Kin Mining increases landholding near Cardinia with Golden Mile agreement

Kin Mining ASX Golden Mile Resources G88 Cardinia gold Western Australia Leonora
Kin Mining managing director Andrew Munckton says the new ground is a “very attractive” addition to the company’s Leonora landholding.

Gold explorer Kin Mining (ASX:KIN) has executed an agreement with Golden Mile Resources (ASX: G88) over 120 square kilometres of ground adjacent to Kin’s wholly owned Cardinia gold project, near Leonora in Western Australia.

The tenements sit in the same regional corridor that has generated positive drill results including a significant zone of high-grade gold mineralisation at Kin’s Pegasus prospect and numerous gold intercepts at the company’s Iron King project in the same region.

Under the agreement with Golden Mile, Kin has the right to an initial 60% interest in the 120sq km of tenements, with the ability to increase this to 80%.

Kin can secure the initial 60% stake by spending $750,000 on exploring the ground within 36 months. This can be boosted to 80% by spending a further $125 million on exploring the area over 72 months.

Strategic addition

According to Kin managing director Andrew Munckton, the agreement with Golden Mile represents a logical and strategic addition to the company’s regional gold exploration footprint.

“Earning-in to this tenure is consistent with our strategy of acquiring and consolidating prospective ground and assets in the Leonora district that will help us to grow our resource base,” Mr Munckton said.

He said he was confident the team would apply the systematic exploration methodology and regional knowledge to test the new, underexplored package of ground that has successfully been employed at Cardinia.

“Kin will include this ground in its future exploration plans, alongside the other exciting areas that will be followed-up in the next phase of work,” he added.

Exploration ongoing

The newly inked earn-in agreement with Golden Mile has three key targets: Ironstone Well, Monarch and the Normandy.

While none of the sites have been subject to a great deal of modern exploration, Normandy has several historical workings, and Golden Mile also recently conducted initial drilling at Ironstone Well and Monarch.

Kin has planned ongoing exploration programs for 2022, with work to be undertaken at Rangoon and Pegasus at Cardinia, as well as Mt Flora and Randwick.

The company aims to build on the 1.28 million ounce Cardinia resource through systematic exploration across the project and satellite prospects, including the newly acquired ground.

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