Kenadyr Mining hits big gold hole right beside super-major’s existing operation
By Kevin Silva
There is an old saying in the mining business that the best place to find a new mine is in the shadow of an existing operation’s headframe.
The world-class team of geologists who formed Kenadyr Mining Corp. (TSX.V: KEN) led by Dr. Alex Becker, CEO, certainly might think that’s the case.
Kenadyr, of course, has commenced drilling right next door to an existing operation owned by mining super-major, Zijin Mining. In fact, Kenadyr’s 100% owned Borubai License in the Kyrgyz Republic completely encircles Zijin’s TBL Mine.
Zijin is one of China’s largest gold producers, the second-largest copper and zinc producer, as well as a major producer of tungsten and iron ore. In 2015, Zijin’s sales revenue and net profit attributable to the parent company reached $11.44 billion U.S. and $255 million U.S. respectively. This ranked them first and second, respectively, among 14 major global public gold miners (source: Zijin website).
Kenadyr’s drill program has commenced in an area of the 164 sq km land package known as the South Zone. This week, in a Kenadyr news release, it was noted that the South Zone is open in three directions and to depth, and there are strong indications that it connects to Zijin’s TBL deposit.
Kenadyr has just announced that it has intersected widespread gold mineralization including 40 meters at 6.17 g/t Au and there is additional core in the lab now being assayed.
Dr. Becker explains, “Partial results from our initial 2017 drill hole at Borubai have exceeded our expectations. Based on the geometry of the adjacent TBL ore body, it is the Corporation’s interpretation that these intersections are close to true widths. Subject to obtaining additional drill results, the Corporation believes that the mineralization encountered in our initial drill hole validates and supports the findings reported in historic drilling, and indicates that the mineralization being mined at the adjacent TBL Mine may continue onto Kenadyr’s Borubai License.”
Borubai is project with significant past investment, including more than 85,000 metres of drilling, and it Kenadyr’s belief that modern drilling has the potential to increase grade and size versus historically impressive estimates. These first gold assays from 2017 indicate that Kenadyr is off to a great start.
Kenadyr has an expert team of mine developers with considerable local and regulatory knowledge, led by Dr. Alex Becker (CEO), who has operated successfully in the country for much of the past 20 years. The board and management team includes; Tookie Angus (Chairman), Alexander Becker, Bryan Slusarchuk (President), Douglas J. Kirwin (Director), Brian Lueck (Director) and Kevin Ma (Chief Financial Officer). Mark Eaton is an adviser to the Corporation.
Mining industry followers will note the unique combination of geological prowess within this group, along with a strong merger and acquisition pedigree — a good blend of talents when dealing with a project that has this type of grade and size potential, next door to an existing operation owned by one of the mining industry’s powerhouse companies.