Canadian firms buy Australian explorer

Consortium of three juniors takes up 80% interest in Kinver Four Canadian companies have banded together to buy a majority interest in Australian firm Kinver Mining.

The conglomerate — including Ellesmere Minerals (elm-a), Shear Minerals (SRM-A), Continental Precious Metals (CZQ-M) and private holding firm Flagship Investments — is seeking to acquire an 80% interest in Kinver for $350,000, plus an additional payment of $435,000 or funding of a prefeasibility study on Kinver’s Jaurdi Hills gold property.

That property, 40 km north of Coolgardie in Western Australia, hosts the Jaurdi Mining Center, Black Cat and Panther gold deposits. According to a 1996 report penned by Australian Mining Consultants (amc), the properties host, at a cutoff grade of 1.5 grams gold per tonne, a measured resource of 75,000 tonnes grading 3.68 grams gold per tonne; an indicated resource of 190,000 tonnes grading 3.53 grams; and an inferred resource of 573,000 tonnes grading 3.52 grams.

Mineralization at the property remains open along strike and to depth. The preliminary study by AMC indicates that the deposits are amenable to open-pit methods. Kinver intends to spend $400,000 to define the resource in order to begin a feasibility study.