Kairos Minerals sends drill rig to Old Faithful prospect after survey reveals targets

Kairos Minerals KAI ASX Mt York gold RC drilling
Kairos Minerals’ Old Faithful target has a resource of 89,400oz of contained gold.

Kairos Minerals (ASX: KAI) has begun a program of 14 holes at the Old Faithful gold prospect, part of its Mt York project in the Pilbara, after receiving “highly positive” results from a recently completed sub-audio magnetic (SAM) survey.

Drilling will test new targets revealed by the SAM survey as well as look for extensions to the current resource and high-grade zones within Old Faithful.

The gold resource at the prospect now stands at 2 million tonnes at 1.37 grams per tonne gold, for a contained 89,400oz. 

Mt York is part of Kairos Minerals’ overall area, known as the Pilbara gold project which has a total resource of 20.9Mt at 1.30g/t for 873,500oz.

Kairos’ 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.

De Grey has a resource of 37.44Mt at 1.81g/t for 2,164,500oz.

Kairos executive chairman Terry Topping said his company is now looking to expand that 89,400oz resource at Old Faithful.

Survey revealed ‘compelling targets’

“Our recent SAM survey has delivered a number of compelling targets at Old Faithful, which we will start testing over the next few weeks,” he added.

By contrast with other parts of the overall Pilbara project, Mt York is a brownfield target.

It was mined between 1994 and 1998 when there was an average gold price of US$350/oz. Some 125,493oz were extracted at an average grade of 1.85g/t.

Kairos’s drill plans at Mt York, apart from Old Faithful, also include the site of the old Mt York mine and the Iron Stirrup prospect.

The Old Faithful resource was calculated from the results of 166 historical reverse circulation holes over a total 14,900m, as well as from 1,194.1m of diamond drilling of 10 holes.

Full diary of work at Pilbara

Kairos also reported that mapping, rock chip sampling and soil geochemistry programs have been completed at the Skywell project, with initial results expected this month.

Skywell is part of the company’s target generation for Hemi-style intrusive-related gold mineralisation.

Apart from the drilling program announced today, Kairos has a busy schedule mapped out for itself.

This includes upcoming assays from RC drilling at the Fuego and Tierra prospects; interpretation of the results from the mapping and geological sampling programs conducted at the Skywell and Croydon project; further interpretation from, and target generation for, the airborne geophysical survey (combined with the final results from the SAM survey); and heritage surveys at the Kangan and Skywell projects.

The Pilbara project area is about 100km south of Port Hedland and was acquired in early 2016.

Kairos regards its 1,236sq km project as being in the “epicentre” of the present-day Pilbara gold rush.

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