Kingston Resources Ltd (ASX:KSN) has delivered promising results from recent resource definition drilling at its Mineral Hill underground mine, with individual grades reaching as high as 25.03 g/t gold, 295 g/t silver, 6.45% copper, 29.7% lead, and 34.71% zinc. The drilling was designed as infill in areas of potential early production and extension to the northwest.
Additionally, the company has completed the $8.8 million institutional segment of its $13.5 million capital raise, which includes an $8.1 million private placement and a $730,000 accelerated component. This move saw the issuance of approximately 135.7 million new shares at $0.065 each, setting the stage for the next phase of funding.
The capital injection will be used to advance Kingston’s strategic initiatives, notably the development of the Misima Gold Project in Papua New Guinea and continued operations at the Mineral Hill mine in New South Wales. These projects are integral to Kingston’s ambition to become a mid-tier entity in the gold and base metals sector.
Kingston Resources CEO Andrew Corbett expressed enthusiasm about the updated assay information and the successful capital raise, positioning the company for further growth and development of its key projects.
This news story relied on a press release distributed by News Direct. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Kingston Resources Secures Funding and Reports Promising Drilling Results.