New drilling and a heritage survey are planned for next month by Kairos Minerals (ASX: KAI) at its Mt York project following what the company describes as “highly encouraging” soil and rock chip sampling at a new target area.
That new target has been defined about 500m southeast of the historic Old Faithful deposit, with anomalous rock chip samples returning up to 1.1 grams per tonne gold.
Mt York is part of Kairos Minerals’ overall area, known as the 1,547 sq km Pilbara gold project which has a total resource of 20.9Mt at 1.30g/t, for 873,500oz.
This includes an indicated resource of 8.56Mt at 1.3g/t for a contained 366,000oz.
High-tenor anomaly of 5.3g/t gold
Kairos’ Pilbara ground extends to the east and south of the ground held by De Grey Mining (ASX: DEG) and its Hemi discovery made about a year ago.
The Pilbara project encompasses the historical Lynas Find gold project, which produced more than 125,000oz of gold between 1994 and 1998.
The latest sampling at Mt York included a high-tenor gold anomaly, up to a peak of 5,389 parts per billion (or 5.3g/t), located about 1km south of the company’s Iron Stirrup deposit.
Drilling will begin next month to test the key targets identified by this first stage geochemistry program, while a heritage survey over priority target areas is scheduled for early October.
Executive chairman Terry Topping said the drilling will test several of the key targets to provide a clearer insight into the potential for new discoveries.
That, he added, could add significantly to the scale and potential of the Mt York project.
Looking at ‘considerable’ exploration upside
“This is a very positive start to our geochemical sampling program at Mt York, with a number of new, high-quality greenfields drill targets defined that provide further evidence of the considerable exploration upside we have been uncovering,” Mr Topping said.
At the newly discovered area — now named Old Faithful Southeast — there has been historical drilling in Kairos’ tenure; however, historical exploration to the north recorded 2m at 1.91g/t gold from a drill hole and 4.1g/t gold for channel sampling.
Meanwhile, Mr Topping says the company is still awaiting a large number of assays from the recently completed initial phase of reverse circulation drilling at Mt York.