Kin Mining reflects on busy June quarter ahead of further gold resource upgrades, regional exploration at Cardinia

Kin Mining NL (ASX:KIN) has reflected on a busy June quarter as it progresses an expanded regional exploration campaign at the Cardinia Gold Project (CGP) in Western Australia. Between March and June, the ASX-lister updated the flagship gold asset’s mineral resource, which now sits at 1.23 million ounces of gold grading 1.28 g/t. Managing director Andrew Munckton provided commentary on Kin’s June quarter activities as it prepared for the end of FY21 and launched into a new financial year. Now, the gold development and exploration company is eyeing another resource update as it continues to explore the Eagle-Crow and Mount Flora regions. At the end of the June quarter, Kin had $7.44 million in cash available to fund work across its flagship asset. Maintaining “impressive pace” Commenting on the company’s quarter, Munckton said: “Thanks to the successful $12.8 million capital raising, completed last quarter, Kin Mining has been able to maintain an impressive pace of exploration results and resource development activity during the June quarter – notwithstanding the capacity constraints and personnel shortages being experienced across the sector. “We delivered a further increase in the mineral resource at the Cardinia Gold Project to 1.23 million ounces, including a 15% increase in the all-important, higher-confidence measured and indicated components to 762,000 ounces. “This incorporated the results from earlier drilling programs at the Bruno-Lewis and Hobby deposits." Next chapter for Cardinia Speaking to Cardinia’s future, Munckton said: “We are now working towards the next resource update for the CGP scheduled for the September quarter, which will include the impressive results generated from in-fill and extensional drilling at our developing Cardinia Hill deposit. “Major aircore programs also continued across the project during the quarter, targeting the next step-change in growth at the CGP. It’s been really pleasing to see two new areas emerge as early contenders in this regard – Eagle-Crow and Mount Flora. Work progresses at Eagle-Crow and Mount Flora Following an aircore (AC) drilling program at the Eagle-Crow prospect, Kin Mining is currently conducting a reverse circulation (RC) program to better define the tenement's potential. Meanwhile, at the Mount Flora prospect, Kin is gearing up to begin reverse circulation drilling in mid-July once a phase four program at Cardinia runs its course. Munckton continued: “Eagle-Crow is located just 2 kilometres from the centre of the CGP and has revealed early potential for an extensive, shallow gold discovery with striking early-stage similarities to both Bruno-Lewis and Cardinia Hill. "At Mount Flora, 20 kilometres east of the CGP, shallow aircore drilling intercepted 22 metres at 8.96 g/t gold, rapidly elevating this area to high-priority exploration status. “Our follow-up RC drilling at Eagle-Crow has commenced and our ongoing regional exploration program will also see follow-up AC and RC drilling at Mt Flora, auger and geochemical programs across the Randwick and Murrin prospects and our maiden drilling program at the recently identified Mount Fouracre nickel target. “The objective of the regional program is to systematically test the wide range of exploration opportunities across the company’s broader tenement holding to determine the potential for new discoveries and emerging satellite opportunities to complement the core 1.23-million-ounce CGP." Corporate activities During the June quarter, Kin also acquired a key royalty, covering the first 100,000 gold ounces produced at the Cardinia project. Speaking to the ASX-lister’s corporate activities, Munckton concluded: “On the corporate front, Kin significantly streamlined its future development options for the CGP during the Quarter with the acquisition of the existing 1.5% net smelter royalty (NSR) over the first 100,000 ounces of gold production. “The royalty was owned by Sprott Private Resource Lending and was put in place as part of the previous US$27 million in financing for the project in 2017. “The acquisition streamlines future development options, enhances project economics and reduces administrative costs for the CGP, with the acquisition cost of US$600,000 cash representing a good outcome for shareholders in the current strong gold price environment.”