Gold producer Kingston Resources (ASX: KSN) has mobilised a combination drill rig to test new targets at its Mineral Hill Gold-Copper Mine in the Cobar Basin of New South Wales.
The $37.48 million market capitalisation company reports it has designed a diamond and reverse circulation (RC) drilling program at the Pearse North and SOZ areas, and it plans to complete reconnaissance testing of geophysical targets.
Currently, 7 holes have been completed for 1,083m in the 10-hole program, with results pending. Kingston also reports it will continue to compile and review historical data and assess targets for programs of work in FY24 and beyond.
Kingston Resources Managing Director Andrew Corbett will this week be presenting at the Noosa Mining Investor Conference being held from 19-21 July 2023.
The company is focused on adding to the mineral inventory for the processing plant at Mineral Hill and extending its life-of-mine (LOM) by applying new interpretation techniques over new and historical data from the project.
Kingston says 15 new ‘high-priority’ targets have been identified within and near Mineral Hill through a 28-line-kilometre induced polarisation (IP) survey conducted in February 2023.
The new IP program expands coverage to the southeastern edge of EL 1999 and enhances the evidence already provided by gravity geophysics in the region.
The company says exploration work at the project is directly associated with coincident IP chargeability highs and changes in gravity anomalism, specifically from high to low gravity. This association provides a valuable exploration tool to refine target generation and maximise the success rate of exploration drilling.
Commenting on the new targets, Kingston Resources Chief Geologist Stuart Hayward says: “We are excited about the current exploration program we have in place for Mineral Hill, which has the potential to lead to new discoveries.
“we are confident in our ability to derive new insights and deliver high-quality results in the future”
Our recent IP analysis has shown that there are areas within the mining and exploration leases that share a geophysical signature with existing deposits, including a correlation between gravity and IP. With these findings, we are confident in our ability to derive new insights and deliver high-quality results in the future.
Kingston remains dedicated to pushing the boundaries of exploration and harnessing the full potential of our exploration assets at Mineral Hill. We look forward to completing this drill testing phase as we continue to unlock the value within our extensive mineral resources while continuing to create sustainable long-term value for our shareholders.”
Kingston Resources is an ASX-listed gold producer focused on its Mineral Hill Gold-Copper Mine in the Cobar Basin of New South Wales, along with the Misima Gold Project in Papua New Guinea.
In June 2023, the company updated its LOM plan to include both open-pit and underground mining until 2027. The processing plant at the project currently operates a carbon-in-leach (CIL), and work is underway to recommission the existing crushing, grinding, and flotation circuits for copper, lead, and zinc concentrate production.
On 10 July 2023, the company launched a fully underwritten share purchase plan (SPP) 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
