Quarterly Activities Report
Sydney, July 31, 2018 AEST (ABN Newswire) - Kingston Resources Limited (
ASX:KSN) (Kingston or the Company) is pleased to provide an update on its June quarter activities.
Highlights
o Drilling underway on Misima Gold Project
o Sale process for lithium portfolio successfully concluded raising $2.4m
o 6,000m drilling program completed at Livingstone
o Experienced industry veteran, Mick Wilkes appointed to the Board
The quarter heralded several significant events for the Company:
- Commencement of exploration drilling on Misima Island marked an important milestone for the Company, commencing less than six months after acquisition.
- Sale of Kingston's lithium assets ensures greater focus can be applied to the opportunity at Misima and also materially boosting the Company's cash reserves.
- Completion of a 6,000m drilling program at the Livingstone Gold Project, with results highlighting the potential for further value creation.
- Following the conclusion of the quarter Kingston also appointed OceanaGold CEO Mick Wilkes to the Board of Directors.
Kingston MD Andrew Corbett said "The June quarter has been a transitional one for Kingston as drilling commences at Misima and the Company concludes the sale process over the majority of its Lithium holdings. We are excited to now shift our focus to the significant task ahead at Misima. Our onsite operations team continues to progress the drilling campaign and we are looking forward to reporting results in coming weeks. In Australia, Livingstone adds great optionality for the Company and we look forward to unlocking value for shareholders."
Kingston concluded the quarter with $4.7m in cash and liquid securities. The Company also anticipates an additional $1.8m from the NT lithium asset sale in the September quarter. These funds are currently held in escrow and will be released upon completion of the transaction.
Drilling will continue at Misima over the current quarter. At the end of June, Kingston has approximately $750,000 remaining to spend under the Misima earn-in. This is anticipated to be completed this quarter at which point Kingston's interest in the project will lift to 70%. At Livingstone a follow up drill program is also planned for commencement by quarter end.
To view the full report with figures, please visit:
http://abnnewswire.net/lnk/21EG9IBM
About Kingston Resources Limited
Kingston (ASX:KSN) is a metals exploration company. Currently the Company's priority is the world-class Misima Gold Project in PNG, which contains a JORC resource of 2.8Moz Au, a production history of over 3.7Moz and outstanding potential for additional resource growth through exploration success. Kingston currently owns 70% of the Misima Gold Project.
In addition, Kingston owns 75% of the Livingstone Gold Project, WA which holds a 50koz resource and is the site of ongoing exploration and a number of high-grade historic intersections.
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