Significant gold mineralization at the high-priority Kingsley gold target has been intercepted by Kingston Resources Limited (ASX: KSN) at its 75%-owned flagship Livingstone project in Western Australia during follow-up drilling.
Drilled a total 106 holes for approximately 8000 meters covering the western side of Kingsley the combination reverse circulation and aircore program which commenced last month, as well as the Dampier and Drake prospect areas within Livingstone, 140km northwest of Meekatharra. Located within the Find-Stanley area, it was designed to extend and infill mineralization at Kingsley which is considered to be the project’s biggest geochemical target and has previously shown significant grade, continuity and thickness.
With results including 5m at 6.56g/t gold the last round of drilling at Kingsley identified grade along a strike length of 2 kilometres. From 30 out of a total 76 holes have so far included 20m at 2.94 g/t gold from 4m. 16m at 1.25g/t gold from 128m and 8m at 3.03g/t gold from 12m. Including 4m at 2.36g/t gold, other highlights have been 2m at 1.65g/t gold from 48m and 8m at 1.58g/t gold from 36m and 16m at 1.33g/t gold from 32m.
The Livingstone Gold Project, located in the Peak Hill mineral field of Western Australia, is a flagship exploration project, 75% owned by the company with a current JORC2004 of 49,900 ounces of inferred mineral resources.
Kingston Resources informed that assays are pending for 76 holes across the Kingsley, Drake and Dampier. It includes the hole which covers the further 350m of untested strike, west of previous drilling undertaken at Kingsley prospect.
Managing Director of Kingston Resources Limited, Andrew Corbett confirmed the development of Kingsley as a series of highly mineralized structures over a large strike area. He said the shallow intersections Kingsley prospect has delivered a significant additional value to 75% company owned Livingstone project located in Western Australia.
The company intends to report further drilling results from the testing pending on 76 more holes from the Kingsley, Drake and Dampier prospects.
Whereas, the company’s world class Misima Gold Project in PNG has shown result of total mineral resource of 82.3 Mt with Gold 1.1 g/t and Silver 5.3 g/t, as per the estimates released by the company on 27 November 2017.
Despite reporting significant results from follow-up drilling at Livingstone Gold Project, the stock of Kingston Resources Limited was hitting the ground. Since morning Kingston Resources’ stock fell 4.545% to last trade $0.021 on 11 October 2018. In the past one year, KSN stock has witnesses an attractive performance change of 37.50% but it has been slipping down since last three months. This translates a plunge of 12% over the past three-month period.
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