- Kin Mining (KIN) has described the December quarter as a “positive and busy” period which focused on exploration at its Cardinia Gold Project in WA
- Over the quarter, Kin completed almost 26,800 metres of drilling across many deposits as part of its phase three drilling program
- This program aimed to upgrade the project’s mineral resource which it did by 22 per cent t 28.2 million tonnes at 1.27g/t gold
- Drilling also delivered a maiden mineral resource of 61,000 ounces for the Cardinia Hill deposit
- Due to its commitment to drilling, Kin spent around $3.6 million on operations — most of which went towards exploration
- The company ended the quarter with about $2.2 million in cash
- Kin’s shares are trading in the grey at 14 cents at market close
Kin Mining (KIN) has reported having a “positive and busy” December quarter which focused on exploration at its Cardinia Gold Project in WA.
Over the December quarter, Kin completed 26,786 metres of drilling at Cardinia Hill, Hobby, East Lynne, Collymore, Bruno Lewis Deeps, Pelsart and Iron King. This followed 33,701 metres of drilling in the September 2020 quarter.
The major program was designed to deliver an updated interim mineral resource estimate for the Cardinia Gold Project, which comprises a maiden resource for the recently discovered Cardinia Hill deposit. Drilling also aimed to get a better understanding of several compelling regional targets.
Pleasingly, the company managed to deliver a mineral resource estimate for the project just before Christmas. It currently sits at 28.2 million tonnes at 1.27g/t gold for 1.15 million ounces of contained gold. This includes a maiden mineral resource estimate of 61,000 ounces of gold for the Cardinia Hill deposit.
Cardinia Hill returned impressive assay results last year, including six metres at 5.98g/t gold from 25 metres and 21 metres at 6.62g/t gold from 37 metres including 14 metres at 9.04g/t gold from 38 metres.
The update represented a 22 per cent increase in contained ounces over the previous resource estimate that was announced in February 2020. However, Kin plans to update the mineral resource once more in the current quarter.
Most assays from the phase three drilling program had been reported however results for the remaining 14,053 metres are yet to be released from the lab.
At the East Lynne deposit, the company defined mineralisation over a 3.2-kilometre strike length. Aircore drilling also discovered a new zone of mineralisation in the northern zone at East Lynne. This zone is now named “Collymore” and extends over two kilometres of strike.
In terms of cashflow, Kin spent around $3.6 million on operations — most of which was allocated to exploration. This amount represents just over half of Kin’s total operational expenditure of $6.9 million for the whole of 2020.
At the end of the December quarter, Kin had roughly $2.2 million cash on hand.
At market close, Kin’s shares are trading in the grey at 14 cents.