Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to report an updated JORC Mineral Resource Estimate (MRE) for Jack's Hut, within the existing Mining Leases at Mineral Hill.
This estimate is the culmination of recent confirmation drilling1 , a full data review, and updated geological model with assistance from external consultants Mineral Associates.
The MRE for Jack's Hut now stands at 1.6Mt at 0.9% Cu, 1.25g/t Au, 0.8% Pb, 0.6% Zn and 20g/t Ag, for 66koz Au and 15kt copper. Total contained gold and copper for the entire Mineral Hill Resource base has increased by over 26%. Jack's Hut was mined previously and has existing underground development already in place. Planning is underway to target this area with additional drilling, with Jack's Hut potentially being added into the overall Life of Mine (LOM) plan for Mineral Hill.
Kingston Resources Managing Director, Andrew Corbett, said: 'The team is very excited about the Jack's Hut zone and newly minted Mineral Resource Model. Jack's Hut underground produced 11,913 tonnes of copper and 80,256 oz of gold 1993 to 1999. This deposit is one of many within the current fully approved Mining Leases that when included in our overall mining inventory has the potential to materially increase value for Kingston shareholders. Jack's Hut is a high-grade copper-gold project which comprises of both open pit and underground mining options. The Project's proximity to the operating processing plant means that Jack's Hut provides a low-cost option for a near-term production opportunity.'
Exploration data and historical mining indicate that the Jack's Hut mineralised trend consists of continuous steep west-dipping structures surrounded by a broad envelope of copper and gold mineralisation. This style of mineralisation has been confirmed by the recent drilling results and underpins the current MRE. Cross structures along the trend show sheeted lodes and variously oriented vein arrays as broader mineralised zones. These zones are not fully constrained by drilling and provide down plunge extension potential. Consistent with the Southern Ore Zone Deposit (SOZ) MRE, the Jack's Hut MRE has been reported using a $50/t net smelter return cut-off. The estimate has consolidated numerous zones of mineralisation that were once modelled as separate regions. This now allows for a detailed assessment of underground and open pit mining potential across the entire trend. The model comprises an ordinary kriged grade estimation of Cu-AuAg-Pb-Zn within high-grade mineralised structure domains. Historical stope voids and development were used to deplete the block model and report the remnant resources. The Jack's Hut underground mine historically produced 705,067 tonnes of ore at 0.74% Cu & 6.76g/t Au resulting in 11,913 tonnes of copper and 80,256 oz of gold sold from 1993 to 1999. Underground portals exist for both Jack's Hut and SOZ, and there is potential to access the Jack's Hut mineralisation from both. Underground development is still in place to the full extent of the known mineralisation, and so work will now focus on the viability of including Jack's Hut into Kingston's Life of Mine (LOM) plan. The addition of this material could have a material impact on LOM concentrate sales.
Kingston Resources Chief Geologist, Stuart Hayward, said: 'The new estimate brings Jack's Hut back in line with the latest JORC 2012 reporting guidelines, and more importantly, enables these resources to be assessed for their economic potential. We plan to get targeted drilling at Jack's Hut underway as soon as possible so that we can extend it at depth and improve the confidence of the Inferred portion of the resource.'
About Kingston Resources
Kingston Resources is a gold producer, focused on building a mid-tier gold and base metals company, with current production from the Mineral Hill gold and copper mine in NSW, and advancing its development asset, the 3.8Moz Misima Gold Project in PNG. Mineral Hill is a gold and copper mine located in the Cobar Basin of NSW. Alongside current production, exploration is focusing on near mine production opportunities from both open pit and underground targets located on the existing MLs. The aim will be to expand and update the existing Resource base to underpin mine feasibility work and approvals to ensure an immediate transition to open pit and/or underground feed at the completion of the tailings reprocessing. Misima hosts a JORC Resource of 3.8Moz Au and an Ore Reserve of 1.73Moz. Misima was operated as a profitable open pit mine by Placer Pacific between 1989 and 2001, producing over 3.7Moz before it was closed when the gold price was below US$300/oz. The Misima Project also offers outstanding potential for additional resource growth through exploration success targeting extensions and additions to the current Resource base. Kingston's interest in Misima is held through its PNG subsidiary Gallipoli Exploration (PNG) Limited. The Misima Mineral Resource and Ore Reserve estimate outlined below was released in ASX announcements on 24 November 2020, 15 September 2021 and 6 June 2022. Further information is included within the original announcements.
Competent Persons Statement and Disclaimer
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Stuart Hayward BAppSc (Geology) MAIG, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr. Hayward is an employee of the Company. Mr. Hayward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Hayward confirms that the information in the market announcement provided is an accurate representation of the available data and studies for the material mining project and consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. The Competent Person signing off on the overall Misima Ore Reserves Estimate is Mr John Wyche BE (Min Hon), of Australian Mine Design and Development Pty Ltd, who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has sufficient relevant experience in operations and consulting for open pit metalliferous mines. Mr Wyche consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. Kingston confirms that it is not aware of any new information or data that materially affects the information included in all ASX announcements referenced in this release, and that all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed
Contact:
Tel: +61 2 8021 7492
Email: info@kingstonresources.com.au
KINGSTON RESOURCES LIMITED 
