Kin Mining NL (ASX:KIN) has found another gold deposit described as “significant” at Mount Flora, 20 kilometres east of its flagship Cardinia Gold Project (CGP).
The company has revealed “outstanding” 4-metre composite assay results from follow up aircore (AC) drilling at Mount Flora after earlier AC drilling returned up to 22 metres at 8.96 g/t gold.
Highlights include:
- 8 metres at 3.75 g/t gold from 32 metres; and
- 16 metres at 1.16 g/t from 24 metres.
Mount Flora potential
Kin managing director Andrew Munckton said results from the Mount Flora prospect were a pleasant and exciting surprise.
“Mount Flora formed part of the original Kin Mining IPO but has had relatively little exploration attention until recently when the regional exploration program commenced,” he said.
“This program is targeting potential satellite discoveries which can be complementary to our central Cardinia asset.”
“While still early days, it has all the hallmarks of a significant new discovery which is quite different to what we’ve seen in the Cardinia area before.
“The aircore drilling has so far outlined a substantial mineralised position in the eastern side of our tenure and an additional smaller zone in the north-west.”
Detailed aircore results
In addition to the 8 metres at 3.75 g/t and 16 metres at 1.16 g/t intersections, Kin also struck:
- 4 metres at 4.34 g/t from 12 metres; and
- 4 metres at 1.30 g/t from 24 metres.
There were additional high-grade, bottom-of-hole samples of:
- 1-metre at 5.39 g/t from 76 metres; and
- 2 metres at 1.72 g/t from 20 metres.
The eastern zone contains a continuous mineralised zone outlined over an area 700 metres long and up to 150 metres wide containing numerous ore grade drilling results coincident with shallow east-dipping quartz sulphide mineralisation in mafic rocks.
Northwest zone contains semi-continuous mineralised zone outlined over an area 400 metres long and up to 80 metres wide containing several ore-grade drilling results.
“The eastern zone has been intersected on all eight lines of 100-metre spaced drilling returned to date and remains open to the north and east – suggesting that this is shaping up as a potential discovery of considerable scale and potential for Kin,” Munckton said.
“Given the widespread nature of the ore grade intercepts we have seen, we will now move to a broad-spaced reverse circulation (RC) and diamond drilling program at Mt Flora as a priority.
“We will be pushing hard to get the first deeper drilling into this area as quickly as possible while we wait for the remaining assays to confirm potential extensions to the eastern mineralisation and the other complementary zones.”
Next steps
Mount Flora was identified as a satellite target after regional, wide-spaced auger sampling undertaken in late 2020; RC and diamond drilling will now follow, hopefully by early October.
Kin is also awaiting results for a further 215 holes over six lines of drilling to test potential extensions of the mineralisation below gold-in-soil anomalies over a strike length of 1.6 kilometres.
The CGP has a 1.23-million-ounce gold resource defined in both oxide and deeper primary mineralisation with considerable potential to grow the resource with further drilling.
Kin shares are up 8.33% to 13 cents.
- Daniel Paproth