Kin Mining Cashed up and Ready to Roll at Cardinia Gold Project
THE BOURSE WHISPERER: Kin Mining (ASX: KIN) is ready to commence the next stage of development at the company’s 100 per cent-owned Cardinia gold project (CGP) near Leonora in Western Australia.
Kin Mining’s preparedness comes from the completion of a capital raising of approximately $20.4 million to underpin the next phase of growth at CGP.
The raising comprised a placement of approximately 129.9 million shares at 7.5 cents to raise $9.7 million and a proposed non-renounceable entitlement offer, also at 7.5 cents, to raise an additional $10.7 million.
The company said the funds will strengthen the balance sheet and place it in a strong position to complete the next phase of growth at the CGP.
This will entail following up on new discoveries and targets Kin has identified via exploration campaigns over the past three years that will include the developing discoveries along the Eastern Corridor (Cardinia Hill, East Lynne, Rangoon, Fiona and Helens East) as well as multiple new prospects which have been identified.
“While the past three years have been busy, exciting and rewarding – with nearly 200,000 metres of drilling completed and an additional 494,00 ounces of Mineral Resources added – we know that the company’s properties are located in an exciting and well sought-after mineral field and remain convinced that our tenure will yield further significant discoveries,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.
“The geological and technical advances made across the company’s prospects, particularly at Cardinia, with the use of modern geophysics and detailed geological data collection, has transformed our understanding of the field.
“Armed with this knowledge and our expanding geochemical, geophysical, and drilling database, we believe Kin can continue to identify new, shallow deposits that are the surface expression of larger and higher-grade mineralisation in the underlying fresh rock.
“We have plans to drill significant new targets throughout the next 12 months across a range of established and new prospects, as well as assessing other opportunities within the broader Leonora district.”
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Email: info@kinmining.com.au
Web: www.kinmining.com.au