Kingston Resources gears up to reveal updated reserve and resource for Misima next quarter
Kingston Resources expects definitive feasibility studies and mining and environmental approval work will be completed early next year.
Kingston Resources (ASX: KSN) is gearing up to reveal updated resources and reserves for its flagship Misima gold project in the September quarter.
The project, which is based in Papua New Guinea, has a current resource of 3.6 million ounces of contained gold and a long history of previous production.
Resource drilling was completed at the project’s Kulumalia target earlier this month with Kingston managing director Andrew Corbett saying the company was “making fantastic progress” on multiple fronts including resource, reserve and definitive feasibility study work.
“We anticipate reporting the updated Misima resource and reserve estimate in the coming months, with these updated models to provide the foundation for our ongoing feasibility studies.”
Feasibility study progress
Reserve and resource estimates will feed into the definitive feasibility study for Misima which is progressing.
Kingston has kicked-off phase two metallurgical testing following completion of the first phase.
A geotechnical program is underway with geotechnical drilling to begin “imminently” to support the work.
Other progress includes completion of a detailed site survey and the release of tender documentation for major engineering packages.
Kingston anticipates it will award these contracts next month.
Other work
In parallel with feasibility and reserve work, Kingston is carrying out studies and field surveys to assist with its mining licence application.
To gain environmental approvals which are required prior to grant of a mining licence, Kingston is preparing to submit its Environmental and Social Impact Assessment (ESIA).
The company says ESIA work is “ramping up”. Initial field surveys are expected to be finished “shortly” with further technical studies scheduled to begin this month and continue throughout the remainder of 2021.
“We are exceptionally fortunate to be able to rely on a successful historical blueprint for the development pathway for the Misima gold project, with extensive historical production data adding further weight to our current studies and de-risking our development plans,” Mr Corbett said.
“We look forward to a very active second half of the year, with the definitive feasibility study and approvals program both expected to be completed in early 2022,” he added.