KSN commences drilling at WA gold project
Drilling is now underway at Kingston Resource’s (ASX:KSN) 75% owned Livingstone Gold Project, which has a prospective strike length of more than 30 kilometres.
Kingston is hunting for high grade gold at Livingstone, with this current drilling campaign also designed to capitalise on the current trend in gold price.
Kingston has commenced a 2500 metre RC drilling program at its WA Project. The program is designed to follow up on air core drilling undertaken in 2018, which defined mineralisation over a strike length of more than 800m at the Kingsley prospect.
Significant results from the 2018 drilling included 4m @ 76.25g/tAu from 88m, 28m @ 2.26g/t Au from surface, and 5m @ 6.56g/t Au from 49m, including 1m @ 21.8g/t Au from 49m.
This new round of drilling will provide Kingston with JORC-compliant data within the existing 800m strike extent, as well as testing for new mineralisation at depth.
The results will contribute to a planned maiden Mineral Resource estimate to be undertaken later in the year.
“This initial round of RC drilling at Kingsley will provide an important insight into the true depth extent of the known mineralisation at Kingsley, with the results to feed into a maiden Mineral Resource estimate later this year. First assay results from this drilling are expected to be reported in September, said Kingston Managing Director Andrew Corbett.
“This program at Livingstone will run concurrently with the multi-faceted exploration program that is ongoing at our flagship 2.8Moz Misima Gold Project in Papua New Guinea.”
Kingston already has a proven producer in its 2.8 million Misima Project and the company is hopeful it can bring it back to first stage production in the very near future.
Misima has a production history of over 3.7 million ounces.
The Misima mineral resource estimate is 82.3Mt (45% Indicated, 55% Inferred) @ 1.1g/t Au, 5.3g/t Ag for 2.8Moz Au and 13.9Moz Ag.
As Trevor Hoey reported recently for Finfeed: “Such were the robust economics of the project that the mine only closed when the gold price fell below US$300 per ounce, about US$1000 per ounce below where the precious metal is currently trading.
“After funding further exploration in the March quarter, Kingston’s stake in the project is expected to increase to 75% with the group’s joint venture partner Pan Pacific Copper owning the remaining 25%.”
The following table puts the size of the Misima resource into perspective relative to other major projects.
Livingstone provides a fine complement to Misima and we will report on results of the drilling program here as they come through.
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.
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.