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News Releases| | June 17, 2008
Final Assays Received from 2007 Diamond Drilling, 2008 Exploration Plan in Place, Luxor Molybdenum Property, North of Barriere, B.C.
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| | June 17, 2008 - Kingsman Resources Inc. (TSXv: KSM) ("Kingsman") is pleased to announce final assay results from its four-hole late 2007 diamond drilling program on the Luxor Property located north of the town of Barriere and approximately 80 kilometers north of Kamloops, in south-central British Columbia.
In November 2007, 722 metres of core were drilled in four holes which targeted the Luxor "Main Showing" as well as mineralization exposed along road cuts leading to the showing. Preliminary results for the first two holes, which were drilled from the same setup, were reported previously (see News Release dated April 28, 2008). Final results have now been received for all holes. Highlights from the first hole included a three metre intersection of 925 ppm Mo (0.0925 % Mo) and a 6 metre intersection of 420 ppm Mo (0.0420% Mo). The second hole yielded an intersection of 32.75 m averaging 214 ppm molybdenum (0.0214% Mo), at a down-hole depth of 122.25 metres. This interval included an 18 metre intersection returning 340 ppm molybdenum (0.0340 % Mo), and a six metre intersection returning 887 ppm molybdenum (0.0887 % Mo). It should be noted that due to poor ground conditions, neither of the first two holes reached target depth. The third and fourth holes also encountered molybedum mineralization, but with lower grades and across narrower intervals than in the previous two holes. In the third hole, no significant intersections were returned, and in the fourth hole, the only significant intercept was 214 ppm Mo (0.0214 % Mo) across 3 metres, at a down-hole depth of 34 metres.
Kingsman is encouraged by the fact that mineralization of appreciable grade was intersected in three of the four holes, and by the fact that the mineralization locally displays significant widths. Further encouragement has been provided by the positive results of a winter biogeochemical survey that was undertaken recently on the property. The biogeochemical work outlined several new anomalies and also returned anomalies in areas of known molybdenum mineralization. This new property work, in combination with previously-known molybdenite showings and previously-outlined soil geochemical anomalies, has encouraged Kingsman to plan a full season of staged exploration on the property. The work will begin at the end of June, and will be initiated with the cutting of a 50 line-km grid. The grid will be soil sampled and mapped, and Induced Polarization and magnetometer surveys will be run. It is expected that the program will outline any significant concentrations of molybdenite, in part, because molybdenum mineralization on the property appears to be associated closely with disseminated pyrite (coincident IP chargeability and geochemical highs will be an obvious target). If results warrant, follow-up diamond drilling is planned for the property, which has excellent year-round road access.
Molybdenum mineralization at the Luxor property occurs within, or is associated with, quartz potassium feldspar pegmatitic and aplitic veinlets and dykelets and as medium-grained flakes and rosettes hosted by a high level granitic phase of the Cretaceous Baldy batholith. Numerous
molybdenite showings and occurrences have been identified by previous holders of the property but little systematic exploration work has been undertaken across much of the property. The Luxor property totals 95 square kilometres in the Harper Creek area, and is located less than 35 km southeast of Newmac Resources Inc.'s Crazy Fox property, where intersections of up to 0.25 % Mo across 72 meters have recently been reported.
The field and analytical data described in this release has been reviewed and approved by C.J. Greig, M.Sc. P.Geo., who also oversaw the sampling program. He is a Qualified Person as defined by National Instrument 43-101. A quality assurance/quality control program is also in place for the Luxor sampling, with the insertion of blank samples in the core-sampling facility and standards in the lab. All drill core samples were split using a core splitter, and samples were submitted to ALS Chemex Laboratories of North Vancouver, B.C. for preparation and analysis.
About Kingsman Resources Inc.
Kingsman Resources Inc., is an exploration and development company with a particular focus on gold, silver, molybdenum and copper. Kingsman trades on the TSX Venture Exchange under the symbol "KSM". For further information on Kingsman Resources Inc., visit the corporate website at http://www.kingsmanresources.com, or contact Ted Drummond at (604) 926-4062.
On Behalf of the Board of Directors
KINGSMAN RESOURCES INC.
"Robert McLaughlin"
Robert McLaughlin
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. |
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| | You can view the Next News Releases item: Thu Jul 3, 2008, Exploration Crew Mobilizing to Luxor Molybdenum Property, Barriere, B.C.
You can view the Previous News Releases item: Fri Jun 13, 2008, Kingsman completes trenching program on Pathfinder Property
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