AUS
NZ
UK
CA
USA
IND
Highlights
- Hillgrove Resources (ASX:HGO) sets a new monthly copper production record at Kanmantoo mine in February.
- Significant investment in the Nugent copper deposit aims to boost production and lower costs.
- Exploration efforts intensify, revealing substantial untapped potential in the region.
Hillgrove Resources recently marked a significant milestone by producing 1,105 tonnes of copper at its Kanmantoo underground copper mine, despite the shorter 28-day month of February. This record represents the highest monthly copper production since the company commenced processing operations from its underground material in February last year. During this month, the mine processed 116,000 tonnes of ore at a grade of 1.01% copper, coupled with a 94.2% recovery rate, resulting in the record-breaking performance.
The operational excellence doesn’t stop there. Daily records for development meters and ore tonnes mined were also surpassed during this period. This performance aligns with Hillgrove's ambition to produce up to 14,000 tonnes of copper annually, with expansion plans running through to 2026.
Strategic Investments in the Nugent Deposit
To further strengthen its operational capabilities and extend production longevity, Hillgrove Resources has successfully raised $16 million. This capital infusion is directed toward the development of the Nugent copper deposit. By accelerating development efforts here, the company aims to enhance the mine’s production capacity while significantly reducing unit production costs. The introduction of a more diversified feed into the processing plant is expected to bolster overall efficiency and yield.
Exploration and Future Prospects
While Hillgrove Resources transitions from explorer to producer, it continues to value its roots in exploration. The company has outlined an exciting new exploration target of up to 40 million tonnes, with copper grading between 0.7% and 1.4%, and accompanying gold estimates of up to 0.5 grams per tonne. This new target underscores the potential of the underexplored copper province in which Kanmantoo is situated.
The strategic focus on exploration highlights the region's untapped potential, positioning Hillgrove as an attractive player amidst an Australian mining sector where scale and operational reliability are paramount. The geology supporting Kanmantoo’s expansion is attracting the attention of major industry players, suggesting a bright future for the operation.
