In the Pilbara, Kairos’ flagship asset is the advanced Mt York deposit which is located ~100km south-east of Port Hedland. Together with the nearby Iron Stirrup and Old Faithful deposits, this forms the cornerstone of the Company’s Pilbara Gold Project.
On 23 May 2018, Kairos announced an updated Resource for these centrally located deposits, including Mt York, Iron Stirrup and Old Faithful, brings the global Mineral Resource estimate at the Pilbara Gold Project to:
- 14 million tonnes at 1.3g/t gold for 643,000 ounces of contained gold
The updated Indicated and Inferred Mineral Resource estimate for the Mt York Gold Deposit is:
- 11.3 million tonnes grading 1.34g/t gold for 486,000 ounces of contained gold, which represents a 290 per cent increase in contained gold over the previous Resource estimate (see ASX Announcement 5 October 2016).
These deposits, some of which were mined historically in 1994-1998 by Lynas Gold NL, are located directly adjacent to the world-class Pilgangoora lithium mining complex (Pilbara Minerals and Altura Mining).
The substantial increase stems from a highly successful extensional drilling program completed in 2017, which confirmed that the zone of BIF-hosted gold mineralisation between the previously-mined Breccia Hill and Main Hill open pits is continuous, and extends 1km to the east to Gossan Hill.
The updated Mineral Resource was based on drilling completed by Kairos Minerals in 2016 and 2017 (see ASX Announcements – 28 October 2016, 9 November 2016, 17 November 2016, 19 December 2016, 10 February 2017, 29 May 2017, 30 November 2017, 4 December 2017 and 18 December 2017).
The Main Hill-Breccia Hill-Gossan Hill area is now confirmed as a single deposit that extends over 3.5km of strike, now described as the Mt York deposit moving forward.
All of the deposits which form part of the Pilbara Gold Project remain open both along strike and at depth, providing outstanding opportunities to further increase the Resource and target higher-grade mineralisation at depth.
A series of drilling programs will be conducted at the Mt York Project in 2018 to follow up these opportunities and pave the way for further resource increases.