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Kingston Resources in trading halt ahead of capital raising news

The company’s securities are in a halt until an announcement is made to the market or until the beginning of trade on May 3, 2019.

Stock market board
The company is focused on two gold assets – Misima in PNG and Livingstone in WA

Kingston Resources Ltd (ASX:KSN) has been granted a trading halt by the ASX pending a capital raising announcement.

The halt will remain in place until the release of the announcement or until the beginning of trade on Friday, May 3, 2019, whichever occurs earliest.

Shares last traded at 1.9 cents.

READ: Kingston Resources estimates March quarter spend will increase interest in PNG GOLD project

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

Kingston Resources managing director Andrew Corbett said with the gold price significantly higher now than when Misima was in operation, these targets are exciting opportunities for Kingston and the potential for near-surface ounces is outstanding.

“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.”

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

Two consultants, Greg Cameron and Glen Whalan, conducted technical reviews at Misima during the quarter, which confirmed Kingston’s Ara Creek target as a high-priority setting and identified a linear anomaly west of 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

Price: 0.255 AUD

Market: ASX
Market Cap: $58.79 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...

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