ASSAYS nearKingsman Resources Inc.: Drilling to Commence on Luxor Moly Property10/8/2010 7:50:47 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Oct 8, 2010 (Marketwire via COMTEX News Network) --
KingsmanResources Inc. (TSX VENTURE:KSM) is pleased to announce the start of adiamond drill program on their Luxor Molybdenum Project, located 27kilometers northeast of Barriere, British Columbia. The diamond drillprogram should begin on or about October 15th. R.J. Beaupre DrillingLtd. will carry out the drilling.
An initial program ofapproximately 1000 metres of NQ core is planned with possible expansionto 2000 metres. This drill program will test recently exposed molybdenumbearing altered granitic outcrops discovered during trail construction.Molybdenite was found to occur as fine disseminated grains within theintrusive rocks and importantly within quartz veins with pyrite. Coarseaggregates of molybdenite are seen both as selvages to and within quartzveins. Selected samples of quartz vein material returned up to 2.59%Mo. These exposures occur within a cohesive soil geochemical anomalymeasuring approximately 1 kilometre long by 450 metres wide.
InNovember, 2007, Kingsman undertook a small diamond drill program on theLuxor property. Four short holes were completed. Significant resultsincluded 3 metres of 925ppm Mo (.0925% Mo), 6 metres of 420ppm (0.042%Mo) in LX07-0 1.3 metres of 676ppm Mo(0.0676% Mo) and 6 metres of 301ppmMo (0.0301% Mo) in LX07-02. These holes were drilled approximately 600meters north of the current planned program.
Recently Kingsmancommissioned professional prospectors to investigate the area in andaround the newly discovered mineralized road outcrops.Molybdenite-bearing outcrops were discovered over an area ofapproximately 1.3 kilometres by 0.9 kilometres. 25 rocks samples werecollected. Molybdenite was found to occur in quartz veinlets, quartzstockworks, fractures, rosettes and disseminations within alteredgranitic hosts.
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Mo Mo Mo Mo
Tag # ppm % Tag # ppm %
-------------------------------- --------------------------------------
-------------------------------- --------------------------------------
WP5 212.00 WBM10 346.60
WP7 LUXOR 1011.00 0.101 WBM11 822.20 0.081
WP13 LUXOR 610.20 0.059 WBM16 1833.00 0.185
WP36 LUXOR 9.34 WBM17 1036.00 0.103
WP37 43.54 WBM18 464.10
WP38 LUXOR 8.92 WBMK1 greater than 0.210
2000
WP45 113.40 LXSK1 A 1463.00 0.148
WBM1 117.60 LXSK1 B greater than 0.221
2000
WBM2 greater 0.258 LXSK2 927.00 0.091
than 2000
WBM3 1259.00 0.128 LXSK3 A greater than 0.278
2000
WBM5 618.10 0.063 LXKS3 B 1053.00 0.109
WBM6 307.50 LXSK4 827.00 0.083
WBM8 200.10
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Significantvalues including 0.278% Mo and 0.258% Mo were obtained from selectedsamples. Prospecting results confirm and enhance the molybdeniteoccurrences discovered during trail construction. Exploration evidenceat Luxor now points to a mineralizing system that is 2.2km east-west by1.5km north-south. This is supported by rock geochemistry,biogeochemistry, stream sediment geochemistry, and drilling.
BernhardtAugsten, P.Geo., a qualified person, has reviewed the technicalinformation in this news release and will be managing the proposed workprogram.