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 1.41Moz Cardinia Gold Project (CGP or the Project), located in the heart of the Leonora district in Western Australia (
Kin Mining Managing Director, Andrew Munckton, said: 'The September Quarter has been an important period for Kin Mining, with our exploration efforts at the Cardinia Gold Project underpinning a ten per cent increase in the Mineral Resource estimate to 1.41 million ounces of contained gold. 'The bulk of this increase came from the highly prospective Eastern Corridor, including a 95,000-ounce maiden Mineral Resource estimate for the recently discovered Rangoon deposit. The Eastern Corridor remains the key focus for our ongoing exploration programs, with outstanding opportunity for further significant Mineral Resource growth.
'We were also pleased to deliver an inaugural underground component within the MRE, with this deeper mineralisation representing another important target for future Mineral Resource expansion. 'During the Quarter we reported positive assay results from drilling at the Iron King Project, located 45km from Leonora, which confirmed primary gold mineralisation below the shallow aircore results released in 2021. 'Our ongoing exploration efforts will be supported by a $13.7 million capital raising completed during the Quarter, which was well supported by our existing shareholders and introduced several new institutional and sophisticated investors to our register. 'Also on the corporate front, we were delighted to make two key appointments to the Company's Board and senior management team, with Rowan Johnston joining the Board as a Non-Executive Director and Leah Moore appointed as Exploration Manager. Both Rowan and Leah bring extensive experience working within the Eastern Goldfields. 'We were also pleased to increase our exposure to the Leonora gold district during the Quarter, with the acquisition of 23.7 million shares in Dacian Gold, representing a 1.95% stake. Dacian has been one of the key producers in the district and represent an important part of the ongoing consolidation. We believe this acquisition represents a good value, strategic investment decision.'
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 1). 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 two 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 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 wideranging, 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 expenditure requirements on outlying projects while engaging with the strong and successful exploration groups and regional neighbours.
Mineral Resource Estimate
Kin delivered an updated Mineral Resource Estimate (MRE) for the CGP during the Quarter, which saw overall contained ounces increase by 10% to 1.41 million ounces (34.5Mt at 1.27g/t Au), reflecting the success of the strategic drilling programs undertaken by the Company over the past year, particularly within the underexplored Eastern Corridor. New drilling around the Rangoon deposit added an additional 62koz of Mineral Resources. The MRE for all optimised resources was also extended into underground mining positions below the open pit optimisation shells. At a 2.0g/t cut-off grade, this has added an additional 22koz, increasing the previous MRE announced on 23 September 2021 by a total of 3.36Mt at 1.22g/t for an additional 132koz of gold. The project wide MRE update includes reoptimized pit shells for all existing models using standardised parameters and software, a gold price of A$2,600 and 2019 Pre-Feasibility Study (PFS) for the CGP operating cost assumptions. All Open Pit Mineral Resource Estimates are reported within optimised shells using the same criteria for recovery and geotechnical parameters as established in the 2019 Pre-Feasibility Study (PFS). See the Company's ASX Announcement dated 23 September 2022 for full details of the updated MRE.
Axford
The Axford target is located in the north-eastern sector of the Project, approximately 1km north of the historically mined Iron King open pit. Previous drilling results at Axford were derived from AC drilling completed in August 2020 (see ASX announcement 14 January 2021) and October 2021 (see ASX announcement 8 October 2021) and highlighted mineralisation such as 6m at 1.91g/t Au from 40m in AX20AC116 and 4m at 2.08g/t Au from 44m in AX20AC117 targeting extensions to historical workings previously referred to as the Crystal Ridge prospect. The Company completed nine holes for an advance of 1,031m of RC drilling (Figure 5). Significant results included 2m at 1.88g/t Au from 94m in AX22RC004 and 1m at 6.30g/t Au from 54m in AX22RC007. Mineralisation at Axford consisted of pyrite and silica altered felsic volcanic rocks, within a larger interval of black shale. Mineralisation was associated with areas of strong quartz veining, as well as up to 2% pyrite. Geological logging indicates alteration containing pyrite up to 70% in some cases. Previous mapping by Hallberg (1999) interpreted a thick Granodiorite unit central to the prospect. RC drilling has indicated that significant zones of black shale are present and mapped as the Crystal Ridge Shear Zone on either side of the Granodiorite unit.
Contact:
Investor
Andrew Munckton
Managing Director
T: +61 8 9242 2227
Media
Nicholas Read
Kin Mining NL Read Corporate
T: +61 419 929 046
About Kin Mining NL
Kin Mining NL (ASX: KIN) is a West Australian based gold development and exploration company. Kin's key focus is its 100% owned Cardinia Gold Project (CGP) located in the highly prospective North-Eastern Goldfields region of Western Australia. The CGP has a 1.41Moz gold Mineral Resource (see Table A1) defined in both oxide and deeper primary mineralisation with considerable potential to grow this resource with further drilling. Kin's exploration effort is the systematic program of exploration across the Cardinia Mining Centre that seeks to advance a number of targets in parallel while developing a pipeline of exploration targets for ongoing Mineral Resource expansion
KIN MINING NL 
