- Kairos Minerals gained 6.25 per cent in the ASX today after announcing exploration at two of its Pilbara tenements.
- Two teams will map and analyse the Kangan and Croydon projects
- Both projects are fully owned by the company
Kairos Minerals gained 6.25 per cent in the ASX today after announcing exploration at two of its Pilbara tenements.
The company will be surveying for lithium and gold at its fully owned Kangan and Croydon projects, 70km south of Port Hedland.
Detailed mapping and sampling of prospective gold will take place adjacent to historically high-grade gold discoveries at Croydon.
Kairos will also commence exploring potential gold strike zones and lithium-bearing pegmatites at Kangan.
Kairos Minerals Executive Chairman Terry Topping says the start of this year’s exploration season was slightly delayed to the Cyclone Veronica.
“At Croydon, we have detailed mapping and sampling programs planned to test the conglomerate horizon along strike from the exciting nugget patches which were discovered towards the end of last year,” he said.
253 stream sediment samples were taken by the company at Croydon over 2018 to 2019. Peak gold value of 12.3 g/t was discovered then. The results at Croydon confirmed widespread distribution across the project.
Follow up sediment results showed a total of 447 gold nuggets for over 30.03 ounces of gold. Novo Resources Corporation conducted testing last year at the Kangan site. The company concluded the project to be prospective for gold and lithium.
“[Kangan] is an intriguing target located on the bed of the ancient seafloor which we intend to test with auger drilling, mapping, and sampling,” Terry said.
“Given the location of these tenements in the same geological setting as some of the world’s biggest lithium deposits at Wodgina and Pilgangoora, we believe that the lithium potential is well worth investigating,” Terry said.
Company shares remain at 1.7 cents a piece as of this morning, in a market cap of $13.63 million.