Kin Mining’s Cardinia gold project zooms past 1.5Moz

The mineral resource at its Cardinia project near Leonora, Western Australia, has now passed the 1.5 million ounces mark, Kin Mining (ASX: KIN) reports.

With the addition of 134,000oz within the expanding exploration on the project’s Eastern Corridor, the new resource figure now sits at 37.7 million tonnes at 1.27 grams per tonne, for a contained 1.54Moz.

The update is based on an additional 5,993m of reverse circulation drilling and 2,473m of diamond drilling completed through the just concluded 2023 financial year.

All deposits within the mineral resource estimate remain open, both along strike and at depth, the company says.

Conservative approach to estimating resources

Managing director Andrew Munckton describes the growth as a “solid” achievement.

“The company has a very strong pipeline of exploration targets that are yet to be estimated at the mineral resource level,” he added.

These include extensions of existing deposits in the Eastern Corridor and newly identified prospects at other project areas.

Mr Munckton said Kin Mining takes a conservative view of mineral resource estimation, constraining such estimates within optimal pit shells using an Australian $2,600 per ounce gold price and applying reasonable operating cost assumptions.

Discovery cost of A$25/oz

In Cardinia’s Eastern Corridor, a maiden mineral resource has been completed at the Helens East deposit of 1.4Mt at 1.57g/t, for a contained 70,000oz of gold.

This joins the Helens and Rangoon deposits, incorporating 600m of new mineralised strike between deposits previously considered separate.

As of new, pit optimisation shell shows large, semi-continuous pit shells.

The discovery cost for the entire Cardinia project stands at A$25 per ounce.

Mr Munckton says that the continued strong growth in the company’s resource base at Cardinia reflects the exploration approach, improving geological knowledge, and the potential of the new Eastern Corridor area to produce higher grades within expanded and optimised pit shells.

At present, the Eastern Corridor has, over the past 12 months, been the major focus of Kin Mining’s drilling efforts.