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Kairos extends Croydon conglomerate strike to over 4km

Just weeks after finding a bonanza patch of 256 gold nuggets at its Croydon Project in the Pilbara region of WA, Kairos Minerals has extended the strike length of the gold bearing conglomerate to over 4km.

The company’s ongoing exploration program has identified visible gold in stream sediment pan samples with gold “colours”, or micro nuggets, recovered both north and south of the original nugget patch.

In addition, helicopter supported stream sediment geochemical sampling has identified multiple high-priority gold targets over a 22km strike length of the prospective contacts between the lower Fortescue Group rocks and the older Archaean basement.

Follow-up exploration activities currently underway at Croydon include additional stream sediment sampling, metal detecting and detailed mapping.

Kairos will also carry out stratigraphic RC and diamond drilling and it is also awaiting approvals to undertake trenching.

Executive Chairman Terry Topping said: “The early results have been outstanding, with around 35 percent of the 89 streams sampled reporting visible gold in panned samples – including the exceptional sample 18WCST65, which was taken around 2km south of the nugget discovery and showed 50 colours.”

“To put that into context, the best pan sample we collected which led to the discovery of our first nugget patches showed 40 colours. This has allowed us to rapidly extend the apparent strike length of the nugget patch both to the north and south.”

“An additional significant development is the fact that detailed mapping at the nugget patch itself has shown sandstone to be a major component of the conglomerate package beneath the Mount Roe Basalt. This association elevates the potential of other areas where we have seen sandstone beneath the Mount Roe stratigraphy.”

Last month, Kairos recovered 256 nuggets weighing over 8 ounces just weeks after starting its 2018 conglomerate exploration program with the help of Pilbara conglomerate gold expert George Merhi.

The Croyden project is part of Kairos’ Pilbara Gold Project that covers 1158km2 and currently hosts a JORC mineral resource of 14.4 million tonnes grading 1.39 grams per tonne gold for 643,000 ounces of contained gold.

Those numbers may be in line for an upgrade soon with the company reporting earlier this week that a successful drill program intersected a number of high grade intervals and extended the strike length of the Mt York deposit to over 3.8km.

One hole returned a serious looking 72 metres grading 1 gram per tonne gold from 3 metres down-hole including 3m @ 8.54g/t gold from 56m and 1m @ 15.93g/t gold from 57m.

Other significant intercepts from the drill program are 8m @ 3.79g/t gold from 136 metres down-hole including 1m @ 5.53g/t gold, 8m @ 3.44g/t gold from 145m which included a 1m section grading 12.7g/t gold and 37m @ 1.3g/t gold from 62m including 8m @ 4.77g/t.

Kairos is on a roll now with its Pilbara conglomerate gold plays.

The question for the company now is how to pull it all together into a solid and scalable resource.

Visible gold in multiple stream samples is a pretty good start.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/10/18

1 year TSR5 year TSR
155thBannerman Resources32%-2%
443rdTraka Resources-15%-15%
716thKairos Minerals-56%32%
774thResource Mining Corporation-65%52%
744 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

04/08/17
$0 Other
04/08/17
$0 Other
09/06/17
$15k Bought
Total value as at the date of the transaction
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Revenue

364th↓Resource Mining Corporation$3k
365th↓Bannerman Resources$2k
366th↓Kairos Minerals$2k
367th↓Luiri Gold$1k
368th↑Traka Resources$966
512 listed resources companies ranked by revenue.
Source: Morningstar

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