Kingston Resources achieves another gold production record at Mineral Hill
During December, Kingston Resources sold 1,217oz gold from Mineral Hill for A$2,678/oz.
Kingston Resources (ASX: KSN) has achieved yet another month of record gold production at its Mineral Hill operation in New South Wales.
December saw the operation generate 1,347 ounces of gold – up from a peak of 1,339oz in October last year.
Underpinning the record production was drier weather, which paved the way for higher throughput and elevated recoveries.
The gold was produced at an all-in sustaining cost of A$1,607/oz, and 1,217oz was sold attracting an average of A$2,678/oz.
Gold is currently being produced by processing tailings within the storage facility, while Kingston firms up resources and reserves to extend the mine life through ongoing exploration.
“December’s production results really are a testament to what we are capable of when we are given clear runway in terms of weather at Mineral Hill,” Kingston managing director Andrew Corbett said.
“The TSF (tailing storage facility) project delivers steady cash flow to allow us to focus on setting up the next stage of development at the site.”
“Specifically, we continue to gain confidence in the possibilities that hard rock mining presents for the company as we finalise our life of mine plans,” Mr Corbett added.
A reconciliation at Mineral Hill at the end of November also produced a “near identical” comparison (mineral resource to processing plant feed) – providing “huge confidence” in the resource and reserve models for the TSF.
Developing Mineral Hill
Kingston expects to continue processing tailings at Mineral Hill into 2024.
Mining will then begin at Pearse South and Pearse North open pits, followed by the Southern Ore Zone (SOZ) underground operation.
The company also plans to develop other open pit targets at Jacks Hut, Missing Link and Parkers Hill.
Resources for Mineral Hill currently total 7.28Mt at 1.1 grams per tonne gold, 24g/t silver, 0.8% copper, 1.4% lead and 1% zinc for 258,000oz gold, 5.5Moz silver, 57,000t copper, 100,000t lead and 71,000t zinc.