Kingston (ASX:KSN) contains more gold-silver for open-pit Cobar Basin production

Kingston (ASX:KSN) contains more gold-silver for open-pit Cobar Basin production

May 7, 2024 Off By Jack Baker

Kingston Resources has marked a large uptick in contained gold and silver at the Pearse North deposit as it looks towards an open pit expected to make a big impact on its balance sheet from the Cobar Basin of New South Wales.

Geological refinement and the drill led to a 30 per cent increase for gold and 67% of silver on the resource, now standing at 30,000 ounces Au and 318,000oz Ag near its operating Mineral Hill Mine in NSW.

Kingston sees a successful tailings production as the open door for establishing long-term operations, and it is now optimising an open pit design already expected to reap a 133% year-on-year increase in payable metal.

Work has also led to greater confidence in the deposit continuity than previously modelled at Pease North, and Kingston is likewise assured it can soon elevate production into high-priced gold markets.

Kingston Resources Managing Director Andrew Corbett said the company was excited about making a transition from tailings mining towards the open pit.

“This shift will allow us to significantly expand our gold production over the coming year, while also increasing operating cash flow,” Corbett said.

“The high-grade nature of the pits and the momentum in the gold price provide a strong backdrop for maximising margins from this highly lucrative resource.

“The entire technical team has done a fantastic job ensuring the project has access to high-quality mineral resources and ore reserves necessary to support a successful mine plan.”

The Sydney-sided company currently has a life-of-mine production target out to 2027 at Mineral Hill but believes its surrounding mining leases offer ample potential for a stay of execution.

A southern ore zone confirmed for over 400 metres of strike added to the allure of underground mining at the Kingston operation expected to produce its first copper concentrate next year.

The company believes a nearby mirror discovery is a prime candidate for rapid resource expansion and mine life extension, improving potential future prospects out at Cobar.

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