Kin Mining Drilling LGP Kyte Deposit
THE DRILL SERGEANT: Having got its Boardroom duck hierarchy in order, Kin Mining (ASX: KIN) announced it has resumed drilling at the company’s Leonora gold project (LGP) in Western Australia.
Kin Mining said an initial RC drilling program has been approved to extend the gold Resource at the Kyte orebody.
The Kyte deposit currently has an Indicated Resource of 21,000 ounces of gold and is presently open along strike in both directions and down dip.
A Definitive Feasibility Study determined Kyte to be positioned in the van of the company’s production schedule due to positive economics.
Because of this, Kin considers better defining the extent of mineralisation is a high priority.
The company said increasing the Resource at Kyte will enable it to provide greater flexibility within the mine plan.
The Kyte orebody has a stripping ratio of 2.7:1 with a C1 cash cost of $727 per ounce (AISC of $770 per ounce) and has a Resource to Reserve conversion of 86 per cent.
Kin indicated that mining the Kyte deposit early in the life of the LGP will assist in quickly paying back the debt facility.
This round of drilling will further explore the extensions to the south, as there are currently constraints to drilling to the north.
“We are excited to be getting back to drilling at the Leonora gold project and following up on the strong results that were delivered by our geology team in 2017,” Kin Mining acting managing director Trevor Dixon said in the company’s announcement to the Australian Securities Exchange.
“We are determined to grow our Resource base and to improve on our reserve conversions through 2018 as we ramp up to production.”
Email: info@kinmining.com.au
Website: www.kinmining.com.au