Kin Mining NL (ASX:KIN) has revealed new assay results of up to 2.9 g/t in recent aircore (AC) drilling at Iron King prospect, a potential satellite project to the flagship Cardinia Gold Project (CGP) in Western Australia.
Drilling at the Axford and Iron King West lines of mineralisation has confirmed the potential of Iron King, 45 kilometres north of Leonora, to emerge as a potentially significant new discovery.
The company plans to follow up as part of its growing pipeline of regional exploration priorities across its 100%-owned CGP.
Initial broad-spaced reverse circulation (RC) drilling at Axford and along strike of the main Iron King open pit mine is planned to commence in the current quarter.
Further encouraging results
Kin Mining managing director Andrew Munckton said: “These are further encouraging results for this early stage of exploration and confirm that we have intersected extensions to historical RAB and RC drilling intercepts and confirmed a parallel zone of mineralisation at Axford, upgrading the potential of this target as a focus for follow-up exploration this year.
“We are looking forward to confirming the Axford mineralisation and the extensions to the Iron King West mineralisation by undertaking initial RC drilling at both prospects.
“We plan to commence this RC drilling in the December 2021 quarter, given the significant number of other exploration priorities we need to attend to at Cardinia and Mt Flora.
"We expect to report a significant number of assays from AC drilling programs at new targets generated by the comprehensive gravity survey at Cardinia in the coming weeks as we progressively receive results from drilling completed in August and September.”
Results
The results confirm the continuity of mineralisation in AC drilling over a distance of 800 metres at Axford and 500 metres at Iron King, with mineralisation identified along strike from limited historical drilling.
Ore-grade gold mineralisation in the near-surface environment is present above a zone of quartz vein-hosted mineralisation.
Iron King West drill highlights include:
- 4 metres at 2.93 g/t gold from 0 metres and 4 metres at 1.18 g/t from 20 metres; and
- 4 metres at 1.18 g/t from 8 metres.
Axford highlights:
- 4 metres at 1.01 g/t from 12 metres;
- 2 metres at 0.96 g/t from 44 metres to BoH; and
- 4 metres at 1.05 g/t from 12 metres.
Shares have been as much as 8% higher in the first hour to 13.5 cents while the company's market cap before opening had reached triple figures at approximately $100 million.