Resources have grown another 132,000oz at 1.3 grams per tonne since September 2021, driven primarily by a 62,000oz boost at the Rangoon deposit to 95,000oz.
Total resources are now put at 34.5 million tonnes grading 1.27gpt for 1.41Moz, with 338,000oz at 1.47gpt in the Eastern Corridor that has emerged as a key area of interest over the past year.
The Western Corridor now costs an estimated 410,000oz at 1.02gpt, dominated by the 390,000oz Bruno-Lewis deposit.
Other core areas expected to underpin its development plans for Cardinia are Mertondale with 457,000oz at 1.22gpt, and 202,000oz grading 2.04gpt at Raeside.
The latest estimate has been driven by 12 months of drilling, plus re-optimised pit shells based on Kin’s 2019 prefeasibility study and a A$2600/oz gold price.
Today’s update also includes maiden underground mineable resources adding 22,000oz.
While Kin managing director Andrew Munckton admitted underground resources are “relatively small at this stage”, he said it showed the potential for higher-grade mineralisation to be added as Kin drills deeper and deeper.
The explorer, which recently raised $13.7 million at 7.5c per share, is aiming to define maiden resources for Helens East in the Eastern Corridor and Pegasus and Eagle-Crow in the Western Corridor over the next 12 months.
It raised $9.7 million via a placement, and $4 million under a rights issue that was largely tipped-in by Kin’s largest shareholder, Delphi Group, which owns 22.8%, above St Barbara at 15%.
It had sought up to $20.4 million.
Drilling continues at Cardinia, with aircore drilling at Murrin, before the focus switches to more resource drilling.
Kin has around 777sq.km across the Leonora mineral field, and is mulling up either resuming a circa $80 million standalone development option, bringing in a partner, or seeking ore sales deal with one of the existing mill owners in the region.
Shares in Kin last traded at 7.3c, valuing the explorer at $77 million.
