KINGSTON RESOURCES LIMITED
ASX Announcement 24thNovember 2016
ASX Code: KSN
Share Price: A$0.022
Shares Outstanding: 660,269,985 Market Capitalisation: A$14.5m Cash: A$5.4m (September 30)
ACN 009 148 529
Bynoe lithium targets identified, drilling applications submitted
Highlights
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Six priority pegmatite targets identified
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Mine Management Plans (MMP) submitted for drilling approval
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Drilling program is planned for commencement of the next drilling season, Q2 2017, post receipt of approvals
Board and Management Anthony Wehby
Chairman
Andrew Corbett
Managing Director
Andrew Paterson
Chief Geological Director
Stuart Rechner
Non-Executive Director
Yafeng Cai
Non-Executive Director
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Additional targets identified for future work
Kingston Resources Limited (ASX:KSN) (the Company or Kingston) is pleased to provide an update on its exploration programs at its Bynoe Project (Figure 1). Kingston has eight granted tenements for a total of 188km2within the Bynoe lithium province where lithium (spodumene) mineralisation has recently been identified by neighbouring explorers.
KSN geochemical surveys
Contact Details
3 Spring Street, Sydney,
NSW 2000
+61 2 8249 4968
[email protected]uwww.kingstonresources.com.au
Since tenement granting in September Kingston has completed geochemical surveys over four tenements within the Bynoe Project. This program has identified six targets (Figure 1) which have been prioritised for an initial drilling program.
The targets are located within the lithium bearing pegmatite trend, comprising outcropping or sub-cropping pegmatites with a combination of historical tin- tantalum workings (Liana and Ah Bung) and newly identified lithium in soil anomalies (Cai, Figure 2). The Bao, Lei and Min Prospects have also been identified as outcropping pegmatites and will be the focus of ongoing work. Numerous other pegmatites within Kingston's tenements have also been identified and will be the subject of future work programs.
Mine Management Plan submission
MMPs for drilling the priority targets have been submitted, and once approved will allow the Company to undertake its initial RC drilling program. This is anticipated to be in the April quarter 2017, at the commencement of the next drilling season (post wet season). Ahead of drilling, Kingston will be conducting an aeromagnetic survey to further identify and refine targets.
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Kingston MD Andrew Corbett commented "We are very pleased to have rapidly advanced our Bynoe Project from tenement granting to preparation for drilling within two months. The Bynoe region is fast becoming a significant new lithium opportunity for Australia which Kingston is excited to be part of, the scale of the Bynoe pegmatite field and access to regional infrastructure provides a unique advantage."
Figure 1: Kingston Resources Bynoe Project
Figure 2: EL31133 Cai Prospect lithium in soil anomaly (CXO drillhole locations extracted from its ASX announcement dated 20thOctober 2016)
* Note: tenement outlines are sourced from the NT DME Strike web platform. Individual tenement ownership is attributed based upon ASX announcements by the respective listed entities.
About Kingston Resources
Kingston Resources is a metals exploration company. The Company holds an attractive portfolio of lithium exploration tenements covering four key project areas. In Western Australia, the Mt Cattlin and Greenbushes projects are adjacent or near existing lithium mines. In the Northern Territory, the Bynoe project area is home to some exciting new discoveries and the Arunta project lies within a significant pegmatite field. The Company is well funded to rapidly advance its exploration projects, with the initial focus being the Mt Cattlin, Bynoe, and Arunta lithium projects.
Competent Persons Statement
The information in this report that relates to Exploration Results, Mineral Resources or Reserves is based on information compiled by Mr Andrew Paterson, who is a member of the Australian Institute of Geoscientists. Mr Paterson is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Paterson consents to the inclusion in this report of the matters based upon the information.