09/14/2021 | Press release | Distributed by Public on 09/14/2021 07:37
Vancouver, B.C. (September 14, 2021) Kingman Minerals Ltd. ('Kingman' or the 'Company') (TSX.V: KGS, FSE: 47A1, OTCQB: KGSSF) is pleased to announce that is has engaged Godbe Drilling to conduct the Phase II drill program on the Mohave Gold Project in Arizona, USA. The program consists of an initial five holes and is permitted for up to 24, which will be completed over the coming months.
Mohave Project Update
Kingman completed two underground reconnaissance programs (2020) and an initial drill campaign (Phase I - March 2021) to verify mining and exploration data on the historic Rosebud Mine and property. The program was designed to investigate the nature, extent and validity of the historic resource. The drill program was highly successful in locating vein structures, historic workings and the assays confirmed historically reported values. The reconnaissance and drill programs also encountered a significant underground development indicating a productive mine life with reserve potential still untapped. Based on these encouraging results, the Company expanded the Project from the initial 20 lode claims to 71 lode claims surrounding not only the historic Rosebud Mine, but also the past producing Music Mountain Mine.
Figure 1 - The expanded Mohave Project; yellow shows the original 20 claims, blue shows the expanded project area and green is the Music Mountain Mine area.
Details of each of the five holes drilled in Phase I were reported in news releases on February 26, March 5, March 12, March 24, March 26, March 30, April 1, April 7, April 9, and April 16, 2021. The success of the drill program warrants further exploration and development of the Mohave Project in previously unexplored zones.
Phase II Preparation
The technical team has thoroughly reviewed the data and knowledge from prior phases, revisited the historical data and evaluated the structural and lithological controls on mineralization as per drone survey. With encouraging results and an ambitious strategy in place, the company will conduct its 24-hole program on a step-by step basis, while carefully monitoring the results of drilling with the performance of the gold bull market over the coming months. Drilling will start testing the extension of the auriferous vein system present at and close to surface as well as the deeper levels of a potential precious metals and/or base metal ore body.
Dr. Peter Born, P. Geo, Qualified Person for Kingman Minerals Ltd. and President and CEO states: 'The Mohave Project deserves to be advanced to uncover its true geological potential. There is no better hedge against discovery failure than two past-producing mines; one of which is located on the Mohave Project area and one right proximal to it. Our extensive data room put together over the past two years shows enormous exploration upside. The market also favours pursuing this exceptional opportunity further and we expect to bring increased shareholder value with this next program.'
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 71 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.
For further information please contact:
Arthur Brown, Chairman and 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.