THE BOURSE WHISPERER: Kin Mining (ASX: KIN) has signed a Binding Term Sheet for an investment of up to $1 million to take advantage of an early stage mining opportunity at the Lewis prospect, located within the company’s Cardinia project area.
Kin Mining managing director Trevor Dixon said in the company’s announcement to the Australian Securities Exchange.
“This funding arrangement allows Kin to take advantage of an early stage mining opportunity at the Lewis prospect.
“Our focus is to transition Kin to a gold producer in a gold precinct that is renowned for gold production.
The Lewis trial mining area represents an outstanding opportunity which has undergone extensive preliminary mine planning, providing a clearly defined pathway to production.
“Previous mining at Cardinia was extremely successful as the mined grades were better than expected.”
Kin Mining acquired the Leonora gold project one year after the company listed on the ASX, after Navigator Resources appointed voluntary administrators due to operating difficulties at the Bronzewing Mine.
The Leonora gold project boasts Indicated and Inferred Resources of 12.29 million tonnes 1.9 grams per tonne gold for 745,000 ounces of gold.
As part of the Leonora gold project, the Cardinia project area hosts the Cardinia Resource, which totals 4.8 million tonnes at 1.3g/t for 200,000 ounces of gold.