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Kin Mining raising $11.3 million as drilling in Leonora continues to deliver high-grade gold

Published: 13:00 30 May 2018 AEST

AUSTRALIAN CURRENCY
Next phase of drilling is currently being planned

Kin Mining NL (ASX:KIN) is undertaking a fully underwritten share placement and entitlement offer at 11 cents per share to raise about $11.3 million.

The funds will primarily be used undertake exploration programs to expand the Leonora Gold Project resource ($3.8 million) and to repay the Sprott facility ($6.7 million).

The Leonora Gold Project already contains a resource of more than 1 million ounces of gold, located within the highly endowed and operationally active Leonora gold region in Western Australia.

Leonora Gold Project hosts the Mertondale, Cardinia and Raeside Gold deposits

Intersecting consistent, high grade gold mineralisation

Kin’s drilling is continuing to deliver high-grade results at the project, including:

• 10 metres at 3.27 g/t gold from 86 metres;
• 18 metres at 3.08 g/t gold from 90 metres;
• 5 metres at 2.95 g/t gold from 75 metres; and
• 3 metres at 3.56 g/t gold from 80 metres.

Kin chief executive officer Andrew Munckton said: “The consistent, high-grade zone quickly shaping up between and below the planned open pits at Helens, is an exciting development for the Leonora Gold Project.

“The potential to extend the existing resources into the fresh rock has positive implications for future mine planning and project economics.”

READ: Kin Mining extends gold mineralisation with drilling at Helens deposit

Munckton added: “Our next phase of drilling at Helens is currently being planned and we expect further results from this area early in the September quarter.

“The other areas of the project, including Mertondale and Bruno-Lewis also hold deeper drilling potential which will be further assessed as drilling results come to hand.”

Kin Mining sees consistently strong drill results from Eastern Corridor

Kin Mining NL (ASX:KIN) managing director Andrew Munckton tells Proactive significant assay results have been received from the next four lines of extensional aircore drilling between Cardinia Hill and Collymore within the Eastern Corridor at Cardinia Gold Project. He says the strong results...

on 13/6/23