Kairos rockets 65pc after panning uncovers Pilbara gold nuggets
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The age-old prospector’s method of panning has paid off for Kairos Minerals with the company uncovering 28 pieces of gold from panning at its wholly-owned Croydon project in the Pilbara.
On top of this, four key locations were identified showing thick conglomerates at the base of the Mt Roe Basalt which had not previously been reported by government mapping.
Mt Roe Basalt is a volcanic rock formation in the Pilbara’s Fortescue Basin which is known to host conglomerate gold and lithium.
Investors, as would expect, were very happy with the stock surging as much as 65 per cent higher to hit a 52-week high of 13.5c.
In early afternoon trading the stock (ASX:KAI) had cooled to 10.2c, up 24 per cent.
The four conglomerate targets at Croydon were identified over a strike length of about 10km.
At the first target, the conglomerate package had a strike length of 2km. Within this target area, a 10kg stream sediment sample was panned returning 28 pieces of gold.
Gold found from panning at Kairos’s Croydon project. Pic: Kairos Minerals.
“This is the same stratigraphic position as the Purdy’s Reward discovery and is considered to be the preferred target horizon for conglomerate-hosted gold in the Pilbara,” Kairos executive chairman Terry Topping said.
“What is even more exciting is that these shallow-dipping units are beneath the Mt Roe Basalt in a number of areas, opening up vast additional areas for exploration.
“Overall, this has significantly increased the prospective footprint for conglomerate-hosted gold in the Pilbara,” he said.
A further helicopter-supported program is continuing along with ground- based exploration to help prioritise areas for stream sediment sampling, trenching, metal detecting and drilling next year.
Stream sediment samples from the three other target areas are yet to be panned.
Kairos owns a significant patch of dirt in the Pilbara covering around 1158 sq. km.
Highly experienced consulting geologist George Merhi, and his team, were behind this latest exploration program.
Merhi knows the Pilbara well having previously worked as exploration manager for Novo Resources (TSX-V: NVO) and the Creasy Group.
Kairos is currently capped at $62 million and has a cash balance of around $10 million after raising $7 million last month.