Kin Mining NL (ASX:KIN) has laid the foundations over the past 12 months for its transition from explorer to developer at the Cardinia Gold Project (CGP), with the expected delivery of mineral resource updates set for FY2022.
In its latest annual report, chairman Joe Graziano said much of Kin’s success could be attributed to the “back-to-basics” exploration philosophy which has seen its geology team undertake some "outstanding work".
Ongoing drilling to deliver new near-mine and regional discoveries in the Leonora district will further underpin the company’s transition to developer and ultimately, gold producer.
The Cardinia Gold Project and surrounding deposits and gold mining operations.
While there have been exploration challenges with the recent surge in activity across the WA resources sector, Graziano said the Kin team had been able to maintain almost continuous drilling across the 2021 financial year.
“A highly successful $12.8 million capital raising was completed in the early part of this calendar year through a strongly-supported placement and share purchase plan.
“This enabled us to push ahead seamlessly with the completion of the phase-3 drilling and the start of our phase-4 exploration program.
“Phase-4 is designed to deliver further upgrades to mineral resources at the high-priority Cardinia Hill and Bruno-Lewis deposits while also systematically testing a number of emerging high-grade discoveries at Eagle/Crow, several targets along the Eastern Corridor and at emerging regional prospects such as Iron King, and the exciting Mt Flora satellite discovery 20 kilometres east of Cardinia.”
Kin Mining’s regional project areas close to Leonora, Western Australia.
As a result of the exploration programs in the first half of the year, the company is expected to announce a further mineral resource update in September.
The CGP mineral resource estimate increased by 30% over the course of FY2021, with the latest update in May 2021 totalling 30 million tonnes at 1.28 g/t for 1.23 million ounces of contained gold.
“We believe that high-quality resource inventory, located in the heart of the tier-1 Leonora-Laverton region – together with the untapped exploration upside within our large 657 square kilometres strategic ground-holding – will ultimately be the key drivers of value for our shareholders.
“In this regard, in July we welcomed ASX-200 listed gold miner, St Barbara Limited as a significant shareholder with a 19.79% holding, acquired from one of our founding shareholders, Harmanis Holdings.”
He said the company continued to see other surrounding ore processing operations within its area and remained focused on the best commercial outcome for all involved.
Kin has just embarked on its phase-5 drilling program at the CGP and has lodged applications for mining approvals for its first open pit development at the site - demonstrating its move towards a position of operational readiness.