Kin Mining NL (ASX:KIN) continued to make significant progress during the December quarter with its exploration-driven strategy aimed at growing the resource inventory and making new discoveries at the Cardinia Gold Project (CGP) in Western Australia.
Key highlights included high-grade air-core results from the emerging Pegasus prospect adjacent to the cornerstone Bruno-Lewis deposit and significant new results from the satellite Mt Flora Project, 20 kilometres from the CGP.
The company’s ongoing exploration programs are underpinned by a well-supported $7 million entitlement offer completed during the reporting period.
“Busy and productive end to the 2021 calendar year”
Kin managing director Andrew Munckton said: “We’ve had a busy and productive end to the 2021 calendar year, with air-core drilling at the Pegasus target showing plenty of encouragement for the discovery of a significant new deposit within the Cardinia Gold Project area, while our first diamond hole at the Mt Flora Project has extended the high-grade mineralisation at depth.
“At Pegasus, air-core drilling has outlined a substantial mineralised position on the eastern side of the gravity low identified from geophysical data.
“The eastern margin of this anomaly has returned a number of shallow, ore grade intercepts over a zone extending at least 800m in length and up to 100m width. The results reported during the December Quarter support historical results returned from the nearby Pride of the North area, indicating the potential for a significant mineralised system.
“Pegasus is located immediately adjacent to our 374,000-ounce Bruno-Lewis deposit, putting the discovery right in the heart of the CGP project area and indicating yet again how underexplored many sections of the project area remain.
“Enormously encouraging” results from Mt Flora Project
“Further afield, we have also seen enormously encouraging results from the Mt Flora Project, located 20km east of the CPG, where our first deep diamond hole has confirmed the high-grade mineralisation seen in initial air-core drilling continues at depth.
“Mineralisation within the Eastern Zone at Mt Flora has now been extended to 150m vertical depth, with a new zone of mineralisation identified that indicates the potential for multiple parallel lodes.
“A program of follow-up Reverse Circulation drilling has since been completed at Mt Flora, with assays awaited.
Well-funded
“On the corporate front, we completed a well-supported Entitlement Offer during the Quarter, which raised approximately $7 million. I would like to thank all the shareholders who participated in this capital raising for their ongoing support.
“Subsequent to Quarter-end, we were also pleased to secure an Earn-in and Joint Venture agreement with Golden Mile Resources over 120km2 of exploration tenure within the Leonora district. The JV ground comprises contiguous tenements that sit adjacent to the CGP, as well as regional exploration ground that includes a number of exploration targets to further expand our growth pipeline.
“The new tenements sit on the same geological structures that host many of our existing deposits at the CGP, providing an exciting opportunity for our team to apply the significant local expertise they have built up at the CGP to this new ground.”