Company recommences drilling at Misima gold project

By GYNNIE KERO
KINGSTON Resources says drilling has recommenced for its Misima gold project in Milne Bay following the lifting of Covid-19 related travel restrictions.
The metals exploration company also said it was in the final stages of concluding a pre-feasibility study.
In an announcement to the stock market last month, Kingston Resources managing director Andrew Corbett said: “We are delighted to have our team at Misima back on the ground with the drill rigs turning again, working towards our goal of bringing the Misima gold project back into production.
“The Kulumalia area is a compelling target that represents the south eastern extension of our main Umuna deposit and offers strong potential for resource upgrade and expansion and we are also looking forward to further testing the exciting emerging discovery at Abi-Kila,” he said.
“While drilling was not possible under prior Covid-19-related border restrictions, Kingston has been able to push ahead with work on a number of other fronts.
“We delivered an updated mineral resource estimate in May, we are now finalising the Misima pre-feasibility study (PFS), and we have also been able to construct a purpose-built sample preparation laboratory on site.
“This on-site lab is expected to reduce costs and significantly improve assay turnaround times, which will provide both operational benefits and timely news flow.
“I would like to thank our Misima team for sticking with us during what has been a challenging time in PNG – we are grateful to have everyone back in action, and we look forward to further advancing the Misima Gold Project, with the next major milestone being the completion of the PFS, which is anticipated this quarter.”
Misima was operated as a profitable open pit mine by Placer Pacific between 1989 and 2001, producing over 3.7 millions of ounces (Moz) before it was closed when the gold price was below US$300/oz (K1,052).
The Misima Project offers outstanding potential for additional resource growth through exploration success targeting extensions and additions to the current 3.2Moz resource base.
Kingston’s interest in Misima is held through its PNG subsidiary Gallipoli Exploration (PNG) Ltd.
In addition, Kingston owns 75 per cent of the high-grade Livingstone Gold Project in Western Australia where active exploration programmes are also in progress.