Kingston Resources looks to a golden future at PNG and WA projects
- Kingston Resources reflects on gold project development in FY21 shareholder report
- Kingston Resources moves to 100% ownership of 3.6-million-ounce Misima Gold Project in PNG
- Kingston Resources details significant boost to indicated resources at Misima
Quick facts: Kingston Resources Ltd
Price: 0.195 AUD
Market Cap: $55.8 m
About the company
Kingston Resources Ltd (ASX:KSN) is a metals exploration company focused on the exploration and development of the world-class Misima Gold Project in Papua New Guinea, which hosts a JORC mineral resource of 3.6 million ounces gold and an ore reserve of 1.35 million ounces gold.
The project also offers potential for additional resource growth through exploration success targeting extensions and additions to the current resource base.
Kingston also owns 75% of the high-grade Livingstone Gold Project in Western Australia that has a JORC 2004 inferred mineral resource of 989,000 tonnes at 1.57 g/t gold for 49,900 ounces.
How it is doing
Over the period, the metals exploration company moved to 100% ownership of its cornerstone precious metals asset, while a geological study also took place over the Livingstone Gold Project in Western Australia.
In the year to come, Kingston is working towards a definitive feasibility study (DFS) for Misima, which will build on a pre-feasibility study (PFS) completed late last year.
As it embarks on further exploration and development in the new financial year, Kingston has $11 million in the bank to support future operations.
The metals exploration company reports a 39% jump in the flagship project’s indicated resource, bringing the estimated gold ounces in this category up to 2.5 million.
Kingston Resources Ltd (ASX:KSN) has identified several compelling, new highly prospective targets at its Livingstone Gold Project in Western Australia via regional analysis and rock chips that returned up to 11.4 g/t gold.
This follows the completion of a project-wide geological study of its tenement package that integrates all historical data, as well as new information gained during Kingston’s tenure.
Insight: Kingston Resources moves to 100% ownership of 3.6-million-ounce Misima Gold...
Kingston Resources Ltd (ASX:KSN) (FRA:RZZ) has moved to 100% ownership of the 3.6-million-ounce Misima Gold Project in PNG after completing all terms with former joint venture partner Pan Pacific Copper Co Ltd (PPC) to acquire the remaining 19% interest in the large-scale development project.
Following receipt of all PNG regulatory approvals, Kingston has paid the $1.65 million final tranche of the total consideration of $2 million, formalising 100% ownership of the project.
What management says
Kingston Resources Ltd (ASX:KSN)'s Andrew Corbett talks Proactive through a significant upgrade to the JORC Mineral Resource Estimate for its flagship Misima Gold Project which includes the results of recent drilling programs as well as updated gold price assumptions. It's revealed a 39% increase in indicated ounces from 1.8Moz to 2.5Moz Au. Corbett says it's a great result for the company - firmly establishing Misima as one of the most exciting new mid-tier gold development opportunities in the Asia-Pacific region
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