Hillgrove Resources (ASX:HGO) reported an increase, post depletion, in its mineral resource estimate and ore reserve estimate at the Kanmantoo copper mine in South Australia, according to a Thursday Australian bourse filing.
It reported a 43% increase in reserve tonnes and 33% increase in contained copper metal year-over-year in its ore reserve estimate. The updated estimate came in at 4 million tonnes at 0.85% grade of copper and 0.22 grams per tonne grade of gold, containing 34,000 tonnes of copper and 29,000 ounces of gold.
The mineral resource update showed a 14% year-over-year increase in total tonnes as well as a 46% growth in total contained gold. It clocked in at 22 million tonnes at 0.74% grade of copper and 0.17 g/t grade of gold, containing 160,000 tonnes of copper and 120,000 ounces of gold.
The updates reflect the impact of ongoing grade control, resource definition, and exploration drilling, partially offset by mining depletion from the Kanmantoo underground operation, per the filing.