THE BOURSE WHISPERER: Kin Mining (ASX: KIN) is looking to maintain momentum at the company’s Cardinia Gold Project (CGP) near Leonora in Western Australia.
Kin Mining announced it will undertake a non-underwritten non renounceable 1-for-6.5 pro-rata Entitlement Offer to raise up to $12.92 million to progress the next phase of exploration at the company’s 100 per cent-owned Cardinia gold project.
The company said the proceeds would be used for its next phase of exploration across established and new prospects at the CGP, as part of an exploration-driven strategy to further expand the project’s 1.28 million ounces inventory and make new discoveries.
The next phase of systematic exploration work will follow up on new discoveries and targets identified as part of Kin Mining’s drilling campaigns completed during 2020 and 2021.
These include the Mt Flora and Iron King discoveries, as well as multiple new prospects that were identified as the company improved its understanding of the geology and potential of the CGP, such as the Eagle and Crow prospects.
“We’ve had considerable success converting our improving geological understanding into exploration results, and then converting those results into additional Mineral Resources,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.
“At Cardinia Hill, we have successfully added 106,000 ounces of new Mineral Resources, while the Bruno-Lewis Mineral Resource has been expanded by 20 per cent to 374,000 ounces.
“Our systematic approach to exploration has paid off in spades and given us a much better idea of where and how to target the next phase of drilling – which will be designed both to define new resources and to identify additional discoveries with the potential to deliver a step-change in the scale of the project.
“The additional funding will allow us to continue to assess the recent discoveries at Cardinia Hill and follow up on new prospects like Mt Flora, Eagle and Crow – in short to maintain the very strong exploration momentum we have built up over the past two years.
“These other targets have been identified by recent soil geochemistry and modern geophysical surveys over largely untested areas within the highly mineralised Cardinia area.
“We expect this work to generate new follow-up programs of work stretching into 2022.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE