Kairos hopes new Pilbara gold find more than just a flash in the pan
10th November 2017
Resources Rising Stars
Shares in Kairos Minerals surged after the aspiring Pilbara gold play identified prospective conglomerates at its Croydon project and visible gold from panning, reports The West Australian.
The company emerged from a trading halt this morning to announce it had identified four previously unmapped conglomerate targets over a strike length of about 10km from helicopter-assisted exploration.
Panning at the first target returned 28 pieces of gold.
The company has tapped former Novo Resources and Creasy Group exploration manager George Merhi to lead its exploration efforts.
Kairos’ executive chairman Terry Topping said after focusing on a 2km stretch of mapped conglomerates at the Croydon project, the company had been able to utilise the age-old prospector’s method of panning to identify visible gold in numerous stream sediment samples collected from creeks.
“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,” he 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.”
Mr Topping said the early exploration work had identified multiple high-priority areas which were highly prospective for significant conglomerate-hosted gold discoveries.
“We will be back in action with a helicopter shortly with the aim of achieving as a much as we possibly can this year before the weather closes in,” he said.
“We have a huge area to explore and a lot of work in front of us, but we are already making excellent progress and we are very excited about the emerging potential of our ground.”
Shares in Kairos were up 2¢, or 24.4 per cent, to 10.2¢ at 9.15am after hitting 13.5¢ in earlier trade.
Kairos is one of a swag of small explorers to experience big share price gains after linking their land to the Pilbara conglomerate gold story in recent months.
Canada’s Novo Resources, which has significant landholdings in the Pilbara and a joint venture with Artemis over its Purdy’s Reward project, believes the Pilbara was historically and geologically linked to South Africa and the massive Witwatersrand gold basin where more than a third of the world’s gold has been mined.
Image by Kairos Minerals
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