Kin Mining NL (ASX:KIN) has revealed positive results from drilling at the Helens Prospect, part of its Cardinia Gold Project in the Eastern Goldfields of Western Australia.
The Helens drilling program is focused on understanding the primary gold mineralisation below the Helens Main and Helens South open pits.
READ: Kin Mining extends gold mineralisation with drilling at Helens deposit
Kin has intersected consistent, primary mineralisation at Helens Main including:
• 9 metres at 1.7 g/t gold from 81 metres and 10 metres at 2.2 g/t gold from 122 metres; and
• 8 metres at 1.8 g/t gold from 154 metres.
High grade oxide and primary mineralisation intersected at Helens South include:
• 5 metres at 15.9 g/t gold from surface; and
• 8 metres at 3.9 g/t gold from 71 metres.
The Helens drilling program consists of 17,500 metres of drilling in three stages. Stage 1 drilling is due for completion by mid-July, with 7,276 metres completed to date.
Feeding into an updated resource estimate
Significantly, mineralisation has been encountered over 1,500 metres of strike length down to a maximum vertical depth of 140 metres below surface.
The new geological interpretation unfolding with the stage 1 drilling will feed into an updated resource expected to be completed by late August or early September dependent upon drilling progress.
READ: Kin Mining raising $11.3 million as drilling in Leonora continues to deliver high-grade gold
The company’s rights issue (one new share for every three shares held) at an issue price of 11 cents per new share closed on 26 June 2018.
The rights issue is fully underwritten by Euroz Securities Ltd who are presently managing the shortfall in accordance with the underwriting agreement.
Upon completion of the rights Issue, the total funds raised will be about $8.9 million.