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Kingston expects Mineral Resource update by mid-year


Published 12-FEB-2020 09:50 A.M.


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Phase 2 Resource definition drilling at Kingston Resources Limited’s (ASX:KSN) Ewatinona deposit has started well.

Ewatinona is part of the Quartz Mountain region, home to Kingston’s 2.8Moz Misima Gold Project in PNG.

Misima Gold Project.
Misima Gold Project.

Drilling has so far delivered encouraging high-grade results from the first three drill holes.

Highlights from drilling at Ewatinona include:

  • 10.2m @ 3.68g/t Au from 10m, including:

O 4.2m @ 2.03g/t Au; and

O 4m @ 7.15g/t Au, including 1.4m @ 18.58g/t Au

  • 11.56m @ 1.44g/t Au from 111.6m
  • 15.6m @ 1.18g/t Au from 49.6m
  • 10m @ 0.91g/t Au from 40m, including:

O 6m @ 1.16g/t Au

  • 6m @ 2.46g/t Au from 4m

Results from this program will underpin an update to the Mineral Resource, ahead of the commencement of feasibility studies for the Misima Gold Project.

Holes GDD066, GDD068 and GDD070 are the first drill holes undertaken since Kingston completed its Phase 1 drilling program in 2019.

New drill hole locations and section views.
New drill hole locations and section views.

Phase 1 confirmed the style of mineralisation, tenor of grade, and intersected new mineralised structures outside of the existing Mineral Resource.

Phase 2 is targeting infill between historical drilling, potentially mineralised zones outside and below the US$1400 pit shell that constrains the current Mineral Resource, and along-strike extensions of mineralised structures interpreted from surface geochemistry.

“This represents a very strong start to our Phase 2 drilling program at Ewatinona, which is aimed at upgrading and potentially expanding the existing 220,000 ounce Inferred Resource,” said Kingston Managing Director, Andrew Corbett.

“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.”

Read: Kingston has early stage success at Misima North

Read: Kingston Resources has further drilling success at Misima Gold Project

KSN has picked up the pace of its drilling program as it looks to improve its Mineral 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 which we hope to deliver by year-end," Corbett 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 23.6m @ 2.91g/t Au from 7.4m.

“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.”

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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