  • Shallow scout drilling has delineated significant epithermal gold mineralisation across the prospect.
  • Better drill intercepts include:
    • MADDKP028: 7.95m @ 3.69 g/t Au from 5.9m
    • MADDKP047: 22.6m @ 3.98 g/t Au from 0m
    • MADDKP048: 7.25m @ 5.04 g/t Au from 0m
Bird's Head Project
  • Strong molybdenum copper intersections at West Delta prospect.
  • Initial deep diamond drilling of West Delta confirms porphyry-related molybdebum-copper mineralisation with molybdenite, chalcopyrite and bornite observed in core.
  • Mineralisation interpreted as halo to a nearby but as-yet undiscovered porphyry unit.
Corporate Activity
  • Unconditional Placement raised AUD10 million in July 2012.
  • Share Purchase Plan launched 19 July 2012.
  • Extraordinary General Meeting notice mailed to shareholders on 24 July 2012.

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