K92 Mining Inc. (TSX-V:KNT) (OTCQB:KNTNF) is pleased to announce it has commenced treating an initial 2,000 tonne bulk sample from the interpreted Kora vein, and has results from treating the first 800 tonnes of material.
The bulk sample is being mined from a four-metre-by-four-metre horizontal development designed to reflect the production stoping width envisaged in the Preliminary Economic Assessment referred below. The average grade of the first 800 tonnes of material treated was 7.7 g/t Au and 0.91 % Cu is consistent with that predicted from grade control face sampling underground.
The horizontal development has mined through where the K92 Kora extension discovery hole KMDD0009 intersected the vein (see K92 news release dated May 24, 2017, for details including true thicknesses).
The KMDD0009 intersection is approximately 500 metres along strike and 150 metres downdip from the closest point of the currently defined Kora deposit inferred resource and is typical of the Kora/Eutompi mineralization.
John Lewins, K92 Chief Executive Officer and Director, states, “The results from the treatment of the first 800 tonnes of material from the Kora vein are significantly better than we had anticipated, with gold recovery of 92.4% and copper recovery in excess of 95%. This is above the 91.5% recovery assumed in the PEA and even more impressive when considering that this is the first batch of material treated and was achieved without a gravity gold circuit. It is our expectation that further optimization should improve on this performance as will the introduction of a gravity gold circuit.”
The current Kora/Eutompi inferred resource, as defined by previous drilling to date, is 4.36 million tonnes at a grade of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu, or 11.2 g/t gold equivalent (see attached table) and is open for expansion at depth and in both directions along strike.
K92 has filed and made available for download on the company’s SEDAR profile a technical report titled “Independent Technical Report, Mineral Resource Update and Preliminary Economic Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project, Papua New Guinea,” with an effective date of March 2, 2017, that provides additional information on the geology of the deposits, drilling and sampling procedures, lab analysis, and quality assurance/quality control for the project, and additional details on the resource estimates.
The PEA estimates for Kora, based on the current resource estimates (4.36 million tonnes of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu):
Metal prices used were $1,300 per ounce for gold, $18 (U.S.) per ounce for silver and $4,800 per tonne for copper.
(1) Gold equivalent calculated on above metal prices.
Kora remains open for expansion in every direction and strongly mineralized at the extent of all drilling.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. The technical report contains a full description of all underlying assumptions relating to the PEA. Mineral resources that are not mineral reserves and do not have demonstrated economic viability.
Table 1.0 IRUMAFIMPA AND KORA/EUTOMPI RESOURCES
|Resource by Deposit and Category|
M in Table is millions. Reported tonnage and grade figures are rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Gold equivalents are calculated as AuEq = Au g/t + Cu%*1.52+ Ag g/t*0.0141.
K92 Vice President Chris Muller, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Muller includes significant time onsite reviewing drill core, surface exposures, underground workings and discussing work programs and results with exploration personnel.
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