Diamond drilling at Abi returned 23.6m at 2.91grams per tonne gold from 7.4m, and with rock chips at up to 9.97gpt gold and 165gpt silver plus channel samples of 1m at 30.4gpt gold, 6.2gpt silver, and widths up to 12m, the company is increasingly confident that Abi can add to the 220,000oz Ewatinona resource.
The hit opens up the potential for near-surface gold and silver-bearing structures that may contribute early ounces to any future mining operation on Misima Island, the junior said.
Once it completes interpretation of the Abi results, Kingston will send a rig back to Quartz Mountain to conduct additional in-fill and extension drilling to underpin an updated resource estimate, planned for early 2020.
Placer pulled out of the area in the early 2000s when the gold price cratered, and Misima has essentially been overlooked for gold exploration for two decades.
Kingston entered Misima in 2018 and next month will put a second rig in the field to accelerate the pace of exploration.
The company had around A$7 million cash at mid-year following a raising at 1.6c in August.
Its shares were worth 1.8c this morning, valuing the company at $22 million.
