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Kairos Minerals (ASX: KAI) is a diversified West Australian-based exploration company focused on the exploration and development of its 100%-owned, high-quality gold and lithium projects centred around the advanced Mt York Gold Project.
Highlights
- Mt York emerges as a top-shelf WA gold project with genuine scale and ongoing growth potential
- The 26% increase in the resource stems from recent highly successful drilling campaign; ~15,000m of drilling completed in 2021
- 1,104,000 ozs Au resource increases to 1,329,000 ozs Au at 0.5 g/t Au lower cutoff
- Resource growth also reflects extension of assumed pit depth to take into account significant mineralisation excluded from previous inventory
- 20,000m drilling contract signed with Orlando Drilling; Drilling set to start within days targeting further significant resource growth
- Drilling will take place in parallel with geotechnical assessment and metallurgical test work
Kairos Managing Director, Dr Peter Turner said:“This substantial resource increase is a game-changer for Kairos on several levels.
“Mt York now has genuine scale at 1.1Moz in a tier-one location. And the results demonstrate the huge potential for further increases, with the mineralisation open in all directions and constrained only by drilling.
“Our resource optimisation work on the Main Trend outlines a single 3km-long pit constrained only by drilling at depth.
“A major 20,000m drilling program has started with the aim of continuing to grow the inventory along strike and at depth and between the current optimal pit shells.
“We will also undertake important geotechnical and metallurgical work in preparation for a pre-feasibility study”.
Mt York Resource Estimate Update
The current resource estimate was completed by Christopher Speedy of Encompass Mining Consultants using wireframes built by Kairos’s technical team and based on a 0.3 g/t Au envelope of mineralisation. The resource includes an additional 14,988m of drilling at all prospects in late 2021 by the company. The resource includes the continuous and contiguous deposits of Main Hill, The Gap, Breccia Hill and Gossan Hill that form an arcuate form with mineralisation dipping moderately to steeply to the south to south-west, herein referred to as The Main Trend (see Figure 1).
Table 1. Mineral Resource Estimate for the Mt York Gold Project using a 0.7 g/t lower cutoff. The deposits of Main Hill, The Gap, Breccia Hill and Gossan Hill are contiguous orebodies with Iron Stirrup and Old Faithful being satellite deposits 4.5km and 6.5km to the north respectively (see Figure 1).
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KAI:AU
EIS Funding of $180,000 Awarded for Drilling at Caligula, a Significant Copper Target at the Arkun Project, WA
- Co-funding of up to $180,000 awarded under the WA Government’s EIS scheme to drill the large and significant Caligula copper target identified in soil geochemistry data and Mobile Magneto-Telluric (MMT) data.
- Caligula comprises a 5 km by 1 km soil geochemistry anomaly containing copper-silver-cobalt+/- tellurium-bismuth-molybdenum associated with numerous conductors identified in the MMT data that may represent disseminated or massive sulphides.
- Infill and extensional soil geochemistry surveys have been completed to help define specific drill targets with assays due this Quarter.
- The statutory approvals process for a drill programme has now commenced.
- The aircore drill programme at the Hyperion Prospect, which forms part of IPT’s broader Arkun Project, has been completed. Hand-held XRF data is being interpreted to help select samples for assaying, with results expected later this Quarter.
The Caligula prospect comprises a large soil geochemistry anomaly that is coincident with several significant conductors identified in helicopter-borne Mobile Magneto-Telluric (MMT) data that may represent disseminated or massive sulphides (ASX Releases 9th August 2023 and January 24th 2024).
Caligula is 15 km west of the Hyperion Rare Earth Element prospect anomaly, where an aircore drill programme was recently completed (ASX Releases January 4th 2024 and April 19th 2024). The Arkun project was also recently expanded with three new tenement applications (Figure 1 and ASX Release March 14th 2024).
Impact Minerals’ Managing Director, Dr Mike Jones, said, “This award validates our exploration programmes at Arkun over the past few years. Caligula is one of many geochemical and geophysical targets we have at the project and so the information we will gain from the proposed drill programme will add immensely to our knowledge of this poorly exposed and poorly explored area. We will now start the statutory approvals process for the drilling. We have just completed our maiden drill programme at Hyperion to test for Rare Earth Elements and are interpreting the handheld XRF data to select samples for assaying, and we are looking forward to those results”.
Figure 1. Location and regional geological setting of Impact’s Arkun and other projects shown in blue in the emerging mineral province of southwest Western Australia. Significant nickel deposits are shown in orange, lithium deposits in green and gold deposits in yellow.
Soil Geochemistry Results
The Caligula prospect comprises an area of anomalous copper-in-soils that extends over about 5,000 metres north-south and up to at least 2,000 metres east-west. It is open to the east and the southwest (Figure 2). The copper is associated with anomalous silver and cobalt and, in the southern part of the anomaly, also has a strong association with bismuth, tellurium and lesser molybdenum (Figure 2). Details about the soil geochemistry results were included in the ASX Release of January 24th 2024.
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This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities/Appendix 5B Cash Flow Report
ORROROO URANIUM PROJECT
- Maiden drill campaign completed successfully delineating uranium in 10 of 17 holes drilled
- Exploration continuing with land access engagements, geophysics and subsequent drill program(s) planning in progress
- Additional permit EL6948 granted expanding project area to 723km² total of 100% owned exploration tenure
ROGER RIVER GOLD PROJECT
- Soil study completed with successful reanalysis of historical samples
CORPORATE UPDATE (including activities subsequent to quarterly period end)
- Exclusivity and due diligence deed executed for Las Alteras uranium project in Argentina
- Strong financial position with $2.91m cash at March 2024 quarter end which was increased subsequently through a strategic placement of $415,746
Orroroo Uranium Project, South Australia
Norfolk Metals Ltd (Norfolk or the Company) is pleased to advise the maiden drill program was completed with a further 5 holes drilled across EL6552 being drilled in Phase 2 of the program in January 2024, taking the total number of holes completed in the maiden program to seventeen (17) (Figure 1). Phase 2 of the program sought to test the palaeochannel model at the Wongway Creek Target (formerly Target 1) where suitable drill access was available. A total of three (3) holes were drilled along the river traverse of the Wongway Creek Target testing both upstream and downstream regions. One (1) hole was drilled downstream of the No Name Creek Target (formerly Target 3) as well as the Rankin Rd Target (formerly Target 4). The completion of the maiden drill program has successfully delineated uranium in ten (10) of the seventeen (17) holes providing data for the Company to further develop a geological model of the Walloway Basin (Figure 3). Most importantly, the interpreted uranium bearing floodplain intersected upstream of Wongway Creek gives Norfolk confidence in the palaeochannel model and future exploration efforts can be planned accordingly. Peak grade of 796ppm pU308 was intersected in ORMR007.
*peak grade(s) noted are the direct detection of pU308 over a 0.02m interval by Prompt Fission Neutron downhole logging within a composite intersection with a cut-off grade greater than 100ppm pU308.
Figure 1. All drill collars completed in maiden drill program with Section A-A reference for Figure 3
Floodplain Interpretation
The pre-drilling model was targeting the presence of prospective palaeochannels approximately 100 to 150 metres to the south of the modern-day creeks associated with uranium intersected in historical Linc Energy Wells. Drilling results from Phase 1 indicated that the uranium in the Linc Energy Wells appeared to be associated with a secondary permeability created by downward displacement of the sediments resulting from basement faulting or soft sediment deformation. Phase 2 drilling continued to test the targeted prospective palaeochannels located to the south of the modern-day creeks at closer than expected distance of 50m. Younger palaeochannels were seen south of the modern-day creeks in ORMR004 (Walloway Creek Target) and ORMR016 (Rankin Rd Target) at the base of the regolith. This further supports the model of palaeochannels occurring south of the modern-day creeks due to a change in regional slope.
Drillhole ORMR015A was drilled 50m south of the modern-day creek at Wongway Creek Target. Drilling upstream from previous holes enabled easier location of the targeted prospective and potentially wider palaeochannel. This hole encountered what appears to be a silt dominated floodplain with minor gravel and two elevated gamma anomalies signifying uranium towards the top of this unit as well as the base of this unit (Figure 2). This unit appears to be the middle section of a palaeochannel between the sand and gravel dominated incising part of a palaeochannel and the clay dominated edge of a floodplain.
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This article includes content from Norfolk Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
