KalGold uncovers stronger Lighthorse gold grades at Pinjin

Lighthorse produces KalGold’s strongest grades

Kalgoorlie Gold Mining Limited (ASX:KAL) has put its Lighthorse prospect at the centre of the Pinjin story after recording the two highest-grade individual gold assays seen there to date, at 19.70 g/t and 16.50 g/t. The results came from a 19-hole, 3,194-metre reverse-circulation program completed during the September quarter.

The headline result was hole KGRC26036, which returned 22 metres at 1.58 g/t gold from 145 metres, including 3 metres at 9.01 g/t and a 2-metre interval at 12.69 g/t. Other notable results included 6 metres at 4.86 g/t from 54 metres in KGRC26025 and 17 metres at 1.22 g/t from 100 metres in KGRC26038. The reported widths are down-hole lengths, and true widths have not been established.

The drilling also outlined a second supergene gold blanket in northern Lighthorse, beneath 25 to 40 metres of transported cover. KalGold said primary mineralisation remains open across most sections, while clusters of intercepts spread through broad down-hole intervals may indicate the edges of a larger system. That interpretation remains a drilling proposition rather than a defined resource.

Pinjin drilling points beyond the current resource

Results from the Kirgella Gift and Providence program added a second layer to the quarter’s exploration case. The 21-hole, 3,702-metre campaign returned mineralisation outside the current Mineral Resource Estimate, including 28 metres at 1.15 g/t from 20 metres at Kirgella Gift.

At Providence, drilling below the base of the existing resource returned 7 metres at 1.39 g/t from 160 metres and 8 metres at 1.07 g/t from 211 metres. Mineralisation remains open at depth, although results to the north were generally subdued and the company said faulting may close off the main zone in that direction. KalGold is integrating the data for a potential future resource update; the current total remains 214,300 inferred ounces.

The fresh results build on the company’s earlier Lighthorse drilling, which had already confirmed primary mineralisation over more than 1,100 metres. The latest program is now being followed by additional RC drilling, funded in part by the capital raising completed during and after the quarter.

Aircore program maps a 2 km exploration trend

KalGold’s largest aircore campaign to date covered 225 holes for 7,212 metres at the LTZ Flexure, about 3.5 kilometres southeast of Kirgella Gift and Providence. Because average hole depth was only 32 metres, the company achieved its planned first-pass coverage at roughly two-thirds of the original budget.

Assays received after quarter end were generally subdued on an individual basis, as expected from shallow drilling through transported cover. But applying a cumulative threshold of 20 parts per billion gold defined multiple coherent gold-in-regolith zones, including a trend extending up to 2 kilometres. The anomaly broadly tracks magnetic units and interpreted structures, but primary gold at depth has not yet been confirmed. The result follows the LTZ Flexure anomaly mapping reported earlier this month.

Funding strengthens, but exploration remains capital-dependent

KalGold ended September with A$2.313 million in cash and no debt, before the A$1.1 million entitlement offer proceeds received after quarter end. The placement raised approximately A$2.3 million, while the fully underwritten 1-for-10 entitlement offer lifted total gross funds raised to about A$3.4 million. The new money is earmarked mainly for Lighthorse drilling, further aircore work and working capital.

Quarterly exploration and evaluation expenditure was A$1.434 million, contributing to net investing cash outflows of A$1.449 million. On the company’s quarter-end figures, available funding represented 1.44 quarters of estimated outgoings; KalGold said the October entitlement issue was expected to support continued operations. That provides a more immediate buffer, but the exploration program remains dependent on future drilling results and access to capital.

A Heritage Protection Agreement with the Kakarra Aboriginal Corporation is intended to support heritage surveys, drill clearances and tenement applications across Pinjin and Bulong Taurus. Several Pinjin and Central Yandal tenements were also granted during the quarter. The immediate test is whether the follow-up drilling can convert Lighthorse’s striking assays and the broader Pinjin extensions into a resource increase rather than another promising set of exploration targets.