KBL Mining to find its thrill on Mineral Hill
Promising gold play KBL Mining (ASX:KBL) will start drilling at Mineral Hill in NSW at the end of August – hoping to find what others have ignored.
It told its shareholders today that it would start drilling at the prospective Pearse corridor – initially through RAB drilling.
Drilling in the past has found deposits in this corridor based on soil anomalies, and further drilling leading to the discovery of the deposits.
There has been little to no exploration done between the known deposits at the project, however, KBL said.
KBL will start with the RAB dirlling, which will drill into bedrock at the area with the aim of finding ‘pathfinder’ elements.
Should these elements be found, KBL will peg areas for future reverse circulation drilling.
The Pearse North deposit has a combined proven and probable ore reserve of 179,000 tonnes at 2.5 grams per tonne gold, and 21g/t silver.
Investors should note that mineral exploration is inherently risky and there is no guarantee of success – see a professional before deciding whether or not to invest in KBL.
About KBL and Mineral Hill
KBL’s flagship project in the Mineral Hill project in the centre of NSW.
The project includes several deposits, including the Pearse which is producing, and the Pearse North deposit which is next on the slate for development.
Prospective targets include the Jack’s Hut, and the A,B, G, and H lodes within the Southern Ore Zone.
During the first quarter of 2016, KBL’s Mineral Hill operation produced 9,209oz of gold and 111,826oz of silver, with gold production up 95% and silver 226% from the previous quarter.
KBL’s deposits and targets are all within close proximity to the company’s 100% owned CIL and floatation production plant which has recently received over $30 million worth of upgrades, allowing it to process various ore types and improve recovery rates by over 50%.