Pilbara gold explorer Kairos Minerals (ASX: KAI) has identified “widespread” gold potential over 22km of strike after a recent helicopter-supported geochemical exploration program was completed at the company’s 100%-owned Croydon project in Western Australia.
Experience consulting geologist George Merhi managed the program which has indicated widespread gold across the project area including identifying a “thick conglomerate” beneath the Mount Roe Basalt which had not been included in previous government mapping.
Additionally, stream sediment sampling at various locations identified from the airborne survey returned up to 12.4 grams per tonne gold when assayed.
“Our systematic and methodical approach to evaluating the conglomerate gold potential of our Pilbara tenement holdings is well and truly paying dividends, with the achievement of what I consider to be outstanding results from the regional geochemistry program overseen by George Merhi at Croydon late last year,” Kairos executive chairman Terry Topping said.
He added the stream sediment assays were some of the “highest grade results” he had seen from a geochemical program, claiming it shows the “widespread” conglomerate potential of the region.
“The sampling program has demonstrated that the majority (if not all) of the target horizon on our tenements remain prospective for conglomerate-hosted gold – which is an exciting development for the project,” Mr Topping added.
In addition to yielding high grades in the stream sampling, another target was opened up within the Hardey Formation at the project after stream sediments returned elevated gold of 497 parts per billion.
“We are very much looking forward to getting back into the field, weather permitting, to start the next round of conglomerate gold exploration in the Pilbara, which we intend to pursue with vigour alongside our rapidly resource-level project at Mt York and our emerging greenfields discovery at Roe Hills – 100km east of Kalgoorlie in WA,” Mr Topping said.
Pilbara gold hotspot
During the second half of last year, the Pilbara was a hotspot for gold exploration after Artemis Resources (ASX: ARV) and Novo Resources (TSXV: NVO) found numerous watermelon seed-shaped gold nuggets at their jointly owned Purdy’s Reward prospect.
What ignited the gold fever was the similarity of the Pilbara nuggets to those found in South Africa’s Witwatersrand gold reef, which is the world’s largest known gold deposit. In the last century, the Witwatersrand reef has given up more than 1.5 billion ounces of the precious metal with plenty more to come.
The gold find caused many explorers to peg up land in the area, while others with tenements carried out reviews for this conglomerate-style of mineralisation.
By late October, renowned billionaire precious metals investor Eric Sprott had scooped up a A$5 million stake in Kairos after purchasing slices in Novo and another Pilbara gold explorer De Grey Mining (ASX: DEG).
As Kairos advances exploration activities across Croydon, investors around the globe will be watching keenly, with many jumping on the company’s bandwagon today causing its share price to shoot up more than 12% to sit at A$0.054 by mid-afternoon trade.