Kingston completes Livingstone acquisition

KSN - December 21, 2016

Highlights

  • Highly encouraging initial grab samples up to 75g/t Au at the Livingstone Find prospect
  • Initial drill program submitted for approval, with focus on
    • Homestead, JORC2004 inferred gold resource of 49,900 oz
    • Winja, high grade zone which returned 18m @ 7.85 g/t
  • Tenement E52/3403 granted on 30 November
  • Kingston now holds a 12-month option to acquire 75% of Livingstone Gold Project

Kingston Resources Limited (ASX:KSN) (the Company or Kingston) is pleased to announce that the acquisition of an option over the Livingstone Gold Project (Figure 4) is complete. In addition, the tenement has now been granted, a first stage drill program has been submitted for approval and Kingston has received very encouraging results from initial grab samples taken from two lines of old workings at Livingstone’s Find.

Livingston acquisition complete

The Company has now reached agreement with Trillbar Resources Pty Ltd on all terms relating to the exploration option and potential future development of the Livingstone Gold Project.

As consideration for the completion of the option agreement Kingston will issue the Vendors

  • 5.5 million shares (4-month escrow) in KSN, and
  • 5 million options in KSN, exercisable at $0.025 within three years of issue

“With the completion of the Livingstone agreement and extremely encouraging grab samples we are excited to be moving rapidly through the drilling approvals process. Historical work in the area has allowed our exploration team to develop a focused first round campaign. The high-grade nature of both the historical drilling and recent grab samples underpins the exploration potential we see at Livingstone” commented Managing Director, Andrew Corbett. 

Read the full announcement here