PERTH (miningweekly.com) – ASX-listed junior Kingston Resources will divest of its Bynoe and Arunta lithium tenements in the Northern Territory, for A$1.8-million.
The sale of the lithium tenements comes shortly after Kingston sold its Mt Cattlin lithium tenements to fellow-listed Galaxy Resources for A$600 000 in cash and shares.
The company said on Thursday that the funds raised from these two transactions generated cash of around A$2.4-million, which will now be deployed to ongoing exploration and development of the 2.4-million-ounce Misima gold project, in Papua New Guinea, as well as on the Livingstone gold project, in Western Australia.
“The funds realised from this sale and the sale of Mt Cattlin, further strengthen the company’s cash reserves and provide us with the financial flexibility to continue work at the Misima and Livingstone gold projects,” Kingstone MD Andrew Corbett said.
Drilling at Misima remains ongoing, and the first two holes have been sent for assaying.