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Kin Mining identifies new targets for drilling at Leonora Gold Project

Kin Mining identifies new targets for drilling at Leonora Gold Project

Thu Oct 11 2018

 

These new targets fit the geological models of large (+500,000 gold ounces) deposits in the Leonora-Laverton region.

 

Kin Mining NL (ASX:KIN) has identified new targets with no history of previous exploration through geological mapping at its Leonora Gold Project (LGP) in Western Australia.

 

A project-wide targeting program is being undertaken in parallel with exploration and drilling at the main mining centres of the LGP – Cardinia, Mertondale and Raeside – along with the ongoing development studies to deliver the LGP to a lower risk development decision in 2019.

Historical high-grade mining areas

 

Gold exploration within the project area has been sporadically undertaken for more than 30 years, although activity outside the known orebodies has been limited, particularly in the past 20 years.

 

Kin has completed a comprehensive, detailed mapping and target generation work program over the core of the LGP tenure.

 

It has identified a number of new targets in covered terrain and reinterpreted historical high-grade mining areas with modern mineralised system thinking.

Moving towards a development decision

 

Kin managing director Andrew Munckton said: “Developing our understanding of the wider exploration potential of the LGP is an important pillar to generate more value for shareholders.

 

“The work completed to date has successfully identified prospective new areas which will be progressed towards drilling in 2019 as we remain focussed on our key objectives of expanding resources and delivering the LGP to a lower risk development decision point.”

 

Kin is opening a 2:5 rights issue priced at 8 cents on October 22, 2018 to raise up to $10.4 million for accelerated exploration of new targets with the potential to deliver further significant resource growth at the LGP.

 

The funds will help Kin move LGP towards a revised feasibility study in late 2019 that can define a robust and attractive project development case.

 

Kin’s recent drill program on, and review of, the Helens' deposit resulted in a 92% increase in Helen’s JORC resource.

 

The company plans to continue with the drilling programs that are delivering these JORC resource estimate upgrades.

 

Work is underway to update the Lewis deposit with plans to recommence drilling at the Helens, Lewis, Bruno and Mertondale deposits.

 

Source: https://www.proactiveinvestors.com.au/