Killi Resources Secures Joint Venture with Gold Fields and Reports High-Grade Discoveries
KILLI RESOURCES LIMITED (KLI) Share Update July 2024 Monday 29th
Killi Resources Announces Major Joint Venture and High-Grade Discoveries
Killi Resources Limited (ASX: KLI) has announced a significant joint venture with Gold Fields and reported high-grade gold, copper, and silver discoveries at its Mt Rawdon West Project.
Instant Summary:
- Killi Resources secures a $13 million joint venture with Gold Fields for the West Tanami Project.
- Gold Fields can earn up to 85% of the project by spending $13 million over two stages.
- Killi completes a $1.5 million capital raise, with $740,000 received post shareholder meeting.
- High-grade rock chip results: 238g/t Au, 2.1% Cu, and 513g/t Ag at the Kaa target.
- Current cash position of ~$1.9 million.
Joint Venture Details
Killi Resources has entered into a joint venture agreement with Gold Fields Limited for the West Tanami Project. Gold Fields can spend $13 million over two stages to acquire up to 85% of the project. This partnership allows Killi to focus on its other projects while leveraging Gold Fields' expertise and resources.
Gold Fields will manage the project, relieving Killi of administrative costs and allowing the company to remain leveraged to any discoveries made.
Capital Raise and Financial Position
Killi Resources completed a $1.5 million capital raise, with Gold Fields corner-stoning the raise. The company received $740,000 post shareholder meeting on July 2nd. The current cash position stands at approximately $1.9 million, which will be used to fund exploration programs at the Kaa target and Mt Rawdon West Project in Queensland.
Exploration Success at Mt Rawdon West
During the quarter, Killi Resources announced high-grade gold, copper, and silver surface rock chip results at the Kaa target. Notable results include 238g/t Au, 2.1% Cu, and 513g/t Ag, indicating a new unrecognized epithermal system.
The company controls a 300km² land holding inland from Bundaberg, covering intersecting mineral structures from the Mt Rawdon Gold Mine and the Nickos Reward Gold Deposit. The area is known for its historical mining activities and significant mineralization potential.
Future Exploration Plans
Killi Resources plans to continue its exploration efforts at the Kaa and Baloo targets, with further mapping, surface geochemistry programs, and a ground IP geophysical survey. The first drill campaign at the Kaa target is set to commence in August 2024, marking a significant milestone for the company.
The joint venture with Gold Fields is a significant development for Killi Resources, providing financial stability and access to expertise. The high-grade discoveries at the Kaa target are promising and could lead to substantial future gains. Investors may view these developments positively, potentially boosting the company's stock price.
Investor Reaction:
Analysts are likely to react positively to the joint venture with Gold Fields, given the financial backing and expertise it brings. The high-grade discoveries at the Kaa target also add to the company's potential, making it an attractive investment opportunity.
Conclusion:
Investors should keep an eye on Killi Resources as it progresses with its exploration programs and joint venture with Gold Fields. The high-grade discoveries and financial backing position the company well for future growth. Stay tuned for updates on the upcoming drill campaign at the Kaa target.