KINGSTON Resources Limited (ASX: KSN) has reported significant new high-grade assay results from recent channel samples taken in trenches excavated near the boundary of the existing Resource at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in PNG.
The trenching programme has returned multiple high-grade intercepts including:
- 22m @ 3.90g/t Au incl 6m @ 12.65g/t Au, incl 4m @ 18.33g/t Au
- 44m @ 1.18g/t Au incl 10m @ 1.83g/t Au
- 12m @ 4.51g/t incl 4m @ 11.76g/t Au
- 8m @ 2.50g/t Au incl 2m @ 8.27g/t Au
- 6m @ 1.25g/t Au
Managing Director Andrew Corbett said these results are highly encouraging as they indicate the presence of high-grade mineralisation on the eastern edge of the existing 220koz Ewatinona Inferred Resource, where there is limited drilling. It is interpreted that there may be mineralised structures to the east of the previously mined open pit that are not included in the current Resource model. The target is open in this direction, with increased potential for extensions of the Resource.
A recent structural study of historical data and pit mapping has delineated two main trends of mineralisation at the existing Ewatinona pit.
Grade distribution in 3D blast hole datasets supports the mineralisation model at Ewatinona, comprising elongated structures hosting gold-rich quartz-carbonate-base metal veining and breccias with a crackle breccia halo. .
The surface geochemistry work is a preliminary step in locating targets within structural corridors stacked above the existing ones located in the historical pit.
Mr Corbett said these results are encouraging as they indicate the presence of high-grade mineralisation in areas where structures have been deemed prospective for repeated stacking. Separate structural mapping completed by the Company’s geologists further afield also suggest the structural trend for this area persists. Structures with orientations and architecture parallel to mineralised structures in the Ewatinona and Kobel and Maika historic open pits have been identified extending significant distances away from and opening up the current focus area (see Figure 3) to the east and northwest.
The company has completed further surface sampling in the Ewatinona area as part of the ongoing work being done, and assays are currently pending for those samples. Next steps will focus on integrating structural and lithological data with results from drilling and surface sampling to inform the geological inputs into the upcoming updated Ewatinona Resource.
“Given the existing Resource base at Ewatinona, we were always very positive on its potential to be a starter pit from an early point in our future mine plan for Misima,” Mr Corbett said.
“We are very encouraged by the results from recent drilling and geochemistry, which continue to indicate that there is potentially greater scale to the Ewatinona deposit than we had initially anticipated.
“We have now commenced work on an updated Resource. We anticipate that this will demonstrate the potential of Ewatinona as a key pillar in the Company’s strategy to identify and mine early stage starter pits driving positive cash-flow while work is undertaken to establish access to the main 2.6Moz Resource at Umuna.
“The remaining results for the balance of the Ewatinona drilling programme are anticipated to be released over the next two months.”