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Kin Mining raises $2.64 million, drilling underway

The funding will support up to 22,000 metres of aircore drilling underway at the flagship Cardinia Gold Project in Western Australia.

Kin Mining NL - Kin Mining raises $2.64 million, drilling underway
The capital raising received strong support from Kin’s four existing major shareholders

Kin Mining NL (ASX:KIN) has raised $2.64 million through a share placement to sophisticated investors priced at 4.5 cents.

Funding will be directed towards an accelerated Phase II drilling program underway at the Cardinia Gold Project to follow-up recent new discoveries.

A 22,000-metre aircore drilling program has recommenced at Cardinia Hill to extend the recent new discovery and will continue on to the Comedy Kind and Lewis East prospects.

Furthermore, a 5,000-metre RC program will commence later this month targeting the Cardinia Hill, Comedy King, Lewis East and Black Chief prospects.

Funds to keep up exploration momentum

Kin’s managing director Andrew Munckton said: “The board determined the Placement was prudent to provide near-term funding certainty with minimal risk, maintain exploration momentum and continue to advance the current strategy of seeking to add higher value ounces to the Cardinia Gold Project.

“Having the continued support of our existing shareholders to rapidly progress step-out and infill drilling of the new gold discoveries made in December 2019 is very encouraging, particularly in light of the volatile equity market conditions.

“The company believes this is a strong endorsement of the potential these new areas have to transform the CGP and materially grow the current 945koz Mineral Resource.

“We are now focussed on completing the drill program safely and reporting the results to all shareholders during the first half of the June quarter 2020.”

Recent drilling results show growth potential

Aircore drilling completed in December 2019 was successful in defining three new gold prospects at Comedy King, Lewis East and Cardinia Hill.

Drilling success indicates the Cardinia area contains an abundance of mineralisation that warrants significant follow-up drilling.

Results have shown there is strong potential to define additional high-grade mineralisation to compliment the existing JORC resources and enhance the economics of the pre-feasibility study (PFS) completed in August 2019.

Quick facts: Kin Mining NL

Price: 0.13 AUD

Market: ASX
Market Cap: $81.86 m

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on 20/2/19

2 min read