Vancouver, B.C. (March 30, 2021) Kingman Minerals Ltd. (TSX-V:KGS) (FSE:47A1) (“Kingman” or the “Company”) is pleased to announce that core hole MH-05 was drilled at a -60 degree angle for a length of 449.5 feet (137.0 m). It intersected the first vein on the east side of the rhyolite dike from 391.6 to 395.0 feet (119.4 to 120.4 m). The second vein, on the west side of the rhyolite was not intersected because the drill hole broke into some of the old mine workings that were apparently not shown on the historic mine maps. The drillers were not able to continue the hole through to the other side of the mine workings.
“MH-05 was the last of the planned 5-hole program. All 5 holes intersected the two veins (or in two cases mine workings) where they were reported to exist in the historic literature about the Rosebud mine. These holes confirm the locations and vein types as being the same as reported. It is anticipated that the pending assay results will show similar grades to those previously stated in the reports”, commented Brad Peek, M.Sc., CPG, Qualified Person for the Mohave Project.
Figure 1 –Diabase with disseminated sulfides and strong iron oxidation and alteration from MH-05.
Figure 2 – Diorite and Diabase showing strong oxidation along intrusive contacts and local hydrothermal veins and fractures from MH-05.
Figure 3 – Strip log of MH-05
The upper part of the hole, from surface to a depth of 391.6 feet, was nearly all quartz diorite gneiss with a few thin zones of pegmatite and diabase intrusives. The hole then passed through the 3-foot (1-meter) vein, which was a partially annealed diabase breccia containing quartz, calcite and partly oxidized sulfides. In one section of the vein, it was estimated that there was 5-10% arsenopyrite. The remainder of the hole passed through altered rhyolite with iron oxide stringers.
"We are exceptionally pleased with the Phase I Drill Program. With a 100 percent success rate on each hole, we have gained great confidence in this project and the reliability of the historical information. All in all, the results are suggestive of an immense amount of hydrothermal activity in the area and many indicators suggest a much larger system exists. Despite the challenges of a world-wide pandemic and the resulting economic instability, our team has remained undeterred; working hard to complete several programs over the last year, all of which have collectively brought us to this point. We could not be more proud of the position that Kingman is now in.” commented Sandy MacDougall, Chairman and Director.
Samples will be sent to Skyline Assayers & Laboratories of Tucson, Arizona on a rush basis for gold and
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, 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 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.
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.