Kin Mining NL (ASX:KIN) enjoyed a productive September quarter with ongoing results from its Phase 3 drilling program at the Cardinia Gold Project (CGP) confirming new discoveries and strong potential for resource growth.
The program targeted the delivery of an updated mineral resource estimate for the project as well as a first-pass assessment of several new prospects.
During the September quarter, a total of 33,700 metres of drilling was completed at East Lynne, Cardinia Hill, Helens East, Hobby, Bruno-Lewis, Black Chief and Faye Marie.
A total of 17,275 metres was reported during the quarter with the assay results for the remaining 16,425 metres still to be released from the laboratories.
Results from Cardinia Hill have extended the mineralisation to the north and defined two north-plunging shoots of higher-grade mineralisation within the main lode.
Assay results include:
- 17 metres at 2.35 g/t gold from 6 metres including 5 metres at 5.2 g/t;
- 4 metres at 3.89 g/t from 57 metres;
- 15 metres at 1.97 g/t from 150 metres; and
- 10 metres at 2.67 g/t from 149 metres.
Regional location of the Cardinia Gold Project including major mineral deposits in the region.
Due to better-than-expected drilling productivities, the company also undertook drilling at the 259,000-ounce Bruno-Lewis deposit to take advantage of the availability of the RC rig while awaiting assay results from other prospects.
The high-grade results from Bruno-Lewis deposit highlight potential to increase and upgrade the existing mineral resource to include previously identified lode positions that were not classified as part of the February 2020 estimate.
- 15 metres at 3.35 g/t from 9 metres and 9 metres at 5.03 g/t from 33 metres; and
- 9 metres at 2.58 g/t from 23 metres.
Mineral resource estimate
This work will be incorporated into the company’s updated, project-wide mineral resource estimate, which is on-track for delivery towards the end of the year and will be based on current higher gold prices.
Across the company’s other regional targets, positive results were also received from Hobby, Helens East and East Lynne, all of which offer compelling early potential to deliver resource growth at the CGP.
Kin’s ongoing exploration activities are fully-funded through the Phase 3 program and assessment period following the completion of the non-renounceable entitlement offer announced on June 12, which raised $6.07 million with a further $1.64 million raised through a placement of shortfall shares.
The placement of the shortfall increased the total funds raised through the capital raising to $7.703 million before costs.