The stock jumped as much as 73% in early trade in response to the discovery of a “spectacular primary gold zone” at Lewis estimated to extend 500 metres along strike and remaining open to the north, south and at depth.
Headline intercepts included 16m grading 37.6 grams per tonne from 47m and 13m at 14.3gpt from 49m.
The primary mineralisation lies below a 3km long, 100,000 ounce supergene zone.
Kin said it was continuing to drill and is assessing whether to extend a definitive feasibility study now underway for the Leonora gold project.
A prefeasibility study completed late last year outlined a 50,000oz per annum operation producing ounces an all-in sustaining cost (AISC) of A$1084/oz over an initial 6.5-year life and having pre-production capex of about $35 million.
MNN was unable to immediately reach Kin’s managing director Don Harper.
Shares in the company were up about 42% at A32c in late morning trade, capitalising the company at about $40 million.
The stock was at levels around 17c late last year.
