Kingston Resources Ltd - Kingston Resources (ASX:KSN) announces September 2020 Quarterly Activities Report
Kingston Resources Ltd (ASX:KSN)

Kingston Resources (ASX:KSN) announces September 2020 Quarterly Activities Report


What's happened?

Kingston Resources (ASX:KSN) has announced their quarterly report which includes key updates regarding the Misima (PNG) and Livingstone (WA) gold projects, as well as strong cash position.

What are the key highlights?

Misima Gold Project, PNG
  • Pre-Feasibility Study (PFS) passes 60% completion milestone – on track for completion this Quarter together with an Ore Reserve.
  • Proactive COVID management implemented on Misima Island, working together with the Misima hospital including procuring and donating PPE to hospital.
  • Positive community relations activities including information sessions with local Misimans.
  • Preparations finalised for next phase of drilling, which is now underway.
  • Construction of on-site sample preparation laboratory to improve assay turnaround.
Livingstone Gold Project, WA
  • Successful 4,390m Resource definition RC drilling program completed at the Kingsley Prospect, with key highlights including:
  • 22m @ 3.65g/t Au from 20m, including 3m @ 20.60g/t Au
  • 20m @ 1.96 g/t Au from 1m
  • 10m @ 4.15g/t Au from surface, including 2m @ 8.40g/t Au
  • 16m @ 1.49g/t Au from 2m
  • Second ~1,500m drilling campaign targeting the Stanley, Winja, and Homestead prospects concluded in October.
  • Further results anticipated in the coming weeks.
  • Funds received from the over-subscribed $2m Share Purchase Plan in July.
  • $300,000 Vox Royalty Corporation stock received as part consideration for the sale of the Higginsville Dry Creek royalty.
  • Quarter-end cash balance of $6.8m.

For more information, please refer to the link below.

What does this announcement mean?

SmallCapInsider from Mawson Graham provides perspective on this recent announcement.
Written by SmallCapInsider
Published Oct 30, 2020

Kingston has announced in their September quarterly report that the Misima (PNG) Pre-Feasibility Study is in final stages and on track for completion in Dec-2020 quarter. Additionally, drilling has resumed on Misima Island and a sample preparation laboratory has been constructed.

The Livingston (WA) project has delivered a successful 4,390m Resource definition RC drilling program at the Kingsley Prospect, with a second ~1,500m drilling campaign targeting the Stanley, Winja, and Homestead prospects to be concluded in October.

We note a strong cash balance of $6.8m after the $2m oversubscribed SPP in July and $300k of Vox Royalty Corporation stock received as part of the Higginsville Dry Creek royalty sale.

Misima Gold Project, PNG

During the Quarter, the Misima Pre-Feasibility Study (PFS) advanced to schedule, with 60% design completion achieved and the remaining work on track to be completed in the December 2020 Quarter. file file

Livingstone Gold Project, WA

During the Quarter, a Reverse Circulation (RC) resource definition drilling campaign was completed over the Kingsley prospect at Livingstone. The drilling program, which was completed in July, comprised a total of 50 holes for 4,390m of drilling in 17 lines spaced at ~20m, with results released progressively during the Quarter (see ASX announcements 20 August 2020 and 14 September 2020). file

The information within this section has been provided by Mawson Graham Pty Ltd and is for general information purposes only and is not intended to reflect any recommendations or financial advice. The information in this section has been prepared without taking into account your objectives, financial situation or needs. For this reason, you should consider the appropriateness of the advice or recommendation in light of your own personal circumstances, relevant risk factors, the nature and extent of your risk of loss, as well as the legal and accounting consequences before acting making an investment or trading decision regarding any Financial Product mentioned herein. While it is believed that all information sourced and contained within this section to be accurate at the time of publication, liability for any errors, omissions, accuracy or completeness of the information (except any statutory liability which cannot be excluded) is specifically excluded by Mawson Graham Pty Ltd, its associates, officers, directors, employees and agents. Past performance is not a reliable indicator of future performance. Important Disclosure: Mawson Graham Pty Ltd, its directors, associates and employees advise that they may hold securities, may have an interest in and/or earn brokerage, investor relations fees, corporate fees, and other benefits or advantages, either directly or indirectly from client transactions arising from any information mentioned within this section and in documents published within this section.
Mawson Graham
Mawson Graham

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