Kingston’s interest in Misima gold project reaching 75pc

KINGSTON Resources Ltd estimates that by funding further exploration at the Misima gold project in Milne Bay, its interest in the project has increased to about 75 per cent.
According to the company, after taking its earn-in interest to 70 per cent last August as part of a joint-venture (JV) agreement, exploration expenditure to March 31 would further lift its interest in the project.
Its JV partner Pan Pacific Copper is owned by JX Nippon Metals and Mining (66 per cent) and Mitsui Mining and Smelting (34 per cent).
Managing-director Andrew Corbett said: “We are very happy to be continuing to increase our interest in the project, as we advance exploration at Misima.
“We wish to thank our JV partner, Pan Pacific Cooper, for its ongoing support of Kingston and interest in the project.
“We look forward to working with them as the project advances towards potential development.”
Furthermore, late last month, the company discovered the location of a large gold stockpile at the Misima project using a light detection and ranging (Lidar) survey.
The survey provided a highly-accurate and detailed model of surface terrain, which helped identify historical mining topography and current and historical artisanal mining, as well as potential geological features and water drainage patterns.
Meanwhile, the company has consolidated its focus on two gold assets, the Misima project and Livingstone project in Western Australia’s Mid-West.
The company said the sale of its lithium tenements concluded last August and in the same month, the earn-in at Misima gold project was completed, increasing the company’s ownership from 49 percent to 70 percent.
The company is now primarily focused on advancing the opportunity at Misima, with Livingstone being a low-cost exploration project that it believes also adds value for shareholders.