Kingston Resources Limited (ASX: KSN) has reported the discovery of a significant new zone of high-grade shallow gold mineralisation at the Abi Prospect, located immediately north-west of the historical Placer processing plant location at the historic flagship Misima Gold Project in PNG.
The discovery was made during the company’s ongoing exploration programme within the Quartz Mountain region, which is aimed at delineating high-grade surface mineralisation with the potential to contribute early ounces to the company’s mining studies.
Diamond drill-hole GDD044 is located along strike to the south-east of the current 220,000oz Ewatinona Resource.
Kingston Resources Limited managing director, Andrew Corbett, said that previous Misima mine operator Placer historically mined gold and silver from the Ewatinona, Kobel and Maika pits, producing a combined 147,000oz @1.77g/t Au.
“This is a significant development for our ongoing exploration programme in the Quartz Mountain region, where we are specifically targeting additional zones of Ewatinona-style mineralisation that could increase the existing Resource and provide easily accessible, low-cost ounces in the early stages of a future mining operation at Misima,” Mr Corbett said.
“The pedigree of this area is highlighted by the successful open pits mined by Placer at Ewatinona, Kobel and Maika. A combination of diamond drilling and surface exploration has now confirmed the location and tenor of mineralisation at Abi, demonstrating strong upside potential to the existing Resource.
“With the initial round of drilling on targets within the Quartz Mountain area now complete, the diamond drill rig is currently drilling near-surface oxide targets at Umuna East Side before moving to Misima North. Following interpretation of these latest Abi results, we then expect to mobilise a rig back to Quartz Mountain to conduct additional in-fill and extension drilling to underpin an updated Mineral Resource estimate.
“With a second diamond rig expected to start operating next month, we may have the opportunity to accelerate this drilling program, providing shareholders with a strong flow of news from Misima in the months ahead,” he added.
- Significant new results from diamond hole GDD044 included:
- 23.6m @ 2.91g/t Au from 7.4m, including 13.5m @ 4.60g//t Au from 17.5m
Kingston also recorded surface gold and silver assays across a wide area which the company believes have identified multiple potentially mineralised structures.
- Significant rock chip samples include:
- 7.99g/t Au, 21.4g/t Ag
- 7.03g/t Au, 14.2g/t Ag; 9.97g/t Au, 5.2g/t Ag; 7.97g/t Au, 5.2g/t Ag; 5.05g/t Au, 11g/t Ag; and 6.07g/t Au, 165g/t Ag
- Significant channel sample assays include: 1.0m @ 30.4g/t Au, 6.2g/t Ag; 1.2m @ 19.7g/t Au, 4.6g/t Ag; and 2.0m @ 33.5g/t Au, 11.8g/t Ag
- 12.0 @ 8.08g/t Au, 3.87g/t Ag; 3.0m @ 6.97g/t Au, 6.6g/t Ag; and 2.8m @ 6.17g/t Au, 3.1g/t Ag