Kin Mining NL : Strong Results Highlight Shallow Gold Discovery at Pegasus

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ASX Announcement

14 February 2022

FURTHER STRONG AIR-CORE RESULTS HIGHLIGHT

SIGNIFICANT SHALLOW GOLD DISCOVERY AT PEGASUS

900m long zone with similarities to the 374koz Bruno-Lewis deposit

Highlights

• Final results returned from air-core drilling at the Pegasus prospect, located adjacent to the cornerstone 374koz Bruno-Lewis deposit at the Cardinia Gold Project.
• Final 4m composite assay results include the following significant intercepts:
• • 4m at 1.41g/t Aufrom surface (PG21AC371)
  • 4m at 1.48g/t Aufrom surface (PG21AC403)
  • 4m at 2.61g/t Aufrom 12m (PG21AC405) and 2m at 0.55 g/t from 24m to bottom of hole.
• Previous results from this air-core program included:
• • 4m at 10.1g/t Aufrom 24m (PG21AC144)
  • 8m at 3.08g/t Aufrom 8m (PG21AC224)
  • 4m at 2.25g/t Aufrom 32m (PG21AC290)
  • 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)
• Results coincident with shallow northeast-dipping sulphide mineralisation in mafic rocks. The mineralisation appears similar to the nearby Bruno lodes at the Bruno-Lewis deposit.
• Next phase of deeper Reverse Circulation (RC) drilling scheduled to commence in March.

ASX Code: KIN	Kin Mining NL
Shares on issue: 866 million	342 Scarborough Beach Road
Market Capitalisation: $86 million	Osborne Park WA 6017
Cash: $7.3 million	P: [phone]
	E [e-mail]
	kinmining.com.au

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Kin Mining Managing Director, Andrew Munckton, said: "These results from the north-western extension of the area provide further evidence that Pegasus is an emerging discovery within the 1.275Moz Cardinia Gold Project. Our systematic, exploration-driven strategy continues to deliver. The full batch of air-core data, including the exciting high-grade drill results reported on 15 November last year, show that Pegasus comprises a shallow zone of gold mineralisation extending over a strike length of at least 900m and up to 100m wide.

"Pegasus appears to form part of a parallel structure adjacent to the Bruno-Lewis deposit and the mineralisation appears to have similarities to the north-west trending Bruno lodes. The proximity of this mineralisation to a significant gravity low confirms that our exploration targeting methodology is working."

"Given the widespread nature of the ore grade intercepts and the near-by location of this exciting new area, we intend to prioritise Pegasus for deeper RC drilling that is scheduled to commence next month."

Kin Mining NL (ASX: KIN or "the Company") is pleased to report final results from the air-core 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 final results include more strong intercepts such as 4m at 2.61g/t Au from 4m in PG21AC405 and 4m at 1.48g/t Au from surface in PG21AC403, together with other significant results located on the eastern edge of the Pegasus Gravity Target.

The new assay results support and reinforce the initial exciting results reported on 15th November 2021, confirming a significant new zone of shallow, high-grade gold mineralisation at Pegasus that represents an outstanding target for follow-up exploration. The results also reinforce Kin Mining's view that gravity lows highlighted in the recent detailed geophysical 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 was tested recently by RC drilling in 2021 with strong initial results.

The prospectivity of the Pegasus target was enhanced with the completion of the detailed gravity survey in the September 2021 quarter which showed that 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.

Adjacent Historical Drilling Results

Pegasus lies to the north-west 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)

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For personal use only	Figure 1: Location of the Pegasus AC drilling program over geological map. Interpretation is that gold 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, as well as mineralisation at Kyte, Crow, Eagle and Lewis East.
	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

Air-core drilling completed in September and October 2021 comprised 405 AC holes (10,914m) on 12 lines, which was 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; and
• Confirm the relationship of the historical Pride of the North and Lewis drilling results to the Pegasus Gravity target.

Multi-element assay results for bottom-of-hole samples used to characterise the 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.

The next phase of work, comprising RC and diamond drilling to confirm mineralisation in fresh rock, is planned to commence in March.

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 900m of strike.

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HOLE_ID	FROM	TO	Width	AU_PPM	Comment
PG21AC313	8	9	1	0.60	BOH Sample
PG21AC348	28	32	4	0.92
PG21AC356	0	4	4	0.76
PG21AC371	0	4	4	1.41
PG21AC389	24	28	4	0.62
PG21AC401	24	28	4	0.62
PG21AC403	0	4	4	1.48
PG21AC404	32	36	4	0.94
PG21AC405	12	16	4	2.61
	24	26	2	0.55	BOH Sample

Table 1: Final 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
PG21AC009	362,339	6,813,225	414	215	-60	40
PG21AC010	362,328	6,813,210	414	215	-60	33
PG21AC011	362,319	6,813,199	413	215	-60	50
PG21AC012	362,306	6,813,182	413	215	-60	71
PG21AC013	362,285	6,813,155	413	215	-60	78
PG21AC014	362,264	6,813,129	413	215	-60	48
PG21AC015	362,251	6,813,113	412	215	-60	36
PG21AC016	362,240	6,813,101	411	215	-60	46
PG21AC017	362,228	6,813,085	411	215	-60	61
PG21AC018	362,212	6,813,066	410	215	-60	63
PG21AC019	362,194	6,813,044	409	215	-60	65
PG21AC020	362,178	6,813,020	409	215	-60	54
PG21AC021	362,164	6,813,002	409	215	-60	48
PG21AC022	362,149	6,812,983	409	215	-60	42
PG21AC023	362,134	6,812,972	409	215	-60	50
PG21AC024	362,116	6,812,954	409	215	-60	45
PG21AC025	362,107	6,812,938	409	215	-60	50
PG21AC026	362,100	6,812,907	409	215	-60	44
PG21AC027	362,084	6,812,876	409	215	-60	32
PG21AC028	362,046	6,812,838	409	215	-60	29
PG21AC029	362,540	6,813,169	416	215	-60	3
PG21AC030	362,532	6,813,160	417	215	-60	3
PG21AC031	362,523	6,813,148	417	215	-60	5
PG21AC032	362,514	6,813,137	417	215	-60	3
PG21AC033	362,507	6,813,128	417	215	-60	3
PG21AC034	362,498	6,813,119	417	215	-60	3
PG21AC035	362,490	6,813,107	416	215	-60	3
PG21AC036	362,484	6,813,097	416	215	-60	9

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