The results were from wide-spaced reconnaissance diamond drilling to test for gold mineralisation along strike below and down-plunge of the Main Hill and Breccia Hill gold deposits.
The drilling has confirmed the presence of multiple stacked lodes of gold mineralisation up to 200 metres below the known resources, demonstrating that the gold system is significantly larger than previously thought.
Three widely-spaced diamond holes returned gold assays, including:
- 7.16 metres at 1.67 g/t gold from 91.47 metres;
- 1.40 metres at 3.11 g/t gold from 220.48 metres; and
- 1.72 metres at 0.91 g/t gold from 103 metres.
This discovery highlights the potential to expand the JORC resource for the Mt. York Project currently totalling 5.7 million tonnes at 1.42 g/t gold for 258,000 ounces of contained gold.
The stacked lodes are open both up- and down-dip, and importantly remain untested near-surface within the immediate footwall to the historical open pits – providing an outstanding target for follow-up resource drilling.
Kairos has significant opportunities for resource expansion, with assays from the recent drilling awaited along with first-pass testing of several newly identified greenfields targets.
The company had a cash balance of circa $3 million as at 31 December 2016.