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Kingston Resources delivers more positive Ewatinona gold results ahead of Misima resource update

Last updated: 03:32 29 Apr 2020 BST, First published: 02:50 29 Apr 2020 BST

Kingston Resources Ltd - Kingston Resources Ewatinona deposit delivers positive results ahead of Misima resource update
Misima currently hosts a gold resource of 2.8 million ounces

Kingston Resources Ltd (ASX:KSN) has received further positive assay results from resource definition diamond drilling at Ewatinona deposit of the Misima Gold Project in PNG.

More thick zones of strong gold mineralisation have been intersected in latest drilling with a best result of 14 metres at 1.64 g/t from 163 metres, including 4 metres at 2.95 g/t from 168 metres.

The results will be used in an upcoming resource update with assays pending for several additional holes testing the western extension of the resource.

"Excellent results"

Kingston Resources managing director Andrew Corbett, said: “I am very pleased to be able to report excellent results from each of the five latest diamond holes received for Ewatinona.

“All five holes intersected mineralised structures that confirm the grade tenor and continuity of the resource in the East Ewatinona area."

Further results include:

  • 12 metres at 1.33 g/t from 22 metres, including 4 metres at 3.33 g/t from 22 metres;
  • 10 metres at 1.06 g/t from 188 metres;
  • 9 metres at 1.25 g/t from 79 metres;
  • 4 metres at 2.51 g/t from 144 metres; and
  • 14 metres at 0.92 g/t from 150 metres including 8 metres at 1.23 g/t from 155 metres.

Resource update planned

Misima hosts a JORC resource of 2.8 million ounces and Ewatinona has potential to grow that resource.

Corbett said: “These are the final holes that will be included in the upcoming resource update for Ewatinona, with the remaining holes for which assays are awaited primarily testing the interpreted western extension of Ewatinona.”

Kingston remains on track to release the updated mineral resource during the current quarter.

Mineralisation trends, recent drilling and trench samples at Ewatinona

Bringing Misima online

Corbett said that the ongoing success at Ewatinona represented another step towards achieving the goal of defining starter pit ore to generate early cash-flow and ultimately bring the main 2.6 million-ounce Umuna pit back online.

He said: “Work on the updated resource estimate is well underway and on track for completion this quarter.

“This will be an exciting milestone in our journey to bring Misima, one of the premier gold mines in the Asia-Pacific in the 1990s and early 2000s, back into production.

“In the context of the current gold price environment, it is worth remembering that Placer made its decision to close Misima back when gold was below US$300/ounce and Kingston is fortunate to be the first company to have the opportunity to bring Misima back into production since their departure.”

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