Kingston sees potential in reserving resource

KINGSTON Resources Ltd has identified an increase of 39 per cent in total resource at its Misima gold project in Milne Bay.
Kingston’s chief financial officer and company secretary Chris Drew said this was an indication that there was potential in terms of resource reserve.
“We finalised a resource update recently lifting the total resource six per cent to 3.8 million ounces (Moz),” Drew told The National yesterday.
“Included within that, the indicated resource increased by 39 per cent to 2.5Moz.
“The increase in indicated resource is important as those are the ounces available for conversion to a reserve at the conclusion of our definitive feasibility study (DFS).
“It suggests we are hopefully on track for a significant increase in reserve relative to the current 1.35Moz.”
Drew added that the company was working on completing its DFS for the project.
“On the island (Misima), we continue to be very active, working towards the completion of our DFS and Esia (environmental and social impact assessment) with a number of studies contributing to those work programmes completed or underway,” he said.
“That work is all on track to be finalised in March.”
Meanwhile, according to the company’s website, it had released a maiden pre-feasibility study for the Misima project last November.