Eric Sprott-backed Kairos Minerals (ASX: KAI) reported it has found a large gold system at its Roe Hills gold project after kicking-off a drilling campaign late last month.
According to Kairos executive chairman Terry Topping, the results indicate shallow and “widespread” gold mineralisation across Roe Hills which encompasses 324 square kilometres of landholding and 40km of continuous strike.
Some of the better intersections include 35m grading 1.05 grams per tonne gold and 11m grading 1.10g/t at the at the Terra prospect, with Caliburn giving up 54m grading 0.74g/t gold with a 2m interval grading 6.43g/t gold.
“We are continuing to find more gold with every drilling program, but we are also gaining an increased understanding of the geology, which is central to our campaign to establish a maiden gold resource,” Mr Topping said.
Mr Topping added that Roe Hills was about 120km from Kalgoorlie in Western Australia and is close to Silver Lake Resources’ (ASX: SLR) Aldiss gold project and Breaker Resources’ (ASX: BRB) Bombora discovery at its Lake Roe project.
This is the third drilling campaign at Roe Hills, which comprises 3,000m of aircore and reverse circulation drilling to follow up on targets at Lady of the Lake, Lingering Kiss, as well as Terra and Caliburn.
The program also involves a first-pass over Avalon, Moriarty, Nautilus, Nemo and Hyde.
As part of the campaign, Kairos is reviewing existing aeromagnetic and gravity data to identify key areas for following up with 3D IP surveys and other exploration efforts.
“The results from the remainder of this program will play an important role in enabling us to prioritise the targets and further determine a clear strategy for focusing our ongoing exploration efforts and delineating maiden gold resources for the project,” Mr Topping said.
Drilling is due to wind up by the end of the month with assay results to be released as soon as the company has them to hand.
In addition to Roe Hills, Kairos possesses the Mt York project in the Pilbara which is prospective for lithium and conglomerate gold.
Billionaire gold and silver investor Eric Sprott took a punt on Kairos in October last year after shelling out A$5 million for a chunk in the explorer.
This occurred after Kairos identified 22km of strike beneath the Mt Roe basalt, which hosts the conglomerate gold-style mineralisation that set the Pilbara alight in a gold frenzy last year.
Shares in Kairos had risen more than 8% to A$0.039 by mid-afternoon trade.