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Kingston Resources drills more gold at Misima North

The results from Misima North confirm high-grade gold mineralisation 2.5 kilometres north of the Umuna resource boundary.

Kingston Resources Ltd - Kingston Resources drills more gold at Misima North
Two rigs continue to drill at Ewatinona in the Quartz Mountain area

Kingston Resources Ltd (ASX:KSN) has received assays from Misima North within its flagship 2.8 million ounce Misima Gold Project in Papua New Guinea.

Diamond hole GDD065 returned multiple high-grade intercepts including:

  • 3.5 metres at 1.48 g/t gold and 78.0 g/t silver from 16.2 metres;
  • 1.9 metres at 1.50 g/t gold and 2.0 g/t silver from 20.9 metres;
  • 8.4 metres at 4.55 g/t gold and 11.4 g/t silver from 23.8 metres including 3.5 metres at 9.58 g/t gold and 26.1 g/t silver;
  • 4.2 metres at 2.48 g/t gold and 10.4 g/t silver from 76.0 metres; and
  • 5.3 metres at 0.85 g/t gold and 9.0 g/t silver from 99.7 metres including 1.5 metres at1.12 g/t gold.

Kingston believes there is potential for a continuous zone of high-grade gold mineralisation between 16.2 metres and 32.2 metres down-hole.

In order to confirm this, a follow-up drill-hole has been completed and assay results are currently awaited.

Focused on three key areas

In November 2017, Kingston revealed a 2.8 million ounces JORC resource grading 1.1 g/t gold across two deposits Umuna and Ewatinona.

Kingston aims to increase the resource inventory to over 3.0 million ounces with the key targets being Misima North, Umuna East and Quartz Mountain (Ewatinona and Abi).

Kingston’s managing director Andrew Corbett said: “We’re delighted to see such encouraging results from one of our first Misima North holes, with these assays confirming the presence of high-grade gold mineralisation 2.5km north of the existing Umuna Resource boundary, and highlighting the prospectivity of the broader Umuna Fault Corridor which hosts both the Umuna and Misima North target areas.

Results highlight additional discovery potential

“The entire 4km strike length of the Umuna Fault Corridor remains largely untested, providing a large, high-quality exploration target for the company to progressively drill.

“Importantly, Misima North represents the second new area discovered by Kingston in recent months, coming after the previously reported discovery at Abi, part of the Quartz Mountain region (see ASX Announcement 17 September 2019).

“Such successes are a strong credit to the excellent work being done by our geological team in pursuit of our strategy to identify near-surface mineralisation to provide early mill feed for the Misima mine plan.

Drilling continues at Ewatinona

“We currently have two rigs drilling at Ewatinona in the Quartz Mountain area as we look to upgrade and potentially expand the existing Resource in this area, with drilling also planned to follow-up on the initial positive results at Abi.

“Once those campaigns are complete, we then expect to return to Misima North for a second round of drilling.”

Mine closed when gold trading under US$300 per ounce

Misima was operated as an open-pit gold mine from 1989 to 2001, with stockpiled ore treated for the final three years of the operation until 2004. 

The operator mined 87.5 million tonnes at 1.46 g/t gold producing 3.7 million ounces of gold and 22 million ounces of silver.

Gold recoveries averaged 91.5% and costs averaged US$218 per ounce.

At the time the decision was made to close the mine, the gold price was below US$300 per ounce.

Gold has recently been trading at around US$1,550 an ounce.

Quick facts: Kingston Resources Ltd

Price: 0.21 AUD

Market: ASX
Market Cap: $45.58 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