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    KIN   AU000000KIN8

KIN MINING NL

(KIN)
Delayed Australian Stock Exchange  -  12:10 2022-12-02 am EST
0.0750 AUD   +2.74%
12/01Kin Mining Hits Gold Mineralization at Western Australia's Murrin Project; Shares Rise 3%
MT
12/01Kin Mining NL Provide an Update on Exploration Activities At Its 100%-Owned 1.41Moz Cardinia Gold Project, Located Near Leonora in Western Australia
CI
11/22Kin Mining lifts strategic stake in Dacian Gold to 7.34%
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Kin Mining NL : Quarterly Activities Report

07/28/2022 | 06:04pm EST

For personal use only

ASX Announcement

29 July 2022

JUNE 2022 QUARTERLY ACTIVITIES REPORT

Exceptional new assays from key targets along the Eastern Corridor, to be incorporated in updated Mineral

Resource Estimate due in the September Quarter l Shallow discovery confirmed at Pegasus | Positive

metallurgical test work on sulphide ore

Highlights:

  • Wide zones of shallow gold intersected at Rangoon, revealing extensive new mineralised positions within the under-explored Eastern Corridor:
    o 32m at 2.98g/t Au from 129m incl. 12m at 5.62g/t from 129m (RN22RC161) o 12m at 2.25g/t Au from 149m (RN22RC161)
    o 15m at 3.03g/t Au from 162m (RN22RC162)
    o 43m at 1.03g/t Au from 39m incl. 15m at 1.55g/t from 48m (RN22RC145) o 31m at 1.07g/t Au from 55m incl. 6m at 3.17g/t from 55m (RN22RC146) o 27m at 1.05g/t Au from 75m incl. 14m at 1.31g/t from 88m (RN22RC147) o 23m at 1.28g/t Au from 53m incl. 7m at 3.49g/t from 54m (RN22RC140)
  • Final assays successfully extend the 106koz Cardinia Hill deposit to the north:
    1. 2m at 14.5g/t Au from 120m (CH22RC192)
    1. 4m at 2.79g/t Au from 96m (CH22RC185)
    1. 1m at 6.11g/t Au from 63m (CH22RC188)
    1. 1m at 7.17g/t Au from 50m (CH22RC203) - open to the north
  • New zones of high-grade gold mineralisation discovered in recent Reverse Circulation (RC) drilling at the Helens East prospect, including:
    1. 7m at 24.7g/t Au from 107m (HE22RC022)

o 3m at 5.38g/t Au from 108m (HE22RC030) o 2m at 6.50g/t Au from 33m (HE22RC033) o 1m at 7.98g/t Au from 9m (HE22RC028) o 1m at 5.20g/t Au from 32m (HE22RC025)

Strong results from metallurgical testwork on sulphide ores from the Cardinia area, with gold recoveries of up to 96.9% achieved from flotation, re-grinding and leaching.

Shallow gold discovery confirmed at Pegasus, with initial RC drilling outlining significant east-dipping mineralisation over a 600m strike length, with strong similarities to nearby 374koz Bruno-Lewis deposit:

o 2m at 5.04g/t Au from 22m and 1m at 17.1g/t Au from 31m (PG22RC418) o 6m at 1.16g/t Au from 16m and 2m at 12.2g/t Au from 45m (PG22RC413) o 10m at 1.87g/t Au from 8m (PG22RC409)

o 7m at 1.13g/t Au from 46m (PG22RC414)

Corporate

  • Cash on hand of $3.647 million at 30 June 2022.
  • Appointment of experienced Company Director Rowan Johnson to the Board subsequent to quarter end

ASX Code: KIN

Kin Mining NL

Shares on issue: 866 million

342 Scarborough Beach Road

Market Capitalisation: $74.5 million

Osborne Park WA 6017

Cash: $3.647 million (30 June 2022)

P: +61 9 9242 2227

E info@kinmining.com.au

www.kinmining.com.au

For personal use only

OVERVIEW

Kin Mining NL (Kin or the Company) (ASX: KIN) is pleased to provide an update on exploration and development activities during the June 2022 Quarter at its 100%-owned 1.28Moz Cardinia Gold Project (CGP or the Project), located in the heart of the Leonora district in Western Australia (Figure 1).

Figure 1: Location of the Cardinia Gold Project including major mineral deposits in the region. (Stated size of deposits

includes historical production and current mineral resources.)

Kin Mining Managing Director, Andrew Munckton, said:

"We continued to reap the rewards of our expanded exploration efforts at the Cardinia Gold Project during the Quarter, with our work programs delivering a series of outstanding exploration results - particularly along the high-priority Eastern Corridor. This under-explored corridor is rapidly emerging as a priority focus for resource growth and significant centre for development, with numerous new discoveries and mineralised positions now confirmed.

"Assay results received during the Quarter further enhanced the prospectivity of the Rangoon, Helens East and Cardinia Hill deposits, highlighting the potential to delineate additional shallow ounces. In particular, the identification of shallow, east-dipping lodes at Rangoon is considered very encouraging, as these lodes are interpreted to link the high-grade steeper lodes seen at Cardinia Hill, Fiona, Helens and Helens East. The opportunity to integrate these new mineralised zones, with the proven depth extent of high-grade

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mineralisation within the Eastern Corridor, makes this a compelling target for ongoing exploration programs.

"This work will contribute towards an updated Mineral Resource Estimate for the Eastern Corridor deposits during the September Quarter, as part of a project-wide Resource update.

"This will be an important milestone for Kin, further strengthening our position at the heart of one of the most active mining districts in Australia. The strategic location of our gold inventory in the heart of the Leonora region, as shown in Figures 1 and 2, puts Kin in an excellent position to participate in the consolidation which is beginning to occur across the district.

"In recent weeks, we have seen the start of significant corporate activity involving a number of key producers in the district. Given the central location of Kin's tenements, an expanding resource base and a strong track record of exploration discovery we believe the Company is well placed to play a future role in this consolidation activity.

"In the immediate term, our focus is on continuing to grow both the size and quality of our resource inventory and work towards unearthing large, high grade discoveries that will change the value proposition for Kin.

"The metallurgical testwork program undertaken on sulphide ores from key Cardinia deposits during the Quarter has delivered very positive results, confirming that uniformly high gold recoveries can be achieved from sulphide ore with flotation, re-grinding and leaching. This has significant implications for the economics of mining in the Eastern Corridor, where we're seeing gold grades in sulphide ore increasing at depth.

"Outside of the Eastern Corridor, new drilling has also upgraded the emerging Pegasus discovery, which sits adjacent to the 374koz Bruno-Lewis deposit. The mineralisation at Pegasus appears to form part of a much larger mineralised system along the Western Corridor at Cardinia which extends from Pegasus in the south through to Bruno and Kyte in the north.

EXPLORATION AND DEVELOPMENT STRATEGY

Following the completion of the CGP Pre-Feasibility Study in August 2019, Kin began to evaluate exploration opportunities across its tenement package, in conjunction with other consolidation, growth and strategic options within the region.

Kin has a large 777km2 land-holding which it owns 100% across the under-explored Minerie Greenstone Belt, part of a region which has yielded multiple gold deposits in recent decades (Figure 2).

The CGP area encompasses a +45km strike of the Minerie Formation which contains large alteration systems associated with several significant gold deposits. In addition, the Company has three Joint Venture arrangements:

  • An Earn-in JV covering 120km2 with G88, where Kin is earning an initial 60% over 3 years commencing in 1Q 2022
  • Desdemona South JV where Genesis Minerals is earning an initial 60% over 3.5 years which commenced in 1Q 2020
  • Desdemona North JV where Yilgarn Exploration Ventures (jointly owned by Sensore and Gold Road) are earning 75% over 4.5 years which commenced in 1Q 2020

The Company is pursuing a two-pronged approach to unlocking the value of the CGP, comprising a wide- ranging, multi-discipline exploration effort in parallel with a near-term mining options study. The JV ownership arrangements are designed to consolidate the area surrounding the CGP and reduce the Company's

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expenditure requirements on outlying projects while engaging with the strong and successful exploration groups and regional neighbours.

For personal use only

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Figure 2: Kin Mining's 777km2 tenement package and JV earn-in Projects located in the heart of the Leonora gold district.

EXPLORATION AND RESOURCE DRILLING

Eastern Corridor Exploration Program

The Eastern Corridor targets are located on the eastern side of the Cardinia project. Mineral Resources within the Eastern Corridor total 4.9Mt at 1.52g/t Au for 239koz across four deposits at Helens, Rangoon, Fiona and Cardinia Hill (refer Table A1 for details and Figure 3 for deposit locations).

During the Quarter, assay results were reported for the Rangoon, Helens East and Cardinia Hill deposits within the Eastern Corridor (see further detail below). These latest drill results, together with a substantial amount of drilling in the Eastern Corridor over the last 12 months, is being incorporated into an updated Mineral Resource Estimate for the greater Cardinia area.

For personal use only

5

The update to the MRE is expected in the September Quarter and will include upgrades of the existing Helens and Cardinia Hill MRE and new estimates for the Rangoon and Fiona lodes, which have been the focus of most of the Eastern Corridor drilling during the Phase 5 program since October 2021.

Additional RC and diamond drilling will target further extensions to these new discoveries, mostly to the south and east, as well as other prospective structural positions within the Eastern Corridor once all data have been received and interpreted.

Figure 3. Kin Mining's Eastern Corridor Targets over geology (left panel) and gravity (right panel) showing extensive fault and intrusion-controlled mineralisation. June 2022 Quarter drilling was designed to test the area extending south and east from Rangoon along the Helens Fault.

Rangoon

The Rangoon prospect is located approximately 3km north-east from the centre of the Cardinia Project within the Eastern Corridor.

RC drilling was completed in April 2022, comprising 32 RC holes for 3,913m. The drilling was designed to develop a better understanding of the geology of the area to the east of the Helens Fault which is marked by the Helens and Rangoon historical workings.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Kin Mining NL published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 22:03:12 UTC.


ę Publicnow 2022
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Sales 2022 - - -
Net income 2022 -11,3 M -7,70 M -7,70 M
Net cash 2022 3,65 M 2,47 M 2,47 M
P/E ratio 2022 -4,97x
Yield 2022 -
Capitalization 78,6 M 53,3 M 53,3 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees -
Free-Float 47,7%
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Andrew T. Munckton Chief Executive Officer, Director & MD
Stephen Jones Chief Financial Officer & Secretary
Giuseppe Paolo Graziano Non-Executive Chairman
Hansj÷rg Plaggemars Non-Executive Director
Nicholas Anderson Non-Executive Director
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