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(Kitco News) -Kingston Resources (ASX: KSN) today announced a significant upgrade to the 2012 JORC mineral resource estimate for its flagship Misima gold project in Papua New Guinea.
According to the company statement, Misima’s global mineral resource update increased the indicated ounces of gold by 39% and the total ounces of gold by 6%.
The company said the total Misima resource now stands at 169Mt @ 0.71g / t Au and 4.1g / t Ag for 3.8Moz Au and 22.1Moz Ag, including an indicated resource of 97.7Mt at 0.79g / t Au and 4.3g / t Ag for 2.5Moz Au and 13.4Moz Ag.
Kingston added that the updated resource provides an improved platform from which to advance mining studies, with the significant increase in ounces shown highlighting the potential to increase ore reserves after the completion of the DFS in the first quarter of 2022.
Managing Director Andrew Corbett commented, “This is an excellent result for Kingston shareholders, with the substantial upgrade to the resource classification firmly establishing Misima as one of the new level gold development opportunities. most interesting intermediaries in the Asia-Pacific region.
In November of last year, the company said it had completed the PFS on Misima, demonstrating strong economics of the project and was the basis for the current DFS, which is expected to be completed by March of this year. next.
The company added that it is on track to complete the ESIA (Environmental and Social Impact Assessment) and submit Misima project approval applications with DFS results in March 2022.
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