- Kingman Minerals’ assets include both the Mohave Project as well as Quebec, Canada-based Cadillac East Property
- Cadillac East Property is situated within Abitibi Greenstone Belt, Canada’s most prolific gold mining zone and home to region’s largest open-pit gold mine, Canadian Malartic Mine
- In 2014, junior mining company that discovered Canadian Malartic Mine in 2011 went on to sell its interests in asset for gross consideration of $3.9 billion
- Though Kingman Minerals’ near-term potential lays firmly within confines of the Arizona-based Mohave Project, its interest within the Cadillac East project should not be disregarded
Kingman Minerals (TSX.V: KGS), a Canada-listed gold miner with extensive claims in key mining jurisdictions spanning the North American continent, has featured prominently in recent weeks due to its extensive mining interests within the Music Mountains in Mohave County, Arizona – a territory encompassing 72 lode claims and spanning nearly 1,500 acres. However, Kingman Minerals has recently sought to expand its geological footprint across the North American continent, acquiring the mining interests within the Cadillac East property, a stretch of land totaling 691.07 hectares and encircling 12 claims within its boundaries (http://ibn.fm/ITm3U).
The Cadillac East Property is situated approximately 55 kilometers east of the city of Val d’Or in the Province of Quebec and 500 kilometers north-west of the city of Montreal. Located within the Abitibi Greenstone Belt, the Cadillac East property is positioned within one of Canada’s most prolific mining zones which has seen exploration activity take place dating back to the 1940’s. Today, the Abitibi Greenstone Belt and the Val d’Or region play host to the Canadian Malartic gold mine, the largest open-pit gold mine in Canada with total deposits estimated at close to 10 million ounces of gold (http://ibn.fm/jJi6z).
Located only a few kilometers away from Kingman Minerals’ Cadillac East property, the Malartic mine possesses the ability to process over 57,000 tons of ore a day and produced a total of 662,918 ounces of gold and over 800,000 ounces of silver in 2019 alone. Notably, to illustrate the potential monetization of such mining sites – while the Canadian Malartic mine is currently jointly-owned and operated by Agnico East and Yamana Gold, it was originally discovered in 2011 by Osisko Mining Corporation – a then-junior mining company which went on to sell its mining asset to its current owners for a total consideration of $3.9 billion in 2014 (http://ibn.fm/Gl90h).
In 2017, exploration work carried out by Exploration Facilitation Unlimited Inc. within the boundaries of the Cadillac East property identified a number of potential targets for further investigation. Initial findings from the exploration program found gold values ranging from 1 to 59 parts per billion (“ppb”) and silver values ranging from 0.15 to 5.2 parts per million (“ppm”), where any concentration of gold above 4 ppb is considered to be anomalous and deemed worthy of further exploration.
Despite the promising results found during the initial exploration of the Cadillac East site, Kingman Minerals has opted to prioritize its ongoing drill campaign aimed towards confirming the viable ore deposits within its Arizona-based Mohave Project, which is expected to be delivered in the near future. The Mohave site was previously studied in 1985 by L.A. Bayrock Ph.D P.Geo (“Bayrock) on behalf of Stellar Resource Corp. Although the study was carried out prior to the current NI 43-101 regulations coming into force, Stellar Resource’s report at the time suggested that the mine’s potential assets could amount to as much as 664,000 ounces of gold and 2,600,000 ounces of silver (http://ibn.fm/JB7FN).
With gold prices rising above the historic $2,000/oz threshold in August 2020, Kingman Minerals is well positioned to capitalize upon the favorable gold environment. While it is currently working on producing its NI 43-101 compliant report on the proven and probable gold reserves contained within its Mohave Project site, its yet untouched Cadillac East property should not be overlooked for its potential.
For more information, visit the company’s website at www.KingmanMinerals.com.
NOTE TO INVESTORS: The latest news and updates relating to KGS are available in the company’s newsroom at http://ibn.fm/KGS
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