Kingston Resources gets $0.5m in support for copper-gold Mineral Hill play from NSW gov

Tue 22 Nov 22, 12:10pm (AEST)
An image depicting several raised hands holding wads of cash under a blue sky
Source: iStock

Key Points

  • Kingston wins $0.5m from NSW Government to develop studies underpinning its Mineral Hill polymetal project
  • Kingston received a $10m debt facility from PURE Asset Management back in July
  • $0.5m will be spent looking at mine design and plan, as well as geotechnical considerations and metallurgy results

After receiving a $10m debt facility from PURE Asset Management back in July, Kingston Resources (ASX:KSN) now has another $0.5m from the NSW government to keep exploration rolling on. 

Under the July facility from PURE, Kingston is set to receive its second tranche of $5m this month, meaning through November the company has some $5.5m either in its coffers or soon to be there. 

What NSW has awarded $0.5m for specifically is a feasibility study (FS) of the company’s ‘Southern Ore Zone,’ a polymetals target. 

Mine design, metallurgy and geotech data

As part of that FS, Kingston will use the funds to draw up mine design and logistics plans for Mineral Hill, as well as geotechnical and metallurgical studies. 

The funds come from a NSW exploration incentive funding vehicle for high tech metals. Kingston received just $0.5m of a total $130m for allocation, though, not all to one company. 

Mineral Hill, in addition to gold, is believed to host additional commercial-sized deposits of copper, zinc, and silver. 

Those metals are considered high-tech because of their high-impact inclusion in typical EV battery products. 

Management delighted 

“With Stream 1 funding secured, work on finalising the Mineral Hill five-year plan is advancing rapidly,” Kingston MD Andrew Corbett said. 

“Policies like the Critical Minerals and High-Tech Metals Activation Fund are essential to promote development of new industries and we look forward to doing our part on the ground here in Central West NSW.” 

“We are delighted to have been successful in receiving funding from Stream 1…and I would like to thank the NSW Government for this innovative and forward-thinking initiative.”

A look at KSN's three month charts
A look at KSN's three month charts


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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