Kin Mining NL (ASX: KIN) has announced a 22% increase in its updated Mineral Resource Estimate (MRE) for its Cardinia Gold Project (CGP), located near Leonora in Western Australia.
The interim MRE of 28.2Mt @ 1.27g/t Au for 1.15Moz of contained gold includes the re-optimisation of all existing mineralisation models (with the exception of Hobby) using CY2020 gold price and operating cost assumptions, as well as a maiden MRE for the recently- discovered Cardinia Hill deposit.
Managing Director Andrew Munckton said the interim MRE upgrade marked another step towards unlocking the value of the Cardinia Gold Project through focused exploration.
This is a very pleasing interim update to the Cardinia Gold Project Mineral Resource, delivering a 22 per cent increase in contained ounces, while also ensuring the project-wide MRE is based on gold pricing anticipated during 2020 and reviewed operating cost assumptions,” Mr Munckton said.
“We are particularly pleased to have delivered a maiden 61,000-ounce Mineral Resource Estimate for the recently-discovered Cardinia Hill deposit, where we see outstanding potential for further growth.”
“We also have a very strong pipeline of deposits including drilling that has recently been completed at Hobby and Bruno Lewis Deeps prospects that are yet to be fully assessed and has not been included in the Interim December 2020 Mineral Resource Estimate.”
“Kin anticipates delivering further CGP MRE updates in the March 2021 quarter which will include these targets.”
The December 2020 Mineral Resource estimate for the Cardinia area has increased contained ounces by 30% to 534koz. The overall tonnage increased by 36%, while the average grade reduced by 4% to 1.15g/t Au.
The majority of deposits at Cardinia have been drilled to shallow depths, resulting in optimisation shells extending to the depth of the modelled ore zones.
As such, additional drilling to extend the ore zones at depth, has the potential to further expand the Mineral Resource Estimate in 2021.
