- Junior explorer Kairos Minerals (KAI) has doubled the size of its drilling program at the WA Pilbara Gold Project to a whopping 10,000 metres
- The company has drilled just over 3800 metres at its Fuego prospect and was already planning to drill 1500 metres at its Tierra prospect
- However, after pulling in $9 million from a recent share placement, the company is now planning an extra 5000 metres of drilling at its Mt York project
- The new drilling program will start in November and test five key deposits in the Mt York area before the end of the year
- Shares in Kairos are trading 1.64 per cent higher this morning, currently worth just over six cents each
Junior explorer Kairos Minerals (KAI) has doubled the size of its drilling program at the WA Pilbara Gold Project to a whopping 10,000 metres.
The expansion comes after the company completed a $9 million capital raise in late-September. So far, the company has drilled just over 3800 metres of reverse circulation (RC) holes at its Fuego prospect.
Kairos was already getting ready to drill roughly 1500 metres at the Tierra prospect, but with the new funds from the share placement, the company said it now plans to kick off another round of drilling for 5000 metres at its flagship Mt York project, roughly 100 kilometres south-east of Port Headland.
The drilling will start in November and finish before the end of the year, testing the five key deposits in the project area.
Importantly, Kairos Executive Chairman Terry Topping said the 10,000 metres of drilling excludes planned air-core programs at Kairos' Kangan and Skywell projects, slated to begin before the end of the year.
"Thanks to the recently completed $9 million capital raising, we are in a position where we can really make the best possible use of the remaining time between now and the onset of the northern field season," Terry said.
"The net result of all of this increased activity is that shareholders can look forward to strong and regular news-flow with drilling updates and assay results from now through until Christmas and into early next year," he explained.
"This is a really exciting time for Kairos as we move closer to our goal of hopefully uncovering a significant new Pilbara gold discovery while also expanding our resource position at Mt York," he said.
While the drilling program at the Fuego prospect has been completed, the company said assays from the target are still pending.
As such, it seems shareholders are happy to wait for assays before deciding if the expanded drilling program is worth topping up on. Shares in Kairos are trading a marginal 1.64 per cent higher this morning, worth 6.2 cents each at 10:59 AEDT.