- Kingston Resources (KSN) posts a 39 per cent increase in indicated ounces and a 43 per cent increase in indicated tonnes for the Misima Gold Project in PNG
- The project’s indicated resource stands at 97.7 million tonnes at 0.79g/t and 4.3g/t silver for 2.5 million ounces of gold and 13.4 million ounces of silver
- This takes the total resource to 169 million tonnes at 0.71g/t gold and 4.1g/t silver for 3.8 million ounces of gold and 22.1 million ounces of silver
- Kingston is now working towards upgrading the maiden ore reserve and completing a definitive feasibility study by March 2022
- Company shares are up 2.7 per cent to trade at 19 cents
Kingston Resources (KSN) has upgraded the mineral resource estimate for its Misima Gold Project in Papua New Guinea.
The indicated ounces have been increased by 39 per cent and the indicated tonnes have increased by 43 per cent.
The indicated portion includes 97.7 million tonnes at 0.79 grams of gold per tonne (g/t) and 4.3g/t silver for 2.5 million ounces of gold and 13.4 million ounces of silver.
As a result, the total gold ounces have increased by 6 per cent to 3.8 million ounces and global tonnes increased by 17 per cent to 169 million tonnes.
Misima’s total indicated and inferred resource stands at 169 million tonnes at 0.71g/t gold and 4.1g/t silver for 3.8 million ounces of gold and 22.1 million ounces of silver.
Managing Director, Andrew Corbett, said the upgrade establishes the project as “one of the most exciting new mid-tier gold development opportunities in the Asia-Pacific.”
“The increase in overall ounces, and particularly the 39 per cent increase in indicated ounces to 2.5 million ounces, establishes a fantastic platform for the ongoing definitive feasibility study (DFS) work to build upon,” he said.
The 2.5 million ounce indicated resource can be potentially converted into the ore reserve which currently stands at 48.3 million tonnes at 0.9g/t for 1.35 million ounces. If the ounces are converted, the ore reserve will be updated alongside the DFS.
“A special thanks goes to the Kingston geological team, headed up by our Chief Geologist Stuart Hayward and Exploration Manager Andrew Harwood. Delivering this resource update on schedule for the DFS has been challenging given the complex COVID-19 operating environment.”
The company is working towards completing a DFS by March 2022 to update the economics outlined in the pre-feasibility study.
Overall, Kingston is aiming to establish a new standalone, long-life gold mining and processing operation underpinned by two major ore sources being the historical Umuna and Ewatinona pits.
Company shares were up 2.7 per cent to trade at 19 cents at 1:49 pm AEST.