Kingston Resources Ltd (ASX:KSN) has recently reported encouraging outcomes from its resource definition drilling activities at the Mineral Hill underground mine, showcasing individual grades as high as 25.03 g/t gold, 295 g/t silver, 6.45% copper, 29.7% lead, and 34.71% zinc. This drilling initiative was strategically aimed at infilling areas with potential for early production and extending exploration to the northwest, marking a significant step forward in the mine's development.
In a parallel development, Kingston Resources has successfully concluded the institutional segment of its $13.5 million capital raise, amounting to $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 maneuver is pivotal for the company, laying a solid foundation for the subsequent phase of funding.
The proceeds from this capital raise are earmarked for advancing Kingston's strategic projects, with a particular focus on the Misima Gold Project in Papua New Guinea and sustaining operations at the Mineral Hill mine in New South Wales. These initiatives are central to Kingston's vision of evolving into a mid-tier player in the gold and base metals industry.
Andrew Corbett, CEO of Kingston Resources, shared his optimism regarding the latest assay results and the successful capital raise, underscoring the company's strengthened position to pursue growth and the development of its flagship projects. This development not only highlights Kingston's operational achievements but also its financial acumen in securing the necessary resources to fuel its ambitious plans.
