King Solomon Mines announces drilling commencement
/King Solomon Mines announces drilling commencement
New Zealand Exchange Limited
P.O. Box 2959
Wellington
5 April 2012
Dear Sir,
King Solomon Mines announces drilling commencement
China based King Solomon Mines (“KSO”) is Widespread’s third largest investment, and represents 3.0% of our total assets at its present market value of AUD 3 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 this week.
For and on behalf of the Board,
Chris D Castle
Onekaka, 5 April 2012
Drilling Starts at Bu Dun Hua
Drilling at the company's 100% owned Bu Dun Hua porphyry copper project started this morning. Three separate mineralised porphyry targets are to be tested in an initial 2,500m program.
Nomad
The first hole of the program is targeting the recently recognised Nomad magnetic anomaly which was identified earlier this year by three dimensional analysis of high resolution magnetic data. The anomaly is interpreted as representing a large (1km+ diameter) altered-intrusive plug, masked at surface by widespread and thick altered-volcanic-derived sand and colluvium. The interpreted apex of the plug lies approximately 150m below surface.
Unlike Whitehorse and Ghenghis where strong silicification has resulted in their location under ridge crests, Nomadunderlies a broad topographic "low".
Ghenghis
Strongly anomalous copper and gold values were encountered in 2011 in two drill-holes probing the margins of the Ghenghis target. The second of the two (BDH028) in particular, yielded intercepts typical of wall-rock proximal to a porphyry copper deposit.
Following the initial hole at Nomad, a new hole will be drilled in towards the un-tested centre of the Ghenghis anomaly, searching for a stronger, more consistently mineralised zone.
Northern Deeps
The third hole of the program will be a first test of the Northern Deeps anomaly - another potential intrusive occurrence but with a different magnetic profile to those encountered to date. Northern Deeps lies sequentially along trend from theWhitehorse (Cu-Mo) and Ghenghis (Cu-Au) prospects.
Initial results from drilling are expected in May, with the initial 2,500m program expected to be completed by the end of June.
Stephen McPhail
Managing Director
King Solomon Mines Limited
PO Box 204-065
Highbrook
Auckland 2161
W. +644 905 9608
F. +646 364 8497
M. +6421 897 667
