Kingston (ASX:KSN) opens Mineral Hill pit for Cobar copper-gold

Kingston (ASX:KSN) opens Mineral Hill pit for Cobar copper-gold

May 31, 2024 Off By Jack Baker

Kingston Resources has completed its tailings retreatment project and cash is in the bag for a transition to hard rock mining from the Pearse North open pit at its Mineral Hill mine in the Cobar Basin of New South Wales.

Kingston has processed over 1.6 million tonnes of tailings since acquiring the project in early 2022, returning $25 million as it established an open pit, underground mine life, and a skilled owner-operator workforce.

Open pit operations are set for next month and to be followed by a move underground as the Sydney sided producer makes itself at home for a half-decade mining gold, copper, and a smattering of other metals.

Crushing and grinding the initial oxide ore is then slated for July and to be shortly followed by production of gold and silver.

Kingston Managing Director Andrew Corbett said board and management take great pride in the work accomplished by a team which has emerged into a passionate, supportive, and highly effective culture.

“In this time, our focus has been on hiring local people with varying degrees of mining experience, including those new to the industry,” he said.

“This approach has allowed Kingston to develop and train a dedicated team for the tailings project who are now transitioning to the open pit mining team.”

Corbett added the low-cost refurbishment will provide Kingston with a versatile operating polymetallic processing facility capable over all configurations of oxide and sulphide Cobar style mineralisation.

“Mineral Hill offers a unique opportunity within the Cobar region as it is a fully approved operating mine with a license to operate for up to 700,000 tonnes per annum,” he said.

“It boasts a long-term tailings storage strategy, on-site water storage, access to both mains and generator power, local residential work force, biodiversity offset, cash backed environmental bond, and a highly supportive community.”

He said the company was thrilled to be completing the tailings project and transitioning to a second phase of open pit production which will significantly increase cashflow and expand its operation.

“Kingston’s aim is to establish a long-life precious and base metal mine with both organic and inorganic expansion options,” Corbett said.

Refurbishment of the processing plant is now being finalised at Mineral Hill, delivered on-time and within the tight $12.5 million budget, with a flotation plant providing full multi-metal concentrate capabilities set for commissioning in August.

There remain ways to build the resource, and there are more regional deposits the plant to handle for Kingston to extend its stay at Mineral Hill.

And there is also a 3.8-million-ounce JORC gold resource across the ocean in Papua New Guinea to consider and a definitive feasibility study showing them as a long-lived operation.

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