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PATRONUS RESOURCES LIMITED — Capital/Financing Update 2021
May 26, 2021
65620_rns_2021-05-26_6643600d-5d04-48d3-9437-90f052d0662b.pdf
Capital/Financing Update
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ASX Announcement 27 May 2021
EXCEPTIONAL ASSAYS UP TO 22m at 8.96g/t FROM FIRSTPASS AIR-CORE DRILLING AT MOUNT FLORA
Shallow air-core drilling 20km east of the 1.23Moz Cardinia Project highlights potential for an emerging satellite discovery
Highlights
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Outstanding 4m composite assay results received from first pass air-core (AC) drilling at the Mount Flora prospect, located 20km east of the Cardinia Project. Results include:
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22m at 8.96g/t Au from 24m including 8m at 21.0g/t Au from 32m (MF21AC522)
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8m at 2.79g/t Au from 28m (MF21AC525)
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8m at 2.47g/t Au from 16m (MF21AC432)
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13m at 0.97g/t Au from 20m (MF21AC427)
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12m at 0.95g/t Au from 0m (MF21AC523)
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Results highlight the potential of satellite prospects within the Company’s broader tenure to host high-grade gold mineralisation within economic haulage distance of Cardinia.
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The AC program consisted of 269 holes for 10,166m of drilling, targeting several gold-in-soil anomalies identified in recent auger sampling.
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Assay results are pending for the remaining 115 AC holes, totalling 3,577m of drilling.
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Field investigation is currently underway, with follow-up AC and RC drilling planned as a priority.
Kin Mining Managing Director, Andrew Munckton, said: “These are spectacular results for air-core drilling which have rapidly elevated Mount Flora as a high priority for our exploration team. It’s not often you hit 22m at 9g/t including 8m at 21g/t in the very first pass of shallow air-core drilling in a new area. Together with the encouraging results returned from other holes across the prospect, this is clearly an area which demands rapid follow-up!
“Mount Flora formed part of the original Kin Mining IPO but has had relatively little exploration attention given our focus on the main deposits at Cardinia. The area hosts numerous historic workings, but has barely been touched since limited RAB drilling by Sons of Gwalia in the 1980s.
“Given its strategic location within economic haulage distance of the Cardinia Project, we will be pushing hard to get more drilling in to this area as quickly as possible.”
ASX Code: KIN Kin Mining NL Shares on issue: 799.2 million 342 Scarborough Beach Road Market Capitalisation: $96 million Osborne Park WA 6017 Cash: $12.4 million (31 March 2021 ) P : +61 9 9242 2227 E [email protected]
kinmining.com.au
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Kin Mining NL (ASX: KIN or “the Company”) is pleased to advise that it has intersected several significant zones of shallow, high-grade gold mineralisation in a recently completed air-core (AC) drilling program at the Mount Flora prospect, located 20km from its 100%-owned 1.23Moz Cardinia Gold Project (CGP) near Leonora in Western Australia.
The latest results include a spectacular intercept from drill-hole MF21AC522 of 22m @ 8.96g/t Au from 24m (including 8m @ 21.0g/t Au from 32m ), together with several other significant shallow results. The results have rapidly elevated the Mount Flora prospect as a priority for the Company’s exploration team.
The Mount Flora prospect was identified as a priority satellite target after regional, wide-spaced auger sampling undertaken in late 2020. The auger program identified a number of gold-in-soil anomalies, which were NNE-trending. Geological mapping of the area suggests that these are related to the dominant northeast oriented structural trend, represented by the Federation, Sligo Creek and Lady Susan Faults (Figure 1).
A number of historical workings are located along these faults, with gold mining in the area dating back to the 1890s even though no hard rock mining has been conducted on the holding since the 1950s. In recent times, numerous alluvial gold nugget patches have been discovered by metal detecting prospectors within the tenement group. Significantly, there has been minimal exploration drilling in the area, except in M39/1118 where RAB drilling over a limited area by Sons of Gwalia in 1988 returned zones of anomalous gold.
2021 Air-core Drilling Program
Kin Mining completed a maiden program of AC drilling at Mount Flora in April 2021, comprising a total of 269 drill-holes for 10,166m, targeting the strongest of the gold-in-soil anomalies. The results to date have confirmed the presence of several mineralised trends, interpreted to be associated with splays originating from the Federation Fault and other parallel structures. See Figure 1 .
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Figure 1: Location of the Mount Flora AC drilling program over geological map. Initial interpretation suggests the mineralisation is related to splays from the Federation Fault and other parallel structures.
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Multi-element assay results for bottom-of-hole samples used to characterise the mineralisation, alteration and rock types are currently pending at the assay laboratory, however initial results suggest that the gold mineralisation is associated with anomalous silver, tellurium and tungsten in sulphide-rich vein structures. Significant intercepts are summarised in Table 1 with hole details provided in Table 2 .
Field investigation of the mineralised intersections is now underway with the objective of defining the controlling features of the high-grade mineralised zones. The initial interpretation is that the mineralisation dips moderately to the east as shown in section in Figure 2 .
Follow-up AC drilling to extend existing drill lines and RC drilling to confirm mineralisation in fresh rock is planned once the remaining assays results have been received.
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Figure 2: Mount Flora E-W cross section at 6817710mN looking North.
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Hole ID From (m) To (m) Width (m) Gold (g/t) Comment
MF21AC410 28 32 4 0.61
MF21AC411 32 33 1 0.76 BOH intercept
MF21AC427 20 33 13 0.97 BOH intercept
MF21AC430 32 36 4 0.71
MF21AC432 16 24 8 2.47
MF21AC444 36 40 4 1.80
MF21AC445 20 24 4 0.50
MF21AC463 32 36 4 0.76
MF21AC489 20 24 4 0.74
MF21AC491 28 32 4 0.74
MF21AC504 24 28 4 0.96
MF21AC505 40 44 4 2.45
MF21AC513 4 8 4 1.17
MF21AC520 28 32 4 0.70
MF21AC520 40 44 4 0.58
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Hole ID From (m) To (m) Width (m) Gold (g/t) Comment
MF21AC522 24 46 22 8.96 BOH intercept
MF21AC523 0 12 12 0.95
MF21AC523 24 28 4 2.02
MF21AC524 32 36 4 1.08 BOH intercept
MF21AC525 28 36 8 2.79
MF21AC535 24 28 4 1.79
MF21AC541 24 28 4 1.09
MF21AC548 32 36 4 1.13
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Table 1 : Significant intercepts for the Mount Flora air-core (AC) drilling. Reported results are for generally 4m composite samples above 0.5 g/t Au
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC406 382199 6816722 459 270 -60 52
MF21AC407 382170 6816719 460 270 -60 33
MF21AC408 382151 6816717 460 270 -60 36
MF21AC409 382131 6816715 446 270 -60 26
MF21AC410 382109 6816715 459 270 -60 42
MF21AC411 382088 6816715 456 270 -60 33
MF21AC412 382070 6816713 462 270 -60 49
MF21AC413 382045 6816716 461 270 -60 34
MF21AC414 382028 6816716 462 270 -60 36
MF21AC415 382011 6816714 459 270 -60 38
MF21AC416 381990 6816713 463 270 -60 32
MF21AC417 381972 6816716 466 270 -60 38
MF21AC418 381952 6816718 463 270 -60 33
MF21AC419 381930 6816718 461 270 -60 33
MF21AC420 381911 6816720 455 270 -60 25
MF21AC421 381895 6816722 458 270 -60 33
MF21AC422 381877 6816723 457 270 -60 36
MF21AC423 381860 6816722 459 270 -60 33
MF21AC424 381842 6816719 458 270 -60 26
MF21AC425 381826 6816723 454 270 -60 23
MF21AC426 381808 6816723 454 270 -60 26
MF21AC427 381793 6816716 451 270 -60 33
MF21AC428 381776 6816716 454 270 -60 15
MF21AC429 381754 6816714 452 270 -60 36
MF21AC430 381738 6816715 459 270 -60 38
MF21AC431 381722 6816714 462 270 -60 36
MF21AC432 381702 6816711 460 270 -60 35
MF21AC433 381684 6816711 461 270 -60 24
MF21AC434 381672 6816713 457 270 -60 20
MF21AC435 381657 6816711 454 270 -60 18
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC436 381640 6816711 454 270 -60 18
MF21AC437 381626 6816712 458 270 -60 18
MF21AC438 381610 6816711 457 270 -60 22
MF21AC439 381588 6816712 451 270 -60 59
MF21AC440 381551 6816713 453 270 -60 68
MF21AC441 381534 6816716 453 270 -60 70
MF21AC442 382186 6816920 461 270 -60 66
MF21AC443 382152 6816916 460 270 -60 48
MF21AC444 382122 6816916 460 270 -60 48
MF21AC445 382098 6816916 468 270 -60 24
MF21AC446 382081 6816912 455 270 -60 30
MF21AC447 382059 6816912 455 270 -60 36
MF21AC448 382039 6816910 454 270 -60 39
MF21AC449 382021 6816913 455 270 -60 42
MF21AC450 381997 6816911 454 270 -60 58
MF21AC451 381971 6816917 453 270 -60 39
MF21AC452 381953 6816915 453 270 -60 33
MF21AC453 381938 6816916 458 270 -60 18
MF21AC454 381918 6816913 463 270 -60 16
MF21AC455 381900 6816914 463 270 -60 25
MF21AC456 381885 6816914 459 270 -60 35
MF21AC457 381867 6816912 459 270 -60 29
MF21AC458 381850 6816913 468 270 -60 17
MF21AC459 381831 6816915 462 270 -60 38
MF21AC460 381812 6816915 461 270 -60 39
MF21AC461 381790 6816915 460 270 -60 33
MF21AC462 381773 6816916 460 270 -60 38
MF21AC463 381757 6816917 460 270 -60 39
MF21AC464 381739 6816917 460 270 -60 37
MF21AC465 381720 6816919 459 270 -60 39
MF21AC466 381701 6816917 458 270 -60 53
MF21AC467 381673 6816916 453 270 -60 44
MF21AC468 381654 6816913 453 270 -60 84
MF21AC469 381606 6816916 449 270 -60 48
MF21AC470 381584 6816913 452 270 -60 62
MF21AC471 381558 6816916 453 270 -60 70
MF21AC472 381522 6816911 454 270 -60 89
MF21AC473 382102 6817137 455 270 -60 50
MF21AC474 382074 6817136 455 270 -60 45
MF21AC475 382054 6817136 451 270 -60 35
MF21AC476 382040 6817135 460 270 -60 66
MF21AC477 382003 6817133 462 270 -60 45
MF21AC478 381983 6817130 460 270 -60 42
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC479 381963 6817130 454 270 -60 44
MF21AC480 381936 6817128 452 270 -60 45
MF21AC481 381921 6817127 451 270 -60 44
MF21AC482 381896 6817123 455 270 -60 30
MF21AC483 381883 6817116 452 270 -60 28
MF21AC484 381882 6817111 450 270 -60 26
MF21AC485 381848 6817110 448 270 -60 28
MF21AC486 381830 6817111 454 270 -60 28
MF21AC487 381810 6817109 454 270 -60 38
MF21AC488 381794 6817111 450 270 -60 35
MF21AC489 381779 6817110 452 270 -60 63
MF21AC490 381742 6817106 454 270 -60 65
MF21AC491 381707 6817104 453 270 -60 51
MF21AC492 381673 6817113 450 270 -60 85
MF21AC493 381641 6817111 453 270 -60 82
MF21AC494 381573 6817110 451 270 -60 81
MF21AC495 383415 6817304 460 270 -60 43
MF21AC496 383391 6817308 461 270 -60 32
MF21AC497 383368 6817305 466 270 -60 32
MF21AC498 383353 6817307 464 270 -60 56
MF21AC499 383316 6817304 466 270 -60 60
MF21AC500 383285 6817306 467 270 -60 75
MF21AC501 383232 6817304 464 270 -60 73
MF21AC502 383189 6817302 463 270 -60 58
MF21AC503 383159 6817297 463 270 -60 78
MF21AC504 383126 6817297 468 270 -60 52
MF21AC505 383070 6817307 471 270 -60 52
MF21AC506 383457 6817526 467 270 -60 71
MF21AC507 383420 6817529 471 270 -60 42
MF21AC508 383372 6817522 469 270 -60 48
MF21AC509 383363 6817519 465 270 -60 22
MF21AC510 383345 6817522 464 270 -60 45
MF21AC511 383314 6817523 465 270 -60 28
MF21AC512 383294 6817523 466 270 -60 42
MF21AC513 383269 6817522 473 270 -60 37
MF21AC514 383247 6817519 472 270 -60 51
MF21AC515 383218 6817521 461 270 -60 43
MF21AC516 383192 6817522 467 270 -60 48
MF21AC517 383167 6817524 482 270 -60 47
MF21AC518 383499 6817718 466 270 -60 82
MF21AC519 383457 6817722 467 270 -60 70
MF21AC520 383417 6817717 471 270 -60 68
MF21AC521 383380 6817714 474 270 -60 51
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC522 383351 6817714 474 270 -60 46
MF21AC523 383312 6817717 475 270 -60 45
MF21AC524 383290 6817716 476 270 -60 41
MF21AC525 383266 6817707 474 270 -60 53
MF21AC526 383240 6817705 474 270 -60 69
MF21AC527 383201 6817707 475 270 -60 54
MF21AC528 383333 6817938 468 270 -60 45
MF21AC529 383309 6817938 474 270 -60 46
MF21AC530 383282 6817935 472 270 -60 50
MF21AC531 383253 6817929 475 270 -60 39
MF21AC532 383237 6817925 472 270 -60 33
MF21AC533 383214 6817927 472 270 -60 33
MF21AC534 383196 6817927 474 270 -60 39
MF21AC535 383177 6817918 473 270 -60 60
MF21AC536 383140 6817923 472 270 -60 30
MF21AC537 383122 6817925 473 270 -60 30
MF21AC538 383102 6817922 471 270 -60 30
MF21AC539 383084 6817925 472 270 -60 33
MF21AC540 383065 6817928 471 270 -60 32
MF21AC541 383043 6817927 472 270 -60 33
MF21AC542 383027 6817923 469 270 -60 36
MF21AC543 383010 6817924 472 270 -60 45
MF21AC544 382984 6817921 473 270 -60 33
MF21AC545 382962 6817926 472 270 -60 45
MF21AC546 382943 6817927 474 270 -60 30
MF21AC547 382924 6817920 472 270 -60 42
MF21AC548 382892 6817919 477 270 -60 66
MF21AC549 382864 6817919 474 270 -60 53
MF21AC550 382835 6817918 470 270 -60 68
MF21AC551 382823 6817926 471 270 -60 57
MF21AC552 382778 6817922 469 270 -60 43
MF21AC553 382917 6817724 472 270 -60 51
MF21AC554 382878 6817722 472 270 -60 42
MF21AC555 382858 6817717 468 270 -60 46
MF21AC556 382832 6817721 468 270 -60 22
MF21AC557 382808 6817722 468 270 -60 30
MF21AC558 382789 6817715 468 270 -60 15
MF21AC559 382771 6817712 473 270 -60 19
MF21AC560 382758 6817712 463 270 -60 48
MF21AC561 382731 6817707 464 270 -60 59
MF21AC562 382686 6817716 465 270 -60 49
MF21AC563 382665 6817710 462 270 -60 75
MF21AC564 382618 6817714 465 270 -60 57
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC565 382590 6817714 468 270 -60 40
MF21AC566 382569 6817715 464 270 -60 38
MF21AC567 382544 6817713 466 270 -60 29
MF21AC568 382533 6817711 464 270 -60 23
MF21AC569 382516 6817710 462 270 -60 24
MF21AC570 382498 6817706 465 270 -60 35
MF21AC571 382991 6818126 471 270 -60 36
MF21AC572 382968 6818129 468 270 -60 27
MF21AC573 382949 6818120 470 270 -60 28
MF21AC574 382935 6818124 471 270 -60 38
MF21AC575 382913 6818117 472 270 -60 21
MF21AC576 382894 6818121 472 270 -60 26
MF21AC577 382879 6818117 474 270 -60 39
MF21AC578 382852 6818113 472 270 -60 28
MF21AC579 382835 6818119 471 270 -60 42
MF21AC580 382810 6818119 468 270 -60 30
MF21AC581 382783 6818121 470 270 -60 25
MF21AC582 382765 6818121 471 270 -60 37
MF21AC583 382746 6818122 472 270 -60 36
MF21AC584 382725 6818123 470 270 -60 52
MF21AC585 382697 6818123 468 270 -60 41
MF21AC586 382676 6818122 464 270 -60 47
MF21AC587 382653 6818120 465 270 -60 33
MF21AC588 382633 6818118 464 270 -60 33
MF21AC589 382955 6818315 466 270 -60 24
MF21AC590 382942 6818315 464 270 -60 13
MF21AC591 382926 6818317 462 270 -60 21
MF21AC592 382907 6818319 463 270 -60 33
MF21AC593 382888 6818319 466 270 -60 22
MF21AC594 382869 6818317 464 270 -60 25
MF21AC595 382852 6818317 469 270 -60 30
MF21AC596 382827 6818315 471 270 -60 39
MF21AC597 382798 6818314 471 270 -60 39
MF21AC598 382771 6818314 470 270 -60 42
MF21AC599 382749 6818317 469 270 -60 36
MF21AC600 382724 6818317 468 270 -60 39
MF21AC601 382705 6818316 471 270 -60 36
MF21AC602 382682 6818314 471 270 -60 37
MF21AC603 382664 6818314 469 270 -60 36
MF21AC604 382645 6818309 469 270 -60 45
MF21AC605 382623 6818314 467 270 -60 45
MF21AC606 382840 6818528 472 270 -60 23
MF21AC607 382824 6818524 474 270 -60 20
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC608 382809 6818528 471 270 -60 30
MF21AC609 382794 6818525 472 270 -60 32
MF21AC610 382771 6818526 476 270 -60 26
MF21AC611 382770 6818524 474 270 -60 33
MF21AC612 382746 6818526 473 270 -60 31
MF21AC613 382736 6818524 475 270 -60 41
MF21AC614 382698 6818528 471 270 -60 30
MF21AC615 382696 6818521 470 270 -60 30
MF21AC616 382679 6818521 476 270 -60 33
MF21AC617 382665 6818523 469 270 -60 33
MF21AC618 382628 6818522 473 270 -60 41
MF21AC619 382604 6818520 469 270 -60 27
MF21AC620 382590 6818519 470 270 -60 25
MF21AC621 382570 6818520 470 270 -60 52
MF21AC622 382539 6818523 468 270 -60 57
MF21AC623 382512 6818523 468 270 -60 54
MF21AC624 382486 6818518 463 270 -60 75
MF21AC625 382442 6818512 460 270 -60 45
MF21AC626 382418 6818518 463 270 -60 32
MF21AC627 382404 6818519 467 270 -60 37
MF21AC628 382377 6818518 476 270 -60 30
MF21AC629 382367 6818515 466 270 -60 33
MF21AC630 382347 6818517 466 270 -60 26
MF21AC631 382330 6818518 470 270 -60 27
MF21AC632 382303 6818518 470 270 -60 21
MF21AC633 382288 6818519 465 270 -60 24
MF21AC634 382268 6818520 465 270 -60 20
MF21AC635 382250 6818522 463 270 -60 21
MF21AC636 382234 6818522 465 270 -60 20
MF21AC637 382217 6818521 465 270 -60 14
MF21AC638 382200 6818517 466 270 -60 18
MF21AC639 382181 6818515 466 270 -60 22
MF21AC640 382167 6818516 466 270 -60 41
MF21AC641 382146 6818514 469 270 -60 9
MF21AC642 382132 6818515 471 270 -60 19
MF21AC643 382113 6818517 471 270 -60 5
MF21AC644 382739 6818721 472 270 -60 45
MF21AC645 382719 6818718 473 270 -60 51
MF21AC646 382693 6818720 468 270 -60 38
MF21AC647 382672 6818722 470 270 -60 39
MF21AC648 382651 6818723 471 270 -60 37
MF21AC649 382634 6818725 471 270 -60 34
MF21AC650 382614 6818724 473 270 -60 30
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Hole Id Easting Northing RL Azimuth Dip Depth
MF21AC651 382598 6818726 472 270 -60 22
MF21AC652 382580 6818724 473 270 -60 25
MF21AC653 382567 6818719 475 270 -60 14
MF21AC654 382550 6818719 473 270 -60 19
MF21AC655 382536 6818717 470 270 -60 22
MF21AC656 382514 6818716 467 270 -60 24
MF21AC657 382496 6818714 466 270 -60 18
MF21AC658 382483 6818716 464 270 -60 38
MF21AC659 382465 6818719 468 270 -60 16
MF21AC660 382448 6818719 469 270 -60 18
MF21AC661 382431 6818719 469 270 -60 22
MF21AC662 382413 6818715 468 270 -60 27
MF21AC663 382399 6818715 470 270 -60 21
MF21AC664 382383 6818715 470 270 -60 15
MF21AC665 382366 6818717 470 270 -60 10
MF21AC666 382325 6818726 471 270 -60 9
MF21AC667 382308 6818725 472 270 -60 9
MF21AC668 382286 6818721 474 270 -60 15
MF21AC669 382269 6818719 474 270 -60 18
MF21AC670 382255 6818718 473 270 -60 15
MF21AC671 382241 6818715 473 270 -60 27
MF21AC672 382224 6818711 470 270 -60 18
MF21AC673 382205 6818715 472 270 -60 18
MF21AC674 382194 6818715 472 270 -60 48
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Table 2 : Drillhole details for the AC drilling conducted at the Mt Flora prospect.
-ENDS-
Authorised for release by the Board of Directors
For further information, please contact:
Investor enquiries
Media enquiries
Andrew Munckton Managing Director, Kin Mining NL +61 8 9242 2227
Nicholas Read Read Corporate +61 419 929 046
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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 1.23Moz 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.
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Figure A1 – KIN’s Project areas close to Leonora, Western Australia.
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Table A1. Mineral Resource Estimate Table May 2021[1]
| Cardinia Gold Project: Mineral Resources: May 2021 | ||||||||||||||||
| Project Area | Resource Gold Price (AUD) |
Lower Cut off (g/t Au) |
Measured Resources | Indicated Resources | Inferred Resources | Total Resources | Date Announced |
|||||||||
| Tonnes (Mt) |
Au (g/t Au) |
Au (k Oz) |
Tonnes (Mt) |
Au (g/t Au) |
Au (k Oz) |
Tonnes (Mt) |
Au (g/t Au) |
Au (k Oz) |
Tonnes (Mt) |
Au (g/t Au) |
Au (k Oz) |
|||||
| Mertondale | ||||||||||||||||
| Mertons Reward | $2,600 | 0.4 | 0.9 | 2.17 | 66 | 1.9 | 0.65 | 41 | 2.9 | 1.15 | 106 | 26-Nov-20 | ||||
| Mertondale 3-4 | $2,600 | 0.4 | 1.4 | 1.85 | 81 | 1.0 | 0.97 | 31 | 2.3 | 1.48 | 111 | 26-Nov-20 | ||||
| Tonto | $2,600 | 0.4 | 1.8 | 1.14 | 67 | 1.1 | 1.24 | 43 | 2.9 | 1.18 | 111 | 26-Nov-20 | ||||
| Mertondale 5 | $2,600 | 0.4 | 0.5 | 1.67 | 26 | 0.8 | 1.24 | 32 | 1.3 | 1.40 | 59 | 26-Nov-20 | ||||
| Eclipse | $2,600 | 0.4 | 0.6 | 1.01 | 19 | 0.6 | 1.01 | 19 | 26-Nov-20 | |||||||
| Quicksilver | $2,600 | 0.4 | 1.1 | 1.10 | 39 | 1.1 | 1.10 | 39 | 26-Nov-20 | |||||||
| Subtotal Mertondale | 4.6 | 1.61 | 240 | 6.5 | 0.98 | 205 | 11.1 | 1.24 | 445 | |||||||
| Cardinia | ||||||||||||||||
| Bruno* | $2,600 | 0.4 | 0.3 | 1.26 | 10 | 2.8 | 1.13 | 102 | 1.1 | 1.05 | 36 | 4.1 | 1.12 | 148 | 10-May-21 | |
| Lewis* | $2,600 | 0.4 | 0.6 | 1.24 | 20 | 4.7 | 1.00 | 151 | 2.1 | 0.80 | 55 | 7.4 | 0.95 | 226 | 10-May-21 | |
| Kyte | $2,600 | 0.4 | 0.3 | 1.53 | 17 | 0.1 | 0.92 | 3 | 0.4 | 1.38 | 20 | 26-Nov-20 | ||||
| Helens | $2,600 | 0.4 | 0.7 | 2.14 | 50 | 0.3 | 1.94 | 19 | 1.0 | 2.08 | 69 | 26-Nov-20 | ||||
| Fiona | $2,600 | 0.4 | 0.6 | 1.35 | 25 | 0.2 | 1.21 | 8 | 0.8 | 1.32 | 32 | 26-Nov-20 | ||||
| Rangoon | $2,600 | 0.4 | 0.5 | 1.24 | 21 | 0.3 | 1.07 | 12 | 0.9 | 1.17 | 32 | 26-Nov-20 | ||||
| Hobby* | $2,600 | 0.4 | 0.5 | 1.31 | 22 | 0.5 | 1.31 | 22 | 10-May-21 | |||||||
| Cardinia Hill* | $2,600 | 0.4 | 1.2 | 1.66 | 61 | 1.2 | 1.66 | 61 | 18-Dec-20 | |||||||
| Subtotal Cardinia | 0.8 | 1.16 | 30 | 9.6 | 1.18 | 364 | 5.8 | 1.15 | 216 | 16.3 | 1.17 | 611 | ||||
| Raeside | ||||||||||||||||
| Michaelangelo | $2,600 | 0.4 | 1.1 | 2.00 | 73 | 0.4 | 2.19 | 25 | 1.5 | 2.04 | 98 | 26-Nov-20 | ||||
| Leonardo | $2,600 | 0.4 | 0.4 | 2.39 | 30 | 0.2 | 2.20 | 14 | 0.6 | 2.32 | 44 | 26-Nov-20 | ||||
| Forgotten Four | $2,600 | 0.4 | 0.1 | 2.09 | 7 | 0.1 | 1.96 | 6 | 0.2 | 2.03 | 14 | 26-Nov-20 | ||||
| Krang | $2,600 | 0.4 | 0.3 | 1.74 | 17 | 0.0 | 2.59 | 2 | 0.3 | 1.80 | 19 | 26-Nov-20 | ||||
| Subtotal Raeside | 2.0 | 2.04 | 128 | 0.7 | 2.17 | 47 | 2.6 | 2.07 | 175 | |||||||
| TOTAL | 0.8 | 1.16 | 30 | 16.2 | 1.41 | 732 | 13.0 | 1.12 | 468 | 30.0 | 1.28 | 1231 | ||||
Table A1: Mineral Resource Estimate Table May 2021. Mineral Resources estimated by Jamie Logan, and Mike Millard and reported in accordance with JORC 2012 using a 0.4g/t Au cut-off within AUD2,600 optimisation shells. Note BrunoLewis, Cardinia Hill and Hobby estimated by Mike Millad of Cube Consulting.
1The company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Announcement of 17 May 2021 “Cardinia Gold Project Mineral Resource Increases to 1.23Moz”, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.
COMPETENT PERSON’S STATEMENT
The information contained in this report relating to exploration results relates to information compiled or reviewed by Glenn Grayson. Mr. Grayson is a member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Grayson has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Mr. Grayson consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
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Appendix A
JORC 2012 TABLE 1 REPORT
Mount Flora Project - Section 1 & 2
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
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Criteria JORC Code explanation Commentary
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| Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
Criteria JORC Code explanation Commentary |
|---|---|---|---|
| Sampling techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge forfire assay’). In other |
RAB Historic rotary air blast (RAB) were typically collected at 1 metre intervals and placed on the ground with 3-4kg sub-samples collected using a scoop or spear. Three metre or four metre composited interval samples were often collected by using a scoop (dry samples) or spear (wet samples). If composite samples returned anomalous results once assayed, the single metre sub- samples of the anomalous composite intervals were retrieved and submitted for individual gold analysis. Assay Methodology Historic sample analysis typically included a number of commercial laboratories with preparation as per the following method, oven drying (90-110°C), crushing (<-2mm to <-6mm), pulverizing (<-75μm to <-105μm), and riffle split to obtain a 30, 40, or 50gram catchweight for gold analysis. Fire Assay fusion, with AAS finish was the common method of analysis however, on occasion, initial assaying may have been carried out via Aqua Regia digest and AAS/ICP finish. Anomalous samples were subsequently re-assayed by Fire Assay fusion and AAS/ICP finish. Recent sample analysis typically included oven drying (105-110°C), crushing (<-6mm & <-2mm), pulverising (P90% <-75μm) and sample splitting to a representative 50gram catchweight sample for gold only analysis using Fire Assay fusion with AAS finish. Multi element analysis was also conducted on approximately 10% of samples, predominantly through ore zones. This was conducted via a 4-acid digest with ICP-MS/OES determination for a 48 element suite. Auger All auger vehicle mounted powered auger. The samples are taken from 1-2m below surface and taken from the most suitable material downhole. Care is taken to ensure all samples are representative of the medium being sampled. All recent drilling, sample collection and sample handling procedures were conducted and/or supervised by KIN geology personnel to high level industry standards. QA/QC procedures were implemented during each drilling program to industry standards. |
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Criteria JORC Code explanation Commentary
cases more explanation may be
required, such as where there is coarse
gold that has inherent sampling
problems. Unusual commodities or
mineralisation types (eg submarine
nodules) may warrant disclosure of
detailed information.
Drilling techniques Drill type (eg core, reverse circulation, Drilling carried out since 1986 and up to the most recent drill programs completed by KIN Mining was obtained from a combination
open-hole hammer, rotary air blast, of air core (AC), and rotary air blast (RAB) drilling.
auger, Bangka, sonic, etc) and details Data prior to 1986 is limited due to lack of exploration.
(eg core diameter, triple or standard AC/RAB
tube, depth of diamond tails, face- Historic AC drilling was conducted utilising suitable rigs with appropriate compressors (eg 250psi/600cfm). AC holes were drilled
sampling bit or other type, whether core using ‘blade’ or ‘wing’ bits, until the bit was unable to penetrate (‘blade refusal’), often near the fresh rock interface. Hammer
is oriented and if so, by what method, bits were used only when it was deemed necessary to penetrate further into the fresh rock profile or through notable “hard
etc). boundaries” in the regolith profile. No downhole surveying is noted to have been undertaken on AC drillholes.
Historic RAB drilling was carried out using small air compressors (eg 250psi/600cfm) and drill rods fitted with a percussion
hammer or blade bit, with the sample return collected at the drillhole collar using a stuffing box and cyclone collection
techniques. Drillhole sizes generally range between 75-110mm. No downhole surveying is noted to have been undertaken on
RAB drillholes.
Drill sample recovery Method of recording and assessing core AC/RAB
and chip sample recoveries and results Historic sample recovery information for RAB drilling is not available.
assessed.
Collected samples are deemed reliable and representative of drilled material and no material discrepancy, AC and RAB drilling
Measures taken to maximise sample samples are not used in MRE’s by KIN.
recovery and ensure representative
nature of the samples.
Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have Logging data coded in the database is limited for AC/RAB drilling. Historical data (SOG) is of poor quality.
been geologically and geotechnically Historical RC, AC, and RAB logging (including Navigator) was entered on a metre by metre basis. Logging consisted of lithology,
logged to a level of detail to support alteration, texture, mineralisation, weathering, and other features.
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Criteria JORC Code explanation Commentary
appropriate Mineral Resource KIN RC logging of was carried out in the field and logging has predominantly been undertaken on a metre by metre basis.
estimation, mining studies and Recorded data includes lithology, alteration, structure, texture, mineralisation, sulphide content, weathering and other features.
metallurgical studies. Drillhole collar coordinates, azimuth, dip, depth and sampling intervals are also recorded.
Qualitative logging includes classification and description of lithology, weathering, oxidation, colour, texture and grain size.
Whether logging is qualitative or
Quantitative logging includes identification and percentages of mineralogy, sulphides, mineralisation, and veining.
quantitative in nature. Core (or costean,
All information collected is entered directly into laptop computers or tablets, validated in the field, and then transferred to the
channel, etc) photography.
database.
The total length and percentage of the
The level of logging detail is considered appropriate for exploration and to support appropriate mineral resource estimation,
relevant intersections logged. mining studies, and metallurgical studies.
Sub-sampling techniques and If core, whether cut or sawn and AC/RAB
sample preparation whether quarter, half or all core taken. Historic sampling was predominantly conducted by collecting 1m samples from beneath a cyclone and retaining these primary
samples. First pass sampling involved collecting composite samples by using a scoop to obtain 4m composited intervals.
If non-core, whether riffled, tube
All sub-sampling techniques and sample preparation procedures conducted and/or supervised by KIN geology personnel are to
sampled, rotary split, etc and whether
standard industry practice. Sub-sampling and sample preparation techniques used are considered to maximise representivity of
sampled wet or dry.
drilled material. QA/QC procedures implemented during each drilling program are to industry standard practice.
For all sample types, the nature, quality Samples sizes are considered appropriate for this style of gold mineralisation and as an industry accepted method for evaluation
and appropriateness of the sample of gold deposits in the Eastern Goldfields of Western Australia.
preparation technique.
No duplicates are taken for AC drilling. Sample sizes are approximately 3kg, this is considered appropriate for the material being
Quality control procedures adopted for sampled.
all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in situ
material collected, including for instance
results for field duplicate/second-half
sampling.
Whether sample sizes are appropriate to
the grain size of the material being
sampled.
Quality of assay data and The nature, quality and appropriateness Numerous assay laboratories and various sample preparation and assay techniques have been used since 1981. Historical
laboratory tests of the assaying and laboratory reporting and descriptions of laboratory sample preparation, assaying procedures, and quality control protocols for the samples
procedures used and whether the from the various drilling programs are variable in their descriptions and completeness.
technique is considered partial or total. Assay data obtained prior to 2001 is incomplete and the nature of results could not be accurately quantified due to the
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Criteria
JORC Code explanation Commentary
combinations of various laboratories and analytical methodologies utilised.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
From late 2018 samples have been analysed by Intertek Genalysis, with sample preparation either at their Kalgoorlie prep laboratory or the Perth Laboratory located in Maddington. Sample preparation included oven drying (105°C), crushing (<6mm), pulverising (P90% passing 75µm) and split to obtain a 50 gram catchweight. Analysis for gold only was carried out by Fire Assay fusion technique with AAS finish.
- KIN regularly insert blanks and CRM standards in each sample batch at a ratio of 1:25. Kin accepts that this ratio of QAQC is industry standard. Field duplicates are typically collected at a ratio of 1:25 samples and test sample assay repeatability. Blanks and CRM standards assay result performance is predominantly within acceptable limits for this style of gold mineralisation.
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
-
KIN requests laboratory pulp grind and crush checks at a ratio of 1:50 or less since May 2018 in order to better qualify sample preparation and evaluate laboratory performance. Samples have generally illustrated appropriate crush and grind size percentages since the addition of this component to the sample analysis procedure.
-
Genalysis include laboratory blanks and CRM standards as part of their internal QA/QC for sample preparation and analysis, as well as regular assay repeats. Sample pulp assay repeatability, and internal blank and CRM standards assay results are typically within acceptable limits.
The nature and quality of the assaying and laboratory procedures used are considered to be satisfactory and appropriate for use in mineral resource estimations.
Fire Assay fusion is considered to be a total extraction technique. The majority of assay data used for the mineral resource estimations were obtained by the Fire Assay technique with AAS or ICP finish. AAS and ICP methods of detection are both considered to be suitable and appropriate methods of detection for this style of mineralisation
Aqua Regia is considered a partial extraction technique, where gold encapsulated in refractory sulphides or some silicate minerals may not be fully dissolved, resulting in partial reporting of gold content.
No other analysis techniques have been used to determine gold assays.
Ongoing QAQC monitoring program identified one particular CRM returning spurious results. Further analysis demonstrated that the standard was compromised and was subsequently removed and destroyed. A replacement CRM of similar grade was substituted into the QAQC program.
KIN continues to both develop and reinforce best practice QAQC methods for all drilling operations and the treatment and analysis of samples. Regular laboratory site visits and audits have been introduced since April 2018 and will be conducted on a quarterly basis. This measure will ensure that all aspects of KIN QAQC practices are adhered to and align with industry best practice.
All rock chip samples have been submitted to Intertek Genalysis (Perth) for analysis by 50g Fire assay, with multi-element analysis via a 4-acid digest for a 48-element suite. Sample preparation included oven drying (105°C), crushing (<6mm), pulverising (P90% passing 75µm). Blanks and standards are inserted by the lab at a minimum rate of 1 in 50. Lab repeats are performed for samples with particularly high gold values. Due to the nature and intended uses of this data, this QAQC procedure is intentionally less rigorous than that used for drilling samples. Verification of sampling and The verification of significant Verification of sampling, assay techniques, and results prior to 2004 is limited due to the legacy of the involvement of various
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Criteria JORC Code explanation Commentary
assaying intersections by either independent or companies, personnel, drilling equipment, sampling protocols and analytical techniques at different laboratories.
alternative company personnel. Kin have not undertaken verification of significant intersection for ACd rilling.
The use of twinned holes. No adjustment or calibration has been made to assay data.
Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
Location of data points Accuracy and quality of surveys used to Recent KIN drill hole collars are located and recorded in the field using a hand held GPS.
locate drill holes (collar and down-hole The accuracy of drill hole collars and downhole data are located with sufficient accuracy for intended use, and will not be utilised
surveys), trenches, mine workings and in any future MRE work.
other locations used in Mineral Resource
estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.
Data spacing and distribution Data spacing for reporting of AC drill holes are a first pass test for mineralisation. Spacing is varied depending on depth of drilling and the weathering profile. AC
Exploration Results. drilling will not be utilised in any future MRE work.
Whether the data spacing and
distribution is sufficient to establish the
degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s) and classifications applied.
Whether sample compositing has been
applied.
Orientation of data in relation to Whether the orientation of sampling Orientation of mineralisation is unknown. AC drilling will not be utilised in any future MRE work.
geological structure achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
Drilling orientation was on East-west GDA94 grid lines. | |
| Audits or reviews | The results of any audits or reviews of sampling techniques and data. |
Historic drilling and sampling methods and QA/QC are regarded as not being as thoroughly documented compared to current standards. Inhouse reviews of various available historical company reports of drilling and sampling techniques indicates that these were most likely conducted to industry best practice and standards of the day. Drilling, sampling methodologies, and assay techniques used in these drilling programs are considered to be appropriate and to mineral exploration industry standards of the day. Laboratory site visits and audits were introduced in April 2018 and are conducted on a quarterly basis. This measure ensures that all aspects of KIN QAQC practices are adhered to and align with industry best practice. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
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Criteria JORC Code explanation Commentary
Mineral tenement and land Type, reference name/number, location and ownership The Mount Flora Project, 50-60km NE of Leonora is managed, explored and maintained by KIN, and
tenure status including agreements or material issues with third parties such constitute a portion of KIN’s Leonora Gold Project (LGP), which is located within the Shire of Leonora in the
as joint ventures, partnerships, overriding royalties, native title Mt Margaret Mineral Field of the North Eastern Goldfields.
interests, historical sites, wilderness or national park and The Mount Flora Project includes granted mining tenement M39/1118 prospecting licenses P39/5859 and
environmental settings. P39/5860. The tenements are held in the name of Kin East Pty Ltd, a wholly owned subsidiary of KIN.
There are no known native title interests, historical sites, wilderness areas, national park or environmental
The security of the tenure held at the time of reporting along
impediments over the outlined current resource areas, and there are no current impediments to obtaining
with any known impediments to obtaining a licence to operate a licence to operate in the area.
in the area.
Exploration done by other Acknowledgment and appraisal of exploration by other parties. At Mount Flora Sons of Gwalia Ltd (“SOG”) undertook limited exploration in the late 1980’s. No other
parties formal exploration has been conducted until 2020 when Kin did an auger soil sampling program and was
followed up with extensive aircore drilling in 2021.
Geology Deposit type, geological setting and style of mineralisation. The Mount Flora Project area is located in the central part of the Norseman-Wiluna Greenstone Belt, which
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Criteria JORC Code explanation Commentary
extends for some 600km on a NNW trend across the Archean Yilgarn Craton of Western Australia.
The regional geology comprises a suite of NNE-North trending greenstones positioned close to the
Federation Fault.
The geology is consistent Archaean basalts and sediment sequences with mafic intrusives. Archaean felsic
porphyries have intruded the sheared mafic/sedimentary sequence.
Mineralisation is not yet understood but appears to be Epizonal and structurally controlled.
Drill hole Information A summary of all information material to the understanding of No previous Material drilling information for exploration results has previously been publicly reported to
the exploration results including a tabulation of the following the ASX KIN.
information for all Material drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea level
in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging Intercepts are reported as weighted average grades over intercept lengths defined by lower cut-off grades,
techniques, maximum and/or minimum grade truncations (eg without high grade cuts applied. Where aggregate intercepts incorporated short lengths of high grade
cutting of high grades) and cut-off grades are usually Material results, these results were included in the reports.
and should be stated. There is no reporting of metal equivalent values.
Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and
some typical examples of such aggregations should be shown
in detail.
The assumptions used for any reporting of metal equivalent
values should be clearly stated.
Relationship between These relationships are particularly important in the reporting The orientation, true width, and geometry of mineralised zones is unknown for Mount Flora. Down hole
mineralisation widths and of Exploration Results. widths are reported.
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| intercept lengths | If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
Drill intercepts are reported as downhole widths not true widths. Accompanying dialogue to reported intersections normally describes the attitude of mineralisation. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Appropriate maps and sections are included in the main body of this report. |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
Public reporting of exploration results by KIN and past tenement holders and explorers for the resource areas are considered balanced. Representative widths typically included a combination of both low and high grade assay results. All meaningful and material information relating to this mineral resource estimate is or has been previously reported. |
| Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
No other exploration exists for the Mount Flora Project. |
| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
KIN intend to continue exploration and drilling activities at in the described area, with the intention to increase the project’s resources. |
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