KSN's Q1 2017 gold drilling - summary

Hi everyone,
here is my summary of KSN's last two ASX Livingstone statements.
Hope it helps you.

FIRST  ANNOUNCEMENT  (ASX  29 Nov 2016

KSN’s  GOLD  EXPLORATION  AIMS  - cashflow  for Lithium exploration

The Livingston Gold Project provides an attractive opportunity with potential for near term production and cash flow while Kingston continues to advance its lithium exploration pipeline.
Granting of this tenement is expected to occur this quarter with drilling to commence in Q1 2017.

Figure 3: Livingstone project geology and prospect locations.


Summary of Option Agreement
Kingston Resources Limited, is entering into a12-month option agreement with Trillbar ResourcesPty Ltd
to purchase a 75% interest in E52/3403

KSN  TO  START  WORK  - within 12-month option period, from date of grant of E52/3403.

COST  TO  KSN  - To purchase the option Kingston will pay the Vendors 5.5 million shares in KSN and 5 million options in KSN, exercisable at $0. 025 within three years of issue.

KSN  TO  INITIALLY  SPEND  - a minimum $200,000, from  our  current  STASH  of  CASH  of  $5.0m.


Summary of Previous Exploration
Livingstone has been subject to exploration by a number of companies over the past 30 years, this work has highlighted the potential of the area to host significant gold mineralisation, however, it has left many prospects poorly tested.


Past  inferred  gold  reserves and  KSN  drilling  order

Homestead  -  first to be drilled (last drilled by Talisman Mining in 2007)

Kingston’s initial focus will be further defining a shallow high grade zone of mineralisation at Homestead (which hosts a JORC2004 inferred resource of 989kt @ 1.6g/t for 49,900 ounces of gold*)


Winja Prospect  -  second area of interest  (last examined/ drilled by Talisman Mining in 2014)

Winja was also discovered by Western Mining, with additional RC drilling completed by Talisman and including some spectacular intersections such as 18m @ 7.85g/t Au from 68m. Early work by Talisman lead to the conclusion that the high-grade zone is not a tabular lode structure but possibly a west north-westerly plunging chute or pipe, with potential for localised repetitions. This theory is mentioned in Talisman’s 2014
final report.

Livingstone’s Find  -  third  area  of  interest  (last drilled by Endeavour Resources in 1986)

Livingstone’s Find represents the largest geochemical anomaly within the project area, and yet it has been largelyoverlooked since a series of shallow RAB holes were drilled there by Endeavour Resources in 1986. The
geochemical response, positive results from RAB drilling and the presence of numerous old workings make
Livingstone’s Find a third priority area for Kingston’s exploration.


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SECOND  ANNOUNCEMENT (ASX  21  Dec  2016)

ABOVE  ACQUISITION  OPTION  COMPLETED  - KSN  did this  IN  23  DAYS  FLAT
In addition, the tenement has now been granted, a first stage drill program has been submitted for approval
and Kingston has received very encouraging results from initial grab samples taken from two lines of old
workings at Livingstone’s Find.


Next steps
The Company has lodged a Program of Work (PoW) application with the Department of Mines and Petroleum
(DMP) to commence drilling at Homestead and Winja in Q1 2017. Initial drilling is intended to test the high
-grade chute structures at both prospects’. (HERE  REAFFIRMS  29^th NOV  ASX  statement.)


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Summary KSN  management works fast, now just waiting on Dept of Mines approval.


Cheers
Bluequartz