The company engaged geologist George Merhi to oversee its exploration efforts, which includes a new high priority target at the Croydon prospect.
The expanded exploration program includes new remoter targets within Croydon. Due to the isolation of the new targets, a helicopter will be used to enable access for detailed mapping, rock chip sampling and metal detecting.
Kairos Minerals holds 1,158 square kilometres in Pilbara tenements and has identified about 100km of strike in the lower Fortescue Group rocks which is known to host the other conglomerate gold deposits in the region.
As a result of its proximity to recent gold discoveries, Kairos Minerals’ stock price has sky-rocketed more than 250% since mid-September.
Gold looking richer in wake of royalty hike block
The news keeps on getting better for the Pilbara explorers, with the recently proposed gold royalty hike blocked in the WA state parliament last week, leaving gold explorers and miners uttering a collective sigh of relief.
In its 2017-2018, budget the WA Government had proposed to slug gold miners with a 50% royalty hike to 3.75% equating to about $20 an ounce once the gold price hit $1,200 an ounce and over.
There was a huge backlash that left a few investors jittery but last week the proposal failed to get through.
Chamber of Minerals and Energy chief executive officer Reg Howard-Smith said the decision to block the royalty hike “was a win for common sense”.