Kingston Resources Limited (ASX: KSN) has reported further significant assay results from Resource definition diamond drilling at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in Papua New Guinea.
Latest results include:
- 2m @ 4.67g/t Au from 95m;
- 6m @ 1.2g/t Au from 175m;
- 14m @ 0.92g/t Au from 150m; including 8m @ 1.23g/t Au from 155m;
- 12m @ 1.33g/t Au from 22m; including 4m @ 3.33g/t Au from 22m;
- 14m @ 1.64g/t Au from 163m; including 4m @ 2.95g/t Au from 168m;
- 10m @ 1.06g/t Au from 188m;
- 4m @ 2.27g/t Au from 117m;
- 9m @ 1.25g/t Au from 79m; and
- 4m @ 2.51g/t Au from 144m
Kingston Resources Limited Managing Director, Andrew Corbett, said the latest results continue to build a strong picture for his company on Misima Island.
“I am very pleased to be able to report excellent results from each of the five latest diamond holes received for Ewatinona.
“All five holes intersected mineralized structures that confirm the grade tenor and continuity of the Resource in the East Ewatinona area. These are the final holes that will be included in the upcoming Resource update for Ewatinona, with the remaining holes for which assays are awaited primarily testing the interpreted western extension of Ewatinona.
“The ongoing success at Ewatinona represents another step towards achieving our goal of defining starter pit ore to generate early cash-flow and ultimately bring the main 2.6Moz Umuna pit back online.
“Work on the updated Resource estimate is well underway and on track for completion this quarter. This will be an exciting milestone in our journey to bring Misima, one of the premier gold mines in the Asia-Pacific in the 1990s and early 2000’s, back into production.
“In the context of the current gold price environment it is worth remembering that Placer made its decision to close Misima back when gold was below US$300/oz and Kingston is fortunate to be the first company to have the opportunity to bring Misima back into production since their departure.”
Mr Corbett said the latest diamond drill holes are situated within the existing 220koz Ewatinona Inferred Mineral Resource footprint, with drilling designed to confirm existing geology and mineralisation, and test the revised structural interpretation as well as potential depth and strike extensions.
The drill holes in the East Ewatinona area are in the newly defined mineralisation trend that is stacked above the existing trends in the historical Ewatinona pit. The new trend was first identified through structural mapping of outcrop and has been confirmed by new geochemistry results.
All holes in the Ewatinona drilling program have been completed with the final holes currently pending assay results. The same process of integrating geological and structural mapping with trench sampling is currently being undertaken on the western side of Ewatinona.
The Resource update is well underway, and the company remains on track to complete this work and release the updated Mineral Resource in the June Quarter.