Kingston Resources Ltd - Misima Gold Project Pre-Feasibility Study Update

What happened?

What's happened?

Kingston Resources Ltd (ASX:KSN "Kingston") has provided an update on the Pre-Feasibility Study (PFS) for its flagship Misima Gold Project in PNG.

What are the key highlights?

The PFS is advancing on schedule, with 60% design completion achieved.
Kingston’s approach to the PFS has been to focus on replicating much of Placer’s highly successful 5Mtpa operation at Misima, which produced 3.7Moz of gold over 15 years at very low operating cost.
The existing 3.21Moz Au Resource includes an Indicated component of 1.52Moz, of which more than 90% sits within a US$1,400/oz pit shell.
Historical operating data, metallurgical test work, and geotechnical plans have provided considerable cost and time advantages to the PFS and significantly de-risk future development.
Open pit optimisation and mine scheduling substantially complete.
The PFS study is on track for delivery in the December 2020 quarter.

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Source: Kingston Resources Ltd, ASX announcement, 24th September 2020.

For more information, please refer to the announcement linked below.

Managing Director's summary

Andrew Corbett Managing Director of Kingston Resources Ltd has provided a statement.

Andrew Corbett

Managing Director, Kingston Resources Ltd

"The Kingston team is making excellent progress on the Misima Gold Project PFS. We are fortunate to be able to benefit from the extensive historical datasets we have available, which provide a meaningful technical de-risking of the proposed project development. Focusing on the previously-mined Umuna and Ewatinona open pits allows us to benefit from the well understood mining, milling and geotechnical characteristics of these ore bodies, while also enabling us to leverage off previous mining access which remains in place. We are on track to deliver the Misima Pre-Feasibility Study in the December 2020 quarter, together with an open pit Ore Reserve, providing a clear road map for Kingston to progress towards the development of a significant new gold mine in the Asia-Pacific."