KNG.V · 2023-06-07 12:00:00

Exploration drives the company.

Corporate Updates

TSX-V: KNG

OTCQB: KNGRF

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LAS COLORADAS PROJECT SURFACE SAMPLING OF THE SE SOLEDAD STRUCTURE

VANCOUVER, BRITISH COLUMBIA – June 7, 2023 (TSXV: KNG), (OTC: KNGRF), Kingsmen

Resources Ltd. (“Kingsmen” or the “Company”) is pleased to report first results from its on-going surface

sampling program of old workings along the Soledad and Soledad II structures, and their subsidiary

structures, in the southeast part of the Las Coloradas project located 30km from Hildago, Parral, Chihuahua,

Mexico. The Soledad structure is one of two previously mined structures identified on the project. Sixteen

old workings were accessed and sampled on the SE part of the Soledad structure. Results are presented on

Figure 1 and Table 1.

Highlights

• Thirty-nine (39) samples were collected.

➢ 2 > 500 g/t silver

➢ 4 > 200 g/t silver

➢ 9 >100 g/t silver

• Three separate target areas recognized on the Soledad vein/structure.

• New 300 meter long mineralized structure recognized.

• Prospecting and sampling are continuing.

Scott Emerson, President commented: “These results are very encouraging and they align well with the

reported historic silver and gold production grades of 300 to 518 g/t silver, 0.6 to 0.8 g/t gold, 6.2 to 10.9%

lead and 6.5 to 10.3 % zinc.”

The distribution of old workings on the southeastern part of the Soledad structure indicates three areas of

interest (Figure 1 and Figure 2). The concentration between El Tronco (mine) and El Contrapozo (shaft)

is developed on a flexure in the Soledad vein. This suggests the potential for strong structural control on

mineralization with significant depth extent. The concentration between Las Jaras and La Cometa, and the

flanking occurrences of El Barril, La Sirena and El Catrin, appear to be related to structures in/along felsic

intrusives. The La Rama and La Casa area occur in volcanic-sedimentary rocks but may also be related to

buried felsic intrusives. The alignment of the El Cubo to El Pescado workings clearly maps a separate,

300 meter long mineralized structure, separate from the Soledad. The El Negrito and La Campana workings

do not lie on currently known structures. The mineralization is structurally controlled and typically quartz

vein related, and exploits structures in both the felsic intrusives and the volcanic -sedimentary rocks.

Geophysical surveys will better the define the lateral and depth extents of the structures controlling

mineralization. There may be a transition, laterally and/or vertically, to epithermal gold -silver

mineralization. Samples from the La Sirena mine, La Casa mine, El Zopilotito mine and Las Jaras shaft

contain elevated gold values (Table 1). As well, the Mexico Geological Survey noted the presence of skarn

mineralization (see below) which may be significant.

The mineralization that was exploited historically by ASARCO is shallow, high -grade, silver-gold-lead-

zinc-copper veins. The La Soledad vein system, and its subsidiary structures, is estimated to be

approximately 1 kilometer long based on the presence of old workings. Mining appears to have stopped at

the water table and standing water is present in the deeper workings. Primary galena and sphalerite and

pyrite are locally preserved in parts of the old workings which are very dangerous to enter. Where

accessible, this remnant mineralization was sampled in order to gauge the grade of the mineralization as

there are no accessible mining records available. This sampling will aid in identifying higher grade areas

for future drilling. The sampling data (Table 1) indicates the potential for high grade silver mineralization

with gold and base metal credits. The sizes of the old workings suggest the mined mineralization may have

been up to several meters in width in the various zones of mineralization developed in the laterally extensive

host structures, which will persist to depth below the water table where previous mining is reported to have

stopped.

The area of the Los Coloradas Project lies within the Zona Mineralizada Cienega de Ceniceros on the

Mexico Geological Survey (SGM) map sheet G13-59. The map notes state: “ The veins strike NW-SE with

dips of 760 SW and 700 NE. Veins are up to 200 meters long and 30 meters deep. The mineralization consists

of sulphides of zinc, lead and silver in the La Reyna, La Soledad, Tres Estrellas, Rosario & El Gigante

veins. Representative samples from these veins showed 0.2 to 2.0 g/ t gold, 54 to 170 g/t silver, 1.2 to 4.2

% lead and 0.4 to 4.0% zinc. Skarn and hornfels style mineralization was noted disseminated in argillite

and carbonate horizons and the potential for significant volumes of these styles of mineralization at depth

was noted.” The locations of historic mines/workings are taken from the Mexico Geological Survey’s

website GeoInfoMex - El Banco de Datos del SGM.

Figure 1

Figure 2

Table 1

Sampling Results* Check Sampling**

Sample

Width

(m)

ppm

ppm Site Type

ppm

PRSLC-0094 0.8 0.027 81.7 El Tronco Mine Surface

PRSLC-0095 1.3 0.397 97.4 La Ramada Shaft Surface

PRSLC-0101 0.6 0.478 152.73 La Ramada Shaft Surface

PRSLC-0102 0.7 0.174 31.7 La Ramada Shaft Surface

PRSLC-0096 0.9 0.316 144.1 El Reno Shaft Surface

PRSLC-0097 1 0.494 174.87 El Reno Shaft Surface 0.371 83.5 56 10000 327 7480

PRSLC-0098 0.7 0.218 186.14 El Reno Shaft Surface

PRSLC-0099 1 0.015 17.6 El Reno Shaft Surface

PRSLC-0100 0.9 0.31 69 El Reno Shaft Surface

PRSLC-0103 0.9 0.109 35.7 El Reno Shaft Surface

PRSLC-0104 0.5 0.23 42.3 El Reno Shaft Surface

PRSLC-0105 0.8 0.006 2.9 El Reno Shaft Surface

PRSLC-0106 0.9 0.09 22.8 El Contrapozo Shaft Surface 0.493 713 145 10000 274 10000

PRSLC-0107 0.5 0.447 484.51 El Contrapozo Shaft Surface

PRSLC-0108 1.3 0.027 7.1 El Contrapozo Shaft Surface

PRSLC-0109 0.9 0.012 5.6 El Contrapozo Shaft Surface

PRSLC-0110 0.6 0.627 54.7 El Mesquite Mine Surface

PRSLC-0111 0.9 0.083 34.4 El Mesquite Mine Surface

PRSLC-0113 0.5 1.288 571.4 Las Jaras Shaft Surface

Sampling Results* Check Sampling**

Sample

Width

(m)

ppm

ppm Site Type

ppm

PRSLC-0114 0.9 0.647 177.81 El Barril Mine Surface

PRSLC-0115 1 0.021 3.7 El Barril Mine Surface

PRSLC-0116 0.5 3.81 245.95 La Sirena Mine Surface 2.56 177 63 10000 1470 7360

PRSLC-0117 0.9 0.316 134.78 La Chalupa Mine Surface

PRSLC-0118 0.7 0.242 278.2 El Catrin Mine Surface

PRSLC-0119 0.5 0.27 154.96 El Catrin Mine Surface

PRSLC-0120 1.2 0.007 8.6 El Catrin Mine Surface

PRSLC-0121 1.3 0.007 9.9 El Catrin Mine Surface

PRSLC-0125 0.5 3.709 397.24 La Rana Mine Surface

PRSLC-0126 0.8 0.035 1.41 La Rana Mine Surface

PRSLC-0127 0.6 1.429 184.77 La Casa Mine Surface 1.285 149 43 10000 1040 6300

PRSLC-0128 0.7 0.012 1.9 La Casa Mine Surface

PRSLC-0129 0.5 0.176 23.9 La Casa Mine Surface

PRSLC-0130 0.5 0.75 138.87 La Casa Mine Surface

PRSLC-0131 0.6 0.034 2.2 La Casa Mine Surface

PRSLC-0132 1.3 0.045 38.4 El Negrito Mine Surface

PRSLC-0133 1.1 0.039 9.7 El Negrito Mine Surface

PRSLC-0134 0.6 1.304 75.1 El Zopilotito Mine Surface 2.69 171 56 10000 389 7600

PRSLC-0139 0.7 0.026 10.5 Surface

PRSLC-0140 0.5 0.631 534.79 El Cubo Mine Surface 0.569 690 289 10000 1340 10000

*Actlabs Mexico S.A. de C.V. **ALS Chemex Labs, Ltd

A QA/QC program was employed using blanks and certified reference standard, and check sampling.

It is not known how much production was generated by ASARCO during the years it operated in the area.

The following information (not independently verified) was provided by Ing. Abelardo Garza Hernandez,

President of Minera Sierra Almoloya S.A. de C.V. “Historic production came from small high grade

underground mines, with average mining diluted grades in the order of 0.6 to 0.8 g/t gold, 300 to 518 g/t

silver, 6.2 to 10.9 % lead and 6.5 to 10.3 % zinc, from four different veins, called La Soledad, Santo Niño,

Eva and Rosario. Workings appear to have been on an area about 400 meter s long, to a maximum depth

of around 120 meters. More than twenty veins are known with most past production having come from the

NW-trending Soledad vein system which is estimated to be approximately 1 km in length. There are

numerous old mining works visible (pits, shafts, and superficial stopes) with depths of 10 m eters to

140meters on the main shafts. Mining appears to have stopped at the water table. Standing water is present

in the deeper workings.”

About Las Coloradas

The Las Coloradas Project ( 8.5 km 2 -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, 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 finan cial sectors. Kingsmen is a publicly -traded company (TSX.V:KNG; OTCQB:

KNGRF) and is headquartered in Vancouver, British Columbia.

On behalf of the Board,

Signed: “Scott Emerson”

Scott Emerson, President & CEO

Phone: 604-685-9316

Email: [email protected]

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, includ ed 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 fili ngs 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 n eed 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 .sedar.com).

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.

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