Kingman Minerals (TSXV: KGS) is expanding their land holdings. It was announced by the company this morning that it has entered into two separate option agreements to acquire interests in an additional 52 lode claims in Mohave County, Arizona.
The lode claims cover 1,071.2 acres in the region, with the option being for a 100% interest in the claims. Referred to as the Music Mountain EXT property, the additional land holdings are contiguous to the firms current property in the region. The additional land is believed to be along strike of the veins discovered on the firms Mohave property, with the land being located both north and south of the current property.
Additionally, the Music Mountain EXT property currently contains twelve known gold veins, and has historically hosted high grade production.
The 100% interest in the property can be acquired by paying $300,000 to the current claim holders over a period of four years. The company is also required to spend $1.0 million in exploration expenses over this time period, which begins at the date of signing of the option agreement.
Kingman Minerals last traded at $0.09 on the TSX Venture.
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