Kin Mining will head into the new year with a strong balance sheet and a pipeline of exploration targets at its flagship Cardinia gold project in Leonora, Western Australia.
The company set out to aggressively explore Cardinia and build resources in 2021, a strategy that has been successful.
Cardinia has a resource of 31.1 million tonnes at 1.27 grams per tonne gold for 1.28 million ounces of gold after two upgrades this year.
In July, the company attracted ASX 200 gold producer St Barbara to its register with a 19.8%.
St Barbara owns the nearby Leonora operations and Gwalia Underground mine.
The company lobbed a A16c per share takeover offer for Kin in October, which had a minimum acceptance condition of 75%.
Major shareholder, German investor Delphi, said it would not support the offer and it was withdrawn.
St Barbara remains an 18.3% shareholder.
"We believe St Barbara's interest reflects both the significant and well-endowed tenure we hold in the Leonora region, as well as the professional and efficient exploration techniques and process we have employed, which are continuing to yield success," Kin chairman Joe Graziano told shareholders last month.
Kin recently raised $7 million to allow it to maintain momentum heading into 2022.
The first drilling of new target areas across the project has resulted in a number of gold discoveries.
Last month, the company reported a shallow, high-grade discovery from aircore drilling at the Pegasus prospect, adjacent to the 374,000oz Bruno-Lewis deposit.
Results included 4m at 10.1gpt gold from 24m and 8m at 3.08gpt gold from 8m.
Pegasus has to date been defined as an 800m-long and up to 100m-wide zone parallel to Bruno-Lewis.
Results are pending for a further 107 AC holes with RC drilling follow up planned for early 2022
The phase five exploration program is underway at Cardinia and nearby satellite project with a steady stream of results expected in the coming weeks and months.
Among the pending results are those for drilling at Mt Flora, 20km east of Cardinia, which is shaping up as an important new discovery for the company.
Early results have indicated the presence of a significant primary gold system beneath the 700m-long, near-surface Eastern Zone mineralisation.
Within the Cardinia Eastern Corridor, drilling around the historical Rangoon mine workings identified new zones of shallow-dipping, high-grade mineralisation grading up to 21gpt gold.
The 600m-long zone remains open in all directions and will be a high-priority target for Kin in 2022.
Further resource updates are expected in the coming months for depth extensions at Bruno-Lewis, Rangoon and Mt Flora, 20km east of Cardinia.
Based on the multiple new targets generated across Kin's 657sq.km tenement package, the company is banking on further discoveries and exploration success in 2022.
