Vancouver, B.C. (April 30, 2020) Kingman Minerals Ltd. (TSX-V:KGS) (“Kingman” or the “Company”) is pleased to provide shareholders with a series of historical reviews of the past mining operations and prospects within the Mohave Project.
The Mohave Project (the “Project”) is located in the Music Mountains in Mohave County, Arizona. It lies approximately 35 miles from the town of Kingman with direct access by car from historic Route 66 and Antares Road. In total, the Project is comprised of 20 lode claims which are inclusive of the historic past producing Rosebud Mine (the “Rosebud”). Gold was first discovered in the area in 1879. By the turn of the century, twelve mines were operating, 10 of which were within two miles of the present property. The largest mine was the Ellen Jane, with a 200-foot (61-meter) shaft and two working levels, with most mining carried out from the 100-foot level up. One mine is reported to have developed a shaft to the 400-foot level. High grade ore was reportedly recovered, mainly between the 100-foot level and the surface.
Figure 1 – 1928-1930 plan drawn for the Portland Mitzpah Mining Company by R.G.Jacobson, a mining engineer, shows the underground development at the Rosebud Mine.
The Rosebud was discovered in the 1880’s and was mined mainly in the late 20’s and 30’s. Underground development on the Rosebud property included a 400-foot shaft and 2,500 feet of drifts, raises and crosscuts. Mining took place pre-dominantly at the 100-foot and 250-foot levels. Two major stopes are present from which approximately 3,000 tons of ore was removed.
Jacobson’s plan also shows eight mineralized blocks, A to G and #3, with estimated tonnage, dollar-value gold per ton (1928-1930 gold value was approximately US$20.65/ton), and block width. Gold dollar-values are also indicated along drifting. Table 3 summarizes Jacobson’s data.
Table 1 – Summary of Jacobson’s data from the eight identified mineralized blocks (from Harrington, Edward, 2005, Technical Report on the Rosebud Property, Mohave County, Arizona: NI 43-101 Report for Kent Exploration Inc., 108p.)
This data estimates that there was a total of 24,820.4 (772,001 grams) contained gold ounces combined in the 8 identified blocks. Calculations performed by the Ed Harrington B.Sc. P.Geo (2005) show an overall gold grade of 1.148 ounces per ton (39.353 grams per ton) for the 21,621 tons indicated in the mineralized blocks on Jacobson’s plan.
“With the Bank of America Corp. recently raising its 18-month gold-price target to $3,000 an ounce, Kingman could not be better positioned to capitalize upon the extremely favourable gold environment. This area indicates great potential, not only due to the high-grade gold past producers but the surrounding area as a whole. Kingman intends to verify the extensive historical data that exists, bring the resource estimates to NI 43-101 compliant standards and revitalize this area completely,” stated Sandy MacDougall, Chairman & Director.
While the estimations prepared by Jacobson 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 a 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. (www.kingmanminerals.com) is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in North and South America.
For further information please contact:
Sandy MacDougall, Chairman & Director
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.