K92 Receives More High-Grade Kora Drill Results From Kora North Extension

  • Drill Hole KMDD0128 records multiple intersections including 2.05 m at 363.91 g/t Au, 17 g/t Ag and 0.08% Cu (364.25 g/t AuEq) plus 11.45 m at 7.61 g/t Au, 22 g/t Ag and 1.26% Cu (9.83 g/t AuEq)
  • Drill Hole KMDD0142 records multiple intersections including 10.25 m at 26.02 g/t Au, 30 g/t Ag and 0.80% Cu (27.63.19 g/t Au Eq) plus 7.96 m at 49.82 g/t Au, 4 g/t Ag and 0.34% Cu (50.38 g/t AuEq)
     
  • Drill Hole KMDD0140 records 3.55 m at 14.71 g/t Au, 6 g/t Ag and 0.61% Cu (15.72 g/t AuEq) plus 16.80 m at 7.65 g/t Au, 32 g/t Ag and 1.74% Cu (10.72 g/t AuEq)
     
  • Drill Hole KMDD0115A records a K2 intersection of 7.20 m at 2.57 g/t Au, 27 g/t Ag and 0.40% Cu (3.51 g/t AuEq) over 300 metres vertically below the current operating level, extending the known depth extent of the K2 Lode 200 metres below the current resource
     
  • Drill rigs at Kora/Kora North increased to four to further accelerate expansion and exploration drilling         

VANCOUVER, British Columbia, May 06, 2019 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce results from the continuing diamond drilling of the Kora North Extension of the Kainantu gold mine in Papua New Guinea.

The results for the latest 8 diamond drill holes completed from diamond drill cuddy 3 and the new drill cuddy 5 (DDC3 and DDC5) into the Kora North deposit are summarized in Table 1 below. Hole KMDD0115 was abandoned, having recorded a complete intersection of 8.30 metres of K1 at 2.2 g/t Au, 46 g/t Ag and 1.07% Cu (4.42 g/t AuEq) over 100 metres below the known K1 resource. A daughter hole, KMDD0115A was wedged off this hole and recorded an intersection of 7.20 m at 2.57 g/t Au, 27 g/t Ag and 0.40% Cu (3.51 g/t AuEq) over 300 metres vertically below the current operating level, extending the known depth extent of the K2 Lode 200 metres below the current resource. The results continue to delineate and extend both the K1, K2 lodes as well as the KL structure between the lodes. Long sections showing all holes drilled to date in both K1 and K2 are provided below. Table 2 provides details of collar location and hole orientation.

John Lewins, K92 Chief Executive Officer and Director, stated, “These latest results have not only continued to confirm the remarkable continuity of the high-grade K1 and K2 vein systems within the Kora deposit, but through hole KMDD0115/115A extended the known depth of the K1 Lode by over 100 metres and the K2 Lode by 200 metres. This obviously has major positive implications for the current drilling program which is targeting an expansion of the Kora/Kora North Resource.

Given these results, in order to allow the underground rigs to focus more on the potential depth extensions of the Kora/Kora North deposit, we have taken the decision to mobilize a surface diamond drill rig to drill out the area above the current Kora North resource. While it had been originally planned to drill this area exclusively from underground, it can be efficiently drilled from surface with similar length holes. We are currently preparing surface drill pads and expect to mobilize the surface rig within the next few weeks. The addition of the surface rig will increase the number of diamond rigs drilling at Kora/Kora North to four.”

 
Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drill Cuddies 3 & 6
 
Hole_id From
(m)
To
m)
Interval
(m)
True width
(m)
Gold
g/t
Silver
g/t
Copper
%
AuEq (1)
g/t
Comment
KMDD0115 295.50 303.80 8.30 6.64 2.20 46 1.07 4.42 K1
Including 295.50 296.14 0.64 0.51 0.88 39 1.50 3.67  
Including 296.14 296.90 0.76 0.61 5.53 199 5.95 17.16  
Including 296.90 297.60 0.70 0.56 5.36 129 2.29 10.50  
Including 297.60 298.30 0.70 0.56 4.21 86 1.32 7.32  
Including 298.30 299.20 0.90 0.72 1.72 28 0.33 2.58  
Including 299.20 299.90 0.70 0.56 1.81 11 0.11 2.12  
Including 299.90 300.60 0.70 0.56 1.40 10 0.05 1.60  
Including 300.60 301.30 0.70 0.56 0.10 6 0.27 0.59  
Including 301.30 302.10 0.80 0.64 0.17 9 0.16 0.52  
Including 302.10 302.90 0.80 0.64 0.09 2 0.09 0.26  
Including 302.90 303.80 0.90 0.72 3.01 6 0.07 3.20  
KMDD0115 307.87 315.50 7.63 6.10 0.40 3 0.35 0.98  
Including 307.87 309.00 1.13 0.90 0.46 2 0.42 1.12  
Including 309.00 310.00 1.00 0.80 0.36 1 0.07 0.48  
Including 310.00 311.00 1.00 0.80 0.11 3 0.07 0.25  
Including 311.00 312.30 1.30 1.04 0.09 3 0.31 0.60  
Including 312.30 313.72 1.42 1.14 0.40 2 0.09 0.57  
Including 313.72 314.50 0.78 0.62 0.84 4 0.68 1.94  
Including 314.50 315.50 1.00 0.80 0.72 5 1.02 2.35  
KMDD0115 321.00 321.90 0.90 0.72 6.51 6 0.11 6.76 Hole abandoned at start of K2
KMDD0115A 301.60 304.40 2.80 1.49 3.50 13 0.10 3.82 KMDD0115 daughter hole
Including 301.60 302.10 0.50 0.27 8.70 20 0.24 9.32  
Including 302.10 303.00 0.90 0.48 5.70 11 0.05 5.92  
Including 303.00 303.63 0.63 0.34 0.20 5 0.02 0.29  
Including 303.63 304.40 0.77 0.41 0.25 17 0.15 0.70  
KMDD0115A 306.40 319.25 12.85 6.59 0.53 5 0.19 0.88  
Including 306.40 307.00 0.60 0.32 6.22 20 0.24 6.84  
Including 307.00 308.00 1.00 0.53 0.09 3 0.02 0.16  
Including 308.00 309.00 1.00 0.53 0.21 3 0.01 0.26  
Including 309.00 310.00 1.00 0.53 0.03 2 0.03 0.11  
Including 310.00 311.00 1.00 0.53 0.15 4 0.26 0.60  
Including 311.00 312.00 1.00 0.53 0.33 4 0.23 0.74  
Including 312.00 313.00 1.00 0.53 0.16 4 0.21 0.53  
Including 313.00 314.00 1.00 0.53 0.12 4 0.22 0.51  
Including 314.50 314.50 0.00 0.00 0.41 5 0.10 0.62  
Including 314.50 314.90 0.40 0.21 0.19 5 0.31 0.72  
Including 314.90 316.15 1.25 0.67 0.09 5 0.03 0.20  
Including 316.15 316.75 0.60 0.32 0.11 4 0.01 0.18  
Including 316.75 317.65 0.90 0.48 0.11 5 0.10 0.32  
Including 317.65 318.50 0.85 0.45 0.07 4 0.18 0.40  
Including 318.50 319.25 0.75 0.40 1.69 8 1.13 3.52  
KMDD0115A 342.15 346.60 4.45 2.87 0.40 14 2.07 3.75  
Including 342.15 342.70 0.55 0.35 0.21 14 2.05 3.52  
Including 342.70 343.60 0.90 0.58 0.54 23 4.12 7.14  
Including 343.60 343.85 0.25 0.16 0.03 4 0.18 0.36  
Including 343.85 344.56 0.71 0.46 1.40 32 5.66 10.47  
Including 344.56 345.56 1.00 0.64 0.04 3 0.02 0.11  
Including 345.56 346.32 0.76 0.49 0.05 3 0.04 0.15  
Including 346.32 346.60 0.28 0.18 0.38 10 1.00 2.04  
KMDD0115A 360.80 363.30 2.50 1.61 0.47 19 2.15 4.00  
Including 360.80 361.55 0.75 0.48 0.82 5 0.27 1.30  
Including 361.55 362.20 0.65 0.42 0.20 2 0.04 0.29  
Including 362.20 363.30 1.10 0.71 0.39 39 4.67 8.03  
KMDD0115A 376.99 379.30 2.31 1.49 0.36 7 0.86 1.78  
Including 376.99 377.10 0.11 0.07 1.63 24 1.61 4.39  
Including 377.10 377.52 0.42 0.27 0.18 2 0.06 0.30  
Including 377.52 378.00 0.48 0.31 0.40 7 1.13 2.22  
Including 378.00 378.20 0.20 0.13 0.17 2 0.02 0.23  
Including 378.20 379.30 1.10 0.71 0.32 9 1.13 2.17  
KMDD0115A 432.80 440.00 7.20 4.64 2.57 27 0.40 3.51 K2
Including 432.80 433.90 1.10 0.71 12.16 51 0.54 13.64  
Including 433.90 435.00 1.10 0.71 0.35 10 0.24 0.85  
Including 435.00 436.00 1.00 0.64 0.95 22 0.39 1.82  
Including 436.00 437.00 1.00 0.64 1.02 40 0.65 2.52  
Including 437.00 438.00 1.00 0.64 0.16 6 0.11 0.40  
Including 438.00 439.00 1.00 0.64 0.23 6 0.05 0.39  
Including 439.00 440.00 1.00 0.64 2.36 50 0.81 4.23  
KMDD0117 281.42 283.32 1.90 0.89 1.09 2 0.12 1.30  
Including 281.42 281.56 0.14 0.07 2.48 1 0.09 2.63  
Including 281.56 282.18 0.62 0.29 0.36 1 0.16 0.62  
Including 282.18 282.83 0.65 0.31 1.71 3 0.11 1.91  
Including 282.83 282.94 0.11 0.05 0.04 1 0.31 0.53  
Including 282.94 283.20 0.26 0.12 0.34 1 0.02 0.37  
Including 283.20 283.32 0.12 0.06 2.41 2 0.14 2.64  
KMDD0117 292.90 300.00 7.10 3.34 4.39 11 0.25 4.91 K1
Including 292.90 293.76 0.86 0.40 19.83 1 0.12 20.02  
Including 293.76 294.10 0.34 0.16 2.49 1 0.07 2.61  
Including 294.10 295.10 1.00 0.47 2.66 4 0.48 3.44  
Including 295.10 296.70 1.60 0.75 0.40 3 0.16 0.69  
Including 296.70 298.10 1.40 0.66 1.63 18 0.31 2.33  
Including 298.10 300.00 1.90 0.89 4.04 21 0.26 4.71  
KMDD0117 312.24 313.43 1.19 0.56 24.09 11 0.14 24.44  
KMDD0117 335.54 339.00 3.46 1.82 1.46 39 0.83 3.23  
Including 335.54 336.80 1.26 0.66 0.78 26 0.47 1.83  
Including 336.80 338.00 1.20 0.63 0.69 46 1.51 3.58  
Including 338.00 339.00 1.00 0.53 3.24 48 0.47 4.57  
KMDD0117 358.00 364.20 6.20 3.26 2.43 28 0.91 4.17 K2
Including 358.00 359.70 1.70 0.89 0.99 37 1.44 3.67  
Including 359.70 361.60 1.90 1.00 5.42 44 0.47 6.70  
Including 361.60 362.30 0.70 0.37 1.02 11 0.97 2.64  
Including 362.30 364.20 1.90 1.00 1.26 9 0.84 2.66  
KMDD0128 68.80 70.85 2.05 1.44 363.91 17 0.08 364.25 K1
Including 68.80 70.00 1.20 0.84 621.30 25 0.10 621.77  
Including 70.00 70.85 0.85 0.59 0.53 5 0.06 0.69  
KMDD0128 75.95 79.90 3.95 2.93 2.55 6 0.46 3.32  
Including 75.95 77.00 1.05 0.78 1.02 4 0.35 1.60  
Including 77.00 78.00 1.00 0.74 1.88 5 0.26 2.34  
Including 78.00 79.00 1.00 0.74 5.23 6 0.73 6.42  
Including 79.00 79.90 0.90 0.67 2.11 8 0.51 2.99  
KMDD0128 86.55 98.00 11.45 7.98 7.61 22 1.26 9.83 K2
Including 86.55 87.20 0.65 0.45 1.63 52 1.86 5.14  
Including 87.20 88.00 0.80 0.56 10.20 40 2.54 14.59  
Including 88.00 89.00 1.00 0.70 2.44 11 0.70 3.66  
Including 89.00 89.50 0.50 0.35 1.19 5 0.12 1.43  
Including 89.50 90.10 0.60 0.42 2.85 3 0.05 2.96  
Including 90.10 90.50 0.40 0.28 5.29 9 0.37 5.98  
Including 90.50 90.80 0.30 0.21 20.00 20 0.65 21.25  
Including 90.80 91.30 0.50 0.35 39.30 26 0.62 40.57  
Including 91.30 92.35 1.05 0.73 2.49 14 0.56 3.53  
Including 92.35 92.75 0.40 0.28 53.50 272 21.20 89.39  
Including 92.75 93.20 0.45 0.31 1.70 8 0.24 2.17  
Including 93.20 94.10 0.90 0.63 0.81 3 0.04 0.92  
Including 94.10 95.13 1.03 0.72 0.25 1 0.01 0.28  
Including 95.13 96.20 1.07 0.75 0.18 2 0.02 0.23  
Including 96.20 96.70 0.50 0.35 7.29 7 0.16 7.62  
Including 96.70 97.00 0.30 0.21 14.40 13 0.39 15.16  
Including 97.00 98.00 1.00 0.70 11.50 11 0.32 12.14  
KMDD0130 67.19 72.70 5.51 3.70 7.53 6 0.16 7.85 K1
Including 67.19 68.00 0.81 0.54 9.00 5 0.31 9.53  
Including 68.00 69.00 1.00 0.67 6.45 3 0.14 6.71  
Including 69.00 69.58 0.58 0.39 5.01 7 0.19 5.40  
Including 69.58 70.50 0.92 0.62 1.29 3 0.16 1.58  
Including 70.50 71.50 1.00 0.67 15.42 13 0.11 15.75  
Including 71.50 72.70 1.20 0.81 6.86 4 0.12 7.09  
KMDD0130 75.70 83.00 7.30 5.42 0.40 6 0.56 1.33  
Including 75.70 76.30 0.60 0.45 1.36 10 1.15 3.25  
Including 76.30 77.10 0.80 0.59 0.23 6 0.61 1.24  
Including 77.10 77.70 0.60 0.45 0.51 5 0.26 0.98  
Including 77.70 78.70 1.00 0.74 0.64 9 0.55 1.59  
Including 78.70 80.10 1.40 1.04 0.38 6 0.74 1.59  
Including 80.10 81.20 1.10 0.82 0.18 4 0.46 0.93  
Including 81.20 82.10 0.90 0.67 0.12 4 0.32 0.65  
Including 82.10 83.00 0.90 0.67 0.16 3 0.43 0.86  
KMDD0130 94.00 95.00 1.00 0.62 1.35 23 1.74 4.30  
KMDD0130 96.00 103.30 7.30 4.52 7.35 31 1.48 10.00 K2
Including 96.00 97.00 0.62 0.62 0.73 8 0.11 1.01  
Including 97.00 97.70 0.43 0.43 7.52 25 0.45 8.53  
Including 97.70 98.50 0.50 0.50 25.60 75 0.57 27.43  
Including 98.50 99.30 0.50 0.50 30.10 93 6.83 41.73  
Including 99.30 100.20 0.56 0.56 1.42 19 0.50 2.43  
Including 100.20 101.00 0.50 0.50 0.89 18 0.42 1.76  
Including 101.00 102.40 0.87 0.87 0.40 6 0.31 0.96  
Including 102.40 103.30 0.56 0.56 0.59 29 3.57 6.42  
KMDD0130 106.90 108.00 1.10 0.68 1.84 3 0.01 1.90  
KMDD0132 94.00 95.00 1.00 0.62 1.35 23 1.74 4.30 Geotech Hole West of K2
KMDD0132 96.00 103.30 7.30 4.52 7.35 31 1.48 10.00 Geotech Hole West of K2 - K2HW?
Including 96.00 97.00 0.62 0.62 0.73 8 0.11 1.01  
Including 97.00 97.70 0.43 0.43 7.52 25 0.45 8.53  
Including 97.70 98.50 0.50 0.50 25.60 75 0.57 27.43  
Including 98.50 99.30 0.50 0.50 30.10 93 6.83 41.73  
Including 99.30 100.20 0.56 0.56 1.42 19 0.50 2.43  
Including 100.20 101.00 0.50 0.50 0.89 18 0.42 1.76  
Including 101.00 102.40 0.87 0.87 0.40 6 0.31 0.96  
Including 102.40 103.30 0.56 0.56 0.59 29 3.57 6.42  
KMDD0132 106.90 108.00 1.10 0.68 1.84 3 0.01 1.90 Geotech Hole West of K2
KMDD0134                 Vent Hole
KMDD0136                 Not Yet Drilled
KMDD0138                 Not Yet Drilled
KMDD0140 72.86 76.41 3.55 2.19 14.71 6 0.61 15.72 K1
Including 72.86 73.48 0.62 0.38 0.20 7 1.13 2.01  
Including 73.48 74.00 0.52 0.32 0.11 2 0.11 0.31  
Including 74.00 74.45 0.45 0.28 80.38 9 1.12 82.21  
Including 74.45 74.86 0.41 0.25 23.83 7 0.70 24.98  
Including 74.86 75.52 0.66 0.41 7.71 5 0.16 8.02  
Including 75.52 76.06 0.54 0.33 0.26 2 0.17 0.55  
Including 76.06 76.41 0.35 0.22 2.49 10 1.24 4.51  
KMDD0140 78.76 91.64 12.88 7.95 2.57 4 0.28 3.05  
Including 78.76 79.63 0.87 0.54 6.40 1 0.03 6.46  
Including 79.63 80.84 1.21 0.75 0.33 1 0.15 0.57  
Including 80.84 81.43 0.59 0.36 11.02 4 0.07 11.17  
Including 81.43 82.28 0.85 0.52 2.21 1 0.06 2.32  
Including 82.28 83.28 1.00 0.62 0.13 2 0.00 0.16  
Including 83.28 84.26 0.98 0.60 0.10 1 0.06 0.20  
Including 84.26 85.00 0.74 0.46 0.50 9 0.65 1.60  
Including 85.00 86.00 1.00 0.62 1.28 9 0.77 2.57  
Including 86.00 87.00 1.00 0.62 0.48 4 0.23 0.89  
Including 87.00 88.04 1.04 0.64 0.26 3 0.39 0.89  
Including 88.04 89.03 0.99 0.61 0.21 2 0.23 0.58  
Including 89.03 90.10 1.07 0.66 13.66 6 0.32 14.23  
Including 90.10 90.71 0.61 0.38 0.37 7 0.32 0.95  
Including 90.71 91.64 0.93 0.57 1.22 6 0.63 2.26  
KMDD0140 95.30 96.70 1.40 0.86 1.57 1 0.01 1.60  
KMDD0140 100.60 117.40 16.80 9.93 7.65 32 1.74 10.72 K2
Including 100.60 101.20 0.60 0.37 6.21 5 0.15 6.50  
Including 102.10 103.10 1.00 0.62 3.75 19 0.90 5.37  
Including 103.10 104.40 1.30 0.81 5.06 48 0.63 6.63  
Including 104.40 104.70 0.30 0.19 2.32 10 0.07 2.56  
Including 104.70 106.12 1.42 0.89 3.38 21 1.29 5.61  
Including 106.12 107.00 0.88 0.55 2.92 20 1.17 4.96  
Including 107.00 107.36 0.36 0.22 0.32 0 0.05 0.40  
Including 107.36 108.22 0.86 0.54 24.68 8 2.85 29.14  
Including 108.22 108.56 0.34 0.21 20.74 17 3.25 25.93  
Including 108.56 109.16 0.60 0.37 25.88 163 17.20 54.26  
Including 109.16 110.10 0.94 0.59 36.67 88 3.18 42.65  
Including 110.10 111.10 1.00 0.62 2.02 15 0.54 3.04  
Including 111.10 112.00 0.90 0.56 1.73 24 1.02 3.60  
Including 112.00 112.80 0.80 0.50 8.50 36 3.52 14.34  
Including 112.80 113.70 0.90 0.56 0.87 8 0.23 1.32  
Including 113.70 114.40 0.70 0.44 4.89 61 0.78 6.86  
Including 114.40 115.50 1.10 0.69 2.05 18 0.22 2.62  
Including 115.50 117.40 1.90 1.19 2.24 23 0.47 3.24  
KMDD0142 45.83 46.17 0.34 0.28 2.65 17 3.81 8.70  
KMDD0142 47.65 57.9 10.25 8.30 26.02 30 0.80 27.63 K1
Including 47.65 48 0.35 0.28 0.41 1 0.54 1.25  
Including 48 48.3 0.3 0.24 3.78 3 1.23 5.70  
Including 48.3 49 0.7 0.57 0.15 1 0.50 0.93  
Including 49 49.13 0.13 0.11 53.55 7 1.02 55.20  
Including 49.13 49.4 0.27 0.22 12.42 1 0.41 13.06  
Including 49.4 49.95 0.55 0.45 374.70 25 0.98 376.52  
Including 49.95 50.37 0.42 0.34 1.65 7 0.34 2.26  
Including 50.37 51 0.63 0.51 2.81 8 1.33 4.94  
Including 51 51.21 0.21 0.17 65.50 71 7.55 77.95  
Including 51.21 51.58 0.37 0.30 1.28 19 1.45 3.74  
Including 51.58 52.1 0.52 0.42 0.31 1 0.12 0.51  
Including 52.1 52.7 0.6 0.49 0.47 1 0.02 0.52  
Including 52.7 53.34 0.64 0.52 5.97 1 0.11 6.14  
Including 53.34 54.2 0.86 0.70 11.32 67 0.29 12.61  
Including 54.2 54.4 0.2 0.16 11.27 960 10.03 38.80  
Including 54.4 54.53 0.13 0.11 49.10 6 0.39 49.77  
Including 54.53 54.8 0.27 0.22 15.50 2 0.15 15.76  
Including 54.8 55.04 0.24 0.19 0.39 1 0.20 0.71  
Including 55.04 55.4 0.36 0.29 5.68 2 0.04 5.76  
Including 55.4 55.8 0.4 0.32 0.58 1 0.03 0.64  
Including 55.8 56.04 0.24 0.19 2.01 1 0.07 2.13  
Including 56.04 56.5 0.46 0.37 0.30 1 0.07 0.41  
Including 56.5 56.8 0.3 0.24 5.37 1 0.86 6.70  
Including 56.8 57.02 0.22 0.18 0.20 1 0.61 1.15  
Including 57.02 57.75 0.73 0.59 0.21 1 0.59 1.13  
Including 57.75 57.9 0.15 0.12 4.23 1 0.00 4.24  
KMDD0142 64.9 65.5 0.6 0.49 2.99 2 0.26 3.41  
KMDD0142 66.94 74.9 7.96 7.28 49.82 4 0.34 50.38 K2
Including 66.94 67.5 0.56 0.51 3.93 1 0.38 4.52  
Including 67.5 68.3 0.8 0.73 3.08 3 0.13 3.31  
Including 68.3 69.06 0.76 0.69 92.10 2 0.19 92.42  
Including 69.06 69.7 0.64 0.59 8.96 1 0.06 9.06  
Including 69.7 70.65 0.95 0.87 323.80 17 0.18 324.29  
Including 70.65 70.9 0.25 0.23 1.09 1 0.08 1.23  
Including 70.9 71.1 0.2 0.18 2.23 1 0.12 2.42  
Including 71.1 71.5 0.4 0.37 0.57 1 0.20 0.89  
Including 71.5 71.8 0.3 0.91 0.50 1 0.04 0.57  
Including 71.8 72.2 0.4 0.91 2.27 1 0.05 2.36  
Including 72.2 72.6 0.4 0.91 6.37 1 0.11 6.55  
Including 72.6 73.4 0.8 0.91 2.53 1 0.69 3.60  
Including 73.4 73.75 0.35 0.91 0.56 1 0.19 0.87  
Including 73.75 73.96 0.21 0.91 4.94 20 3.96 11.25  
Including 73.96 74.3 0.34 0.91 1.80 1 0.19 2.11  
Including 74.3 74.9 0.6 0.91 0.22 2 0.52 1.03  
KMDD0142 74.9 75.5 0.6 0.91 1.24 2 0.08 1.39  
KMDD0142 76.25 76.92 0.67 0.91 2.07 28 0.23 2.78  
KMDD0142 78 79 1 0.91 1.94 3 0.27 2.40  
KMDD0142 79 79.7 0.7 0.91 0.12 1 0.01 0.15  
KMDD0144 58.4 71.35 12.95 8.13 2.62 4 0.27 3.08 K1
Including 58.4 58.8 0.4 0.25 13.3 3 0.73 14.45  
Including 58.8 59.3 0.5 0.31 0.34 1 0.28 0.77  
Including 59.3 60.3 1 0.63 1.09 2 0.16 1.36  
Including 60.3 61.15 0.85 0.53 3.08 5 1.00 4.67  
Including 61.15 62.15 1 0.63 0.22 2 0.58 1.13  
Including 62.15 63.15 1 0.63 0.3 1 0.21 0.63  
Including 63.15 64 0.85 0.53 3.16 3 0.08 3.33  
Including 64 65 1 0.63 0.05 1 0.04 0.13  
Including 65 66 1 0.63 1.82 1 0.04 1.89  
Including 66 66.43 0.43 0.27 0.27 1 0.01 0.30  
Including 66.43 67.43 1 0.63 0.63 4 0.36 1.24  
Including 67.43 68.17 0.74 0.46 1.87 2 0.11 2.07  
Including 68.17 69.17 1 0.63 4.62 3 0.09 4.79  
Including 69.17 70.17 1 0.63 9.75 2 0.13 9.98  
Including 70.17 71.35 1.18 0.74 2.67 25 0.34 3.51  
KMDD0144 73.35 74.35 1 0.63 1.5 11 0.18 1.91  
KMDD0144 76.1 89.3 13.2 8.29 2.44 13 0.37 3.17  
Including 76.1 76.9 0.8 0.50 9.72 92 3.34 16.00  
Including 76.9 77.6 0.7 0.44 0.35 5 0.17 0.68  
Including 77.6 78.5 0.9 0.56 2.15 23 0.26 2.83  
Including 78.5 79.5 1 0.63 0.19 1 0.02 0.23  
Including 79.5 80.4 0.9 0.56 0.12 1 0.01 0.16  
Including 80.4 80.9 0.5 0.31 0.03 1 0.01 0.06  
Including 80.9 81.8 0.9 0.56 0.71 7 0.19 1.09  
Including 81.8 82.8 1 0.63 0.57 2 0.32 1.09  
Including 82.8 83.8 1 0.63 0.11 3 0.17 0.41  
Including 83.8 84.8 1 0.63 0.15 2 0.20 0.49  
Including 84.8 85.8 1 0.63 0.8 2 0.11 0.99  
Including 85.8 86.4 0.6 0.38 1.75 4 0.26 2.20  
Including 86.4 86.9 0.5 0.31 21.7 30 0.11 22.25  
Including 86.9 87.6 0.7 0.44 2.99 5 0.07 3.17  
Including 87.6 88.6 1 0.63 3.83 16 0.44 4.70  
Including 88.6 89.3 0.7 0.44 2.57 36 0.17 3.28  
KMDD0144 96.9 99.8 2.9 1.71 22.26 20 0.60 23.43 K2
Including 96.9 97.4 0.5 0.29 3.15 4 0.46 3.90  
Including 97.4 98.17 0.77 0.45 78.3 31 1.27 80.63  
Including 98.17 99.17 1 0.59 2.13 23 0.24 2.79  
Including 99.17 99.8 0.63 0.37 0.88 15 0.45 1.76  
 
(1) Gold Equivalent uses copper price of US$2.90/lb; silver price of US$16.5/oz and gold price of US$1,300/oz
 

 

 
Table 2 - Kainantu Gold Mine – Collar Locations for Kora Underground Diamond Drilling
 
Hole_id Collar location Collar orientation EOH depth (m) Lode
  Local north Local East mRL Dip Local azimuth    
KMDD0115 59038.22 29951.71 1194.79 -53.5 219.9 318.4 Kora North
KMDD0115A 59038.22 29951.71 1194.79 -53.5 219.9 700.6 Kora North
KMDD0117 59037.81 29951.73 1195.47 -27.4 212.2 395.2 Kora North
KMDD0128 58900.43 29868.54 1190.52 -4.1 229.6 98.55 Kora North
KMDD0130 58900.75 29868.72 1189.82 -18.4 231.4 112.4 Kora North
KMDD0132 59070.85 29805.01 1175.53 4.4 269.7 50.5 Kora North
KMDD0140 58900.72 29868.87 1189.66 -30.3 230.6 136.6 Kora North
KMDD0142 58901.23 29868.64 1192.15 33.5 245.5 92.3 Kora North
KMDD0144 58901.13 29868.67 1189.69 -33.4 243.5 135.7 Kora North
               

The mineral resource estimate (shown in Table 3 and Table 4) for the Kora, Kora North and Irumafimpa deposits is based on the technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and titled, “Independent Technical Report, Mineral Resources Estimate Update and Preliminary Economic Assessment of Kora North and Kora Gold Deposits, Kainantu Project, Papua New Guinea” with an effective date of September 30, 2018 (the “Technical Report”) prepared by Anthony Woodward BSc (Hons.), M.Sc., MAIG, Simon Tear BSc (Hons), EurGeol, PGeo IGI, EurGeol, Christopher Desoe BE (Min)(Hons), FAusIMM, RPEQ, MMICA, Lisa J. Park, BEng (Chem), GAICD, FAusIMM. Refer to the Company’s news release dated January 8, 2018 for a summary of the results of the PEA.

 
Table 3 - Kora North Mineral Resource Estimate
 
Global Mineral Resources Kora North Gold-Copper Mine - October 2018
Category Tonnes Gold Silver Copper AuEq
  Mt g/t Mozs g/t Mozs % Mlbs g/t Mozs
Measured 0.15 18.7 0.09 8.9 0.04 0.5 1.6 19.6 0.09
Indicated 0.69 11.6 0.26 14.1 0.31 0.8 11.8 12.9 0.29
Total M & I 0.85 12.9 0.35 13.1 0.36 0.7 13.3 14.1 0.39
Inferred Total 1.92 10.7 0.66 13.3 0.82 0.7 29.5 11.9 0.74
M in table is millions.
 

Key Assumptions and Parameters

Mineralization comprises two parallel, steeply west dipping, N-S striking quartz-sulphide vein systems, K1 & K2, within an encompassing dilatant structural zone hosted by phyllite.  An additional structure, the Kora Link, has also been defined and provides a possible link between the two main vein systems.

Underground drilling consists of diamond core for a range of core sizes depending on length of hole and expected ground conditions.  Sampling is sawn half core under geological control and generally ranges between 0.5m and 1m.  Underground face sampling is completed for every fired round and is to industry standard.

QAQC data indicated no significant issues with the accuracy of the on-site analysis.

Core recovery of the mineral zone was initially 90%, this has improved to >95%.  There is no relationship between core recovery and gold grade.

Geological logging is consistent and is based on a full set of logging codes covering lithology, alteration and mineralization.

The geological interpretation of the vein systems is represented as 3D wireframe solids snapped to a combination of diamond drillhole data and underground face sampling.  Definition of the wireframes is based on identified gold mineralisation in drillcore nominally at a 0.2g/t Au cut off in conjunction with geological control/sense and current mining widths.

Gold equivalent (AuEq) g/t was calculated using the formula Au g/t +(Cu% x 1.53) + Ag g/t x 0.0127. (No account of metal recoveries through the plant have been used in calculating the metal equivalent grade. However, production is currently achieving 93% metal recovery for both gold and copper and gold is currently providing 95% and copper 5% of the total revenue of the mine).

Gold price US$1,300/oz; silver US$16.5/oz; copper US$2.90/lb.

 
Table 4 – Irumafimpa and Kora/Eutompi Resource Estimates
 
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 4.0 13.4 0.24
Total Inferred 4.89 7.7 1.21 32 5.06 2.0 288 11.2 1.76
 
Notes:
-  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 Mine Geology Manager and Mine Exploration Manager, Mr. Andrew Kohler, PGeo, a qualified person under the meaning of NI 43-101, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings and discussing work programs and results with geology and mining personnel.

ON BEHALF OF THE COMPANY,

John Lewins, Chief Executive Officer and Director

For further information, please contact Investor Relations at +1-604-687-7130.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Project, expectations of future cash flows, the proposed plant expansion, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Photos accompanying this announcement are available at: 

http://www.globenewswire.com/NewsRoom/AttachmentNg/2ae040ae-b5e7-493b-9220-1da45e404d20

http://www.globenewswire.com/NewsRoom/AttachmentNg/d6778096-3fc5-428a-843c-0556ac3887d5

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