- Kingston Resources (KSN) confirms high grades at the Pearse North deposit which is part of the recently acquired Mineral Hill mine in New South Wales
- The company has received assays from an initial diamond hole drilled at Pearse North which have indicated significant gold mineralisation lies outside the ore reserve pit shell
- Results include broad intervals of 39 metres at 4.2 g/t gold and 37 g/t silver including a higher grade zone of 15 metres at 7.3 g/t gold and 44 g/t silver
- Kingston is using the assays to update the MRE for Pearse North in the third quarter and further drilling is underway at the Mineral Hill mine
- KSN shares are trading 11.8 per cent higher at 19 cents
Kingston Resources (KSN) has received assays from drilling at the Pearse North deposit which is part of the recently acquired Mineral Hill mine in New South Wales’ Cobar region.
The results account for the first diamond hole which was designed to confirm the geological model and interpretation of the Pearse North deposit.
Initial results from KSNDDH001 reportedly confirm the high-grade tenor of the deposit and indicate there’s significant gold mineralisation outside of the existing ore reserve pit shell.
Better results include 39 metres at 4.2 g/t gold and 37 g/t silver including 15 metres at 7.3 g/t gold and 44 g/t silver from 38 metres and three metres at 26.67 g/t gold and 27 g/t silver.
Additional results returned 7.4 metres at 5.1 g/t gold and 35 g/t silver from 64.6 metres including 2.4 metres at 11.2 g/t gold and 22 g/t silver.
“We are very excited to be able to share such positive results from our initial drilling campaign so soon after completing the acquisition earlier this year,” Managing Director Andrew Corbett said.
Kingston said the assays will provide key data for geological modelling and will use them to update the mineral resource estimate (MRE) for Pearse North in the third quarter. The updated MRE will reportedly provide further support for potential mining operations at the Pearse pits.
Remaining results are expected in May. Diamond drilling has since moved to the SOZ underground deposit and extensional reverse circulation drilling is underway at Pearse North.
KSN shares were trading 11.8 per cent higher at 19 cents at 11:32 am AEST.