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Kingston Resources stretches its cover on the land of its 75% owned gold project at Livingstone, Western Australia.
In an announcement to Australian Securities Exchange, mining company Kingston Resources reported that, with a latest tenement application, it has increased its land ownership to 377 km2 at its flagship Livingstone Gold Project in Western Australia.
Kingston Resources had filed new Exploration License Application vide ELA 52/3667 which now allows company to cover the prospective metasediments of the Padbury Basin. As per the companyâs release, the Padbury Metasediments hosts find gold workings of Livingstone, largest historic gold producing region in Robinson Range producing 1,260ounces at an average grade of 21.85g/t. Kingstonâs existing Livingstone tenement also hosts the high-grade Winja prospect, and the recently identified Kingsley prospect. Recently, the company announced the interception of significant gold mineralization at Kingsley on the completion of drilling of a total of 106 holes.
Kingston Resources Limited Managing Director, Andrew Corbett stated that, so far, Livingstone Project has been highly value accretive acquisition. He added that with every exploration undertaken at Livingstone, the company discovers significant potential of the mine that has recent added the discovery of Kingsley deposit on previously unexplored ground.
The Livingstone Gold Project is a flagship exploration project of the Kingston Resources. It is located in the mineral field of Peak Hill, Western Australia. With this new application, that is located on the western end of the Padbury and Bryah Basins, Kingstonâs position gets consolidated for over 40km of prospective strike alongside Archaean Narryer Terrane and the Padburyâs Proterozoic metasediments.
As per the latest assay results, 4m composite samples were received by the company from the Kinsley prospect at a grade of 76.25 g/t gold. Further, the drilling at Livingstone returned the interception of 28m @ 2.26 g/t gold from the surface and the mineralization now extended over 1km which reportedly remains open along strike and at depth. The company further indicated its plan to commence the next phase of drilling at Kingsley in the first quarter of 2019.
On the news of land expansion surrounding Livingstone gold discovery, Kingstonâs shares traded at higher level. Before concluding the trading session at the closing price of $0.022, KSN shares surged up by 4.762% on 16 November 2018. Moreover, the stock of Kingston Resources Limited (ASX:KSN) has witnessed a positive performance change of 5% over the past one year.
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