Kairos banks first A$10m under Pilbara tenement sales agreement
Gold explorer Kairos Minerals has banked the first A$10-million under its A$20-million agreement to sell noncore Mt York ground to ASX-listed miner Pilbara Minerals.
Kairos sold six prospecting licences and the overlying mining lease application (ML45/1307) to Pilbara. The balance of A$10-million in Pilbara shares or cash will be received following the grant of M45/1207 application or another agreed tenure.
The tenure that Kairos sold to Pilbara contains a gold resource of 0.23-million ounces in two small satellite gold deposits that are noncore to Kairos’ Mt York project.
Kairos is retaining the mining lease application that hosts the ‘main trend’ of the Mt York project, with a resource of 43-million tonnes at 1 g/t for 1.29-million ounces over a continuous 3 km zone.
Kairos and Pilbara each have the right to require the parties to negotiate a mineral rights agreement in relation to all mineral rights, except lithium and tantalum, over 367 km2 of neighbouring exploration tenements and applications. This includes an additional 1.4 km strike extension of Mt York ‘main trend’ to the north-west with known gold mineralisation including drill hits of 16 m at 2.43 g/t gold.
“This area has untested exploration potential which we will be targeting for accelerated resource growth as part of the upcoming drilling programme,” said MD Peter Turner.
Chairperson Zane Lewis added that the cash payment provided Kairos with significant flexibility to evaluate additional opportunities while systematically growing the Mt York gold resource and completing required development studies which are well advanced.
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