Kingsman Resources Inc. – Luxor Molybdenum Property Fieldwork Yields Excellent Results
VANCOUVER, Nov. 10 /PRNewswire-FirstCall/ — Kingsman Resources Inc. (TSXv: KSM) (“Kingsman”) is pleased to announce the results of soil geochemical and geophysical (Magnetometer, Induced Polarization) surveys on its Luxor Molybdenum Property, located north of the town of Barriere and approximately 80 kilometers north of Kamloops, in south-central B.C.
The soil geochemical work has outlined two sub-parallel north-south striking Mo-in-soil anomalies which are greater than one kilometer long and which range in width between 100 and 400 meters. The western anomaly, which is better defined than the eastern anomaly because of greater sample density, is characterized by molybdenum values greater than 10 ppm and which range up to 942 ppm Mo; most samples are yield molybdenum values greater than 25 ppm. The northern limit of the anomaly corresponds with the location of the Luxor “Main Showing,” which has been the focus for previous work on the property. The eastern anomaly, which is approximately 300 meters east of and upslope from the western anomaly, is longer in strike length and remains open to the north, although it may be somewhat weaker in tenor. There is some suggestion that the two geochemical anomalies may be connected in the south. The soil geochemical anomalies correspond well with northerly trending lows outlined in the reconnaissance ground magnetometer survey on the property, and there is some correspondence between the western anomaly and a weak chargeability anomaly.
Molybdenum mineralization at the Luxor property occurs within, or is associated with, 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 were identified in previous work on widely separated parts of the property but little systematic exploration work was undertaken across much of it. The Luxor property totals 95 square kilometres, 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.
In November of 2007, 722 metres of core were drilled in four holes which targeted the Luxor “Main Showing” as well as mineralization exposed locally along road cuts leading to the showing. Results for the drilling were reported in News Releases dated April 28, 2008 and June 17, 2008. All four holes encountered molybdenum mineralization, and mineralization of appreciable grade was intersected in three of the four holes. Furthermore, mineralization in the drilling locally displayed significant widths. The encouraging results of the drilling, in combination with positive results of both a winter biogeochemical survey and of previous, but relatively limited, soil geochemical and prospecting programs, led Kingsman to plan the systematic grid-based geochemical and geophysical program reported on herein.
Kingsman is currently reviewing its options regarding the possibility of a winter drilling program at the Luxor property, which has excellent year-round road access.
Charles J. Greig, M.Sc., P.Geo., a qualified person, supervised the fieldwork and the preparation of the technical information in this release.
About Kingsman Resources Inc. -----------------------------
Kingsman Resources Inc. is an exploration and development company with a focus on gold, silver, molybdenum and copper. Kingsman Resources trades on the TSX Venture Exchange under the symbol “KSM”.
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.
Kingsman Resources Inc.
CONTACT: on Kingsman Resources Inc, visit the corporate website athttp://www.kingsmanresources.com/, or contact Ted Drummond at (604) 926-4062