Widespread's King Solomon Mines announces good results
/New Zealand Exchange Limited
P.O. Box 2959
Wellington
23 January 2012
Dear Sir,
King Solomon announces good results at Bu Dun Hua
China based King Solomon Mines (“KSO”) is Widespread’s third largest investment, and represents 3.7% of our total assets at its present market value of AUD 4.5 cents a share. We are the largest individual shareholder in KSO with a holding of 5.1%.
KSO made the announcement below in Australia earlier today.
For and on behalf of the Board,
Chris D Castle
Onekaka, 23 January 2012
King Solomon Mines Limited
POSITIVE RESULTS AT
BDH PORPHYRY COPPER PROJECT
KSO's 2011 field program at Bu Dun Hua (BDH) ended with encouraging results from BDH028, a 508m diamond drill-hole targeting the circular Ghenghis magnetic anomaly.
From approximately 150m down-hole to termination at approximately 440m below surface, the hole encountered twenty intercepts of clearly anomalous copper hosted in rhyolite porphyry or breccia.
Not only is this the first appearance of significant copper outside of the nearbyWhitehorse porphyry discovered by KSO in 2010, but it is associated with a positive eastward trend (from Whitehorse) of porphyry mineralisation indicators including:
- increasing sulphide levels;
- increasing veining intensity;
- increasing background gold levels;
- increasing potassic alteration indicators
- and decreasing intensity of phyllic (quartz-sericite) alteration over-print.
The drill-hole was exploring the northwest quadrant of the Ghenghis target as part of a 2011 scout program searching for mineralised porphyries outside of Whitehorse.
In addition, all of the holes in the proposed 2011 program could not be completed due to various drilling delays. Three remaining holes (Whitehorse Extended, Northern Deep andEastern Deep) are all located within the promising eastward trend.
The Ghenghis anomaly is similar in size and shape to Whitehorse i.e. roughly circular with a diameter in the order of 700m. Both the Eastern and Northern Deep anomalies are significantly larger. Each of these targets has the space available to host a > 100Mt porphyry deposit.
Follow-up of the encouraging mineralisation and alteration results is proposed in the 2012 field season with drilling targeting the southeast quadrant at Genghis and extending deeper into the core of the target.
Stephen McPhail
Managing Director
King Solomon Mines Limited
PO Box 204-065
Highbrook
Auckland 2161
W. +644 905 9608
F. +644 905 9607
M. +6421 897 667
