PERTH (miningweekly.com) – Junior Kin Mining has raised A$13.7-million of a A$20.4-million target, to fund the next phase of growth at its Cardinia gold project, in Western Australia.
Kin Mining in August set the A$20.40-million target, which consisted of a A$9.7-million share placement and a non-renounceable entitlement offer to raise a further A$10.7-million.
The company said on Tuesday that it had raised A$3.93-million at the completion of the rights issue, bringing its total capital raise to A$13.7-million.
“The funds raised will enable us to maintain significant exploration momentum across the Cardinia gold project, where our systematic and multi-pronged approach to exploration and resource growth continues to pay dividends as well as provide funding for the identification and assessment of opportunities in the Leonora district to strengthen and enhance both our resource base and potential development opportunities,” said MD Andrew Munckton on Tuesday.
“The Phase 6 exploration programme that will commence immediately, will start with air-core drilling at Murrin and then be followed by further resource drilling across the Cardinia Eastern Corridor, while we continue our efforts to identify other opportunities in the Leonora district. With a mineral resource estimate update on track for release later this month, shareholders can look forward to strong news flow in the coming weeks and months.”