Total
0
Shares
Kingsgate Consolidated (ASX:KCN) - Executive Chairman, Ross Smyth Kirk - The Market Herald
Executive Chairman, Ross Smyth Kirk
Source: The Australian
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Kingsgate Consolidated's (KCN) subsidiary, Laguna Resources Chile, has received environmental impact assessment approval for the Nueva Esperanza Project in Chile
  • For the last 18 months, Kingsgate has worked closely with environmental consultants, local Indigenous communities and the Chilean Government
  • The company will now commence development, construction and operation activities at the Arqueros, Chimberos and Teterita deposits
  • Kingsgate is particularly pleased that the rise in gold and silver prices has led to an increased interest in the Nueva Esperanza Project
  • Company shares have risen 3.01 per cent and are trading for 42.8 cents each

Kingsgate Consolidated's (KCN) subsidiary, Laguna Resources Chile, has been granted an environmental impact assessment approval for the Nueva Esperanza Project.

The Nueva Esperanza Gold-Silver Project is located in the Maricunga Gold Belt of the Atacama region in northern Chile. It comprises a number of well-defined deposits, including the Arqueros, Chimberos and Teterita deposits. It also hosts various undeveloped exploration targets.

The approval follows 18 months of detailed work that saw Kingsgate work closely with environmental consultants, local Indigenous communities and the Chilean Government.

Before the approval was officially granted, it was subject to a 15-day public comment period that resulted in no objections against the project.

Now that the company has received formal approval, it can commence pre-development, construction and operation activities at the Arqueros, Chimberos and Teterita deposits.

Kingsgate has also managed to negotiate an extension of a water supply agreement for the project to 2024.

"We are thrilled to receive this permitting approval, we’ve worked diligently to manage our cash flow to ensure we could deliver on this commitment, and the recent rise in commodity prices has made it all the sweeter," Kingsgate Executive Chairman Ross Smyth-Kirk said.

Due to the rise of gold and silver prices, the Nueva Esperanza Project has garnered a renewed interest from various parties.

"This approval, combined with our water permit, means we have a valuable shovel-ready project in a very exciting district," Ross added.

Company shares have risen 3.01 per cent and are trading for 42.8 cents each at 1:23 pm AEST.

KCN by the numbers
More From The Market Herald
Carawine Resources (ASX:CWX) - Managing Director, David Boyd - The Market Herald

" Carawine Resources (ASX:CWX) muscles high-grade hits from Hercules

Carawine Resources (CWX) has received assay results from the last 12 holes of its first drilling program at the Hercules prospect.
Castillo Copper (ASX:CCZ) - Managing Director, Simon Paull - The Market Herald

" Castillo Copper (ASX:CCZ) turns attention to Big One Deposit

With copper prices on the rise, Castillo Copper (CCZ) is refocussing its efforts on the Big One Deposit at its Mt Oxide Project
Sabre Resources (ASX:SBR) identifies major drill targets at Bonanza project

" Sabre Resources (ASX:SBR) drilling results not quite so bonanza

Sabre Resources (SBR) received no significant gold intersections in assay results from drilling at the Bonanza Gold Project in WA.
Golden Mile Resources (ASX:G88) - Managing Director, James Merrillees - The Market Herald

" Golden Mile Resources (ASX:G88) updates market on Benalla progress

Golden Mile Resources (G88) has updated the market on the current drilling program underway at the Benalla Gold Trend.