Kingston Resources Ltd (ASX:KSN) has recently unveiled impressive results from its resource definition drilling at the Mineral Hill underground mine, showcasing individual grades of up to 25.03 g/t gold, 295 g/t silver, 6.45% copper, 29.7% lead, and 34.71% zinc. These findings, stemming from infill drilling aimed at areas earmarked for early production and northwestern extension, underscore the mine's potential to significantly contribute to Kingston's portfolio.
In a parallel development, Kingston has successfully completed the institutional segment of its $13.5 million capital raise, securing $8.8 million. This includes an $8.1 million private placement and a $730,000 accelerated component, culminating in the issuance of around 135.7 million new shares at $0.065 each. This financial milestone is a testament to the confidence investors have in Kingston's strategic direction and its projects' viability.
The proceeds from this capital raise are earmarked for advancing Kingston's key initiatives, particularly the development of the Misima Gold Project in Papua New Guinea and sustaining operations at the Mineral Hill mine in New South Wales. These projects are central to Kingston's ambition of establishing itself as a mid-tier player in the gold and base metals industry.
Andrew Corbett, CEO of Kingston Resources, shared his optimism regarding the recent assay results and the successful capital raise. He highlighted how these developments position the company for accelerated growth and the advancement of its strategic projects. For stakeholders and industry observers, these announcements signal Kingston's robust trajectory towards achieving its operational and financial objectives.
