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.
Highlights:
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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