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Kairos edges closer to 1m ounces at Pilbara Gold Project

Perth-based Kairos Minerals appears to be marching towards a 1Moz global gold resource at its Pilbara Gold Project after booking a resource upgrade to 873,500 ounces of gold from 643,000 ounces previously. The resource includes its Mt York, Iron Stirrup and Old Faithful deposits and now sits at 20.9Mt grading 1.3g/t gold, with the bulk of it in the Mt York deposit.

Management said the volumes for the Mt York deposit had been upgraded to an indicated and inferred resource of 17.2Mt grading 1.26g/t for 697,700 ounces gold with a cut-off grade of 0.5g/t gold down to a maximum depth of 195m. 

Studies are now underway to assess the potential for open pit mining of the newly upgraded resource.  Importantly, the company said that each of the deposits remains open along strike and at depth.

Kairos has a handfull of other promising prospects too that are outside of the resource estimate including Croydon and Kangan.  The company said it was particularly interested in the Kangan prospect as it was located only 20km south of De Grey Mining’s recently reported Hemi gold discovery that boasts extraordinarily long intersections with solid grades. 

The mere mention of Hemi in hushed tones along the streets of Perth has been eliciting excited reactions from punters in these heady days of stellar Australian dollar gold prices and any proximity to Hemi in this market is a good start.

Kairos Executive Chairman, Terry Topping said: “We are pleased to report an updated March 2020 Mineral Resource for the Pilbara Gold Project totalling 873,500 ounces. This follows a detailed review of all historical data and drilling, a reinterpretation of the mineralisation envelope and a recalculation of the resource based on updated gold price assumptions.”

“The new Mineral Resource sets a strong foundation for us as we commence mining studies on the Pilbara Gold Project and evaluate the best way to extract value from this significant asset at a time when the Australian Dollar gold price is at record highs. While this work will be an important focus for us over the next 2-3 months, we have not lost sight of Kairos’ vast and strategic exploration portfolio in the Pilbara.”

“In addition to the exciting 10km long Fuego gold-in-soil anomaly at our Croydon Project, we also have a number of potential intrusion hosted exploration targets at our Kangan Project, located on the margins of a significant granite intrusion. These opportunities are currently under review in light of the recent exploration success reported by De Grey Mining at their Hemi discovery, which lies just 20km north of our Kangan Project. We look forward to providing the market with further updates on this in the near future.”

This latest resource upgrade in the Pilbara appears to have all the hallmarks of a ‘right-place-right-time’ catch phrase for Kairos as it barrels on toward a potential 1Moz open-pit mine-able gold resource.

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

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Total Shareholder Return as at 31/03/20

1 year TSR5 year TSR
11thSpectrum Metals271%60%
270thGolden State Mining-6%
333rdPeak Resources-16%-18%
510thGreat Western Exploration-43%-28%
759thKairos Minerals-75%-13%
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313th↑Kairos Minerals$8k
346th↓Great Western Exploration$718
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