KIN MINING NL For personal use only
ASX Announcement | 28 July 2022 |
ENCOURAGING RESULTS FROM FIRST-PASS REVERSE
CIRCULATION DRILLING AT IRON KING
RC drilling demonstrates potential for extended mineralisation across multiple greenfield targets
Highlights
- Encouraging results received from follow-up Reverse Circulation (RC) drilling designed to test below anomalous air-core results at the Iron King prospect, 45km north of Leonora in WA.
- Significant results from drilling targeting the Iron King and Axford areas include:
Iron King:
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8m at 1.79g/t from 13m, 2m at 3.30g/t from 37m and 1m at 2.37g/t from 75m (IK22RC005) o 2m at 2.74g/t from 54m (IK22RC006)
o 2m at 2.86g/t from 60m (IK22RC010)
Axford:
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1m at 2.23g/t from 92m (AX22RC003) o 2m at 1.88g/t from 94m (AX22RC004)
o 1m at 1.25g/t from 19m, 1m at 6.30g/t from 54m and 1m at 1.10g/t from 65m (AX22RC007) o 1m at 1.46g/t from 21m (AX22RC008)
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1m at 2.23g/t from 92m (AX22RC003) o 2m at 1.88g/t from 94m (AX22RC004)
- The results provide further evidence of gold mineralisation associated with quartz veining and sulphides adjacent to a granodiorite intrusion
- The presence of narrow, high-grade ore within wider zones of low-grade mineralisation is encouraging, with IK22RC004 intersecting 21m at 0.57g/t from 55m to the end-of-hole, below IK22RC005 intersecting 8m at 1.79g/t from 13m downhole.
- The drilling supports evidence gained from soil sampling, Kin's air-core drilling and historical drilling, demonstrating two parallel zones of mineralisation centred on the recently drilled Axford prospect and the historical Iron King West prospect, which was subject to shallow open pit mining in the 1980's.
Kin Mining NL (ASX: KIN or "the Company") is pleased to report encouraging new assay results from Reverse Circulation (RC) drilling undertaken at the Iron King prospect, located within its 100%-owned tenements approximately 45km north-west of Leonora. Iron King is located near Red 5's King of the Hills 4.1Moz gold mine.
ASX Code: KIN | Kin Mining NL |
Shares on issue: 866 million | 342 Scarborough Beach Road |
Market Capitalisation: $71 million | Osborne Park WA 6017 |
Cash: $6.0 million (31 March 2022) | P: +61 9 9242 2227 |
E info@kinmining.com.au | |
kinmining.com.au |
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Iron King has a similar geological setting to King of the Hills with gold mineralisation being associated with a significant granodiorite intrusion. The RC drilling results confirm the presence of primary gold mineralisation located beneath previous encouraging air-core drilling.
Kin Mining Managing Director, Andrew Munckton, said: "The limited RC drilling completed at Iron King has confirmed primary gold mineralisation below the shallow aircore results released in 2021. We have now confirmed the presence of primary gold mineralisation over substantial widths, coincident with quartz veining and sulphides. Importantly, the gold mineralisation at both Iron King and Axford is associated with alteration zones adjacent to an interpreted granodiorite intrusion.
"The similarity of the Iron King mineralisation to the nearby King of the Hill style of deposit is notable and therefore the prospect requires further analysis and follow up drilling."
Iron King Prospect
RC drilling to follow up previous Aircore drilling was conducted predominantly to the west of the historical Iron King open pit. Refer Figure 1. The Iron King open pit produced approximately 20,000 tonnes at 9.0g/t Au for 5,600oz of gold mined in the 1980's.
Historical drilling results at Iron King were derived from RC drilling completed in 1980's as limited extensions of the historically mined pit area. Intersections such as 1m at 27.5g/t Au from 3m in IK010 highlight the high grade but narrow nature of the mineralisation in and around the open pit and historical workings.
The Company has completed nine holes for a total of 822m of RC drilling targeting the Iron King fault which strikes East-West as it wraps around the Tarmoola anticline. Significant results include 8m at 1.79g/t Au from 13m in IK22RC005, 2m at 2.74 g/t Au from 54m in IK22RC006 and 2m at 2.86g/t Au from 60m in IK22RC010.
Mineralisation is associated with abundant quartz veining (up to 50%), containing up to 10% pyrite and surrounding rock displaying weak to moderate foliation and shear textures, indicating a structurally-controlled system located between basalt and dolerite units adjacent to a significant granodiorite intrusion intersected in aircore drilling along strike. Refer Figure 1 and Figure 2.
Figure 1. RC drill hole locations Iron King target area over mapped geology and aerial photo. Results greater than 1g/t highlighted. Cross section A-A'
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Figure 2. Cross-section through A-A' showing the significant broad (red dash) mineralisation down-hole.
Axford
The Axford target is located in the north-eastern sector of the Project, approximately 1km north of the historically mined Iron King open pit.
Previous drilling results at Axford were derived from AC drilling completed in August 2020 (see ASX announcement 14 January 2021) and October 2021 (see ASX announcement 8 October 2021) and highlighted mineralisation such as 6m at 1.91g/t Au from 40m in AX20AC116 and 4m at 2.08g/t Au from 44m in AX20AC117 targeting extensions to historical workings previously referred to as the Crystal Ridge prospect.
The Company has completed nine holes for an advance of 1,031m of RC drilling (Figure 3). Significant results include 2m at 1.88g/t Au from 94m in AX22RC004 and 1m at 6.30g/t Au from 54m in AX22RC007.
Mineralisation at Axford consisted of a pyrite and silica altered felsic volcanic rocks, within a larger interval of black shale. Mineralisation was associated with areas of strong quartz veining, as well as up to 2% pyrite. Geological logging indicates alteration containing pyrite up to 70% in some cases. Previous mapping by Hallberg (1999) interpreted a thick Granodiorite unit central to the prospect. RC drilling has indicated that significant zones of black shale are present and mapped as the Crystal Ridge Shear Zone on either side of the Granodiorite unit.
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Figure 3. RC drill-hole locations Axford target area over mapped geology and aerial photo. Results greater than 1g/t highlighted.
Interpretation and Implications
The presence of structurally controlled positions containing mineralised zones of substantial width around the Iron King open pit with occasional high grades, containing quartz veining, pyrite and alteration zones in close proximity to granodiorite intrusions in the area is significant. The similarity to the nearby King of the Hills style of mineralisation is notable and therefore the prospect requires further RC drilling to determine the extent of this type of mineralisation.
Prospect | Hole Id | From | To | Width | Grade | Comment |
Iron King | IK22RC001 | NSI | ||||
IK22RC002 | NSI | |||||
IK22RC003 | NSI | |||||
IK22RC004 | 55 | 56 | 1 | 4.94 | ||
63 | 64 | 1 | 1.39 | |||
IK22RC005 | 13 | 21 | 8 | 1.79 | ||
37 | 39 | 2 | 3.30 | |||
75 | 76 | 1 | 2.37 | |||
IK22RC006 | 54 | 56 | 2 | 2.74 | ||
62 | 64 | 2 | 1.19 | |||
IK22RC007 | 110 | 111 | 1 | 1.06 | ||
IK22RC008 | 75 | 76 | 1 | 1.00 | ||
IK22RC010 | 60 | 62 | 2 | 2.86 | ||
Axford | AX22RC001 | NSI | ||||
AX22RC002 | 49 | 50 | 1 | 1.18 | ||
AX22RC003 | 92 | 93 | 1 | 2.23 | ||
AX22RC004 | 94 | 96 | 2 | 1.88 | ||
AX22RC005 | 50 | 51 | 1 | 1.03 |
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Prospect | Hole Id | From | To | Width | Grade | Comment |
AX22RC006 | 32 | 33 | 1 | 1.55 | ||
AX22RC007 | 19 | 20 | 1 | 1.25 | ||
54 | 55 | 1 | 6.30 | |||
65 | 66 | 1 | 1.10 | |||
AX22RC008 | 21 | 22 | 1 | 1.46 | ||
AX22RC009 | NSI |
Table 1: Assay results of the Iron King RC drilling programs. Results of greater than 1g/t reported.
Prospect | Hole Id | East | North | RL | Dip | Azi | Depth |
Iron King | IK22RC001 | 312257 | 6842721 | 445 | -60 | 178 | 72 |
IK22RC002 | 312257 | 6842758 | 447 | -59 | 181 | 120 | |
IK22RC003 | 312632 | 6842623 | 439 | -60 | 204 | 54 | |
IK22RC004 | 312680 | 6842634 | 442 | -59 | 202 | 78 | |
IK22RC005 | 312683 | 6842595 | 443 | -60 | 197 | 84 | |
IK22RC006 | 312746 | 6842593 | 438 | -58 | 204 | 84 | |
IK22RC007 | 312812 | 6842629 | 443 | -60 | 206 | 126 | |
IK22RC008 | 312844 | 6842596 | 440 | -59 | 202 | 126 | |
IK22RC010 | 312382 | 6842706 | 445 | -60 | 181 | 78 | |
IK010 | 312865 | 6842497 | 430 | -90 | 0 | 6 | |
Axford | AX22RC001 | 312492 | 6843627 | 449 | -61 | 185 | 72 |
AX22RC002 | 312490 | 6843656 | 450 | -60 | 186 | 120 | |
AX22RC003 | 312585 | 6843620 | 448 | -60 | 186 | 114 | |
AX22RC004 | 312654 | 6843572 | 445 | -60 | 182 | 144 | |
AX22RC005 | 312825 | 6843494 | 447 | -60 | 184 | 114 | |
AX22RC006 | 312821 | 6843583 | 450 | -60 | 186 | 156 | |
AX22RC007 | 313010 | 6843349 | 449 | -59 | 182 | 107 | |
AX22RC008 | 313016 | 6843517 | 448 | -60 | 180 | 72 | |
AX22RC009 | 313176 | 6843386 | 448 | -61 | 180 | 132 |
Table 2: Details of the Iron King RC drill holes.
-ENDS-
Authorised for release by the Board of Directors
For further information, please contact:
Investor enquiries | Media enquiries |
Andrew Munckton | Nicholas Read |
Managing Director, Kin Mining NL | Read Corporate |
+61 8 9242 2227 | +61 419 929 046 |
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Kin Mining NL published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 22:27:03 UTC.
