Kingsmen discovers new silver-gold drill target at Las Coloradas Project, Mexico
Kingsmen Resources Ltd. [TSXV: KNG; OTCQB: KNGRF] reported as part of its ongoing field reconnaissance in preparation for the upcoming drill program, it has identified a new significant silver-gold drill target (Saddle) on its 100%-owned Las Coloradas project, which is in the Parral mining district of the Central Mexican Silver Belt, Chihuahua Mexico. The identification of the Saddle target adds to the company’s list of priority drill targets.
The Saddle target is located between two prominent magnetic highs where a deep wedge of volcanics/sediments, and veins/structures prospective for epithermal precious metal, skarn and porphyry mineralization are interpreted to underlie surface precious metals anomalies. Two lines of induced polarization/resistivity (IP/R) from a survey partly overlap old, historic Saddle workings at their SE end. Chargeability anomalies interpreted to be part of the Saddle target. Interpreted veining/structures are shown as white lines. Geophysics indicate the potential for the discovery of significant blind mineralization.
Prospecting has identified anomalous gold and silver values with associated copper, lead, zinc, arsenic, bismuth, and antimony associated with quartz-carbonate veins and magnetic linears. The area of anomalous geochemistry both includes and is adjacent to the targets indicated by geophysics. Exposure is limited in the area because of widespread soil/alluvium cover. However, anomalous silver, gold and other metal values in prospecting samples indicate the potential for the discovery of significant blind mineralization in this area.
Scott Emerson, President commented: “There exists the potential of blind mineralization at Saddle. The identification of the Saddle target adds to its priority as a drill target. Other reported examples of significant blind mineralization are the Pensquito (Zacatecas) operated by Newmount and Cerro Las Minitas(Durango) project operated by Southern Silver in Mexico.”
Sample 2 returned 0.45 ppm gold, 24.2 ppm silver, 67 ppm copper, 630 ppm manganese, 3,480 ppm lead, 395 ppm antimony and 145 ppm zinc. Refer to original press release for complete assays.
The 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 Hidalgo de Parral and 40 km east of the San Francisco de Oro and Santa Barbara 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 km north of Parral, and La Cigarra (Kootenay Silver Inc.), 35 km northwest of Parral.
Kingsmen’s focus is on its Las Coloradas Project. In addition, identifying district-scale, high-margin metallic mineral deposits in the prolific mining districts of Parral Mexico. The company also has a 1% NSR on the La Trini Project located within 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.