Kin Mining NL (ASX:KIN) has uncovered a new primary gold target for the Cardinia Project at Pegasus prospect, which is at the southern end of a large mineralised system along the Western Corridor of the WA project.
Results from broad spaced reverse circulation (RC) drilling at Pegasus were “highly encouraging” for the company, and included:
- 2 metres at 5.04 g/t gold from 22 metres and 1-metre at 17.1 g/t from 31 metres;
- 6 metres at 1.16 g/t from 16 metres and 2 metres at 12.2 g/t from 45 metres;
- 10 metres at 1.87 g/t from 8 metres; and
- 7 metres at 1.13 g/t from 46 metres.
These assays were collected from below aircore intercepts reported at Pegasus in February and correlate with historic drilling results in the area of up to 10 metres at 3.10 g/t gold from 12 metres.
“Strikingly” similar to Bruno-Lewis
“We can now confirm Pegasus as a new primary gold discovery at Cardinia, sitting at the southern end of what is emerging as a much larger mineralised system along the Western Corridor,” Kin Mining managing director Andrew Munckton said.
“RC drilling has confirmed that Pegasus contains several narrow, high-grade gold lodes associated with broader east-dipping zones of sulphide mineralisation similar to those encountered at the 374,000-ounce Bruno-Lewis deposit further north.
"The mineralisation has now been confirmed below the zone of shallow oxidation based on broad, 100-metre-spaced RC drilling.
“Pegasus appears to form part of a parallel structure adjacent to the Bruno-Lewis deposit and the mineralisation shows striking similarities to the northwest-trending Bruno lodes.
“The proximity of this mineralisation to a significant gravity low confirms that our exploration targeting methodology is working.”
Location of the Pegasus prospect over geological map. Pegasus appears parallel to the Bruno lodes further north in the Bruno-Lewis deposit, as well as mineralisation at Kyte and Lewis East.
Multiple deposits within Western Corridor
“Given the widespread nature of the ore grade intercepts and the proximity of this exciting new area to existing resources, we intend to prioritise Pegasus for deeper RC drilling that is scheduled to commence in the September quarter,” Munckton continued
“Our methodical approach means we can now target the more prospective areas of the Pegasus discovery with a clear understanding of the controls of the mineralisation in what has historically been seen as a complex area.
“The real excitement for us is that Pegasus clearly seems to form part of a larger Western Corridor mineralised system that extends from Pegasus in the south to Kyte and Bruno in the north, which collectively host resources of almost 400,000 ounces.
“Other deposits yet to be estimated in the mineral resources also form part of this system, including Lewis East, Bruno East, Kyte, Crow and Eagle.
“All of them have northeast dipping sulphide-rich high-grade lodes linked by sub-vertical sulphide-rich lodes like Lewis.”