2019 Misima Drill Program Underway Targeting Ginamwamwa
Sydney, Jan 22, 2019 AEST (ABN Newswire) - Kingston Resources Limited (
ASX:KSN) (Kingston or the Company) is pleased to announce that drilling has recommenced at the flagship 2.8 Moz Au Misima Gold Project in Papua New Guinea post the Christmas break.
- First drilling at new discovery 2km from existing 2.8Moz Au resource
- Ginamwamwa's size and location has potential to be a starter pit
- Further assay results from 2018 drill program are pending
The 2019 drill program will initially focus on the high-grade geochemical target, Ginamwamwa (see Figure 2 in link below). Ginamwamwa is Kingston's first target outside of the current 2.8Moz resource to be drilled. Ginamwamwa is approximately 2km south-west of the historical Umuna Pit and, as a Kingston discovery, it was not drilled by previous operators Placer during the mine's historical 15-year operational period.
Kingston's first high-grade trench assay at Ginamwamwa of 14m @ 12.24g/t Au & 35.5g/t Ag was announced on 27 March 2018. Since then, field work has extended the geochemical target area across three ridge lines with a footprint covering 200m x 500m (see Figure 1 in link below) and delivered a number of high-grade trench results as well as the discovery of visible gold in some areas. Previously announced high-grade geochemical trench results from Ginamwamwa are summarised below (all results at surface):
- 14m @ 12.24g/t Au and 35.5g/t Ag announced 27 March 2018.
- 34m @ 3.19g/t Au, Incl. 8m @ 7.96g/t Au;
- 50m @ 2.06g/t Au, Incl. 8m @ 5.38g/t Au; and
- 5m @ 9.57g/t Au announced 29/10/2018.
- 14m @ 17.0g/t Au, Incl. 6m @ 33.27g/t Au;
- 2m @ 140.0g/t Au; and
- 12m @ 9.68g/t Au, Incl. 8m @ 14.2g/t Au announced 19 December 2018.
Kingston Resources Limited Managing Director, Andrew Corbett said: "Ginamwamwa is a very exciting target and we are pleased to be kicking off 2019 drilling to more thoroughly test what are clearly stellar results at surface. Drilling Kingston's first regional exploration target on Misima is a significant milestone for the Company, and based on the size and location of Ginamwamwa, success with the drill program could define this highly prospective target as an ideal starter pit.
Kingston is also pleased to advise that diamond drilling performance has materially improved since September 2018 with sequential monthly improvements culminating in an increase in metres drilled per day of over 180% being achieved by December. Kingston is satisfied with the improved performance and the ongoing support from its drilling contractors.
% increase over Sept 18
----------------------------------------------Oct-18 Nov-18 Dec-18 ----------------------------------------------74% 164% 187% ----------------------------------------------
Misima Mineral Resource
The Misima mineral resource estimate shown in Table A1 below (see link below) was released in an ASX announcement on 27 November 2017. The resource estimate was compiled by Mr Scott McManus, who is an independent consultant to the Company. Further information relating to the resource is included within the original announcement.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/918C28HX
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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