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Kin Mining allows private miner to farm in to Desdemona North tenements


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Kin Mining allows private miner to farm in to Desdemona North tenements

Kin Mining NL agreed to allow privately owned Yilgarn Exploration Ventures PL to earn in to the exploration tenure at Kin's Desdemona North property in Western Australia.

Yilgarn will need to solely fund A$3.5 million of exploration in the first stage over three years to earn a 75% stake, spending at least A$250,000 in the first year. Initial due diligence will close Jan. 31, 2020.

In the second stage, Kin can choose to keep and contribute funding for its 25% stake or elect to dilute by having Yilgarn solely fund further expenditure.

If Kin's interest falls to 5%, it will be deemed to have withdrawn from the project, and its ownership will revert to a 1% net smelter royalty.

Earlier this month, Genesis Minerals Ltd. entered into an exploration farm-in and joint venture with Kin over the latter's Desdemona South project.

Kin also agreed to fully acquire two tenements from Golden Mile Resources Ltd., which are contiguous with its existing Cardinia gold project.

One of the tenements is north of the Cardinia mining center, and the other is to the south, according to a Dec. 20 news release.

Kin will pay A$30,000 cash and conduct soil sampling, geological mapping and rock-chip sampling of prospective horizons and surface mineralization at the property.

Kin's pre-feasibility study for the Cardinia project in late August outlined a pretax net present value, discounted at 8%, of A$66.8 million, a 17% internal rate of return and a 44-month payback period, assuming a gold price of A$2,000 per ounce.