Kingsgate reins in more drilling at Chang Puek

Kingsgate Consolidated (ASX:KCN) is floating more drilling to test the extent of a ‘significant’ mineralised system discovered via recent exploration work at its Chang Puek prospect in Thailand. 

The $345.38 million market capitalisation company recently conducted a diamond drilling program that confirmed ‘significant’ gold and silver mineralisation at the prospect. 

Drillhole 7726DD confirmed that the mineralised system is dipping to the east and that gold mineralisation is associated with phyllic altered rhyolitic breccia and hydrothermal breccia with 2-10% quartz-sulphide veins and 1-7% disseminated pyrite. 

Kingsgate says this gold and silver mineralisation is of a similar nature to the epithermal ore at the Chatree Gold Mine, which sits about 20km north of Chang Puek. 

The company notes there has been limited follow-up drilling conducted along-strike at this early stage of exploration, hence the proposal for more drilling. 

Kingsgate Consolidated is a gold-focused company that owns the Chatree Gold Mine through its Thai subsidiary, Akara Resources. 

As of 30 September 2023, the company had $4.5 million cash and cash equivalents at hand, according to its latest quarterly report. This does not include the company’s $3.8 million in bullion and $5.4 million in unrefined gold/silver.

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Images: Kingsgate Consolidated
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.