Kingston to move to 75% of Misima Gold Project

By Trevor Hoey. Published at Apr 5, 2019, in Mining

Kingston Resources Ltd (ASX:KSN) has provided an update on the status of its interest in the Misima Gold Project following the company’s continued funding of exploration.

The project in Papua New Guinea has a JORC Resource of 2.8 million ounces gold, and it is Kingston’s key asset with a production history of over 3.7 million ounces.

Following the August 2018 completion of its earn-in to 70% of the project, Kingston has continued to provide 100% of the funding for exploration activities at Misima.

Under the terms of the joint venture (JV) agreement with Pan Pacific Copper, this will see Kingston’s interest in the project increase further with management expecting an increase to 75% based on exploration spending to March 31, 2019.

Commenting on this development, Kingston Resources’ managing director, Andrew Corbett said, “We are very happy to be continuing to increase our interest in the project as we advance exploration at Misima.

"We wish to thank our JV partners, Pan Pacific Copper, for their ongoing support of Kingston and its interest in the project, and we look forward to working with them as the project advances towards potential development.”

Kingston also owns 75% of the Livingstone Gold Project in Western Australia (pictured below), but Misima remains the main game.

Impressive production history

Under previous ownership, Misima delivered nearly 4 million ounces of low-cost, highly profitable production over a 15 year mine life.

However, multiple untested targets over an eight kilometre strike zone suggest there is still substantial upside potential from exploration.

There is also the prospect of generating early stage cash flow from the high grade Ginamwamwa prospect, located adjacent to the former mill site.

Channel sampling at surface has delivered grades of 14 metres at 12.2 g/t gold and 35.5 g/t silver.

There is also evidence of thicker sections up to 50 metres with grades of up to 3.2% including intercepts such as 8 metres at 8 g/t gold.

With extensive drilling occurring during 2019 and the commencement of approvals and feasibility projected for 2019/2020, there should be plenty of market moving news over the next 12 months.

The company may come under the microscope given its apparent undervalued status indicated by the following peer comparisons.

As indicated below though, perhaps the pendulum is swinging with the company’s shares having increased approximately 30% since December.

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.

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