Kingston Resources Ltd (ASX:KSN) produced a record number of gold ounces at its Mineral Hill Mine in New South Wales over the final month of 2022.
The gold stock generated a new record high of 1,347 ounces over December when drier weather paved the way for higher tonnage throughput and elevated processing recovery.
This was a welcome change from November, which brought flooding and severe weather events to the Cobar Basin and caused production to lag.
Kingston’s all-in-sustaining cost (ASIC) came in at A$1,607 an ounce last month, while the gold price has since risen to A$2,678 an ounce.
Come New Year’s Eve, the ASX-lister had A$6.84 million on hand to support its exploration and production ventures in 2023.
“Testament to what we are capable of”
Managing director Andrew Corbett said: “December’s results really are a testament to what we are capable of when we are given clear runway in terms of weather at Mineral Hill.
“The TSF project delivers steady cashflow to allow us to focus on setting up the next stage of development at the site.
“Specifically, we continue to gain confidence in the possibilities that hard rock mining presents for the company as we finalise our life of mine plans.
“I would like to acknowledge the Mineral Hill site team, led by Geoff Merrell, for safely managing the site and maintaining production during the significant rain events experienced during both October and November 2022.
“The recent rain had a negative impact on the Condobolin community with localised flooding, road closures and damaged property, during this period many Kingston staff donated time and effort to assist impacted community members. Thank you to all involved.”
Plant reconciliation
Over November, Kingston focused on reconciliation work, resulting in a near-identical comparison between the processing plant feed and the mineral resource.
Thanks to its efforts, the project’s tonnage, grade and gold ounces have reconciled to within 2%, 1% and 1%, respectively.
Kingston said these results provided huge confidence in the quality of the resource and reserve models used for the TSF mining project and validated the effectiveness of its operating team in executing the mine plan.
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