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Kingston Resources estimates March quarter spend will increase interest in PNG gold project

Umuna drilling results during the March quarter returned 56 metres at 1.01 g/t gold and 7.1 g/t silver.

Gold samples
A large stockpile of unprocessed gold was confirmed via a LiDAR survey at the Cooktown Dump

Kingston Resources Ltd (ASX:KSN) has estimated its expenditure through to March 31, 2019, will see its interest in the Misima Gold Project in Papua New Guinea increase to about 75%.

The company spent a total of $664,000 on exploration and evaluation work including a first pass drilling program, comprised of 10 holes completed at the Ginamwamwa prospect at the end of March.

Best results were:

  • 10 metres at 1.20 g/t from surface, including 1.4 metres at 4.06 g/t from
  • 8.6 metres;
  • 3 metres at 1.13 g/t from surface and 1.7 metres at 1.99 g/t from 4.3 metres;
  • 8 metres at 1.35 g/t from 2 metres;
  • 2.6 metres at 2.43 g/t from 14.1 metres; and
  • 1-metre at 6.18 g/t from 65 metres.

Drilling is now underway at the Ewatinona area of Quartz Mountain, which was historically mined by Placer and currently contains a 200,000-gold ounce resource.

READ: Kingston Resources increases interest in Misima Gold Project in Papua New Guinea

Kingston Resources managing director Andrew Corbett said: “It is a very exciting time for Kingston on the ground at Misima.

“Through our structural and geochemical work alongside the development of an updated geological model, we have identified a number of key targets outside the existing resource that have been historically under-explored.

“With the gold price significantly higher now than when Misima was in operation, these targets are exciting opportunities for Kingston and the potential for additional near surface ounces is outstanding.”

READ: Kingston Resources focused on advancing gold assets in Papua New Guinea and WA

Drilling throughout the quarter mainly focused on the Ginamwamwa prospect with the rig moving to Ewatinona in the final week of March.

Field work was also carried out at Ginamwamwa in January which included trenching and auger work followed by programs at Quartz Mountain and Misima North.

High-grade surface trench assays at Misima North included 3.76 g/t over 12 metres and 1.98 g/t over 15 metres while individual rock chip samples assayed up to 44.6 g/t.

At Misima North a fly camp was established in March in preparation for further work and the Kumauwe and Ginul prospects in the Ara Creek area, with the current priority being to complete all aguer work and field mapping in preparation for drilling.

Misima technical reviews

Two consultants also visited Misima during the quarter to conduct technical reviews – consultant Greg Cameron concluded a follow-up structural review of Kingston’s diamond drilling, which confirmed Kingston’s Ara Creek target as a high priority structural setting.

Consulting geologist Glenn Whalan completed a review of historical geochemical data on Misima, looking at chemical pathfinders for gold and identified a linear anomaly west of and parallel to Umuna over a 2-kilometre strike.

This area is referred to as the Waipuna Lineament and will be tested by additional field exploration in the June quarter.

Quick facts: Kingston Resources Ltd

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Market: ASX
Market Cap: $62.25 m

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Kingston Resources has encouraging new targets at Misima Gold Project in PNG

 Kingston Resources Ltd (ASX:KSN) chief executive officer Andrew Corbett updates Proactive Investors on the favourable drilling targets at the company’s flagship Misima Gold project in PNG. Corbett says Misima is a large project with a 2.8 million ounce resource base, on an island east...

on 1/8/19

3 min read