Vancouver, B.C. (June 3, 2020) Kingman Minerals Ltd. (TSX-V:KGS) (FSE:47A1) (“Kingman” or the “Company”) is pleased to update shareholders. The Company is currently preparing a drill campaign with a focus on the historic mine area within the Mohave Project to twin prior 1984 drill program.
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.
As per the Company’s new release dated May 5, 2020, between 1984 and 1986, L.A. Bayrock Ph.D P.Geo. (“Bayrock”), on behalf of Stellar Resource Corp., conducted surface and underground mapping, drilling and sampling of the area comprising the Project. 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.
While the estimations prepared by Bayrock are considered relevant, they were written before NI 43-101 regulations and are therefore not NI 43-101 compliant. The assay values have not been verified and would require additional underground sampling for verification. The Bayrock (1984) drilling data has not been verified but appears reasonable considering the width and grade of the veins in the underground workings. Additional drilling in the vicinity of the Bayrock drilling would be required to verify the above data. In order to upgrade or verify Bayrock’s drilling results, the Company would be required to complete additional drilling in the vicinity of the Bayrock drilling.
Kingman is currently devising a drill program in the area of the mine site to verify the drilling data disclosed by Bayrock, and which were used in the historical non-compliant mineral reserve calculations as stated in Bayrock, L.A., 1985, Geology and Mineral Reserves of the Rosebud and Music Mountain Claims, Mohave County, Arizona: prepared for Stellar Resource Corp., 34p. Additionally, the Company is in planning to drill in areas previously not drilled with the intention of expanding the exploration area and potential resource.
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.
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 past producing Rosebud Mine (the “Rosebud”). 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.
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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.