THE DRILL SERGEANT: Kin Mining (ASX: KIN) has updated Mineral Resource Estimate (MRE) for the Cardinia Hill deposit, part of the company’s 100 per cent-owned Cardinia Gold Project (CGP), located near Leonora in Western Australia.
Kin Mining’s updated Mineral Resource Estimate for the Cardinia Hill deposit comes to 2.2 million tonnes at 1.5 grams per tonne gold for 106,000 ounces of contained gold, representing an increase of 45,000 ounces from the previous estimate.
The updated MRE is based on a gold price of $2,600 per ounce, implementing cost guidance from the Pre-Feasibility Study with mining cost assumptions increased from previous optimisations and with a lower cut-off grade of 0.4g/t gold.
The MRE contains a higher-confidence Indicated Resource, which has increased to 38,000 ounces.
The Resource includes a maiden UG Inferred Mineral Resource estimate of 125,000 tonnes at 2.71g/t gold for 11,000 ounces at a 2g/t gold cut-off grade.
Kin mining has further updates pending for multiple deposits across the CGP, which are outside the MRE, including Bruno-Lewis, Eagle-Crow, Mt Flora and Iron King.
The company anticipates to regularly update its Mineral Resource inventory as drilling results are progressively received from its Phase 4 drilling program across the Cardinia Gold Project.
“This is another pleasing update to the Cardinia Hill project Resource, delivering a 72 per cent increase in contained ounces, while also ensuring the project-wide MRE is constrained by optimised pit shells and is based on the latest gold price and operating cost assumptions,” Kin Mining managing director Andrew Munckton said in the company’s ASX announcement.
“We are pleased to have delivered a Mineral Resource of over 100,000 ounces for the recently-discovered Cardinia Hill deposit, including a maiden Underground Mineral resource estimate.
“We believe that Cardinia Hill and several of our other deposits hold potential for similar underground estimates where we see strong potential for MRE growth and category upgrades with further drilling.
“We also have a strong pipeline of deposits that are yet to be fully assessed which are outside the latest Mineral Resource Estimate, including Eagle-Crow, Mt Flora, Iron King and further depth extensions to Bruno-Lewis deposit with further updates expected during 2022.”