Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF) earlier this week provided an update on its exploration activities at the Mt York Gold Project in Western Australia.
The company said it had commenced a 10,000-metre RC and diamond drilling program targeting a 1.5-kilometre extension to its existing gold resource. The current resource stands at 1.40 million ounces across three kilometres of strike. Kairos Minerals confirmed it already has two rigs onsite and expects up to four to be active by the end of the campaign.
Managing Director Dr Peter Turner said this would be the largest drill program the company had completed on the asset. He noted that approximately 30,000 metres of drilling would have been completed over the last six months.
“The company said historical drilling has consistently led to increases in the resource estimate, and the same is expected from this program,” it stated. Results from the program are expected to be reported progressively from November through January.
Kairos Minerals said it is planning to release an updated mineral resource estimate in the first quarter of 2026.
In parallel with exploration, the company is progressing its mining lease application. It said that the mining agreement with the Nyamal Native Title group has been accepted by the group's board. A formal ratification process is now underway through a common law holders meeting, scheduled to take place in the coming week.
The company highlighted that this meeting is the final step before the grant of the mining lease and reiterated its expectation that the lease would be secured before the end of 2025.
Kairos Minerals continues to advance development at Mt York in tandem with expansion drilling, positioning the project for further resource growth and permitting progress.
Proactive: Kairos Minerals kickstarted drilling at its Mt York Gold Project in WA. And joining me today with the full rundown on this milestone is the company's managing director, Peter Turner. Dr Peter, it's good to see you again. How are you?
Peter Turner: Very well, thanks, Fouad. And good to speak with you.
Proactive: It's good to have you on board, Peter. This is quite a big stepping stone. Today we're talking about a 10,000-metre RC and diamond drilling program — all of which, of course, Peter is hoped to extend the 1.4 million ounce resource base. What can investors expect from this campaign, which will take place all throughout November?
Peter Turner: Well, certainly a lot of news flow. We're drilling. We're going to have up to four rigs drilling across this 1.5-kilometre extension of the deposit. Let’s just go back a step — this is 1.4 million ounces over three kilometres that we've drilled at the moment. We've drilled deeper on that deposit, but now we have the authority to go onto LLS ground and drill out an additional 1.5 kilometres of mineralised banded iron formation and chert rocks.
So, we've now got two rigs working. We expect another two rigs to join in that campaign. And we hope to be finished before the start of the summer. So there's a lot of work to do in the next four weeks, for sure. There's going to be plenty of results coming out through November, December and through to January as well.
Proactive: Looks like you'll be running a marathon all the way until December, Peter. Now, we're expecting an updated mineral resource estimate at the start of 2026 — in Q1, to be precise. What are we really betting on from the updated MRE?
Peter Turner: Yeah, look, it's difficult for me to say an exact number. But what we do hope, in the company, is that all the efforts — combined with the fact that we've drilled or will have drilled 30,000 metres over the entire project, including the extension — over the past six months or thereabouts. This is the largest drill program in the company’s history on this asset.
And what we do know from history is that every time we drill this asset, the resource goes up. So I think — and I’m hoping — and certainly the results that we have put out to market over the past six months would support an increase in that resource.
Proactive: Peter, things are right on track at Mt York. We've got this drilling campaign all throughout November. Now you have the mining lease application underway as well. How’s that tracking along?
Peter Turner: Extremely well. We’ve had notification from the Native Title group that we deal with — the Nyamal — that the mining agreement has been accepted by the Nyamal board, which is excellent news. And now there is a formal process to ratify that agreement with the extended traditional owners in the area. It’s called a common law holders meeting.
That meeting will be underway next week. And we should have formal notification after that. And, of course, that's the last part of the process in gaining a mining lease. So, we do hope — and as we've said in the public domain many times — that we do hope to get our mining lease granted before the end of the year. And I'd say right now, where I sit, that's on track.
Proactive: Things are certainly right on track. And we'll keep a close eye on Mt York throughout November. We'll look forward to having you on board very soon. This was Kairos Minerals managing director Peter Turner. Thank you so much.
Peter Turner: Thanks, Fouad.