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Kingston Resources shares surge after reaffirming gold drilling success at Ewatinona

Ewatinona is now clearly emerging as an ideal opportunity for a starter pit, with an existing 220,000 ounces resource, strong potential for growth, and proximity to infrastructure.

Kingston Resources Ltd - Kingston Resources shares surge after reaffirming gold drilling success at Ewatinona
The company’s shares are trading about 23% higher intra-day, at 14 cents

Kingston Resources Ltd (ASX:KSN) has confirmed further significant results from recent drilling at the Ewatinona deposit, part of the 2.8 million ounces Misima Gold Project in PNG.

Results include:

  • 16 metres at 2.16 g/t gold, including 7 metres at 3.83 g/t gold in GDD073;
  • 13.5 metres at 1.26 g/t gold, including 10.5 metres at 1.43 g/t gold from 146 metres in GDD072; and
  • 5 metres at 1.35 g/t gold from 42 metres in GDD076.

Misima Gold Project – Regional target map

Kingston managing director Andrew Corbett said: “Resource definition drilling at Ewatinona continues to deliver excellent drilling results that are expected to have a positive impact on the impending Resource update.

“As announced on 30 March 2020, the Resource definition program within the Quartz Mountain area is now complete, with a number of final assays still awaited.

“These will all be incorporated into the broader Misima Mineral Resource update due in the June Quarter.

“The company has made excellent progress with its development strategy over the last six months, identifying and drill-testing a number of potential starter pit targets.”

Multiple zones of new infill mineralisation

Results from this drilling will be incorporated into the pending resource update, which is expected to be delivered in the June 2020 quarter.

In addition to the potential to expand the current resource, the resource update will also be focused on converting the existing 220,000 ounces Ewatinona inferred resource to the higher-confidence measured and indicated categories, making it available for conversion to ore reserves following the completion of a Pre-Feasibility Study (PFS) for the Misima mining operation.  

Opportunity for a starter pit

Corbett added: “Ewatinona is now clearly emerging as an ideal opportunity for a starter pit, with an existing 220koz Resource, strong potential for growth, and proximity to infrastructure.

“The impending resource update will help us to validate this concept ahead of the transition to mining studies over the balance of 2020.”

Quick facts: Kingston Resources Ltd

Price: 0.17 AUD

ASX:KSN
Market: ASX
Market Cap: $30.02 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