West Australian gold explorer Kingston Resources (ASX: KSN) has returned excellent high-grade assay results from a maiden drill program at their Livingston Gold Project with several large intersects identified within just 20m under surface.
Major near-surface intersects at the Kingsley prospect include
- 5m @ 3.68g/t Au from 12m
- 10m @ 11.95g/t Au from 20m
- 15m @ 4.66g/t Au from surface, including 2m @ 21.75g/t from 2m
- 2m @ 15.30g/t from 7m and 10m @ 1.90g/t from 20m
The mineralisation shows key signs of Kingsley potentially hosting a major high-grade system where it’s proximity to the surface will make project development an attractive proposition amidst rising gold prices.
“These exciting results show that we have a potentially large, high-grade gold system on our hands at Kingsley,” said Kingston Resources Managing Director, Andrew Corbett.
“The system remains wide-open to the north-west and east, with a further 1.2km strike length of known mineralisation still to be tested and further drilling required at depth as we work towards a maiden JORC compliant Mineral Resource,”
The Livingston Gold Project is 75%-owned by Kingston Resources and located 140km north-west of Meekatharra within West Australia’s Bryah Basin, a region highly prospective in gold and other base metals.
Within the project, the Homestead prospect identified a historic shallow 50,000oz resources but will require new drilling to comply with modern JORC resource standards.
Kingston Resources will continue advancing Livingston alongside their flagship project, the Misama Gold Project in Papua New Guinea , where they completed an earn-in agreement in 2018 to own 70% of the 2.8Moz resource.
Gold prices have been rising notably since September 2018 when the price of Gold was US$1180 per ounce and now trade around $1520 a year later. This has significantly increased gold project valuations whilst reducing project payback periods for gold developers advancing to production.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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