Kin Mining NL reported final results from the air-core drilling program at the Pegasus prospect, located adjacent to the 374,000 oz Bruno-Lewis deposit at its 100%-owned 1.275Moz Cardinia Gold Project near Leonora in Western Australia. The final results include more strong intercepts such as 4m at 2.61g/t Au from 4m in PG21AC405 and 4m at 1.48g/t Au from surface in PG21AC403, together with other significant results located on the eastern edge of the Pegasus Gravity Target. The new assay results support and reinforce the initial exciting results reported on 15th November 2021, confirming a significant new zone of shallow, high-grade gold mineralisation at Pegasus that represents an outstanding target for follow-up exploration.

The results also reinforce Kin Mining's view that gravity lows highlighted in the recent detailed geophysical survey over the greater Cardinia area represent priority exploration targets for new discoveries for the Company's exploration team. The Pegasus prospect was first identified as a soil geochemical anomaly after regional, wide-spaced auger sampling undertaken in early 2020. The auger program identified a number of gold-in-soil anomalies in the western Corridor including the Eagle-Crow prospect, which was tested recently by RC drilling in 2021 with strong initial results.

The prospectivity of the Pegasus target was enhanced with the completion of the detailed gravity survey in the September 2021 quarter which showed that the anomalous soil geochemistry was coincident with the edge of a large, NW-SE trending gravity low. Gravity lows have shown a strong correlation with gold mineralisation at the adjacent Bruno-Lewis deposit and recent high-grade discoveries at Cardinia Hill and Rangoon in the Eastern Corridor at Cardinia. Pegasus lies to the north-west of previous drilling associated with testing around the Pride of the North historical workings.

This drilling includes both Rotary Air Blast (RAB) drilling and RC drilling from the 1990s and early 2000's. Results from the Pride of the North drilling include: 10m at 3.10g/t Au from 12m (C0031), 16m at 1.04g/t Au from 4m (C0030), 8m at 1.07g/t Au from 32m (BL19RC040), 9m at 1.15g/t Au from 24m (NCAC1241), Air-core drilling completed in September and October 2021 comprised 405 AC holes (10,914m) on 12 lines, which was designed to: Test at 200m line spacing the anomalous soil geochemistry coincident with the eastern edge of the gravity target; Test at 200m line spacing the western edge of the gravity target which lies within the Cardinia Creek system where soil geochemistry is not effective and where access is limited; and Confirm the relationship of the historical Pride of the North and Lewis drilling results to the Pegasus Gravity target. Multi-element assay results for bottom-of-hole samples used to characterise the rock types have confirmed that the gold mineralisation is associated with anomalous silver, antimony, zinc and tungsten in sulphide-rich vein structures within altered mafic rocks. The next phase of work, comprising RC and diamond drilling to confirm mineralisation in fresh rock, is planned to commence in March.