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Kingston Resources broad, high-grade results will feed into Misima gold resource update

Results indicate that the 220,000-ounce Ewatinona resource remains open to the east, an area of low historical drill hole density.

Kingston Resources Ltd - Kingston Resources' drilling results up to 12.65 g/t gold to feed into Misima resource update
Assays are pending from a recent diamond drilling program designed to confirm potential extensions

Kingston Resources Ltd (ASX:KSN) has received positive results from drilling and trenching at Ewatinona deposit, which will feed into a pending resource update for the Misima project in Papua New Guinea.

Results from recent surface trenches in the Ewatinona area include:

  • 22 metres at 3.9 g/t gold, including 6 metres at 12.65 g/t and 4 metres at 18.33 g/t;
  • 44 metres at 1.18 g/t, including 10 metres at 1.83 g/t; and
  • 12 metres at 4.51 g/t, including 4 metres at 11.76 g/t.

Results indicate that the 220,000-ounce Ewatinona resource remains open to the east – an area of low historical drill hole density.

Regional target map.

The company believes these results are highly encouraging as they indicate the presence of high-grade mineralisation on the eastern edge of the existing Ewatinona inferred resource.

It is interpreted that there may be mineralised structures to the east of the previously mined open pit that are not included in the current resource model.

“Potentially greater scale”

Managing director Andrew Corbett said: “Given the existing resource base at Ewatinona, we were always very positive on its potential to be a starter pit from an early point in our future mine plan for Misima.

“We are very encouraged by the results from recent drilling and geochemistry, which continue to indicate that there is potentially greater scale to the Ewatinona deposit than we had initially anticipated.

“We have now commenced work on an updated resource.”

Ewatinona a “key pillar”

Corbett added: “We anticipate that this will demonstrate the potential of Ewatinona as a key pillar in the company’s strategy to identify and mine early-stage starter pits driving positive cash-flow while work is undertaken to establish access to the main 2.6 million ounce resource at Umuna.

“The remaining results for the balance of the Ewatinona drilling program are anticipated to be released over the next two months.”

Kingston has completed further surface sampling in the Ewatinona area as part of the ongoing work being done, and assays are pending for those samples.

Next steps will focus on integrating structural and lithological data with results from drilling and surface sampling to inform the geological inputs into the upcoming updated Ewatinona resource.

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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