Kingston Resources Ltd (ASX:KSN) estimates that by funding further exploration at the Misima Gold Project in Papua New Guinea, its interest in the project has increased to about 75%.
After taking its earn-in interest to 70% in August 2018 as part of a joint venture agreement, Kingston said that exploration expenditure to March 31, 2019, would further lift its interest in the project.
Its JV partner Pan Pacific Copper is owned by JX Nippon Metals and Mining (66%) and Mitsui Mining and Smelting (34%).
READ: Kingston Resources focused on advancing gold assets in Papua New Guinea and WA
Kingston 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 partner, Pan Pacific Cooper, for its ongoing support of Kingston and interest in the project.
“We look forward to working with them as the project advances towards potential development.”
READ: Kingston Resources Ltd finds large low-grade gold stockpile at Misima project in PNG
Late last month the company discovered the location of a large gold stockpile at the Misima project using a Light Detection and Ranging (LiDAR) survey.
The survey provided a highly accurate and detailed model of surface terrain, which helped identify historical mining topography and current and historical artisanal mining, as well as potential geological features and water drainage patterns.
LiDAR image of the Cooktown stockpile.
The information is expected to enhance the broader drilling and exploration program, which is now focused on defining near-surface satellite mineralisation at prospects including Ginamwamwa, Quartz Mountain and Ara Creek.