Kairos Minerals has secured commitments for approximately $1.35M from sophisticated investors and will look to raise another $650K in a share placement plan to underpin exploration activities at its flagship Pilbara Gold project in WA. The funds will be used to drill out some high-grade gold targets across the project and undertake resource and mining studies.
Kairos’ Executive Chairman, Terry Topping, said: "we are very pleased with the response from investors to this capital raising, which will allow us to commence an exciting new phase of exploration at our flagship Pilbara Gold Project. At the heart of the Company’s value proposition is the current 643,000-ounce mineral resource at the Mt York Project, which sits immediately adjacent to the newly-established Pilgangoora lithium mining centre.
Following a detailed re-evaluation of the existing resource completed in recent months, the Company has established some exciting new exploration targets – particularly at the higher-grade Iron Stirrup deposit”.
The funds will be used to punch out between 2000m and 3000m worth of drilling to further define a number of high-grade gold targets across the project, conduct a review of the mineral resource and kick-off mining studies.
The Iron Stirrup deposit boasts some very interesting historical drilling results below the existing open pit including 30 metres at 3 g/t gold and 25 metres at 3.3 g/t gold.
Historic mining at Iron Stirrup totalled 125,493 ounces of gold up to the closure of the mine in 1998.
The mineralisation at Iron Stirrup occurs over a minimum strike extent of 300m and remains open along strike and at depth
Kairos has joined a wave of junior explorers with good gold ground that now have their ears pinned back in the race to be the next to market in this new era of extraordinary high gold prices.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
