WCB Resources merges with Kingston Resources to boost gold and lithium portfolio

By Dale Benton
Two Australian mining exploration companies are joining forces to focus on gold and lithium development and exploration in Australia and Papua New Guine...

Two Australian mining exploration companies are joining forces to focus on gold and lithium development and exploration in Australia and Papua New Guinea.

WCB Resources, an exploration company with significant exploration developments in Papua New Guinea, has entered an agreement to merge with Kingston Resources, an ASX listed metals exploration company with a strong lithium focus.

Through the merger, the two companies will enter into a Joint Venture (JV) to work on the advanced Misimia Gold Project in Papua New Guinea, as well as an extensive Northern Territory lithium portfolio and an emerging Livingstone Gold Project in Western Australia.

Andrew Corbett, Managing Director KSN, believes the merger will establish a strong platform for shareholders to benefit from.

“Substantial value will be driven by an acceleration in exploration activity at Misima Gold Project, the emerging Livingstone Gold Project and exploration within the Group’s extensive lithium landholding.”

“We look forward to the ongoing involvement of WCB President and CEO Mr Cameron Switzer as Technical Advisor for Misima Gold Project, where his in depth long term understanding of the project and strong local and national relationships will prove invaluable.”

Following the completion of the merger, WCB shareholders will hold around 31%, while existing KSN shareholders will hold around 69%.

Related stories:

The Hewitt Group sells business to Toromont for $1bn

Seven Group Holdings sells Chinese mining machinery arm to Lei Shing Hong for $428mn

McEwen Mining continues major growth with $35mn Black Fox acquisition

Mining Global Magazine – August 2017

WCB’s Misima Gold Project, located in Papua New Guinea, is an advanced gold project with a long term historical production of over 3.7Moz of Gold. Through the merger, both companies will actively pursue the gold potential.

Livingstone Gold Project, in Western Australia, is an emerging gold project with a small historical inferred gold resource of 49,000 oz. and a large prospective geochemical target.

KSN also has an attractive portfolio of lithium exploration tenements, covering fore project areas. The Bynoe project are is home to some “exciting new discoveries” and the Arunta project lies within a significant pegmatite field.

 

Share

Featured Articles

Laws Thwart US Bid to Match China on Lithium Mining

US bid to increase domestic production of lithium in order to reduce reliance on Chinese supplies of critical mineral frustrated by 'confusing' state laws

Bain: 'Inflation Dampening Mining Leaders' Net Zero Hopes'

Bain & Company’s annual Energy & Natural Resource Executive Survey shows 62% of energy execs say high costs mean net zero goals won't be met by 2060

Focus on: Lithium – ‘White Gold’ Driving the EV Revolution

Because of the move to electric vehicles, the metal lithium is rapidly becoming a vitally important part of world’s bid to move away from fossil fuels

Aluminium Industry Calls for new North America Body

Supply Chain & Operations

Data-Driven ABB Smart Hoisting Solution 'is Safety Boon'

Digital Mining

Deep Sea EV Metals Mining Firm in Greenpeace Clash

Sustainability