- Metal Bank (MBK) has successfully acquired a subsidiary and a 75 per cent share of the Livingstone Gold Project from Kingston Resources (KSN)
- MBK has completed the acquisition of Kingston’s wholly-owned subsidiary, Westernx who owns the 75 per cent stake in the Livingstone project
- The subsidiary and site were purchased by MBK using a combination of shares, option shares and upfront cash
- The Livingstone project is located 140 kilometres west of Meekatharra in WA and includes 395 square kilometres of granted exploration licenses
- Metal Bank shares have ended the day in the grey at 0.7 cents a share, while Kingston ended the day 6.25 per cent in the green at 17 cents
Metal Bank (MBK) has successfully acquired a subsidiary and a 75 per cent share of the Livingstone Gold Project from Kingston Resources (KSN).
MBK has completed the acquisition of Kingston’s wholly-owned subsidiary, Westernx which owns the 75 per cent stake in the Livingstone Project.
The company purchased the subsidiary and site at the value of 125 million ordinary shares, 62.5 million options shares at 1.6 cents to expire December 7 2023 and $2.5 million in initial cash.
MBK agreed to pay a further $1.5 million to Kingston no later than 12 months from completion if MBK identifies resources with an inferred resource value of 100,000 thousand ounces of gold or more.
The West Australian-based site has a gold deposit with mineralisation defined over one kilometre and open along strike and drilling data supporting an exploration target for this deposit.
In addition, Livingstone harbours 40 kilometres of prospective strike length with multiple untested targets.
The Livingstone project is located 140 kilometres west of Meekatharra in WA and includes 395 square kilometres of granted exploration licenses.
“We are very excited to have finalised the acquisition of the Livingstone gold project, which provides MBK with an outstanding growth opportunity through its compelling series of advanced prospects and exploration targets across the area of the project,” Executive Chair Inés Scotland said.
“Work has already commenced: we have appointed a project manager, we are assessing drilling tenders and we have developed a work program for the next year aimed at substantially increasing JORC resources and testing the multiple additional targets across the project.
“We are looking forward to exploration success in 2022.”
Metal Bank shares were trading grey at 0.7 cents a share, while Kingston ended the day 6.25 per cent in the green at 17 cents a share.