KINGSTON RESOURCESLIMITED
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ASX Announcement 20 December 2016
ASX Code: KSN
Share Price: A$0.02
Shares Outstanding: 660,269,985 Market Capitalisation: A$13.2m Cash: A$5.4m (September 30)
ACN 009 148 529
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Board and Management Anthony Wehby
Chairman
Andrew Corbett
Managing Director
Andrew Paterson
Chief Geological Officer
Stuart Rechner
Non-Executive Director
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Contact Details
3 Spring Street, Sydney,
NSW 2000
+61 2 8249 4968
[email protected]www.kingstonresources.com.au
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Bynoe Project Exploration Update
Highlights
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Follow up soil sampling advances highly prospective lithium anomalies and further defines drilling targets
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Drilling program planned for commencement of the next drilling season, Q2 2017, post receipt of approvals
Kingston Resources Limited (ASX:KSN) (the Company or Kingston) is pleased to provide an update on exploration programs at its Bynoe Project (Figure 3). Kingston has eight granted tenements for a total of 188km2within the Bynoe lithium province where spodumene mineralisation has recently been identified by neighbouring companies.
KSN geochemical surveys
Soil sampling at three of KSN's Bynoe lithium targets has successfully mapped lithium anomalism. These results, interpreted to be sourced from buried pegmatites, have generated drilling targets to be tested by drilling in Q2 2017.
Cai Prospect
The Cai Prospect, located approximately 2km southwest of CXO's Grants lithium discovery, was identified through KSN's initial regional soil programs (Figure 1). The soil data has mapped two zones of lithium in soil anomalism that are interpreted to be sourced from underlying pegmatites. The first zone, approximately 1km long with a north-northeast strike, is open to the south. This anomaly converges with a second, thicker zone of anomalism approximately 500m long on a northeast strike that corresponds to the strike of pegmatites in the Grants prospect. This zone remains open to the southwest.
Both zones will be tested in the first phase of drilling, scheduled to commence at the end of the wet season. Additional soil sampling will also be carried out to extend coverage to the south and west of Cai.
Additional Prospects
Soil sampling at the Lei and Liana Prospects within EL31091 has identified new areas of lithium anomalism adjacent to historical Sn-Ta workings (Figure 2). The identification of new soil anomalies is an early success from KSN's conventional soil sampling program, and these targets will be further refined and expanded with additional soil sampling in the new year prior to drill testing.
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Future work
The Company is intending to complete airborne geophysical survey across the Bynoe tenure. The survey, which is due to commence shortly comprising low-level (35-40m sensor height), 50m spaced and east-west lines, is expected to take approximately 20 days to complete.
KSN plans to drill test Cai, Lei and Liana once approvals are granted and the area is accessible, which is expected to be Q2 2017. The Company also plans to expand on its surface soil sampling programs at Cai and Liana in addition to various earlier stage lithium targets within the Company's broader Bynoe tenure.
Figure 1: EL31133 Cai Prospect lithium in soil anomaly grid highlighting NNE and NE striking lithium in soil trend which potentially are mapping buried pegmatites *
Figure 2: EL31091 Lithium in soil grid, with point samples, highlights Lei and Liana Prospects
Figure 3: Kingston Resources Bynoe Project
* 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.