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Kin Mining makes gold discovery at Comedy King, shares jump

Assays from the Comedy King prospect feature 12 metres at 14.9 g/t gold from 4 metres.

Kin Mining NL - Kin Mining makes gold discovery at Comedy King
A follow-up drilling program will be planned after results are evaluated

Kin Mining NL (ASX:KIN) has received assays results from drilling at its Comedy King and Snowden Well prospects within its flagship Cardinia Gold Project in Western Australia.

Notably, both prospects are within five kilometres of the processing plant site at Cardinia.

Results from Comedy King featured 12 metres at 14.9 g/t gold from 4 metres, 20 metres at 2.3 g/t gold from 0 metres and 4 metres at 8.3 g/t gold from 20 metres to the end-of-hole.

These results from Comedy King are indicative of a significant mineralised system.

Gold was also intersected at Snowden Well with results including 1-metre at 3.93 g/t gold from 38 metres and 3 metres at 1.70 g/t gold from 39 metres.

More results expected mid-February

Results are part of a drilling program completed in December comprising 7,881 metres aircore drilling and 880 metres reverse circulation (RC) drilling across six key target areas.

Further results are expected by mid to late February from the Lewis East and Lewis West prospects as well as single metre splits of wide zones of new mineralisation at Cardinia Hill, Lewis East, Black Chief and Comedy King.

Investors responded positively to the news with shares up almost 39% to an intra-day high of 4.3 cents.

Kin’s managing director Andrew Munckton said: “The 2019 aircore drilling program completed in December has been a particularly successful campaign which has confirmed our belief that the Cardinia area holds substantial zones of high-grade mineralisation in addition to the Mineral Resources that have previously been defined.

“The exploration team have made significant new discoveries at Cardinia Hill, Lewis East and now, Comedy King.

“These latest results confirm the presence of high grade, epithermal vein style mineralisation within broader zones of lower grade mineralisation and alteration at Comedy King.

“The Snowden Well RC results also show a strike continuous zone of narrow, ore grade mineralisation consistent with the Chert unit(s) mapped at surface that returned high-grade rock chip results.

Exploration aims to grow resources to enhance the mine plan

“The results to date are indicative of a large mineralised system at Cardinia and support our exploration objective of identifying new zones of mineralisation with potential to enhance the current CGP mine plan as outlined in the pre-feasibility study completed in mid-2019.

“Cardinia Hill, Comedy King and Lewis East appear to be large scale zones of mineralisation which remain open and warrant follow-up drilling, expected later in the current March quarter 2020.

“The close proximity to the processing plant site only serves to further enhance the results. We look forward to reporting the remainder of the initial assay results in February 2020.”

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Price: 0.049 AUD

Market: ASX
Market Cap: $27.98 m

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on 20/2/19

3 min read