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Kingston Resources completes share placement, raises $4.3 million

The proceeds of the placement will be used to advance drilling at the company’s two gold exploration projects.
Kingston Resources completes share placement, raises $4.3 million
The company is focused on two gold assets – Misima in PNG and Livingstone in WA

Kingston Resources Ltd (ASX:KSN) has completed a placement of 276 million shares at a price of 1.6 cents each, raising a net total of $4.3 million.

Funds will go towards advancing the regional drill program at the company’s Misima Gold Project in Papua New Guinea, as well as increasing activities at its Livingstone Gold Project in WA.

READ: Kingston Resources secures $4.3 million in placement, rights issue to follow

 Kingston managing director Andrew Corbett said at the start of the placement that Misima was at an exciting point in its development, with the company drilling exploration targets outside of the existing resource.

Corbett said: “These areas have not been the focus of any activity for almost two decades and are very prospective targets for Kingston.

“In the next two quarters we will ramp up the regional drill program targeting satellite deposits at Misima.

“The company will also increase activities at its Livingstone Gold Project.”

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

Assays from the Ginamwamwa prospect at Misima posted in late April showed strong gold grades including:

  • 10 metres at 1.2 g/t gold from surface, including 1.4 metres at 4.06 g/t from 8.6 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.

Misima’s 2.8-million-ounce gold deposit positions Kingston as a compelling exploration company compared to its ASX-listed peers.

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