Kingston locates large stockpile of gold mineralised material

By Meagan Evans. Published at Mar 21, 2019, in Mining

Kingston Resources Limited (ASX:KSN) is pleased to report that it has located a large near-surface stockpile of gold mineralised material at its Misima Gold Project in PNG.

The material was mined by previous operator, Canada’s Placer Dome, but never processed. This stockpile is not accounted for in the current 2.8Moz gold Resource at the project and historic records suggest potential remains for further gold stockpiles to be found.

A LiDAR (Light Detection and Ranging) survey confirmed the location and provided a highly accurate and detailed model of the surface terrain which assisted in identifying historical mining topography, current and historic artisanal mining, as well as identifying potential geological features and determining water drainage patterns. This information will assist and enhance the broader drilling and exploration program.

The stockpile of mineralised material left in place by Placer has been confirmed at the Cooktown Dump, a large area adjacent to the Tonowak Pit reported to contain 3.6Mt of low-grade material averaging 0.5 to 0.7g/t gold.

This dump, which was capped with topsoil and rehabilitated during the closure process, remains intact, with its current position matched against mine survey files created during mine closure.

 Plan view showing the proximity to the haul road of Cooktown and Kobel stockpiles

When the mine was active, Placer’s economic cut-off was 0.7g/t gold for mill feed. Lower grade material in the range 0.5 to 0.7g/t gold, was stockpiled. So while the grade of the Cooktown Dump is modest, it represents loose rock, at surface and close to the likely location of a future processing plant.

All of these factors reduce mining and processing costs. By calculating the volume of the Cooktown Dump LiDAR model and cross referencing this against Placer’s Mine Closure Plan and survey files from 2000 to 2004, the Company has set an exploration target for the dump of 3.6Mt @ 0.5g/t to 0.7g/t gold for 58,000 to 81,000oz.

The company’s exploration strategy is now firmly focused on discovering and defining near surface satellite mineralisation at prospects including Ginamwamwa, Quartz Mountain, and Ara Creek. Adding near-surface resources is likely to enhance the economic potential of any possible future mining operation. The close proximity and minimal mining costs of this stockpile make it an excellent early feed source to any future development plan.

View Our Investment Portfolios

S3 Consortium Pty Ltd (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 only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!