Kin Mining NL advised that initial wide-spaced Reverse Circulation (RC) drilling has confirmed a new gold discovery at the Pegasus prospect, located adjacent to the 374,000oz Bruno-Lewis deposit at its 100%-owned 1.28Moz Cardinia Gold Project (CGP) near Leonora in Western Australia. The Company has received assay results from RC drilling conducted earlier this year below significant shallow air-core results reported in February. Final results include narrow, high-grade intercepts such as 2m at 12.2g/t Au from 45m in PG22RC413 and 2m at 5.04g/t Au from 22m and 1m at 17.1g/t Au from 31m in PG22RC418, together with other significant results located on the southern extent of the Pegasus Gravity Target.

The new assay results support and reinforce the initial results reported on 14 February 2022 and 10 March 2022, confirming a significant new zone of shallow, high-grade gold mineralisation at Pegasus that represents an outstanding target for follow-up exploration. The results reinforce Kin Mining's view that gravity lows highlighted in the recently completed detailed geophysical survey over the greater Cardinia area represent priority exploration targets for new discoveries for the Company's exploration team. The Pegasus prospect was first identified as a soil geochemical anomaly after regional, wide-spaced auger sampling undertaken in late 2020.

The auger program identified a number of gold-in-soil anomalies in the Eastern Corridor and Western Corridor, which have been tested recently by RC drilling, returning strong initial results. The prospectivity of the Pegasus target was enhanced with the completion of the detailed gravity survey in the September 2021 quarter which showed that the anomalous soil geochemistry was coincident with the edge of a large, NW-SE trending gravity low. Gravity lows have shown a strong correlation with gold mineralisation at the adjacent Bruno-Lewis deposit and recent high-grade discoveries at Cardinia Hill and Rangoon in the Eastern Corridor at Cardinia.

Adjacent Historical Drilling Results: Pegasus lies to the north-west of previous drilling associated with testing around the Pride of the North historical workings. This drilling includes both Rotary Air Blast (RAB) drilling and RC drilling from the 1990s and early 2000's. Results from the Pride of the North drilling include: 10m at 3.10g/t Au from 12m (C0031), 16m at 1.04g/t Au from 4m (C0030), 8m at 1.07g/t Au from 32m (BL19RC040), 9m at 1.15g/t Au from 24m (NCAC1241), and 6m at 1.44g/t Au from 8m (CD031). The position of historical Pride of the North drilling results is interpreted to be part of the larger Pegasus mineralised zone which is controlled by structures associated with the eastern edge of the Pegasus Gravity Target.

2022 RC Drilling Program: The initial RC drilling program at Pegasus was completed in February and early March 2022 and consisted 27 RC holes (2,245m) on nine lines at 100m line spacing, which was designed to: Test at broad spacing the 2021 AC drilling results which were coincident with anomalous soil geochemistry on the eastern edge of the gravity target; Test at depth below the limit of AC drilling (nominally 40m) to establish if the near-surface AC results persisted; and Confirm the geological interpretation that mineralised positions are associated with east-dipping quartz sulphide lodes with a similar relationship of pathfinder metals to the Bruno-Lewis mineralisation. Multi-element assay results for gold mineralisation within the recent RC holes have confirmed that the mineralisation is associated with anomalous silver, copper, antimony, zinc and tungsten in sulphide-rich vein structures within altered mafic rocks. The next phase of work, comprising RC and diamond drilling to close the drill spacing, is planned to commence in the September quarter subject to other results from recently completed drilling programs at Cardinia Hill, Helen's East, Rangoon and East Lynne all within the Eastern Corridor.