Vancouver, B.C. (May 5, 2020) Kingman Minerals Ltd. (TSX-V:KGS) (FSE:47A1) (“Kingman” or the “Company”) is pleased to provide shareholders with the second in a three part series reviewing the historical gold mining operations and prospects within the Mohave Project.
The Mohave Project (the “Project”) is located in the Music Mountains in Mohave County, Arizona and is comprised of 20 lode claims which are inclusive of the historic past producing Rosebud Mine (the “Rosebud”), eight separate veins and one prominent double vein which extend from the northwest corner to nearly the southeast corner of the claims block.
High grade gold and silver veins were discovered in the area in the 1880’s and were mined mainly in the late 20’s and 30’s. Underground development on the Rosebud property included a 400-foot shaft and approximately 2,500 feet of drifts, raises and crosscuts. According to a 1983 report by J.P. Elwell P.Eng. production figures for the Rosebud mine are very incomplete, since much of the early mining was done by lessees, but some of the shipping ore was said to run from 15 to 20 oz/ton gold (514.2 to 685.6 g/t). The adjacent Ellen Jane mine in 1892 produced two lots of ore. One lot contained 165 tons of $32.00 (1.6 oz/ton, 54.8 g/tonne) ore and another lot of $42.00 (2.1 oz/ton, 72.0 g/tonne) ore (Schrader, 1909, USGS Bulletin 397).
Between 1984 and 1986, L.A. Bayrock Ph.D P.Geo. (“Bayrock”), on behalf of Stellar Resource Corp., conducted surface and underground mapping and sampling of the area comprising the Project. Fifty of the 138 samples were reported to assay greater than 0.10 opt (3.429 g/t), including a high result of 12.737 opt (436.697 g/t) gold.
Figure 1 – Plan view of the Rosebud Mine workings showing the 100, 200 and 250-foot levels of the mine and the trace of the veins at surface (from Guilinger, 2013).
In 1984 eight holes totalling 1,553 feet (473 meters) were diamond drilled on the Southwick veins on which the main Rosebud production shaft is located. The shortest hole measured 106ft while the deepest was 301ft. Sixty-nine core samples were submitted and analyzed for gold and silver. This drill program was designed prospect for new ore deposits for a distance of 200 feet beyond the northwest end of the underground workings. The results were said to have discovered two new zones of what was considered then to be ore grade mineralization.
Significant results, which have not yet been verified by the Company, were reported to include 0.125 opt (4.286 g/t) gold and 2.06 opt (70.629 g/t) silver over 31 inches (0.79 meters) in hole #5 at 160 feet (48 meters) depth, and 0.261 opt (8.95 g/t) gold and 0.777 opt (26.64 g/t) silver over 41 inches (1.04 meters) in hole #6 at 55 feet (17 meters) depth. No hole locations are available to the Company.
In 1986, based on this data, Bayrock (1986) estimated indicated mineral resource of 15,560 tons averaging 0.587 opt gold (20.12 g/t) and 1.89 opt silver (64.79 g/t), and an inferred resource from the eight known mineralized zones of 1,142,156 tons averaging 0.497 opt gold (17.04 g/t) and 1.96 opt silver (67.19 g/t).
Table 1 – Mineral reserve calculations for the Rosebud claim block. ((from Bayrock, L.A., 1985, Geology and Mineral Reserves of the Rosebud and Music Mountain Claims, Mohave County, Arizona: prepared for Stellar Resource Corp., 34p.).
Bayrock (1984) conducted extensive mapping of the veins including mapping the Southwick veins on surface in detail for seven hundred feet beyond the northwestern shaft of the mine. At the time, he determined that the total length of the individual veins was about 12,800 ft and that the large tonnage of inferred mineralization showed potential for a medium to large scale mining operation. The price of gold in 1985 when Bayrock made this determination was $317.42 per ounce.
While the estimations prepared by persons such as Elwell and Bayrock are considered relevant, they are historical, and do not meet NI 43-101 standards. Kingman is not treating the estimations as a NI 43-101 compliant mineral resource or mineral reserve. Kingman has not done the work necessary to verify the estimates and is not treating these historical amounts as NI 43-101 compliant resources or reserves as the figures have not been verified by a Qualified Person. Therefore, the historical estimates should not be relied upon.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc. and Certified Professional Geologist who is a Qualified Person with respect to Kingman’s Mohave Project as defined under National Instrument 43-101.
Kingman Minerals Ltd. is currently engaged in the business of precious metal mineral exploration for the purpose of acquiring and advancing non grass roots mineral properties located in mining friendly jurisdictions of North America.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Kingman believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Kingman disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.