Transcription of Finance News Network Interview with Kairos Minerals Limited (ASX:KAI) Chairman, Ian FinchCarolyn Herbert: Hello I’m Carolyn Herbert from the Finance News Network and joining me from Kairos Minerals Limited
(ASX:KAI) is Chairman, Ian Finch. Ian, welcome to FNN.
Ian Finch: Thank you Carolyn.
Carolyn Herbert: Can you start by giving us an introduction to the company, your strategy and key projects?
Ian Finch: Kairos is a newly rejuvenated company and it became rejuvenated by virtue of the fact that it had injected into it, a new project by the name of Mt York. It has been working on the Roe Hills project for sometime, but now it has a double approach with a highly competent technical backup team.
Carolyn Herbert: Now to the Mt York project in more detail, where is it located and what does it contain?
Ian Finch: That’s a very interesting question because it’s an old gold area, but recently there’s now been this renaissance in lithium. And it abuts the Pilgangoora lithium region, which will probably be and probably turn out to be, one of the major lithium producing areas in the world. Not only Australia, but the world and Kairos is right there in the mix. But it’s interesting in as much that not only is it there for the lithium, it’s also there for the gold, because this was an old gold mining area as well.
The technical team’s been working up the detail of their resources that were left behind by the historical predecessors. And we have something in the order of 258,000 ounces of gold already in our inventory there, under current JORC requirements. So that will be the focus of our work up there. Not so much the lithium, although that’s of serious interest to us, but we’ll be drilling the gold. In fact as we speak, the drill’s already whirring and clanking up there, and drilling some of our better targets. And we’ll be expanding that gold resource over the next few months.
Carolyn Herbert: Very good, so what’s been taking place there?
Ian Finch: At Lynas Find, which is our Mt York project. There was a mine there back in the 1997/1998 era and it produced around about 125,000/126,000 ounces. Now it did that in an era when the gold price was somewhere in the region of AUD$300. Now if you look at today’s gold price of approximately $1,650, you can see that the ounces that are there are worth four times what they were in the early phase. Which often answers the question of why we’re going back to a mining area, because a lot of gold got left behind.
Carolyn Herbert: So what’s the next step in proving the resource?
That’s been going on for some six months now. The technical team have been really relooking at the existing resource as it stands there. They’ve come up with a JORC, current compliant JORC number of 258,000 ounces that’s not been mined, that is there to be mined. There’s a lot more work to be done on drilling out existing resources. And I see no reason why that resource would not increase rapidly over the next 12 months.
Carolyn Herbert: Your other project attracting attention is the Roe Hills Gold Project can you tell us a little more about that?
Ian Finch: Certainly and quite rightly it’s attracting attention, not only because Breaker Resources NL
(ASX:BRB) are just upstream from us, making big noises and doing a lot of very good work, unearthing gold just to the north of us. It lies on a structure that’s called the Keith Kilkenny fault and that has an endowment of some 30 million ounces. It’s been in the company as a project for sometime, but with the swing to gold now and the new direction of the company, it’s really looking very promising.
Carolyn Herbert: So what is planned for that project?
Ian Finch: Obviously we’ve been working on it for six months now, in terms of working up targets. And drilling will commence towards the end of this month.
Carolyn Herbert: So Ian you’re going to be drilling at the two projects, so how do u plan to fund this?
Ian Finch: This has all been in plan for sometime and we had a capital raising not that long ago, we raised over $4.7 million. So the new Kairos is well planned and well financed.
Carolyn Herbert: Last question Ian. Where would you like to see Kairos Minerals 12 months from now and what is your long-term ambition for the company?
Ian Finch: I suppose Carolyn I’m a gold bug and I just like to see more and more ounces produced. And eventually, to knock the naysayers on the head, that the Pilbara is not necessarily a good mining area for gold. I think that’s wrong and I think Kairos will be mining gold, perhaps not in 12 months, but in the near future.
Ends
