Western Australian gold explorer Kin Mining (ASX: KIN) has completed an updated mineral resource for its Cardinia gold project near Leonora that now stands at 1.23 million ounces.
Significantly, the measured and indicated mineral resource has risen by 15% from 102,000oz to 762,000oz.
The company says this reflects the success of the infill drilling programs conducted in recent months, and which also demonstrates the “scale and quality” of the Cardinia project.
The new resource statement puts Cardinia with 30Mt at 1.28 grams per tonne gold for that 1.23Moz of contained gold.
The measured and indicated component is now 17Mt at 1.39g/t.
Unlocking value through ‘focused exploration’
Managing director Andrew Munckton commented that the latest mineral resource estimate marks another step towards unlocking the value of the project through focused exploration.
“Importantly, in addition to delivering a 7% increase in overall contained ounces, we have been able to deliver a significant 15% in the higher confidence measured and indicated ounces,” he said.
Mr Munkcton singled out the southwest lodes at the Bruno Lewis deposit.
“We see great potential for further growth at this cornerstone deposit,” he added.
At Bruno-Lewis, there was a 20% rise in the resource estimate to 11Mt at 1.01g/t for a contained 374,000oz.
That included a 69% increase in the measured and indicated resource to 283,000oz.
At the Hobby deposit, the new estimate is 500,000t at 1.31g/t for 22,000oz.
‘Strong pipeline of new prospects’
Further upgrades of the resource estimate for Cardinia are expected in the September quarter.
The company says this will include recent drilling which returned some “outstanding” high-grade results.
Earlier this month, Kin Mining posted new wide, high-grade gold intercepts, including 7m at 21.3g/t from 91m in the sulphide zone and 8m at 4.02g/t gold from 19m in the oxide zone.
Mr Munckton said recent deeper drilling results from the Cardinia Hill and Eastern Corridor deposits have yet to be fully assessed.
“We also have a very strong pipeline of new prospects.”