Kin is currently conducting a drilling program at the CGP with the aim of testing new targets in close proximity to the proposed processing plant site (refer ASX announcement 3 December 2019).
Tenement Acquisition
The Company has entered into a sale and purchase agreement with
The tenements are interpreted to capture positions of mineralised cherts similar to those encountered within the CGP.
Northern tenement P37/7878, is interpreted to contain strike extensions of the Comedy King - Triangle Trend and the Hobby-Rangoon Trend.
Southern tenement P37/8223, is interpreted to contain strike extension of the Golden Dolerite Trend.
Kin has agreed to make a
Kin has agreed to privately-owned Yilgarn Exploration Ventures PL (Yilgarn) earning into exploration tenure at Desdemona North, 40km south west from the CGP. Kin and Yilgarn have now entered into an agreement with the following key terms: Initial due diligence period to
Two stage earn-in comprising the following: Stage 1 - Yilgarn sole funding
Stage 2 - Upon completing the Stage 1 commitment, Kin may elect to contribute for its 25% or elect to dilute by Yilgarn sole funding further exploration expenditure. If Kin's interest falls to 5%, it is deemed to have withdrawn and its ownership reverts to a 1%
As advised earlier this month, Kin has also agreed to
The key terms of the three stage earn-in are as follows: Stage 1 - GMD to sole fund
Stage 2 - GMD can increase its interest to 70% by sole funding an additional
Stage 3 - GMD can increase its interest to 80% by sole funding an additional
Kin may elect to participate and fund its share of exploration expenditure at the 40%, 30% or 20% level. If Kin's interest falls to 5%, it is deemed to have withdrawn and its ownership reverts to a 1%
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