Kin Mining NL (ASX:KIN) (FRA:8KM) has updated the mineral resource estimate for the Cardinia Gold Project (CGP) near Leonora, Western Australia, to 30 million tonnes at 1.28 g/t for 1.23 million ounces of contained gold, including updated estimates for Bruno-Lewis and Hobby deposits.
Notably, the updated estimate includes a 15% increase in the higher confidence measured and indicated portion of the resource to 17 million tonnes at 1.39 g/t for 762,000 ounces, reflecting a successful infill drilling program conducted in recent months.
“Strong pipeline of new prospects”
Managing director Andrew Munckton said the mineral resource estimate marked another step towards unlocking the value of the Cardinia Gold Project through ongoing programs of focused exploration and conversion of inferred mineral resources to the higher confidence and quality classifications.
“This is a very pleasing update to the CGP gold resource inventory, which reflects the success of our drilling programs in recent months.
“Importantly, in addition to delivering a 7% increase in overall contained ounces, we have been able to deliver a significant 15% increase in the higher-confidence measured and indicated ounces.
“The addition of 102,000 higher-quality ounces, together with improvements in average grade for the recently discovered south-western lodes at Bruno Lewis, is a real positive for the project – particularly as we see great potential for further growth at this cornerstone deposit.
“We also have a very strong pipeline of new prospects and further deeper drilling results from the Cardinia Hill and Eastern Corridor deposits that are yet to be fully assessed in the latest mineral resource estimate.
“These deposits are expected to be the subject of further updates in the September quarter this year.”
Bruno-Lewis and Hobby updates
Kin increased the Bruno-Lewis resource estimate by 20% to 11.5 million at 1.01 g/t gold for 274,000 ounces of contained gold based on a gold price of A$2,600/ounce.
A 69% increase was also recorded in the measured and indicated resource to 283,000 ounces.
At Hobby prospect, an updated mineral resource estimate of 0.5 million tonnes at 1.31 g/t gold for 22,000 ounces of contained gold was achieved.
Further updates to the mineral resource estimate at Cardinia Gold Project are expected in September with the inclusion of additional drilling at Cardinia Hill, which the company said had returned some "outstanding" results.