K92 Mining Inc. (TSX-V: KNT) is pleased to announce results from the continuing grade control and exploration drilling of the Kora North Extension. Results reported include hole KMDD0037 which is the first drilled from Diamond Drill Cuddy Two (DDC2), approximately 125 metres along strike from DDC1. This hole reported two vein intersections, 7.55 m at 4.81 g/t Au, 5 g/t Ag and 0.34% Cu (5.39 g/t AuEq) plus 7.9 m at 7.57 g/t Au, 10 g/t Ag and 0.85% Cu (8.04 g/t AuEq) These intersections are between 75 and 100 metres along strike to the south from the nearest drill hole intersection from DDC1.
In addition, hole KMDD0035 was drilled from the 1220 level in the Irumafimpa Mine Area and recorded a Kora vein intersection of 4.8 metres at 4.43 g/t Au, 5 g/t Ag and 0.27% Cu (4.91 g/t AuEq), over 100 metres to the north of any previous intersections.
The strike length drilled from DDC1 and DDC2 now extends over 200 metres, with a further extension in excess of 100 metres to the north to hole KMDD0035.
A second cross cut designed to intersect the Kora North vein approximately 150 metres to the south of the first cross cut is currently being developed and is targeted to intersect the first vein reported from KMDD0037 this week and the main Kora vein in the vicinity of the KMDD0037 intersection next week.
John Lewins, K92 Chief Executive Officer and Director, states, “We are excited to have recorded such an outstanding first hole from DDC2, which significantly extends the known mineralization of this Northern Extension of Kora to the south towards the existing Kora deposit. In addition, this hole has also intersected an extremely wide second vein which we expect to intersect shortly in the second Kora cross cut which is being developed approximately 150 metres to the south of the first Kora cross cut.
At the same time hole KMDD0035 has recorded a significant intersection of what is interpreted as a continuation of the Kora North Vein, some 160 metres to the north of the nearest DDC1 grade control hole.”
Table 1 and 2 below provide a summary of the results from the latest diamond grade control drill hole drilled into the Kora North Vein system. Table 1 provides a summary of the significant intercepts from the hole, while Table 2 provides details of collar location and hole orientation.
Table 1.0 Kainantu Gold Mine – Significant Intercepts from Kora Underground Diamond Drilling
Hole_id | From (m) | To (m) | Interval (m) | True width (m) | Gold g/t | Silver g/t | Copper % | Gold equivalent |
KMDD0035 | 31.8 | 32.8 | 1 | 0.69 | 1.09 | 2.4 | 0.44 | 1.80 |
KMDD0035 | 40.3 | 40.6 | 0.3 | 0.21 | 1.72 | 8.6 | 0.78 | 3.02 |
KMDD0035 | 52.7 | 54.9 | 2.2 | 1.51 | 2.09 | 1 | 0.05 | 2.18 |
including | 52.7 | 54.1 | 1.4 | 0.96 | 1.96 | 1 | 0.06 | 2.06 |
including | 54.1 | 54.9 | 0.8 | 0.55 | 2.31 | 0 | 0.05 | 2.39 |
KMDD0035 | 116.85 | 117.95 | 1.1 | 0.75 | 1.69 | 0 | 0.28 | 2.12 |
KMDD0035 | 118.1 | 122.9 | 4.8 | 3.29 | 4.43 | 5 | 0.27 | 4.91 |
including | 118.1 | 119.3 | 1.2 | 0.82 | 1.12 | 0 | 0.25 | 1.51 |
including | 119.3 | 120.6 | 1.3 | 0.89 | 1.06 | 3 | 0.02 | 1.13 |
including | 120.6 | 121.3 | 0.7 | 0.48 | 1.71 | 0 | 0.02 | 1.73 |
including | 121.3 | 122.1 | 0.8 | 0.55 | 8.89 | 13 | 0.05 | 9.13 |
including | 122.1 | 122.9 | 0.8 | 0.55 | 12.82 | 10 | 1.15 | 14.70 |
KMDD0036 | 75.9 | 76.26 | 0.36 | 0.26 | 1.04 | 1 | 0.01 | 1.06 |
KMDD0036 | 78.85 | 80.38 | 1.53 | 1.11 | 2.76 | 25 | 2.26 | 6.54 |
including | 78.85 | 79.24 | 0.39 | 0.28 | 7.81 | 95 | 8.35 | 21.79 |
including | 79.24 | 80.07 | 0.83 | 0.60 | 1.18 | 0 | 0.12 | 1.37 |
including | 80.07 | 80.38 | 0.31 | 0.22 | 0.65 | 4 | 0.31 | 1.18 |
KMDD0037 | 18.3 | 25.85 | 7.55 | 7.24 | 4.81 | 5 | 0.34 | 5.39 |
including | 18.3 | 18.4 | 0.1 | 0.10 | 15.49 | 3 | 0.24 | 15.89 |
including | 18.4 | 18.9 | 0.5 | 0.48 | 1.31 | 2 | 0.01 | 1.34 |
including | 18.9 | 19.35 | 0.45 | 0.43 | 3.18 | 2 | 0.03 | 3.25 |
including | 19.35 | 20.1 | 0.75 | 0.72 | 7.84 | 9 | 1.84 | 10.77 |
including | 20.1 | 20.8 | 0.7 | 0.67 | 1.79 | 9 | 1.26 | 3.84 |
including | 20.8 | 21.25 | 0.45 | 0.43 | 0.25 | 1 | 0.10 | 0.42 |
including | 21.25 | 22 | 0.75 | 0.72 | 0.11 | 1 | 0.02 | 0.16 |
including | 22 | 23 | 1 | 0.96 | 0.19 | 1 | 0.03 | 0.25 |
including | 23 | 23.85 | 0.85 | 0.81 | 0.92 | 2 | 0.01 | 0.96 |
including | 23.85 | 24.35 | 0.5 | 0.48 | 7.27 | 1 | 0.03 | 7.33 |
including | 24.35 | 25.35 | 1 | 0.96 | 4.84 | 1 | 0.03 | 4.90 |
including | 25.35 | 25.85 | 0.5 | 0.48 | 31.74 | 43 | 0.10 | 32.44 |
KMDD0037 | 57.25 | 65.15 | 7.9 | 7.57 | 6.61 | 10 | 0.85 | 8.04 |
including | 57.25 | 58.06 | 0.81 | 0.78 | 21.71 | 5 | 0.47 | 22.50 |
including | 58.06 | 58.5 | 0.44 | 0.42 | 64.46 | 68 | 7.17 | 76.29 |
including | 58.5 | 58.82 | 0.32 | 0.31 | 0.62 | 8 | 0.47 | 1.44 |
including | 58.82 | 60.4 | 1.58 | 1.51 | 0.75 | 2 | 0.09 | 0.92 |
including | 60.4 | 60.7 | 0.3 | 0.29 | 0.23 | 1 | 0.01 | 0.26 |
including | 60.7 | 62.1 | 1.4 | 1.34 | 0.13 | 1 | 0.09 | 0.28 |
including | 62.1 | 63.8 | 1.7 | 1.63 | 1.36 | 17 | 0.76 | 2.73 |
including | 63.8 | 65.15 | 1.35 | 1.29 | 1.73 | 7 | 1.10 | 3.50 |
Notes
Gold Equivalent uses Copper price – US$2.90/lb; Silver price US$16.5/oz and Gold price of US$1300/oz
Table 2.0 Kainantu Gold Mine – Collar Locations for Kora Underground Diamond Drilling
Hole_id | Collar location |
Collar orientation |
EOH depth (m) |
|||
Local north | Local East | mRL | Dip | Local azimuth | ||
KMDD0035 | 59440.27 | 29922.65 | 1216.22 | -8.43 | 232.93 | 148.5 |
KMDD0036 | 59127.07 | 29876.31 | 1187.46 | -35.54 | 295.50 | 89.7 |
KMDD0037 | 59003.52 | 29873.15 | 1189.54 | 8.25 | 270.72 | 90.50 |
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 3.0 IRUMAFIMPA AND KORA/EUTOMPI RESOURCES
Resource by Deposit and Category | ||||||||||
Deposit | Resource Category | Tonnes | Gold | Silver | Copper | Gold Equivalent | ||||
Mt | g/t | MOz | g/t | MOz | % | Mlb | g/t | MOz | ||
Irumafimpa | Indicated | 0.56 | 12.8 | 0.23 | 9 | 0.16 | 0.28 | 37 | 13.4 | 0.24 |
Inferred | 0.53 | 10.9 | 0.19 | 9 | 0.16 | 0.27 | 74 | 11.5 | 0.20 | |
Kora/Eutompi | Inferred | 4.36 | 7.3 | 1.02 | 35 | 4.9 | 2.23 | 215 | 11.2 | 1.57 |
Total Indicated | 0.56 | 12.8 | 0.23 | 9 | 0.16 | 0.3 | 4 | 13.4 | 0.24 | |
Total Inferred | 4.89 | 7.7 | 1.21 | 32 | 5.06 | 2.0 | 218 | 11.2 | 1.76 |
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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