Kingsman Resources Inc.: Molybdenum Luxor Property Update, Site Visit and Option Grant
10.08.2010 | Marketwire
VANCOUVER, 08/10/10 - Kingsman Resources Inc. (TSX VENTURE: KSM) ceased trail construction on July 26, 2010 due to high risk of forest fires and expects to start drilling operations in September when the risk is reduced. Drill access construction at the Luxor project has uncovered molybdenum bearing altered granitic rocks over approximately 200 metres in newly exposed rock cuts. Molybdenite occurs as fine disseminated grains within the intrusive rocks and importantly within quartz veins with pyrite. Coarse aggregates of molybdenite are seen both as selvages to and within quartz veins. Selected samples of quartz vein material returned up to 2.59% Mo. These molybdenum exposures occur within a cohesive soil geochemical anomaly measuring approximately 1 kilometre long by 100 to 450 metres wide.On July 30th, 2010 Ted Drummond, COO and Robert McLaughlin, President and CEO of Kingsman Resources Inc. (TSX VENTURE: KSM) ('Kingsman') welcomed Mayor Mike Fennell of Barriere B.C., Bob Hayward of the Star Journal news paper, Ellsworth Dickson, Editor of Resource World Magazine, CBC Editor Jackie Sharkey and Bruce Madu, Senior Regional Geologist from Mines, Kamloops Region, for a review of progress at the Luxor Moly Property located north of the town of Barriere B.C. and approximately 80 kilometres north of Kamloops, in south-central B.C.
Geological support for the day was by Bernie Augsten P. Geo, Dr. Robert Thompson P. Eng, and Dr. Renee Hetherington, Environment.
Prior visits were made by Boris Karpoff, P. Eng, former mine geologist and general mine superintendent for the Sullivan Group, and Ed Kimura former Placer Dome Exploration Manager and Senior Geologist at the Endako Moly Mine for 16 years.
Kingsman Resources Inc. has granted a total of 1,330,000 incentive stock options. Subject to the approval of the TSX Venture Exchange, each stock option is exercisable into one common share of the company at a price of ten cents per share for a period of five years. Of the options being granted, a total of 720,000 are being granted to directors and officers of the company.
Bernhardt Augsten, P.Geo., a qualified person, has reviewed the technical information in this news release.
About Kingsman Resources Inc.
Kingsman Resources Inc. is an exploration and development company with a focus on gold, silver, molybdenum, tellurium 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
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.
Contacts:
Kingsman Resources Inc.
Ted Drummond
(604) 926-4062
www.kingsmanresources.com