Kairos Minerals Ltd (ASX:KAI) has completed a heavily oversubscribed share placement to raise $1.71 million at $0.019 to explore the gold potential of its Pilbara tenement portfolio.
The funds will be used to fast-track the recently commenced review of Kairos’ extensive West, Central and East Pilbara tenement portfolio for conglomerate-hosted gold potential.
The company’s field assessment is currently underway across this extensive package.
Kairos’ tenements adjoins the large ground position held by Novo Resources (CVE:NVO), which has reported a conglomerate-hosted gold discovery at its JV project with Artemis Resources (ASX:ARV).
The Novo/Artemis discoveries, including a significant quantity of gold nuggets found at surface, are associated with a regionally extensive geological formation known as the Fortescue Group of rocks.
These new discoveries have resulted in a significant pegging rush in the area, with Novo and other companies securing tenements which traverse the Fortescue Group formation across the broader Pilbara region.
The initial results from Kairos’ initial site visit and review are expected shortly.
Incidentally, the funds will also be used to advance the next stage of gold exploration at Kairos’ Roe Hills Gold Project, which is located immediately south of the highly prospective Lake Roe gold discovery.
The Roe Hills Project is located 120 kilometres east of Kalgoorlie in Western Australia’s Eastern Goldfields and comprises an extensive tenement portfolio which is prospective for gold, nickel and cobalt discoveries.