Kin Mining hits gold mineralisation at Pegasus target within Cardinia project

Kin Mining ASX Mount Flora gold discovery
Shallow, high-grade gold has been intersected along the eastern edge of Kin Mining’s Pegasus target.

Junior explorer Kin Mining (ASX: KIN) has intersected a significant zone of shallow, high-grade gold mineralisation during initial drilling at the Pegasus prospect within its wholly-owned Cardinia project in Western Australia.

Air core drilling of 405 holes for 10,914 metres was designed to test anomalous soil geochemistry coincident with the eastern and western edges of the Pegasus gravity target which lies within the Cardinia Creek system where access has been traditionally limited.

The results included a number of strong intercepts along the eastern edge of the target and confirmed that gravity lows highlighted in recent detailed geophysical work represent priority targets for new discoveries.

Best assays were 4m at 10.1 grams per tonne gold from 24m; 8m at 3.08g/t from 8m; 4m at 1.61g/t from 20m; 4m at 2.25g/t from 32m; and 12m at 0.7g/t from 4m.

The prospect lies to the northwest of previous drilling around the Pride of the North historical workings.

Additional results from those holes included 10m at 3.1g/t gold from 12m; 16m at 1.04g/t from 4m; 8m at 1.07g/t from 32m; and 9m at 1.15g/t from 24m.

Early results

Kin managing director Andrew Munckton was impressed with the early results.

“Pegasus appears to be a parallel structure to the adjacent Bruno-Lewis deposit and has all the hallmarks of a significant new discovery in the Cardinia area,” he said.

“Our drilling has so far outlined a substantial mineralised position in the eastern side of the gravity low which heightened our interest when we first reviewed the geophysical data in the September quarter.”

Geochemical anomaly

Pegasus was first identified as a soil geochemical anomaly after regional, wide-spaced auger sampling completed last year which identified a number of gold-in-soil anomalies in the western corridor including the Eagle-Crow prospect.

Its prospectivity was enhanced with the completion of a detailed gravity survey during the September quarter, which showed the anomalous soil geochemistry to be coincident with the edge of a large northwest-southeast trending gravity low.

Gravity lows have shown a strong correlation with gold mineralisation at the adjacent Bruno-Lewis deposit as well as recent high-grade discoveries at Cardinia Hill and Rangoon in the project’s eastern corridor.

Eastern edge assays

Assays from the eastern edge confirmed that a continuous zone of mineralised lodes spanning at least 800m of strike and up to 100m wide is present at this location.

Multi-element assay results for bottom-of-hole samples used to characterise the mineralisation, alteration and rock types confirmed the gold is associated with anomalous silver, antimony, zinc and tungsten in sulphide-rich vein structures within altered mafic rocks.

Mr Munckton said the next phase of work will comprise reverse circulation and diamond drilling to confirm mineralisation in fresh rock and is planned to commence as soon as drill rigs become available.

    Join Small Caps News

    Get notified of the latest news, interviews and stock alerts.