KGL Resources announced an update of the mineral resource estimate for the Bellbird deposit. The Bellbird deposit hosts one of the three principal mineral resources which comprise the Jervois Copper Project and has been subject to a significant program of resource-growth drilling during 2021. This Bellbird update follows the updated mineral resource estimate update for Reward that was announced on 10th January 2022.

The Rockface mineral resource estimate is underway, and these three (3) resource models will form the basis for feasibility study optimised mine designs. The mineral resource estimate was completed by experienced and independent consultants, Mining Associates Pty Ltd, and their summary report is included as part of this announcement. The mineral resource estimate incorporated the results from drilling during 2021, along with drilling results from previous years.

The estimate is reported according to the JORC (2012) guidelines. When compared to the most recent previous estimate (2020), the Bellbird mineral resource estimate delivers a 10% increase in contained copper metal, to 113.4 kt (from 103.1 kt), and 28% increase in resource tonnes to 5.76 Mt (from 4.49 Mt), in the indicated and inferred categories. Copper grade is reported at 1.97% and represents a drop of 14% (from 2.30% Cu).

The main reason for the drop in grade was the inclusion of more mineralised material at, or marginally below the cut-off grade, to improve the continuity of the interpreted lodes. Table 1 below presents the latest mineral resource parameters and Figure 1 show the progression of copper results from the past four Bellbird mineral resource estimates. Both gold and silver grades have dropped slightly, but the mineral resource estimates show increased metal contents, in each precious metal, from the 2020 resource estimate to now.

Figure 2 shows the progression of silver metal content and grade for the most recent three mineral resource estimates and Figure 3, similarly, for gold.