Kin Mining NL (ASX:KIN) has received new high-grade assay results from recent diamond (DD) and reverse circulation (RC) drilling at Cardinia Hill prospect as part of an ongoing Phase 3 drill program at the Cardinia Gold Project (CGP) in Western Australia.
The first diamond holes have returned high-grade gold results in the sulphide zone, confirming the extension of the Cardinia Hill mineralisation at depth below the recently completed RC and DD resource definition drilling program.
Best results are:
- 5.4 metres at 6.18 g/t gold from 186.4 metres;
- 5.3 metres at 3.31 g/t from 96 metres; and
- 31.9 metres at 1.20 g/t from 83.3 metres including 8.3 metres at 2.65 g/t from 107.4 metres.
Assay results are pending for a further 18 RC holes and five diamond holes at Cardinia Hill, and are expected to be received over the coming weeks.
Shares are up more than 7% to 22 cents, which is equal to the new high of more than two years reached last week.
Kin Mining managing director Andrew Munckton said: “Diamond drilling is continuing to deliver excellent results at Cardinia Hill, with high-grade gold associated with the pyrite mineralisation intersected at depth in the Southern Shoot and strong intersections also achieved within the Northern Shoot.
“This highlights the potential for good continuity of the mineralisation, with an improving grade profile, at depth within the recently completed resource drill-out.”
The initial RC drilling was aimed at defining the southern extent of the near-surface mineralisation and confirming that the deposit has continuity between the Southern and Northern high-grade shoots.
Munckton said: “Both of these aims have been confirmed with the deposit closed off to the south and narrow, generally 1-metre to 4-metre-wide zones of 1 g/t to 2 g/t mineralisation intersected between the high-grade shoots.
“In addition, narrow zones of mineralisation have also been intersected on the western side of the main ore zone which are likely to add to the attraction of the deposit.”
Kin’s Cardinia Gold Project showing existing deposits and exploration targets in the Phase 3 drilling program
Munckton said: “While our main focus is on establishing a maiden mineral resource estimate for Cardinia Hill by the end of this year, the diamond drilling has given us a much better understanding of the geological controls on the mineralisation and also highlighted the potential for discovery of shallow additional zones and extensions to the existing mineralisation into underground mining positions in the future.
“The resource drill-out at Cardinia Hill has been successfully completed, with samples from the remaining 18 RC holes and five diamond holes currently in the laboratory.
“These results will be reported as they come to hand over the coming weeks, in parallel with recently completed RC drilling at East Lynne, RC drilling at Hobby and programs currently being undertaken at Lewis East RC and air-core drilling at the Iron King prospect.”