Join our daily newsletter At The Bell to receive exclusive market insights
Kingston Resources (ASX:KSN) has announced the commencement of open pit mining at Pearse North, part of its NSW-based mining operations.
That larger project is called Mineral Hill; open pit blasting has already occurred with drillers now on-site at the project commencing digging and haulage operations.
Behind all of this is a plan to lift silver and gold grades at Mineral Hill with oxide ore now being extracted at Pearse North, achieved for the first time earlier in June.
That oxide ore is anticipated to see downstream processing at Kingston’s existing plant in July once refurbishments wind up.
The company recently wrapped up a tailings re-treatment project three weeks before open pit mining kicked off using leftovers from Mineral Hill’s last owners back in 2016.
The company boasted an “owner-operator mentality” on Tuesday and noted 13 new members of staff will be hired across the next month and a half. Surface extraction training has been a common theme.
“The Pearse North and Pearse South open pits will be the initial stages of our return to hard rock mining at Mineral Hill,” Kingston CEO Andrew Corbett said.
“We are delighted to announce the commencement of open pit mining at Pearse North, which signifies a major step forward for the Mineral Hill project.”
Gold prices have slipped in the last month, down -4.29% as of 10am AEST on Tuesday. However, Year-on-Year (YoY), prices for the yellow metal are up +19.07%.
KSN last traded at 7.5cps.
