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Kingston Resources high-grade Ewatinona gold hits set to contribute to Misima resource upgrade

The company believes there is outstanding potential for additional resource growth through exploration at the Misima gold project in PNG to extend the current 2.8 million-ounce resource base.

Kingston Resources Ltd - Kingston Resources drill results to inform mineral resource upgrade at Misima Gold Project
The pace of drilling has increased at Ewatinona with two diamond drill rigs operating since the start of December 2019

Kingston Resources Ltd (ASX:KSN) has reported encouraging high-grade gold results from phase two resource definition drilling at Ewatinona deposit within the Misima project in Papua New Guinea.

Results from the drilling program will underpin an update to the mineral resource, ahead of the start of feasibility studies for the Misima Gold Project.

They have also seen Kingston accelerate resource definition drilling at Ewatinona, which is part of the Misima's Quartz Mountain region, with two drill rigs active in the area

Results from the first three holes at Ewatinona include:

  • 10.2 metres at 3.68 g/t from 10 metres, including 4.2 metres at 2.03 g/t and 4 metres at 7.15 g/t, which also includes 1.4 metres at 18.58 g/t;
  • 11.56 metres at 1.44 g/t from 111.6 metres;
  • 15.6 metres at 1.18 g/t from 49.6 metres;
  • 10 metres at 0.91 g/t from 40 metres, including 6 metres at 1.16 g/t; and
  • 6 metres at 2.46 g/t from 4 metres.

Kingston Resources managing director Andrew Corbett, said: “This represents a very strong start to our phase two drilling program at Ewatinona, which is aimed at upgrading and potentially expanding the existing 220,000-ounce inferred resource.

“Drilling results will feed into a mineral resource update that we expect to deliver mid-year, which will then form the foundation for a pre-feasibility study (PFS) which we hope to deliver by year-end.”

Follow-up holes planned

Corbett said that drilling would also continue at the nearby Abi discovery.

He said: “Drilling within the Quartz Mountain area is expected to continue throughout the current quarter, including some eagerly anticipated follow-up holes at the Abi discovery, where our previous drilling returned 23.6 metres at 2.91 g/t gold from 7.4 metres.

“While this drilling is ongoing, we will also assess the full suite of recent results from Misima North, Umuna East and Quartz Mountain to determine key priorities for further drilling.

“Following the excellent results we’ve recently reported at Misima North and Umuna East, we are pleased to be delivering drilling success across all three of the potential starter pit areas we’ve identified, putting us well on track with our clearly defined strategy of identifying shallow mineralisation to provide early mill feed at Misima.”

Phase two drilling at Ewatinona is expected to be completed by the end of February.

Shares have been up as much as 9% to an intra-day high of 18.5 cents.

Quick facts: Kingston Resources Ltd

Price: 0.235 AUD

Market: ASX
Market Cap: $51.01 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

2 min read