First Assays Highlight Misima's Exploration Potential
Sydney, Aug 23, 2018 AEST (ABN Newswire) - Kingston Resources Limited (
ASX:KSN) (Kingston or the Company) is pleased to report assay results from the first two diamond holes at the Company's flagship 2.8Moz Misima Gold Project in Papua New Guinea. The assays are the first results from an extensive exploration drilling campaign, the first undertaken at the project in almost 20 years.
Highlights
- Assays received for first two diamond holes, results include:
o 27m @ 1.08g/t Au and 4.09g/t Ag in GDD008
o 5m @ 2.38g/t Au and 8.16g/t Ag in GDD007
- Further assays to be released progressively -next results in September
- Drilling ongoing into 2019
Results include:
- 4m @ 2.32g/t Au, 3.30g/t Ag from 33m; and
- 5m @ 2.38g/t Au, 8.16g/t Ag from 136m in GDD007
- 3m @ 1.44g/t Au, 9.03g/t Ag from 115m; and
- 27m @ 1.08g/t Au, 4.09g/t Ag from 129m in GDD008, including
- 4m @ 2.11g/t Au and 2.60g/t Ag from 130m; and
- 8m @ 2.04g/t Au and 6.50g/t Ag from 148m.
The holes were drilled in an area known as North Kulumalia (see Figure 1 in link below), targeting down-dip extensions of the southern end of the main Umuna Shear beneath the existing 2.8Moz Au resource. The program is ongoing, with the rig currently working its way north towards the Central Umuna area, beneath the Stage 6 Umuna pit (see Figure 3 in link below).
Drilling is now advancing along the west side of the Umuna Shear, targeting a variety of extensional and infill positions around the Inferred mineral resource. Kingston is currently drilling hole GDD012 (see Figure 1 in link below).
As previously advised, Kingston's assaying process involves sample preparation and gold fire assays in Lae, PNG followed by multi-element assays in Townsville. The Company will update the market with additional drill results once final assays are available.
Kingston is also advancing regional exploration prospects at Ginamwamwa and Misima North to grow its regional exploration project pipeline. Kingston will delineate prospective targets with a view to drilling these areas in 2019.
Kingston Resources Limited Managing Director, Mr Andrew Corbett said:
"These initial assays are most encouraging and an excellent start to our extensive exploration program at Misima. The project is shaping up to become a great asset with significant upside. As the program advances, we are learning a great deal more about the deposit and ways in which we can increase Misima's current 2.8Moz resource.
Drilling at Misima is ongoing and we look forward to communicating a steady stream of results as they are finalised. The expenditure associated with this exploration program is also expected to trigger Kingston's increase in ownership to 70% of the project."
To view tables and figures, please visit:
http://abnnewswire.net/lnk/7M8IRNGW
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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