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Kingston Resources: Investors looking forward to what PNG drilling program can deliver

Snapshot

  • Owns the 2.8mln-ounce Misima Gold Project in Papua New Guinea
  • And the Livingstone Gold Project in Western Australia
  • Recently took full control of Misima
Kingston Resources Ltd -

Quick facts: Kingston Resources Ltd

Price: 0.16 AUD

ASX:KSN
Market: ASX
Market Cap: $28.25 m
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Eye-catching results 

December 17’s surface geochemistry results underlined the potential of Kingston Resources Ltd’s (ASX:KSN) Misima Gold Project in Papua New Guinea.

A real head-turner was 4.4-metres grading 35 grams per tonne (g/t) from the Abi prospect.

A clearly pleased managing director Andrew Corbett called the latest batch of data “outstanding”.  

Initial drilling results from Abi yielded some decent grades too.

For example, a near 24-metre intersection from hole GDD044 came in at 2.9 g/t.

Within that was 13.5 metres at 4.6 g/t and 4.3 metres at 11.6 g/t.

It should be noted mineralisation was encountered from just 7.4 metres below the surface.

“While it’s still early days with this target, the results so far certainly give us confidence that there is more to come and we are looking forward to seeing what the upcoming drilling can deliver,” said MD Corbett.

“We expect to be drilling a number of follow-up holes at Abi over the coming months, in conjunction with our program at nearby Ewatinona.”

About the asset

For those new to the Kingston Resources story, Misima has a 15-year mining history.

A total of 3.7mln ounces of the yellow metal was unearthed along with 22mln ounces of silver between 1986 and 2004.

Misima itself is a peaceful island in Milne Bay Province of PNG “with a strongly supportive local population”, the company said.

Inflection points

A recent presentation reveals the plan is to push the Misima resource beyond 3mln ounces.

Key targets include Quartz Mountain, Misima North and Umuna East.

Mining studies, meanwhile, are targeted to start in 2020. Below is a graphical illustration of the company's exploration and development strategy.

Looking ahead, Kingston should conclude a round of regional fieldwork in the first quarter, while regional drilling is set to continue into the third quarter of 2020.

According to the firm’s own timeline, we should have an updated JORC resource midway through the September quarter.

Livingstone Gold Project

Kingston owns 75% of this Western Australia asset, which is 140 kilometres northwest of Meekatharra.

Compared with Misima, Livingstone is at a far earlier stage of development – though the portents are good.

While the Homestead Prospect is host to a 49,000-ounce JORC resource, it’s the drill results that have caught the eye.

Among the highlights was a near-surface 18-metre section grading 7.85 g/t and 5 metres at almost 21 g/t.

On the Kingsley area of the project, which was discovered in 2018, geologists uncovered a one-metre section at a bonanza 100 g/t. The remainder were in the range of 5-14 g/t, which are very decent grades.

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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