Kairos Minerals Limited (ASX: KAI), a diversified West Australian-based exploration company on 9 May 2019, announced that it has started the field exploration activities at its fully owned Pilbara Gold-Lithium Project in Western Australia.
The planned work programs at the Pilbara Gold-Lithium Project in Western Australia will consist of detailed mapping, and sampling of the prospective gold-bearing conglomerate contact horizon that is situated beside the recent gold nugget discoveries at the Croydon Project. It will also include the follow-up exploration around the extensive stream sediment results.
The company will also start the exploration targeting potentially gold-bearing marine terrace gravels, as well as lithium-bearing pegmatites within the Kangan Project.
The company had also released the RIU Sydney May 2019 presentation today, wherein it provided its investment overview, through the projects as follows:
- Pilbara Gold Project: Between 1994-1998 around 125,493oz of gold was produced from this region at approx. A$350oz. In 2018, JORC was upgraded to the 643,000oz resource. The results from the initial drilling program were outstanding from this region.
- Pilbara Conglomerate Gold: Pilbara Conglomerate Gold is situated 1,158sq km of tenure at the epicentre of Pilbara conglomerate gold rush. From the newly identified conglomerates at Croydon, visible gold was discovered. The field exploration in this region is under progress.
- Roe Hills Gold Project (Kalgoorlie): This project lies adjacent to the Breaker Resources (ASX: BRB) new Lake Roe discovery. In the maiden drilling program at the site returned significant gold mineralization, at each of the three key prospects tested. More than 40km of the prospective strike length remained largely untested.
The presentation also highlighted that at the Pilbara Gold Project, around 447 gold nuggets for 30.3oz of gold was recovered from the 6 newly discovered “patches” at Croydon Project. Also, at the Pilbara project, there were various high-priority gold targets recognized over 22km of the strike. Based on the newly identified vectors, the follow-up exploration has started on it.
In the March 2019 quarter, the company used A$0.879 million in its operating activities. The primary source of cash outflow was due to payment made for exploration and evaluation as well as administration and corporate costs. The company used around A$0.083 million in its investing activities. By the end of the March 2019 quarter, the company had net cash and cash equivalent of A$2.144 million.
Also, for the June 2019 quarter, the company has estimated a cash outflow of A$0.400 million in the exploration and evaluation and A$0.300 million in its administration and corporate costs. Overall, the expected cash outflow in the June 2019 quarter will be around A$0.700 million.
The stock of the company is currently trading at A$0.017, up by 6.25% (as on 10 May 2019). Kairos Minerals holds a market capitalization of A$13.64 million and approximately 852.27 million outstanding shares. Its 52-week high as been noted at A$0.049, and 52-week low at A$0.015. Around 60,400 shares of KAI have been traded on ASX today. The stock has generated a negative return of 23.81% in the last three months period. However, in the last 5 days, it has given a yield of 6.67%.
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