Kin Mining NL (ASX:KIN) has received strong validation of its exploration strategy and growing inventory with prominent Asia Pacific gold producer St Barbara Ltd (ASX:SBM) (OTCMKTS:STBMY) becoming an initial substantial holder.
This status was attained on July 14 with St Barbara now holding 158,125,983 shares for a 19.785% stake after outlaying more than $25.3 million at 16 cents per share.
It follows strong newsflow from Kin in recent months that has seen the company’s market cap reach approximately $111.9 million.
Strong quarter
The company’s progress and successes at the flagship Cardinia Gold Project (CGP) in Western Australia during the June quarter were reviewed this week by managing director Andrew Munckton.
Regional exploration has been expanded at CGP; the resource has been boosted to 1.23 million ounces grading 1.28 g/t; and as of June 30, 2021, the company had $7.44 million in cash available to fund work across its flagship asset.
Munckton said: “Thanks to the successful $12.8 million capital raising, completed last quarter, Kin Mining has been able to maintain an impressive pace of exploration results and resource development activity during the June quarter – notwithstanding the capacity constraints and personnel shortages being experienced across the sector.
“We delivered a further increase in the mineral resource at the Cardinia Gold Project to 1.23 million ounces, including a 15% increase in the all-important, higher-confidence measured and indicated components to 762,000 ounces.
“This incorporated the results from earlier drilling programs at the Bruno-Lewis and Hobby deposits."
Ongoing work
He also spoke about upcoming work, saying: “We are now working towards the next resource update for the CGP scheduled for the September quarter, which will include the impressive results generated from infill and extensional drilling at our developing Cardinia Hill deposit.
“Major aircore programs also continued across the project during the quarter, targeting the next step-change in growth at the CGP.
“It’s been really pleasing to see two new areas emerge as early contenders in this regard – Eagle-Crow and Mount Flora.
“The objective of the regional program is to systematically test the wide range of exploration opportunities across the company’s broader tenement holding to determine the potential for new discoveries and emerging satellite opportunities to complement the core 1.23-million-ounce CGP."