Kingston's Misima now over 3Moz
22nd May 2020
Resources Rising Stars
Kingston Resources has upgraded the resource for its Misima project in Papua New Guinea ahead of the start of a prefeasibility study (reports MiningNews).
The resource now stands at 105 million tonnes at 0.93 grams per tonne gold for 3.21 million ounces of gold and 18.2Moz of silver.
Contained gold is up 15%, while silver is up 30%.
The increase was the result of drilling, as well as a drop in the cut-off grade to 0.4gpt gold from 0.5gpt and a higher gold price of US$1700 an ounce.
Importantly, indicated resources increased by 15% to 49.9Mt at 0.95gpt gold for 1.52Moz, of which 97% sits within a $1400/oz pit shell.
The indicated resource will underpin a maiden ore reserve and the PFS, which will start immediately with targeted completion by the end of 2020.
While most of the resource sits within the Umuna deposit, the Ewatinona deposit holds 200,000oz at 0.83gpt and has been confirmed as a starter pit to enhance project economics.
Kingston managing director Andrew Corbett said the resource upgrade firmly established the Misima project as one of the most exciting new mid-tier gold development opportunities in the Asia-Pacific.
"The significant increase in overall ounces, and in particular the 17% increase in indicated ounces to 1.52Moz, provides a fantastic platform from which to launch our mining studies," he said.
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