- Reverse circulation drilling is now underway at Kairos Minerals' (KAI) Mt York Gold project within the Old Faithful deposit
- 14 holes are slated for exploration, while drilling will test targets based on their recent sub-audio magnetics survey (SAM) results
- The program will also target extensions to current resource and high-grade zones within the deposit
- The explorer has coined these survey findings as highly positive and the project has been prioritised as a result
- The current mineral resource at Old Faithful is two million tonnes at 1.37g/t gold for 89,400 ounces and is limited to a maximum vertical depth of 140 metres
- Kairos shares are up a steady 11.8 per cent on the back of the announcement, trading at 3.8 cents each
Reverse circulation drilling is underway at Kairos Minerals' (KAI) Mt York Gold project within the Old Faithful deposit, with 14 holes slated for exploration in the next two weeks.
Drilling will test targets based on their recent sub-audio magnetics survey (SAM) results and target extensions to current resource and high-grade zones within the deposit.
It is hoped the results will upgrade current unclassified, inferred and indicated resources into higher confidence categories for the company.
The current mineral resource at Old Faithful is two million tonnes at 1.37g/t gold for 89,400 ounces and is limited to a maximum vertical depth of 140 metres.
The drilling marks the final stage in Kairo's 2020 field program prior to Western Australia's wet season.
Mt York forms part of Karios' 100 per cent owned Pilbara Goldfield Project.
Kairos’ Executive Chairman, Terry Topping is positive about the results.
"Our recent SAM survey has delivered a number of compelling targets at Old Faithful, which we will start testing over the next two weeks," he said.
"In addition, we will be looking to extend and upgrade the existing 89,400 ounces Old Faithful resource and target additional high-grade zones within the deposit," he continued.
Skywell and Croydon pending
The company is also awaiting results from its recent exploration activities at the Skywell and Croydon projects including mapping, rock chip sampling and geochemistry programs.
Kairos has completed the first-pass regional soil geochemical program for Skywell Project in WA's Pilbara region. 2094 soil samples within the area have been submitted to CSIRO for analysis.
The company revealed low-grade findings from its initial findings at Croydon in October.
Kairos is trading 11.8 per cent higher this morning with shares at 3.8 cents each at 9:08 am AEDT.