Kin Mining (ASX: KIN) has been busy drilling Mount Flora, a gold target 20km east of its flagship Cardinia project, located near Leonora, Western Australia.
Managing director Andrew Munckton says Mount Flora, while it is still early days, “has all the hallmarks of a significant new discovery and which is quite different to what we’ve seen in the Cardinia area before”.
The company today released 4m composite assay results from follow up aircore drilling, describing the assays as indicating “a large mineralised system”.
The results included 8m at 3.75 grams per tonne gold (from 32m down hole), 16m at 1.16g/t (from 24m), 4m at 4.34g/t (from 12m) and 4m at 1.3g/t (from 24).
Two large mineralised zones
The assays also returned additional end-of-hole intercepts, including 1m at 5.39g/t and 2m at 1.72g/t.
Results are still out on a further 215 holes drilled in six lines to test for potential extensions over a 1.6km strike length.
Kin says the eastern zone at Mount Flora contains a continuous mineralised area that is 700m long and 150m wide, and which contains “numerous” ore grade drilling results coincident with shallow east-dipping quartz sulphide mineralisation in mafic rocks.
Meanwhile, the northwest zone contains a semi-continuous zone of 400m by 80m.
“The aircore drilling has so far outlined a substantial mineralised position in the eastern side of our tenure and an additional smaller zone in the northwest,” Mr Munckton said.
Mount Flora has had little exploration attention
He added that the drilling suggests Mount Flora is shaping up as a potential discovery of considerable scale and potential for Kin.
“We will be pushing hard to get the first deeper drilling into this area as quickly as possible while we wait for the remaining assays to confirm potential extensions to the eastern mineralisation and other complementary zones.”
Mount Flora formed part of the Kin’s initial public offering, but has had relatively little exploration attention until recently when Kin began its regional exploration program.
“This program is targeting potential satellite discoveries which can be complementary to our central Cardinia asset,” Mr Munckton added.
In July St Barbara (ASX: SBM) revealed it has paid $25.3 million for 158.1 million shares in Kin at an average $0.16 each, giving the major a 19.8% interest.