KGL Resources announced results from hole KJCD556 which was drilled to test the down-dip continuation of the high-grade Rockface deposit as defined by previous down-hole electromagnetics modelling and drilling. The Rockface deposit is the highest-grade deposit at Jervois with an average grade of 3.07% Cu and represents 22% of the current total Mineral Resource Estimate. KGL has pursued a methodical approach to exploration at the Rockface deposit of drilling and DHEM since the first high-grade broad interval of copper was discovered in hole KJCD171 back in 2015.

The subsequent DHEM survey uncovered two DHEM conductors below KJCD171. The next few years repeated the process of drilling conductors followed by further DHEM surveys on each hole very successfully, as company have continued to follow the deposit down. In 2017, KGL finished outlining the current resource where the last conductor uncovered was one of the strongest and open ended at depth.

This conductor outlined in the attached long section is the bottom one on the east side. After the draft mine plan was completed in 2021,then completed the infill drilling to increase the Resource confidence by conversion of some of the inferred resource to indicated resource. Another DHEM survey was completed in 2021.

This conductor is on the west side and once again is very strong and extends to depth well below the level of previous drilling. In fact, the DHEM modelling could not define a lower boundary for the mineralisation, which remains open. KJCD556 was drilled to validate the DHEM conductor 120 metres below the two previously deepest Rockface intersections.

KJCD556 intersected the Rockface North lode in a position predicted by the DHEM modelling. The hole drilled a 12.38m zone of massive, semi-massive and stringer sulphides comprised mainly of chalcopyrite and pyrite. Assays revealed a strong copper-silver-gold intersection in KJCD556 summarised as follows: 12.38m1 @ 2.60% Cu, 23.8 g/t Ag, 0.34 g/t Au from 978.26m including 8.74m @ 3.20% Cu, 29.7 g/t Ag, 0.42 g/t Au from 978.26m including 5.75m @ 3.86% Cu, 34.4 g/t Ag, 0.51 g/t Au from 978.26m including 4.70m @ 4.26% Cu, 35.3 g/t Ag, 0.59 g/t Au from 979.41m.

Results from drillhole KJCD556 are exciting for several reasons: Exploration upside: It confirms continuity of the high-grade zone and the strong conductor continues and remains open at depth; and It continues to demonstrate the validity of DHEM as a methodology to prioritise resource drilling in multiple locations across the Jervois exploration tenements. 2023 Exploration program focus: The drilling program in 2023 will include additional exploration holes at Rockface; and As part of the broader exploration program, KGL will be prioritising the resources and reserves within the known mineral deposits and in the northern part of the Jervois tenements with an objective to expand the mine life.