Kairos Minerals goes into 2021 exploration with strong cash backing

Kairos Minerals ASX KAI 2021 exploration strong cash backing gold
Kairos Minerals expects assays from drilling at the Mt York gold deposit in February.

Pilbara gold explorer Kairos Minerals (ASX: KAI) finished 2020 with a cash balance of $10.4 million, which, it says, will enable the company to press ahead with an “aggressive approach” to Pilbara gold exploration this year.

The company also has plans in motion to “crank up” exploration at its Roe Hill project west of Kalgoorlie.

This follows what the company describes in its latest quarterly report as an extremely busy three months.

That included a 16-hole drilling program completed at the Old Faithful and Mt York deposits in its Pilbara gold project.

Kairos also continued to explore several intrusion-hosted targets close to the Hemi gold discovery just 20km away and owned by De Grey Mining (ASX: DEG).

First pass soil sampling was completed at the Kangan project in the Pilbara and three gold targets were identified at the Skywell prospect.

‘Only just scratched the surface’

Executive chairman Terry Topping said assays from the extensive drilling at Mt York are due in February.

“While we did a lot of work in the December quarter, we have still only just scratched the surface in terms of the gold potential of our vast Pilbara portfolio,” he said.

“We are planning a greatly expanded drilling program at Mt York with plans also in motion to crank up exploration at our Roe Hills project, west of Kalgoorlie.”

Mr Topping said that with more than $10 million in cash, Kairos is in a “great position to push ahead with an aggressive approach to exploration” in 2021.

Diversified WA portfolio

Kairos Minerals is a diversified West Australian-based exploration company which is focused on the exploration and development of two key project hubs located in Western Australia

Its 100%-owned Pilbara gold project has its central “hub” located about 100km south of Port Hedland in the Pilgangoora district immediately adjacent to the major lithium-tantalum projects owned by Pilbara Minerals (ASX: PLS) and Altura Mining (ASX: AJM).

In the Pilbara, Kairos also holds 1,547 square kilometres of tenure which is highly prospective for gold and copper discoveries. Since acquiring the project in early 2016, Kairos has rapidly established an 873,000oz JORC 2012 compliant gold resource.

This resource was established after re-evaluating the previously known resources from the historical Lynas Find gold project, which produced more 125,000oz of gold between 1994 and 1998 and by focused exploration.

Kairos’s 100%-owned Roe Hills Projectis located 120km east of Kalgoorlie in thd Eastern Goldfields, comprises an extensive tenement portfolio where the Company’s exploration work has confirmed the potential for significant discoveries of high-grade gold, nickel and cobalt mineralisation.

Kairos’ tenure there adjoins the emerging Lake Roe Gold Project, owned by Breaker Resources (ASX: BRB) and Silver Lake Resources’ (ASX: SLR).

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