Kin Mining NL (ASX:KIN) has acquired 20 million on market shares in Dacian Gold Ltd (ASX:DCN), giving it a 1.63% interest.
This was a strategic move for KIN as it accumulates a significant interest in one of the participants in the unfolding consolidation of the Leonora mining district.
Kin believes the current market price of Dacian shares represents good value and comes on the back of Genesis Minerals (ASX:GMD) recently increasing its relevant interest in Dacian to 57.7% through its off-market bid.
Eyes on the gold prize
Kin’s key focus is its 100% owned Cardinia Gold Project (CGP) in the highly prospective North-Eastern Goldfields region of Western Australia.
The CGP has a 1.4-million-ounce gold mineral resource defined in oxide and deeper primary mineralisation with considerable potential to grow this resource with further drilling.
The company’s exploration effort is the systematic program of exploration across the Cardinia Mining Centre that seeks to advance several targets in parallel while developing a pipeline of exploration targets for ongoing Mineral Resource expansion.
To help it do so, Kin recently appointed geologist Leah Moore to the team as exploration manager. With her experience in growing project resource balances, she will be pivotal in advancing the next phase of growth at the Cardinia Gold Project.
Read more: Kin Mining adds geologist known for increasing life of mine gold resources