Sydney, Australia, April 17, 2018 - (ABN Newswire) - Kingston Resources Limited (ASX:KSN) (Kingston or the Company) had a very active March quarter as it prepares for drilling at both the Misima Gold Project and the Livingstone Gold Project. Mobilisation for drilling at Misima is now well underway with all equipment and consumables scheduled to arrive on the island later this month with drilling commencing shortly thereafter.
Kingston Resources is pleased to provide an update on its activities for the March quarter. Highlights include:
- Drill rig mobilising for major campaign at Misima
- Discovery of high-grade near-surface gold at Ginamwamwa
- RAB drilling underway at Livingstone
- $4.5m capital raising successfully completed
Kingston has also continued its channel sampling program at Misima, with the discovery of a new target area at Ginamwamwa. Ginamwamwa hosts a best channel sample of 14m @ 12.2g/t Au (refer ASX announcement 27 March 2018). In addition, a highly experienced structural geologist spent four weeks on the island to conduct a structural review helping to refine drill hole locations and prioritise future exploration targets.
At Livingstone, further auger drilling was completed in March extending the 2017 coverage around Livingstone's Find to the south and northwest. Assays for this program remain pending. An 8000m air core drilling program is underway now.
Kingston finished the quarter with $5.6m cash having successfully completed an oversubscribed private placement and a Share Purchase Plan during the quarter raising a total of $4.5m (before costs) at 2.2c.
Managing Director Andrew Corbett said "The March quarter was a key period for Kingston as the Company prepared for drilling at two locations. We are excited to now be moving to the next stage of exploration at both Misima and Livingstone with drilling at Livingstone underway and drilling at Misima set to commence shortly. The Kingston team has done a great job to get Misima drill ready within such a short time frame since taking over management of the project in late 2017."
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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 49% of the Misima Gold Project and is earning in to 70%.
The Company also holds an attractive portfolio of lithium exploration tenements covering four key project areas in the Northern Territory, where the Bynoe Project is home to some exciting new discoveries and the Arunta Project lies within a significant pegmatite field. In addition, the Livingstone Gold Project holds a 50koz resource and is the site of a number of high grade historic intersections.
Kingston Resources Limited
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