Kingston Resources Ltd (ASX:KSN) delivered another month of gold records in October at its Mineral Hill Mine in western New South Wales with 1,332 ounces produced and 1,390 ounces sold.
This marks a continued lift in production, following previous records in July and August.
Notably, October production benefited from record monthly recoveries, while mining rates amounted to an annual rate of 690,000 tonnes.
This was described by the company as an outstanding performance given the challenging weather conditions faced on site.
Moving forward, work is continuing to advance on the five-year mine plan for Mineral Hill with work programs including resource and reserve updates at the Pearse and SOZ deposits, mine design and plant refurbishment studies also progressing well.
“Outstanding performance”
Kingston managing director Andrew Corbett said: “To see another monthly production record at Mineral Hill is fantastic news, we are pleased to see recoveries continue to improve as we move deeper in the TSF and significant credit needs to go to the mining team for sustaining strong rates of production despite very challenging operating conditions.
“Once again, I would like to thank the entire Mineral Hill team for their outstanding performance, including most recently delivering the 10,000th ounce from the TSF Project.
“The team is continuing to deliver great results.
“We look forward to providing further updates on the five-year plan for Mineral Hill in the coming weeks and months.”
Strong improvement in AISC
The all-in sustaining cost (AISC) for October was A$1,719 per ounce, a strong improvement on the September quarter average of A$2,147.
Furthermore, Kingston recorded average sales proceeds of $2,600/ounce during October at Mineral Hill.
About Mineral Hill
Mineral Hill is a gold and copper mine situated in the Cobar Basin of New South Wales.
Alongside current production, exploration is focusing on near-mine production opportunities from both open pit and underground targets located on the existing mineral leases.
The aim will be to expand and update the existing resource base to underpin mine feasibility work and approvals to ensure an immediate transition to open pit and/or underground feed at the completion of the tailings reprocessing.
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