Novo Resources Corp T.NVO

RE:Sister Kairos

[Lelando1]

Lelando1 wrote: If I'm seeing this coerrectly, Kairos traded a 2.5 mil. share block at 2:11 pm. Anyone have any idea what that's all about?

Well, maybe to do with this.

• JUNE 21, 2017

ROE HILLS DRILLING ADVANCES WITH GOLD DRILLING NOW UNDERWAY FOLLOWING SUCCESSFUL COBALT PROGRAM

Aircore drilling completed to test ROE-1 cobalt prospect with assays awaited; RC drilling now underway targeting three high-priority gold prospects. 

Highlights: 

• Completion of Aircore drilling, a total of 78 Holes for 2,845m
• 59 holes for 1,851m at Roe 1 cobalt anomaly
• 17 holes for 762m at regional gold targets West of Roe 1
• 2 holes for 232m at the Terra Prospect (gold) 

• Initial 1,851m Aircore drilling programme completed targeting high-grade cobalt mineralisation over a total strike length of ~7.5km at the Roe 1 prospect, where historical drilling returned intercepts including (Refer KAI ASX Announcement 14 March 2017: 

• ROE172: 14m @ 0.39% Co from 20m (including 2m @ 1.16% Co from 22m) 

• Assays pending from the cobalt drilling with initial results anticipated in early July. 

• 5 RC holes for ~716m completed at Lady of the Lake and Ginger Kiss prospects (gold) 

• RC drilling is ongoing with approximately 6 holes remaining in the current program including (KAI ASX announcement 6 April 2017): 

TERRA

• RHRC002: 14m @ 2.39 g/t gold from 79m, including
  • 8m @ 3.48 g/t gold from 80m; and
  • 1m @ 14.61 g/t gold from 85m 

LADY OF THE LAKE

• RHRC011: 54m @ 0.52 g/t gold from 4m, including:
  • 14m @ 0.88 g/t gold from 11m; and
  • 2m @ 1.05 g/t gold from 36m; and
  • 4m @ 1.70 g/t gold from 48m; and
  • 1m @ 2.63 g/t gold from 57m

TALC LAKE

• RHRC017: 16m @ 0.87 g/t gold from 106m, including
  • 4m @ 2.3 g/t gold from 106m; and
  • 1m @ 7.17 g/t gold from 108m 

Kairos Minerals Ltd (ASX: KAI; “Kairos” or “the Company”) is pleased to advise that its recently commenced drilling program at the 100%-owned Roe Hills Project, located 120km east-south-east of Kalgoorlie in Western Australia (see Figure 1), is progressing well.

The initial phase of aircore drilling to evaluate an extensive zone of near-surface high-grade cobalt mineralisation has now been completed and samples have been dispatched for assaying.

 

Aircore drilling at the ROE 1 cobalt prospect

Potentially significant shallow cobalt mineralisation was identified earlier this year by Kairos at the ROE 1 prospect and at numerous other locations throughout the broader project area following a review of historical drilling data (Refer KAI ASX Announcement 14 March 2017).

An initial programme of 1,851m of Aircore drilling was completed as part of the current phase of drilling to evaluate the high-grade cobalt mineralisation at the ROE 1 prospect. Historical drilling at ROE 1 returned significant intercepts of cobalt mineralisation, including a best result of: 

• ROE172: 14m @ 0.39% Co from 20m (including 2m @ 1.16% Co from 22m) 

All samples from the cobalt drilling have been collated and dispatched for assaying. Initial results are expected in early July.

The second (gold) phase of the drilling is now underway, and an initial program of ~1,000m of Aircore drilling has been completed at the newly identified Northern prospects (to evaluate newly identified structural gold targets) and at the northern end of the strike extensive (>2km’s) Terra prospect.

The programme has now transitioned to Reverse Circulation (RC) drilling to ensure adequate penetration at depth to further evaluate the Company’s three priority gold prospects, Terra, Lady of the Lake and Talc Lake.

A further ~1,500m of RC drilling is planned to test the strike and depth continuity of the excellent gold results generated by the Company’s maiden drilling programme completed earlier this year. Further information on the progress of this programme will be provided in the near future.

Figure 1. Roe Hills Project Location

Figure 2. Roe Hills Drilling

Figure 3. Recent Drilling at Terra & Lady of the Lake Prospects

ENDS

For further information, please contact:

Investors:                                                                 Media:

Mr Joshua Wellisch                                                   Nicholas Read/Paul Armstrong

Managing Director                                                    Read Corporate

Kairos Minerals Limited                                           Ph: 08 9388 1474

Competent Person Statement:

Competent Person: The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled and reviewed by Mr Steve Vallance, who is the Technical Manager for Kairos Minerals Ltd and who is a Member of The Australian Institute of Geoscientists. The information was also reviewed by Mr Neil Hutchison, who is a Non Exec Director of Kairos Minerals Ltd and who is also a Member of The Australian Institute of Geoscientists. Both Mr Vallance and Mr Hutchison have sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ (the JORC Code 2012). Mr Vallance and Mr Hutchison have consented to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.