Kingston Resources (ASX:KSN) said that drilling results confirmed within the Mineral Hill mine confirmed "high-grade" polymetallic mineralization in areas scheduled for near-term underground stoping, according to a Wednesday filing with the Australian bourse.

The results materially de-risk the initial underground mine plan, confirm the continuity of mineral resource, and highlight additional mineralized zones, the filing said.

The elevated grades translate into improved net smelter returns and potential margin expansion, the filing added.

Shares of the company fell 9% in recent Wednesday trade.