{"id":6330,"date":"2024-02-26T00:43:11","date_gmt":"2024-02-26T00:43:11","guid":{"rendered":"https:\/\/economicherald.net\/?p=6330"},"modified":"2024-02-26T00:43:11","modified_gmt":"2024-02-26T00:43:11","slug":"hillgrove-resources-is-rattling-the-tin-to-carry-out-mine-expansion-drilling-at-kanmantoo","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6330","title":{"rendered":"Hillgrove Resources is rattling the tin to carry out mine expansion drilling at Kanmantoo"},"content":{"rendered":"

Following first copper production, Hillgrove has raised $10m to accelerate mine expansion and exploration drilling at Kanmantoo
\nDrilling is aimed at resource growth to increase annual production and mine life<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> Newly reinstated copper producer Hillgrove Resources has raised $10 million to accelerate mine expansion and exploration drilling at its Kanmantoo underground operation in South Australia.<\/strong><\/p>\n

Kanmantoo produced ~137,000t of copper and ~55,000oz of gold\u00a0from a series of open pits between 2010 and 2020 before the 3.6Mtpa process plant and tailings storage facility were placed on care-and-maintenance.<\/p>\n

While Hillgrove Resources (ASX:HGO)<\/strong><\/a> was aware that the mined lodes continued at depth below the open pit, it had no idea just far down they went.<\/p>\n

This prompted a modest program of initial drilling that provided the first inkling that an underground operation could be possible, a finding that quickly led to further drilling and ultimately the start of copper concentrate production<\/strong><\/a> earlier this year.<\/p>\n

Current operations are expected to deliver between 12,000t and 15,000t of copper per annum over the next four years, though a fairly large exploration target of 60-100Mt @ 0.9-1.2% and 0.1-0.2g\/t presents the opportunity for the mine life to be extended<\/strong><\/a>.<\/p>\n

Additionally, just 40% of the plant\u2019s capacity is being used, meaning that an increase in mine throughput and copper production is entirely possible, which would deliver a substantial uplift to free cashflow.<\/p>\n

\u00a0<\/p>\n

Capital raising to grow resources and production<\/strong><\/h2>\n

HGO has now raised $10 million through a placement of shares priced at 6c each \u2013 a 10.4% discount to the last traded price.<\/p>\n

Institutional and sophisticated investors have already committed to subscribing for $8 million worth of shares, while the remaining $2 million will be placed with Freepoint, HGO\u2019s major shareholder.<\/p>\n

Further drilling is expected to deliver significant growth in the project\u2019s scale as Kanmantoo is currently limited by the extent of drilling, with all on-lease mineral zones remaining open down dip and along strike.<\/p>\n

Initial targets are expected to include the Kavanagh, Spitfire, Emily Star and Paringa lodes, though future work is likely to test the large Kanmantoo Deeps<\/strong><\/a> target that could be a real gamechanger if it is proven to be a repeat of the main project.<\/p>\n

HGO managing director Lachlan Wallace said the company was seeking to accelerate exploration over a number of \u201cexciting\u201d targets.<\/p>\n

\u201cWe have seen extraordinary success in our exploration efforts with 139 holes drilled for 163 significant intercepts of copper and gold,\u201d he says.<\/p>\n

\u201cKanmantoo is a predictable and structurally controlled system and as we drill more, we find more copper. We look forward to accelerating the drilling, with a view to growing the resource and mine life, and increasing annual copper production.\u201d<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Hillgrove Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Hillgrove Resources is rattling the tin to carry out mine expansion drilling at Kanmantoo<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Following first copper production, Hillgrove has raised $10m to accelerate mine expansion and exploration drilling at Kanmantoo Drilling is aimed at resource growth to increase [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6331,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nHillgrove Resources is rattling the tin to carry out mine expansion drilling at Kanmantoo - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=6330\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hillgrove Resources is rattling the tin to carry out mine expansion drilling at Kanmantoo - 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