Last September, the company delivered an upgraded resource of 140,000 ounces at 5.1 grams per tonne gold, with 352,000oz at 13gt silver, and sought to double it. 

 

It has just delivered an update, with 240,000oz gold at 5.4gpt, and 790,000oz silver at 18gpt, within a 1.4 million tonne total resource - a 70% increase in contained gold and 120% in contained silver for inferred resources.

 

The indicated and inferred resources were calculated using a 2gpt cut-off grade, and contain a higher grade 680,000t at 7.7gpt gold and 26gpt silver for 170,000oz gold and 570,000oz silver, based on a 0.4gpt cut-off.

 

The updated resource from the 85%-owned Way Linggo project, Sumatra, incorporates the results of 10 additional diamond drillholes for 5121m that targeted down plunge of the Talang Santo deposit.

 

The low-sulphidation epithermal Talang Santo system is defined over a 1.4km strike, to a depth of 450m, and remains open down plunge.

 

The company's work indicates there is a coherent higher-grade zone below past production areas that were worked for six years, before mining was suspended in 2020.

 

The explorer remains optimistic that surface exploration efforts, which resumed in April, continues to define new veins.

 

The Way Linggo mill remains on care and maintenance.

 

Kingsrose refreshed its board late last year, and its management team earlier this year.

 

Shares in the junior, which have been traded between A3.1-6.4c over the past year, were steady at 4.8c, capitalising it at $35 million, close to the value of its cash and bullion, which stood at $31 million at the start of the quarter.