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Corporate Spotlight

Kingston Resources Ltd is an ASX listed exploration and development company advancing the 2.8Moz Misima Gold Project in PNG and the Livingstone Gold Project in Australia.
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INTERVIEW WITH CEO ANDREW CORBETT

DRILLING UNDERWAY

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Drilling of high-priority Misima North gold target underway 

ASX Announcement 9 October 2019 


First drilling at Misima North in over 20 years, targeting shallow mineralisation in an area where rock chip sampling returned grades of up to 44.6g/t Au


  • Misima North drilling underway targeting >4km untested strike, including structural targets with potential for repeats of the Umuna deposit. 
  • Second diamond drill rig now on site, with drilling also underway at Umuna East. 
  • Drilling program aimed at identifying shallow, high-grade gold mineralisation to contribute early ounces to future mining studies.


Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to report that drilling is underway at Misima North, within its flagship 2.8Moz Misima Gold Project in PNG.


Misima North is a 4km prospective target corridor trending NNW from the former Umuna open pit. Recent field work and structural interpretation has elevated the potential at Misima North, suggesting that previous drilling has not properly tested the shear position and subsidiary structures. Known anomalism and mineralisation at Misima North is indicative of supergene enrichment within structures adjacent to and within the Umuna Fault Corridor.



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HIGH-GRADE GOLD MINERALISATION

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High-grade gold mineralisation intersected at Livingstone Gold Project, WA

ASX Announcement 24 September 2019 


Hits of up to 31.57g/t in maiden RC drill program confirm extensive, high-grade gold system


  • Outstanding high-grade assays returned from maiden 2,375m RC drilling program at the Kingsley Prospect. Best intercepts include:
    • KLRC029 5m @ 3.68g/t Au from 12m; and 10m @ 11.95g/t Au from 20m 
    • KLRC032 2m @ 13.88g/t Au from 71m; and 3m @ 11.39 g/t Au from 95m 
    • KLRC037 2m @ 5.32 g/t Au from 88m, including 1m @ 9.64g/t Au from 88m 
  • Results include both shallow oxide and deeper primary mineralisation.
  • Drilling has extended the known Kingsley mineralisation, extending some of the shallow zones of mineralisation intersected in previous air-core drilling, including: 
    • KLAC198 15m @ 4.66g/t Au from surface, including 2m @ 21.75g/t from 2m and 2m @ 15.30g/t from 7m and 10m @ 1.90g/t from 20m 
    • KLAC189 3m @ 7.34g/t Au from 18 and 9m @ 1.47g/t from 67m including 1m @ 5.72g/t from 71m 
  • The mineralisation remains open both along strike and at depth.
  • WA Government co-funded diamond drilling scheduled for next quarter ahead of further RC drilling to establish a maiden JORC Mineral Resource Estimate.


Kingston Resources Limited (Kingston or the Company) is pleased to announce that it has confirmed a significant high-grade gold discovery at its 75%-owned Livingstone Gold Project, located 140km north-west of Meekatharra with in the Bryah Basin in WA.


The Company has received a series of outstanding high-grade assay results from a recently completed 17- hole, 2,375m Reverse Circulation (RC) drilling program at the Kingsley Prospect designed to test beneath and along strike from highly encouraging air-core results (Table 2).


Importantly, the results include broad shallow high-grade oxide gold intercepts, as well as narrower zones of high-grade primary mineralisation at depth within fresh rock, demonstrating the growing scale and potential of the gold mineralised system at Kingsley


Kingsley was initially discovered by Kingston in 2018 after air-core drilling identified mineralisation over a 2km strike length within several sub-parallel lodes striking west-north-west and dipping steeply to the north (see ASX announcement 21 August 2018). To date, only 800m of this initial discovery has been meaningfully drilled, with the mineralisation remaining open to the north-west and east, where a 1.2km strike length of known mineralisation is yet to be fully tested (Figure 1). 


Kingston Resources Managing Director, Andrew Corbett said: “These exciting results show that we have a potentially large, high-grade gold system on our hands at Kingsley. The recent drilling has confirmed and extended the known shallow mineralisation outlined by air-core drilling last year, returning a combination of both broad zones of high-grade oxide mineralisation close to surface and, importantly, also high-grade intercepts at depth.


“The upcoming Exploration Incentive Scheme supported diamond program will increase our geological knowledge at Kingsley, giving us invaluable structural information on the orientation and controls on the mineralisation that will help us to more accurately target the next phase of RC drilling. 


“The system remains wide-open to the north-west and east, with a further 1.2km strike length of known mineralisation still to be tested and further drilling required at depth as we work towards a maiden JORC compliant Mineral Resource


“Alongside Kingsley, the Livingstone Gold Project also contains a number of other exciting gold targets where we have done very limited work to date. These include Homestead, which hosts an historic shallow 50,000oz Au (JORC 2004) Resource1 . While, 600m north-west of Kingsley is the Livingstone North prospect, which contains a number of historical drill holes and historic workings that warrant further investigation


“The exploration program at Livingstone will run concurrently with the multi-faceted exploration program that is ongoing at the flagship 2.8Moz Misima Gold Project in Papua New Guinea.” 


Figure 1: Kingsley Prospect showing drilling with significant intercepts, interpreted mineralised trends and location of Livingstone North. 


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DRILLING HIGHLIGHTS

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Ewatinona Drilling Highlights Potential for Extensions to Existing Resource 

ASX Announcement 26 August 2019 


  • Final drill hole at Ewatinona completed, with assay results confirming potential for mineralisation outside the existing Resource. 
  • Significant new results from hole GDD042 include: 
    • 15.7m @ 1.60g/t Au, including 7.0m @ 3.19g/t Au; 
    • 3.9m @ 1.86g/t Au, including 0.6m @ 8.04g/t Au; and 1.7m @ 1.46g/t Au. 
  • Results correlate with and support recently reported results from first 12 holes which confirmed the upside potential for the Ewatinona Resource. 
  • Drilling continues on additional targets in the Quartz Mountain area as part of ongoing near-surface exploration program.


Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to report that the final drill hole from confirmatory drilling at the key Ewatinona deposit has delivered highly encouraging results, adding to prior Ewatinona drilling results which confirmed the presence of high-grade gold mineralisation outside the existing Resource area.


Ewatinona is located within the Quartz Mountain area of the 2.8Moz Misima Gold Project and contains a JORC 2012 Inferred Resource of 6.6Mt at 1.0g/t Au for 220,000oz Au1 . It is one of a number of areas to be drilled this year as part of an ongoing exploration program aimed at defining shallow, high-grade gold mineralisation with the potential to contribute early ounces to future mining studies.


Placer historically mined gold and silver from the Ewatinona, Kobel and Maika pits, producing a combined 147,000oz @ 1.77g/t Au2 . The current Ewatinona Resource is located less than 2km from the historical mill site.


Ewatinona Drilling 

Kingston completed an initial 12-hole drilling program at Ewatinona in July 2019, which delivered a series of highly-encouraging assay results (see ASX Announcement 17 July 2019).


In particular, high-grade intercepts confirmed the continuity of mineralisation in structures at the edge of and outside the conceptual USD$1,400 pit shell which constrains the existing Ewatinona Mineral Resource. Importantly, the Ewatinona Mineral Resource remains open in all directions.


The additional hole (GDD042) was designed to confirm the historical Placer drilling, provide structural data, update the geological model, and test high-grade potential on the eastern margin of the Ewatinona Mineral Resource. The hole confirmed the spatial continuity of the high-grade intercepts in GDD040, GDD029, and historical placer drilling (Figure 3).


The hole intersected veins and crackle and mosaic breccia with quartz-carbonate-sphalerite-galena in-fill (refer photographs), consistent with the style of mineralisation mined from the adjacent Ewatinona open pit. Assays are set out in Table 2 which also shows the relationship between gold mineralisation and zinc (sphalerite) / lead (galena).


Highlights from GDD042 include: 

  • 15.7m @ 1.60g/t Au from 40m, including 7.0m @ 3.19g/t Au from 40m and including 0.8m @ 8.19g/t Au from 43m; 
  • 0.5m @ 2.13g/t Au from 87.1m; 
  • 3.9m @ 1.86g/t Au from 109.7m, including 0.6m @ 8.04g/t Au from 113.0m; and 
  • 1.7m @ 1.46g/t Au from 126.9m.


The results indicate the potential to extend the current Ewatinona Resource to the east, with the multiple zones of mineralisation encountered in GDD042 correlating with previously reported results from the first 12 holes, including: 

  • 20m @ 1.81g/t Au, from 78m, including 3m @ 7.48g/t Au, GDD035 
  • 6.6m @ 1.94g/t Au, from 7.5m, and 2.0m @ 1.65g/t Au, from 31m, GDD037 
  • 2.5m @ 1.99g/t Au, from 85m, and 8m @ 2.6 g/t Au, from 133.7m, GDD029 
  • 3.2m @ 2.41g/t Au, from 90m, GDD030 
  • 5.4m @ 1.51g/t Au, from 67.7m, GDD031 
  • 1.5m @ 2.89g/t Au, from 41.3m, 7.7m @ 1.02g/t Au, from 81.3m, and 7m @ 2.24g/t Au, from 102m, and 2m @ 4.18g/t Au, from 132.2m, GDD032 
  • 4m @ 2.17g/t, from 82m, GDD033 
  • 2m @ 2.15g/t Au, from 92m, and 11m @ 1.40g/t Au including 3m @ 2.08g/t Au, from 122m, GDD040 


All newly acquired and historical data concerning Ewatinona will be compiled and interpreted, including 3D geological modelling with Leapfrog software, before the next round of drilling. 


Drilling continues on a second target in the Quartz Mountain area, the Waipuna prospect, which was recently identified by a modern reinterpretation of historical geochemical data combined with geophysics and LiDAR information


Kingston Resources Limited Managing Director, Andrew Corbett said: “The Quartz Mountain drilling continues to deliver very positive results, confirming the location and tenor of new Ewatinona-style mineralisation and demonstrating strong upside potential to the existing Resource.


Following interpretation of these latest results and the successful placement of the shortfall from our rights issue, we intend to mobilise a second drill rig to this area to conduct additional infill and extension drilling to underpin an updated Mineral Resource estimate. 


“Drilling is continuing on additional targets within the Quartz Mountain area, with Stage 1 now nearing completion, following which we expect to move to Misima North and Umuna East Side.


“Our exploration strategy remains firmly focused on establishing sufficient near-surface ounces from these targets to commence mining studies,” he said.


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ACCELERATE GOLD DRILLING

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Kingston to accelerate gold drilling programs after raising $3.1m through shortfall placement 

ASX Announcement 19 August 2019 


Second rig to commence operations at Misima Gold Project


Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to advise that it has successfully raised $3.1 million through a placement of the entire shortfall from its pro-rata non-renounceable rights issue (Entitlement Offer) announced on 3 May 2019. 


The shortfall of 192,793,865 shares (Shortfall Shares) was placed to eligible existing and new institutional and sophisticated investors at the Entitlement Offer price of 1.6c per share.


The new shares will be allotted on 22 August 2019. Holding statements, following allotment of the Shortfall Shares, will be dispatched to shareholders on 23 August 2019. 


The additional funds raised will primarily be used to increase ongoing exploration activities at the Company’s 2.8Moz Misima Gold Project in PNG. A second diamond drill rig will be put into operation next quarter focusing on resource extension and in-fill drilling.


This means that the Company will have one rig focused mainly on resource development and a second rig targeting more greenfields areas with the potential for new discoveries. In addition, work has commenced on the data collection for the project environmental baseline.


Kingston Resources Limited Managing Director, Andrew Corbett said: “This is a great result which means we are now well-funded to accelerate our ongoing exploration program at the world-class Misima Gold Project and progress exploration at the Livingstone Gold Project in WA. 


At Misima, we remain focused on delivering near-surface ounces outside the main Umuna Resource. As part of this step-up in activity, we expect to activate the second diamond drill rig, which is currently on the island being prepared for commissioning. Meanwhile, the drilling program currently underway at Livingstone is progressing to schedule.


“We expect to report further drilling results from both Misima and Livingstone over the balance of the current quarter.


“I would like to take this opportunity to thank our existing shareholders for their support and to welcome a number of new shareholders to Kingston as part of this placement.” 


Competent Persons Statement and Disclaimer 

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Stuart Rechner BSc (Geology) MAIG, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Rechner is a Director of the Company. Mr Rechner has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Rechner consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. 


Kingston confirms that it is not aware of any new information or data that materially affects the information included in all ASX announcements referenced in this release, and that all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed.


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