Gold and copper explorer Kingston Resources (ASX:KSN) increased quarterly gold production by 8% to 4,944 ounces in Q2 2023 at its Mineral Hill Gold-Copper Mine in the Cobar Basin of New South Wales.
The $38.42 million market capitalisation company reports this was supported by a 7% increase in the average realised gold price, averaging $2,968 per ounce over the quarter, while its all-in-sustaining-costs (AISC) fell to 6% to $1,462 per ounce.
Kingston says this is a testament to its focus on owner-operator work arrangements. In FY23, gold production reached 16,067 ounces at an average sale price of $2,750 per ounce and an AISC of $1,676 per ounce.
This news comes ahead of Kingston Resources Managing Director Andrew Corbett’s presentation at the Noosa Mining Investor Conference at 1:40pm today. The conference runs from 19-21 July 2023.
Commenting on the quarter, Corbett says: “Over the past year and a half, Kingston has experienced a remarkable transformation.
We take great pride in our accomplishments since acquiring Mineral Hill, as well as the invaluable expertise that our team has cultivated.
“Over the past year and a half, Kingston has experienced a remarkable transformation”
The Tailings Project reprocessing has been a massive success, particularly in terms of gold production and cash flow. It has not only delivered exceptional results but has also paved the way for our next phase of growth as we transition to open-pit mining processing.
We are excited about the opportunities that lie ahead and remain committed to maximising the full potential of Mineral Hill while delivering substantial value to our stakeholders.”
Yesterday (18 July 2023), Kingston reported it was mobilising a combination drill rig to test 15 new targets identified through an induced polarisation (IP) survey at Mineral Hill.
Kingston Resources is an ASX-listed gold and copper explorer focused on advancing its Mineral Hill Gold-Copper Project in New South Wales and its Misima Gold Project in Papua New Guinea.
On 10 July 2023, the company launched a fully underwritten share purchase plan to raise $1 million to support the refurbishment of the processing plant, underground infrastructure re-access, and open-pit pre-production waste stripping at Mineral Hill.
Write to Harry Mulholland at Mining.com.au
Images: Kingston Resources Ltd
