VANCOUVER, BC / ACCESSWIRE / March 17, 2021 / Kingman Minerals Ltd. (TSXV:KGS)(FSE:47A1) ("Kingman" or the "Company") is pleased to announce that the Company has submitted a new permit application to the Kingman Field Office of the Arizona Bureau of Land Management for a Phase II drill program to be conducted on the Mohave Project near Kingman Arizona. The Mohave Project is comprised of 71 lode claims including the historic past producing high-grade gold Rosebud Mine.
Figure 1 - Mohave Project Phase II Drill Program map outlining the proposed 24 directional drill holes.
The Phase II Drill Program would consist of 24 drill holes to a maximum depth of 400ft (122m) and include the following:
a) New access road construction for multiple pass ingress and egress across 1,225 feet of federal surface (12-foot width);
b) New exploration core hole site construction of twelve 15-foot by 12-foot pads;
c) Construction of one drilling sump (five-foot square by four-foot deep) on each core hole pad,
d) Directional hole coring of twenty-four holes (two core holes per pad) within existing claims to determine the quality and quantity of federal metals reserves within the project area and better understand the underground geologic strata;
e) Sequential plugging, immediately following drilling, of the core holes to Arizona State Department of Water Resources specifications; and
f) Solidification with cement and reclamation of the sump, core hole site and access road.
Coring of the holes by track-mounted coring equipment would account for the majority of work to be completed in the project area and is anticipated to take up to three months to complete. The drilling in the vicinity of the historic past producing Rosebud Gold Mine during Phase I was designed to to validate past exploration work on the Property. Phase II will continue to do this, but also explore the enormous potential of the Project area with the majority of the holes planned for Phase II designed to explore the prospective NW extensions of the 8 veins in previously unexplored zones. Through the completion of the program, the Company will be able to produce a current NI 43-101 resource estimate for the area.
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 2 - 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 3 - 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.
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.
US Listing Application
The Company is currently in the process of applying to list on the OTCQB. The OTCQB® Venture Market offers investors transparent trading in entrepreneurial and development stage U.S. and international companies that may not yet quality for OTCQX.
Company Benefits on OTCQB
- Minimum bid price test of $0.01 removes companies that are most likely to be the subject of dilutive stock fraud schemes and promotion
- Improved investor confidence through verified information, confirming that the Company Profile displayed on www.otcmarkets.com is current and complete
- Annual management certification process to verify officers, directors, controlling shareholders, and shares outstanding
- Greater information availability for investors through the OTC Disclosure & News Service
- Transparent prices for investors through full-depth of book with Real Time Level 2 quotes
Companies use the OTC Disclosure & News to post disclosure and company news for investors. Annual and interim reports, news releases, material events, investor videos, and presentations appear on www.otcmarkets.com and the company quote page. Companies can also elect to have this information feed directly to PR Newswire's expansive network, including local, national and Reg. FD-compliant news portals. OTC Disclosure & News also distributes fundamental data in XBRL format through EDGAR Online to investment databases and financial sites such as Yahoo! Finance.
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:
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.
SOURCE: Kingman Minerals Ltd.
View source version on accesswire.com: