KORE Mining Ltd. (TSX-V: KORE) (OTCQB: KOREF) is pleased to provide an update and early results from the FG Gold Project in the Cariboo Region of British Columbia. Eight large diameter (HQ) core drill holes for a total of 1,577 meters have been completed and the Company intends to continue drilling once spring break-up is complete in mid-June. Assays from the top of the first hole are included in this news release.

The Company will be conducting an exploration conference call on Wednesday, May 20, 2020 at 1:00 pm Eastern Time (10:00 am Pacific Time) to discuss these results and speak towards its other exploration projects in North America. Details of the call can be found below.

Highlights

• FG-20-368 intercepts 76.5 meters of 1.1 g/t gold starting at 5.5 meters including;
  • 12.5 meters of 1.2 g/t gold at 5.5 meters down hole;
  • 8.0 meters of 1.6 g/t gold at 27 meters down hole;
  • 26.0 meters 2.0 g/t gold at 56 meters down hole (including 1.0 meter of 28.4 g/t); and
  • Assays pending from bottom 40 meters which intercepted 3 additional zones of quartz veining below existing resource
• FG-20-369 intercepted 13 quartz veins between 5.5 and 250 meters down-hole which tested an additional 100 meters below the previous resource (see cross-section in Figure 3)

The remaining holes FG-20-370 to FG-20-375 (assays pending) all intercepted zones of quartz veining, within the existing resource and newly identified quartz veins below the existing resource, which included eight total incidences of visible gold being identified in core logging. The Company will release assays from the lower section of FG-20-368 and the remaining holes as they become available.

The full table of results are included below.  Detailed core logs and photos are available at: www.koremining.com/exploration-highlights.

KORE CEO Scott Trebilcock stated, “This is an exciting start to our exploration program at FG Gold.” Mr. Trebilcock continued, “The objective is to better define structural controls and extend the shallow known mineralization at depth.  We believe with continued drilling, there is potential to increase the grade while adding to the existing FG Gold resource.”

The 20-kilometer trend is defined by gold in soils and geophysics that traces the mineralized rock group around the regional syncline.  The Project has only been shallowly drilled where the mineralized rock group comes to surface. Past drilling averages only 93 meters deep into a low to moderately plunging sedimentary host rock.  Mineralization is open at depth and along almost the entire trend.  Figure 2 is a regional cross-section that shows the host rock potential at depth and connection to a potential porphyritic intrusion.

Due to coarse visible gold, metallic screening assays provide a much more representative sample versus conventional fire assays.  Historical drilling and assays had limited and sporadic metallic screen analyses which may have underestimated historical gold grades.

Details of Core Holes FG-20-368/369

Hole FG-20-368 was targeting the structural controls for known mineralization, and looking to extend the mineralization down the host rock structure.  Hole FG-20-368 encountered seven quartz vein intervals with assays compiled in Table 1 below.  Assays are pending from bottom 40 meters of which intercepted 3 additional quartz veins below the existing resource.

Hole FG-20-369 was drilled as a scissor hole from the same pad and also encountered quartz veining and two incidences of coarse visible gold (see Figure 4).  A cross section of the two holes is presented as Figure 3.  FG-20-369 intercepted 13 quartz veins between 5.5 and 250 meters down-hole which tested an additional 100 meters below the previous resource.  A total of ten quartz vein intercepts in FG-20-368 and FG-20-369 (assays pending) were encountered below the depth of historic drilling.

As more assay data comes in KORE will be conducting structural analysis and interpretation.

Table 1: Results from Core Hole FG-20-368

Quartz zone widths*:

23.3m starting at 6.0 meters
2.7m starting at 54.8 meters
8.4m starting at 73.2 meters
9.1m starting at 106.0 meters
6.7m starting at 141.0 meters (metallic screen assays pending)
0.3m starting at 161.6 meters (metallic screen assays pending)
4.1m starting at 171.9 meters (metallic screen assays pending)

* True widths are unknown at this time and will be updated when full review and interpretation of oriented core measurements has been completed

Drill Hole Locations

Location, azimuth, dip and lengths for drill holes in this news release are listed in the following table:

Regional Geology

The FG Gold property straddles the boundary between the Omineca and Intermontane tectonics belts of the Canadian Cordillera. The eastward emplacement of the Intermontane Belt onto the Omineca Belt along the Eureka Thrust Fault caused widespread regional metamorphism and structural deformation of both Belts. The regional scale, northwest trending, shallowly plunging, Eureka Syncline is the dominant resulting structure in the project area. Rocks in the core of the Eureka Syncline are comprised of basalt, augite porphyry flows, tuffs and volcanic breccias metamorphosed to a low grade; they are structurally emplaced onto metavolcanic and sedimentary rocks of the Quesnel Terrane. The Quesnel Terrane is recognized for its prevalence of copper, gold and molybdenum mines and showings such as those at Highland Valley, Boss Mountain, QR and Mount Polley.

Property Geology

The FG Gold property is centrally located over the Eureka Syncline, strategically encompassing two limbs and the hinge zone of a gold-bearing meta-sedimentary rock unit of the Quesnel Terrane. The gold-bearing rock, a ‘knotted’ phyllite, is the host rock for gold mineralization over the 3 km strike length of the Resource Area (see Figure 1). Surface mapping and geophysical inversion of airborne electromagnetic (EM) data suggests the knotted phyllite has a strike length of over 20 km with potentially thickened regions occurring in the Eureka Syncline hinge zone (Kusk Zone Target) (see Figure 1).

Gold mineralization occurs in and is associated with development of quartz – Fe carbonate – muscovite – pyrite vein stockwork. The stockwork is best developed in the knotted phyllite unit. Stockwork zones locally concentrate in zones greater than 10 meters wide and are dominantly stratabound. Fe-carbonate alteration and carbonate porphyroblasts development within the knotted phyllite unit is observed to extend well outside immediate areas of veining.

About the FG Gold Project

The FG Gold project consists of 35 claims, totaling 13,008 ha, in the eastern Cariboo region of central British Columbia, approximately 100 km east of Williams Lake. The project is at low elevation and accessible by forestry roads.  FG Gold hosts an orogenic gold deposit on the northeast limb of the Eureka syncline.  The southwest limb and hinge zone are underexplored.  The Project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered by KORE in 2018.  Figure 1 highlights the 20km trend of host rock expression at surface.

The 20-kilometer trend is defined by gold in soils and geophysics that traces the mineralized rock group around the regional syncline.  The Project has only been shallowly drilled where the mineralized rock group comes to surface. Past drilling averages only 93 meters deep into a steeply plunging sedimentary host rock.  Mineralization is open at depth and along almost the entire trend.  Figure 2 is a regional cross-section that shows the host rock potential at depth and potential connection to the Project’s porphyritic intrusion.

The previous drilling targeted stratigraphic controls on mineralization and did not penetrate into the bulk of the host-rock structure. Drilling was largely done with RC and narrow core to generate shallow bulk-disseminated gold intercept models.  Within the current resource there appear to be mineralized corridors or chutes that are open at depth in the host rock. 

The current resource at the FG Gold project is as follows:

More information on the FG Gold Project and resource is available in the “NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, BC” dated July 20, 2015 by K.V. Campbell of ERSi Earth Resource Surveys Inc. and G.H. Giroux of Giroux Consultants Ltd. technical report filed on www.sedar.com and on KORE’s website at www.koremining.com.

About KORE

KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia.  KORE is supported by strategic investors Eric Sprott and Macquarie Bank who, together with the management and Board own approximately 65% of the basic shares outstanding.