Having recently raised $9 million, Kairos Minerals (ASX: KAI) has decided to double the size of the reverse circulation (RC) drilling program at its Croydon project in Western Australia to include both the highly prospective Fuego and Tierra prospects.
The prospects at Croydon (part of Kairos Minerals’ 1,236sq km Pilbara landholding) will now have 5,000m of drilling completed, to be followed by a further 5,000m at the Mt York project.
This is due to a decision by Kairos to add work at Tierra to the previously announced drilling program at Fuego.
Another program of RC drilling is now scheduled for Mt York, to begin in November, where the rig will target extensions of the known deposits as well as looking for potential new discoveries.
Capital raising makes extra drilling possible
With drilling now completed at Fuego, Kairos Minerals executive chairman Terry Topping said the company has decided to use the same rig at the “exciting” Tierra prospect to test gold targets previously defined from geochemical and geophysical work.
“Thanks to the recently completed $9 million capital raising, we are in a position where we can really make the best possible use of the remaining time between now and the onset of the northern field season,” he added.
The rig will then move to Mt York, where it will target extensions of the Mt York, Stirrup and Old Faithful deposits.
This excludes the previously foreshadowed air core programs being planned at the Kangan and Skywell projects that are due to begin in the current quarter.
Last month, Kairos Minerals reported four gold targets identified at its Kangan project, just 20km from the huge Hemi gold discovery announced earlier this year by De Grey Mining (ASX: DEG).
Strong news flow expected
“The net result of all this increased activity is that shareholders can look forward to strong and regular news flow with drilling updates and assay results from now through until Christmas and into early next year,” Mr Topping said.
All assay results from the Fuego program are still pending.
Flora and fauna surveys are underway at Tierra. An additional heritage survey is being requested for the prospect where strong soil anomalies have been identified.
The Pilbara project area is about 100km south of Port Hedland, WA. Since acquiring it in early 2016, Kairos Minerals has established a JORC indicated and inferred resource of 20.93 million tonnes at an average 1.3 grams per tonne of gold, for a contained 873,000 ounces.
The company regards its project as being in the “epicentre” of the present-day Pilbara gold rush.