Kingsmen Resources Acquires Total Ground Magnetic Coverage of Las Coloradas Project

Rhea-AI Summary

Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) has acquired ground magnetic coverage for the Las Coloradas project in Mexico, with the aim of expanding mineralization. The project area was previously mined by ASARCO, and the magnetic data processing and interpretation are ongoing to identify drilling targets.

Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) ("Kingsmen" or the "Company") is pleased to report it has acquired ground magnetic coverage of the 100% controlled Las Coloradas project, located 30km from Hildago de Parral, Chihuahua, Mexico. Portions of the Soledad structure were mined by ASARCO (American Smelting and Refining Company), the U.S. based subsidiary of Grupo Mexico in the period 1944 to 1952.

Kingsmen Resources, with the assistance of the vendors of the Las Coloradas claims, acquired ground magnetic data covering the entire Las Coloradas project area. The magnetic data (2017 (219.2 line-km) and 2018 (100.6 line-km) was acquired by two different companies neither of which controlled the entire Las Coloradas project area.

The Company, through its Mexican subsidiary Leona Silver Exploraciones S.A. de C.V., commissioned the processing and interpretation of the magnetic data. Processing included the merging and levelling of the data bases to produce various metadata including total magnetic intensity, residual magnetic anomaly, reduction to the pole, 1st vertical derivative, tilt derivative, upper continuation of the reduction to the pole, two orders of high frequency filtering of the reduction to the pole and analytical signal.

Processing was performed for the whole area but given that the high contrast of the magnetic response may hide subtle features, two further rounds of data processing were completed to cover two specific areas to ensure the quality of the metadata. The magnetic data has been added to the project data base. Further processing and interpretation of the data, in conjunction with the geology, structure and geochemistry are ongoing to identify targets for drilling.

Scott Emerson, President commented: "The detailed magnetic geophysical information will provide guidance for expanding the mineralization at Las Coloradas as our field programs continue."

About Las Coloradas
The 100% controlled Las Coloradas Project ( 8.5 km² -3.3 sq miles) represents a consolidation of a historic mining district which covers numerous silver-gold-lead-zinc-copper mines previously exploited by ASARCO (American Smelting and Refining Company), the U.S. based subsidiary of Grupo Mexico.

Las Coloradas is in the Parral mining district of the Central Mexican Silver Belt, and is located approximately 30 kilometers southeast of the city of Hildago de Parral and 40 kilometers east of the San Francisco de Oro and Santa Barbera mining districts where several old major mines are located, such as La Prieta, Veta Colorada, Palmilla, Esmeralda, San Francisco del Oro and Santa Barbara. As well, new major mining projects are currently being explored in the district; Cordero (Discovery Silver Corp.), 35 kms north of Parral, and La Cigarra (Kootenay Silver Inc.), 35 kms northwest of Parral. Click here to see locator map, https://www.kingsmenresources.com/area-history.

Qualified Person
Kieran Downes, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure set out in this news release.

About Kingsmen Resources
In line with Kingsmen's organic-growth strategy, the Company's focus is on exploration and development, and is currently focused on district-scale exploration for high -margin metallic mineral deposits in the prolific mining districts of Parral Mexico. In addition, the company has a 1% NSR on the Los Ricos North project in Mexico operated by GoGold Resources Inc. The Company's leaders have extensive experience in the mining and financial sectors. Kingsmen is a publicly-traded company (TSXV: KNG) (OTCQB: KNGRF) and is headquartered in Vancouver, British Columbia.

On behalf of the Board,

Signed: "Scott Emerson" Scott Emerson,
President & CEO
Phone: 6046859316
Email: se@kingsmenresources.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement:

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-Looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the completion of the acquisition of the Las Coloradas Project and receipt of regulatory approval, are forward-looking statements. Although Kingsmen believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Kingsmen can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Kingsmen's periodic filings with Canadian securities regulators, and assumptions made with regard to: Kingsmen's ability to make the required payments under the definitive agreements; and Kingsmen's ability to secure the necessary regulatory approvals. Forward-Looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Kingsmen's expectations include risks associated with the business of Kingsmen; risks related to the satisfaction or waiver of certain conditions to the closing of the acquisition of the Las Coloradas Project; non-completion of the acquisition of the Las Coloradas Project; risks related to exploration and potential development of the Las Coloradas Project; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Kingsmen's filings with Canadian securities regulators on SEDAR in Canada (available at www.sedarplus.ca). Forward-Looking statements are based on estimates and opinions of management at the date the statements are made. Kingsmen does not undertake any obligation to update forward looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/190217

FAQ

What is the latest project acquired by Kingsmen Resources Ltd. and where is it located?

Kingsmen Resources Ltd. has acquired ground magnetic coverage for the Las Coloradas project, located 30km from Hildago de Parral, Chihuahua, Mexico.

Who previously mined portions of the Las Coloradas project area?

Portions of the Soledad structure in the Las Coloradas project area were previously mined by ASARCO, the U.S. based subsidiary of Grupo Mexico.

What is the aim of the magnetic data processing and interpretation by Kingsmen Resources Ltd.?

The aim is to identify targets for drilling and expanding mineralization at the Las Coloradas project.

What is the role of the Mexican subsidiary Leona Silver Exploraciones S.A. de C.V. in this project?

The Mexican subsidiary is involved in the commissioning of the processing and interpretation of the magnetic data for the Las Coloradas project.

Who commented on the acquisition of the magnetic geophysical information for the Las Coloradas project?

Scott Emerson, President of Kingsmen Resources Ltd., commented on the acquisition, stating that it will provide guidance for expanding the mineralization at Las Coloradas.