Kin Mining NL : HG AC Results Reveal Shallow Gold Discovery at Pegasus

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ASX Announcement

15 November 2021

HIGH-GRADEAIR-CORE RESULTS REVEAL NEW SHALLOW GOLD

DISCOVERY AT PEGASUS

800m long zone up to 100m wide outlined with similarities to the 374koz Bruno-Lewis deposit

Highlights

• Outstanding 4m composite assay results received from initial air-core (AC) drilling at the Pegasus prospect, located adjacent to the cornerstone 374koz Bruno-Lewis deposit at the Cardinia Gold Project. Results include:
• • 4m at 10.1g/t Aufrom 24m (PG21AC144)
  • 8m at 3.08g/t Aufrom 8m (PG21AC224)
  • 4m at 1.61g/t Aufrom 20m (PG21AC285)
  • 4m at 2.25g/t Aufrom 32m (PG21AC290)
  • 12m at 0.70g/t Aufrom 4m (PG21AC138)
  • Additional mineralised intersections in historic adjacent holes:

• 1. 10m at 3.10g/t Aufrom 12m (C0031) o 16m at 1.04g/t Aufrom 4m (C0030)
     o 8m at 1.07g/t Aufrom 32m (BL19RC040) o 9m at 1.15g/t Aufrom 24m (NCAC1241)
• Mineralised zone marked by eastern edge of the Pegasus Gravity low.
• Pegasus contains numerous ore grade intersections outlined over an area 800m long and up to 100m wide.
• Results coincident with shallow north east-dipping sulphide mineralisation in mafic rocks. Mineralisation appears similar to the nearby Bruno lodes at the Bruno-Lewis deposit.
• Results awaited for a further 107 holes over four 200m spaced lines of drilling to test north west extension of the Pegasus target below extensive gold-in-soil anomaly.

ASX Code: KIN	Kin Mining NL
Shares on issue: 866 million	342 Scarborough Beach Road
Market Capitalisation: $95 million	Osborne Park WA 6017
Cash: $10.5 million (30 September plus Rights Issue)	P: [phone]
	E [e-mail]
	kinmining.com.au

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Kin Mining Managing Director, Andrew Munckton, said: "While still early days, Pegasus appears to be a parallel structure to the adjacent Bruno-Lewisdeposit and has all the hallmarks of a significant new discovery in the Cardinia area. The air-coredrilling has so far outlined a substantial mineralised position in the eastern side of the gravity low which heightened our interest when we first reviewed the geophysical data in the September quarter."

"The eastern edge of the Pegasus gravity low contains numerous ore grade hits in shallow drilling within a zone extending over at least 800m in length and up to 100m wide. New intersections such as 4m at 10.1g/t Au and 8m at 3.08g/t Au supported by other previous drilling intersections such as 10m at 3.10g/t and 16m at 1.04g/t nearby at the historical Pride of the North workings indicate to the geological team that Pegasus is a potentially significant mineralised area."

"Given the widespread nature of the ore grade intercepts we have seen in the results returned to date, we will now look forward to the remaining results from the north western extension of the anomaly which are expected to be returned over the next 4 weeks.

Kin Mining NL (ASX: KIN or "the Company") is pleased to advise that it has intersected a significant zone of shallow, high-grade, gold mineralisation in the initial air-core (AC) drilling program at the Pegasus prospect, located adjacent to the 374,000 oz Bruno-Lewis deposit at its 100%-owned1.275Moz Cardinia Gold Project (CGP) near Leonora in Western Australia.

The latest results include a number of strong intercepts such as 4m at 10.1g/t Au from 24m in PG21AC144 and 8m at 3.08g/t Au from 8m in PG21AC224, together with other significant results located on the eastern edge of the Pegasus Gravity Target.

The results have confirmed the discovery of a significant zone of new mineralisation and reinforced our view that gravity lows highlighted in the recent detailed survey over the greater Cardinia area represent priority exploration targets for new discoveries for the Company's exploration team.

The Pegasus prospect was first identified as a soil geochemical anomaly after regional, wide-spaced auger sampling undertaken in early 2020. The auger program identified a number of gold-in-soil anomalies in the western Corridor including the Eagle-Crow prospect which received recent RC drill testing with strong initial results. The prospectivity of the Pegasus target was enhanced with the completion of the detailed gravity survey in the September quarter which showed the anomalous soil geochemistry was coincident with the edge of a large NW-SE trending gravity low. Gravity lows have shown a strong correlation with gold mineralisation at the adjacent Bruno-Lewis deposit and recent high-grade discoveries at Cardinia Hill and Rangoon in the Eastern Corridor at Cardinia.

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Figure 1: Location of the Pegasus AC drilling program over geological map. Interpretation suggests the mineralisation is related to NW-SE trending structures that crosscut and alter the underlying mafic (green) rocks. Pegasus appears parallel to the Bruno lodes further north in the Bruno-Lewis deposit.

Adjacent Historical Drilling Results

Pegasus lies to the northwest of previous drilling associated with testing around the Pride of the North historical workings. This drilling includes both Rotary Air blast (RAB) drilling and RC drilling from the 1990s and early 2000's.

Results from the Pride of the North drilling include:

1. 10m at 3.10g/t Au from 12m (C0031) o 16m at 1.04g/t Au from 4m (C0030)
   o 8m at 1.07g/t Au from 32m (BL19RC040) o 9m at 1.15g/t Au from 24m (NCAC1241)

The position of historical Pride of the North drilling results is interpreted to be part of the larger Pegasus mineralised zone which is controlled by structures associated with the eastern edge of the Pegasus Gravity Target.

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2021 Air-core Drilling Program

Aircore drilling completed in September and October 2021 comprised 405 AC holes (10,914m) on 12 lines designed to:

• Test at 200m line spacing the anomalous soil geochemistry coincident with the eastern edge of the gravity target;
• Test at 200m line spacing the western edge of the gravity target which lies within the Cardinia Creek system where soil geochemistry is not effective and where access is limited;
• Confirm the relationship of the historical Pride of the North and Lewis drilling results to the Pegasus Gravity target.

The assay results have been returned for the eastern edge of the gravity target, confirming that a continuous zone of mineralised lodes spanning at least 800m of strike and up to 100m wide is present at this location.

Multi-element assay results for bottom-of-hole samples used to characterise the mineralisation, alteration and rock types have confirmed that the gold mineralisation is associated with anomalous silver, antimony, zinc and tungsten in sulphide-rich vein structures within altered mafic rocks. Significant intercepts for the AC drilling received to date are illustrated in Figure 2, summarised in Table 1 with hole location details provided in Table 2. Additional AC drilling to test the western edge of the gravity target has been completed. The locations of these additional drill lines where assays are awaited are illustrated in Figure 2.

The next phase of work, comprising RC and diamond drilling to confirm mineralisation in fresh rock, is planned to commence as soon as drill rigs become available - by which time the remaining assay results from the western edge of the gravity target AC drilling lines are expected to have been received.

Figure 2: Pegasus Target drilling results over detailed gravity map. New AC results in white labels, historical drilling results in grey labels. Pegasus AC drilling defines a zone containing several mineralised lodes trending NW-SE for over 800m of strike.

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HOLE_ID	FROM	TO	Width	AU_PPM		Comment
PG21AC012	24	28	4	1.26
PG21AC021	40	44	4	0.76
PG21AC025	40	44	4	0.64
PG21AC056	28	32	4	0.65
PG21AC122	24	28	4	0.62
PG21AC138	4	16	12	0.70
PG21AC140	24	28	4	0.69
PG21AC142	0	4	4	0.57		Within 28m at 0.33g/t Au from
						0m
	20	24	4	1.20
PG21AC144	24	28	4	10.1
PG21AC149	20	24	4	0.54
PG21AC174	4	8	4	0.78
PG21AC177	8	12	4	0.51
PG21AC192	4	8	4	0.59
PG21AC221	12	16	4	1.13
PG21AC222	8	12	4	0.52
PG21AC224	8	16	8	3.08		Within 36m at 0.85g/t Au from
						0m
	32	36	4	0.54
PG21AC225	20	24	4	0.72
PG21AC226	28	32	4	1.05
PG21AC231	8	12	4	1.07
PG21AC252	40	41	1	0.95		BoH Sample
PG21AC253	28	32	4	0.69
PG21AC255	8	12	4	0.54
PG21AC257	24	28	4	0.53
PG21AC263	16	20	4	1.10
PG21AC270	0	4	4	0.69
PG21AC272	12	15	3	0.71		BoH Sample
PG21AC279	0	4	4	0.67
PG21AC285	20	24	4	1.61
PG21AC290	32	36	4	2.25

Table 1: Significant intercepts for the Pegasus air-core (AC) drilling. Reported results are for generally 4m composite

samples above 0.5 g/t Au.

Hole Id	East	North	RL	Azimuth	Dip	Depth
PG21AC001	362,405	6,813,309	414	215	-60	24
PG21AC002	362,396	6,813,303	414	215	-60	21
PG21AC003	362,388	6,813,290	414	215	-60	23
PG21AC004	362,380	6,813,280	414	215	-60	24
PG21AC005	362,372	6,813,270	415	215	-60	24
PG21AC006	362,364	6,813,260	414	215	-60	28
PG21AC007	362,357	6,813,250	414	215	-60	38
PG21AC008	362,350	6,813,240	414	215	-60	40