viewKingston Resources Ltd

Kingston Resources accelerates exploration leading into 2020

Kingston owns 77% of the Misima Gold Project in PNG and 75% of the high-grade Livingstone Gold Project in Western Australia.

Primary Gold - Kingston Resources accelerates exploration leading into 2020
Follow-up drilling at Misima North is scheduled after the Quartz Mountain program

Kingston Resources Limited (ASX: KSN) had a strong finish to 2019 at its gold projects with drilling accelerating on multiple fronts and further exploration planned to kick off 2020.

A second diamond drilling rig commenced at the Misima Gold Project in PNG during the December quarter resulting in a 105% increase in metres completed quarter-on-quarter.

Best results at Misima North are 3.5 metres at 1.48 g/t gold and 78.0 g/t silver from 16.2 metres including 1 metre at 2.18 g/t gold and 201 g/t silver.

Other notable results:

  • 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 at 1.12 g/t gold.

Eight diamond drill holes were completed and the initial success highlights the prospectivity of the largely untested 4-kilometre strike extension north of the 2.6 million ounce Umuna resource.

Umuna East program

A drilling program of 14 holes at Umuna East was also completed during the quarter, with assay results pending.

The aim is to confirm the existing gold mineralisation within the resource and contribute to an upgrade and potential expansion of the near-surface resource in the Umuna East area.

Two trenches are being completed in the vicinity of the drilling program.

Quartz Mountain drilling

Stage two drilling commenced at Quartz Mountain, designed to support Ewatinona resource definition and potential expansion as well as follow up on the Abi discovery hole which recorded 23.6 metres at 2.91 g/t gold from 7.4 metres.

The geological model at Quartz Mountain was updated, underpinning stage two drilling with Kingston anticipating a resource update in the first half of 2020.

Livingstone assays pending

An 800-metre diamond drill program was completed at Kingsley prospect within the Livingstone project in WA during the December quarter with assay results pending.

Results are expected to underpin the next round of reverse circulation (RC) drilling and contribute towards the estimation of a maiden JORC mineral resource estimate.

This program was co-funded up to $75,000 through the WA Government Exploration Incentive Scheme.

A structural geological review is also underway and metallurgical test work was completed on 16 ore samples collected from previous RC drilling at Kingsley.

Strong preliminary gold recoveries were recorded averaging 89.5% in primary mineralisation, 95.6% in transitional mineralisation and 94.9% in oxide mineralisation.

The results suggest that the oxide, transitional and primary gold mineralisation at Kingsley prospect are amenable to conventional cyanide extraction methods.

Non-binding term sheet

During the quarter, the company signed a non-binding term sheet to secure 100% of the Misima Gold Project by purchasing its JV partner’s interest.

The transaction is subject to finalisation of documentation with completion on schedule for April 30, 2020.

This is an important step towards Kingston’s objective of becoming a substantial new gold producer in the Asia-Pacific region.

Quick facts: Kingston Resources Ltd

Price: 0.155 AUD

Market: ASX
Market Cap: $33.64 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