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K92 Drills Multiple High Grade Gold Intersections in Irumafimpa Area

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2017) -

Intercepts include:

  • 8.18m at 33 g/t Au plus 1m at 4.51 g/t Au plus 1.1m at 4.96 g/t Au in hole GCDD0020a
  • 2m at 22.6 g/t Au plus 5.1m at 9.73 g/t Au plus 3.2m at 6.03 g/t Au in hole GCDD0020
  • 2.7m at 28.75 g/t Au plus 1m at 2.49 g/t Au in hole GCDC0016
  • 2m at 32.32 g/t Au in hole GCDD0019
  • 1.5m at 73.16 g/t Au plus 0.94m at 4.74 g/t Au plus 1m at 5.44 g/t Au in hole GCDD0011
  • 4.3m at 8.16 g/t Au in hole GCDD0018

K92 Mining Inc. ("K92") (TSX VENTURE:KNT)(OTCQB:KNTNF) is pleased to announce the latest results from the ongoing grade control drilling program at its high grade Kainantu Gold Mine. K92 is currently ramping up the Kainantu Gold Mine towards commercial production, with its longest continuous production run to date now commenced.

In September of 2016, K92 began a campaign of close spaced underground diamond drilling as part of a comprehensive grade control strategy. The current grade control drilling program is focused on the areas of Irumafimpa and is designed to bring a high degree of confidence to the production planning and scheduling. K92 plans to mine this area in the coming six months. The closed space drilling pattern of approximately 15 metres by 15 metres has significantly increased the confidence in this sparsely drilled area, with most holes recording high grade intersections. Approximately 80% of the holes completed to date have recorded multiple high grade intersections indicating the presence of multiple parallel to sub parallel high grade veins.

The results from this drilling are used to finalize the various stope and ore development designs and provide updated information on projected production from the areas in terms of tonnage, grade and contained ounces. The drilled grade control holes are situated at the lowest point in the underground which K92 plans to mine and are also at the southern edge of the known resource that was previously only drilled on a 100 metre by 100 metre pattern.

K92 Chief Executive Officer, Ian Stalker, states, "In the context of K92 moving towards achieving Commercial Production, these high grade results are extremely pleasing as they confirm the continuity of the high grade system previously reported in the first six holes. The holes were drilled from an area at the southern extremity of the resource where data is limited and significantly lower grades were expected. The results also show consistent evidence of multiple parallel high grade veins within close proximity to each other, providing the potential for several veins to be mined from the same underground access."

Table 1 and 2 below provides a summary of the results from diamond grade control holes seven to twenty one which have been drilled into the stope areas it is planned to be mined underground. Table 1 provides a summary of the significant intercepts from the holes, while Table 2 provides details of collar location and hole orientation (drill hole GCDD0020a was drilled parallel to and within 5 metres of hole GCDD0020 as this hole did not go to full depth for technical reasons).

Table 1 Kainantu Gold Mine - Significant Intercepts from Irumafimpa Grade Control

Hole_id From (m) To (m) Interval (m) True width (m) Gold g/t Copper % Silver g/t Gold equivalent
GCDD0007 29 31 2 1.92 5.64 0.11 3.45 5.85
GCDD0007 38 39 1 0.98 2.81 0.12 0.9 3
GCDD0007 72 74 2 1.92 3.02 0.46 3.9 3.73
GCDD0008 22 22.9 0.9 0.68 4.38 0.13 4.6 4.62
GCDD0008 23.5 24.5 1 0.78 5.98 0.01 2.5 6.02
GCDD0008 45.1 46 0.9 0.63 13.2 0.02 1.3 13.24
GCDD0008 46 47 1 0.77 63.6 0.02 2.1 63.66
GCDD0009 24.7 25.5 0.8 0.78 7.99 0.29 2 8.43
GCDD0009 38.5 39.2 0.7 0.67 4.2 0.07 5.4 4.37
GCDD0009 40.35 40.6 0.25 0.19 7.76 0.06 7.9 7.95
GCDD0011 44 45.5 1.5 1.11 73.16 0.23 1.7 73.51
including 44 45.2 1.2 0.9 87.6 0.06 1.7 87.71
including 45.2 45.5 0.3 0.21 15.4 0.9 1.7 16.71
GCDD0011 49.36 50.3 0.94 0.67 4.74 0.01 1 4.77
GCDD0011 53 54 1 0.78 5.44 0.06 1.1 5.54
GCDD0012 25.5 27.3 1.8 1.71 1.21 0.02 4.6 1.3
GCDD0012 30.3 31.3 1 0.93 1.55 0.04 0.8 1.62
GCDD0012 34.8 36.5 1.7 1.59 1.86 0.04 4.08 1.98
GCDD0013 18.3 19.3 1 0.87 6.41 1.52 37.2 9.08
GCDD0013 34 35 1 0.91 11.4 0.05 2.3 11.5
GCDD0013 36 37 1 0.85 10.9 0.17 5 11.21
GCDD0013 45.5 45.8 0.3 0.25 6.92 0.02 1.1 6.96
GCDD0014 24 25 1 0.69 1.56 0.13 0.9 1.76
GCDD0014a 18.7 20.3 1.6 1.1 4.49 0.059 1 4.59
GCDD0014a 24.45 25 0.55 0.38 4.48 1 9.8 6.04
GCDD0014a 50.6 51.9 1.3 0.9 2.36 0.0283 8.6 2.52
GCDD0014a 54.7 55.4 0.7 0.48 3.78 0.0155 0.6 3.81
GCDD0015 21.9 23 1.1 0.89 19.7 0.023 1.8 19.76
GCDD0015 39 40.8 1.8 1.45 4.16 0.03 1.19 4.21
including 39 39.7 0.7 0.56 5.36 0.029 0.4 5.41
Including 39.7 40.8 1.1 0.89 3.39 0.031 1.7 3.46
GCDD0016 50.5 53.2 2.7 1.77 28.75 0.038 5.64 28.89
including 50.5 51.5 1 0.66 26.2 0.04 8.9 26.38
including 51.5 52.5 1 0.65 46.4 0.05 4.6 46.53
including 52.5 53.2 0.7 0.46 7.2 0.019 2.5 7.26
GCDD0016 60.3 61.3 1 0.66 2.49 0.434 24.9 3.44
GCDD0017 18 19 1 0.87 2.02 0.171 2.1 2.29
GCDD0017 35 36 1 0.88 6.6 0.03 144.1 8.56
GCDD0017 40 41 1 0.88 43.94 0.042 3.5 44.05
GCDD0018 75.1 79.6 4.3 2.12 8.16 0.103 15.87 8.52
including 75.1 77 1.9 0.93 10.9 0.069 14.5 11.19
including 77 78.2 1.2 0.58 9.95 0.081 27.4 10.43
including 78.2 79.6 1.2 0.61 2.03 0.181 6.5 2.38
GCDD0019 70 72 2 1.76 32.32 0.001 5.45 32.4
including 70 71 1 0.83 3.35 0.001 3.1 3.39
including 71 72 1 0.83 61.3 0.002 7.8 61.41
GCDD0020 19.6 21 1.4 1.18 2.12 0.077 1.54 2.25
including 19.6 20 0.4 0.34 2 0.052 0.4 2.08
including 20 21 1 0.84 2.18 0.087 2 2.33
GCDD0020 27 29 2 1.64 22.6 0.063 1.2 22.27
including 27 28 1 0.82 38.2 0.108 1.8 38.38
including 28 29 1 0.82 6.12 0.018 0.6 6.15
GCDD0020 29.6 34.7 5.1 4.23 9.73 0.022 2.21 9.89
including 29.6 31.6 2 1.65 11.2 0.046 3.3 11.31
including 31.6 32.7 1.1 0.92 5.59 0.042 0.5 5.66
including 32.7 33.7 1 0.83 18.9 0.258 2.8 19.31
including 33.7 34.7 1 0.83 2.22 0.024 1.3 2.27
GCDD0020 40 44.2 3.2 2.66 6.03 0.108 2.78 6.22
including 40 41 1 0.82 9.34 0.248 4.5 9.75
including 41 42 1 0.84 5.56 0.031 1.9 5.63
GCDD0020 43 44.2 1.2 1 3.67 0.056 2.1 3.78
GCDD0020a 19.9 21 1.1 0.85 4.96 0.019 1.9 5.01
GCDD0020a 27 35.18 8.18 5.56 33 0.06 2 33.11
including 27 28.3 1.3 1.05 81.3 0.121 2.3 81.5
including 28.3 29 0.7 0.57 2.99 0.056 2.5 3.1
including 29 31.9 2.9 2.45 52.9 0.069 2.8 53.04
including 33 33.7 0.7 0.57 5.26 0.006 0.7 5.28
GCDD0020a 41 42 1 0.8 2.1 0.052 1.6 2.2
GCDD0020a 43.5 44 0.5 0.43 2.42 0.242 1 2.78
GCDD0020a 70 71 1 0.78 4.51 0.005 5.8 4.6
GCDD0021 43 44 1 0.86 4.66 0.01 1.4 4.69
GCDD0021 56.1 56.5 0.4 0.35 3.36 0.166 0.9 3.61
Notes
Gold Equivalent uses Copper price - US$2.50/lb; Silver price US$16/oz and Gold price of US$1200/oz

Table 2 Kainantu Gold Mine - Collar Locations for Irumafimpa Grade Control Drilling

Hole_id Collar location Collar orientation EOH depth (m) Lode
Local north Local East RL Dip Local azimuth
GCDD0007 59656.5 29922.44 1248.2 -9.7 291.94 80 Irumafimpa
GCDD0008 59656.27 29923.08 1246.96 -36.8 292 80.2 Irumafimpa
GCDD0009 59656.12 29919.37 1247.77 -11 274 75.2 Irumafimpa
GCDD0010 59656.41 29922.49 1247.88 -28 274 70.3 Irumafimpa
GCDD0011 59655.68 29922.74 1247.17 -41 276 72 Irumafimpa
GCDD0012 59652.93 29916.76 1247.36 -10.28 254.18 54.6 Irumafimpa
GCDD0013 59654.12 29921.09 1247.21 -27.15 254.21 63.6 Irumafimpa
GCDD0014 59654.41 29922.1 1247.08 -39.3 254.57 37.3 Irumafimpa
GCDD0014a 59654.39 29921.98 1247.06 -39.04 254.31 74 Irumafimpa
GCDD0015 59653.01 29921.1 1247.38 -23.74 239.81 69.2 Irumafimpa
GCDD0016 59655.27 29924.96 1248.5 -36 239 72.9 Irumafimpa
GCDD0017 59653.01 29921.04 1248.38 -8.77 240.1 63.3 Irumafimpa
GCDD0018 59643.43 29950.55 1233.51 -23.1 242.55 95.7 Irumafimpa
GCDD0019 59643.32 29950.25 1233.97 -6.45 243.16 95 Irumafimpa
GCDD0020 59653.17 29920.97 1250.42 15.41 248.14 44.2 Irumafimpa
GCDD0020a 59653.17 29920.97 1250.06 16.38 242.67 72.1 Irumafimpa
GCDD0021 59656.22 29922.84 1249.59 13.67 290.42 105.2 Irumafimpa
GCDD0022 59643.47 29950.59 1233.47 -35.42 242.86 76.7 Irumafimpa
GCDD0023 59655.6 29921.25 1249.79 15.89 270.44 79.9 Irumafimpa
GCDD0024 59643.37 29950.4 1234.75 2.82 242.85 73 Irumafimpa
GCDD0025 59656.428 29923.16 1249.48 15.38 304.21 70 Irumafimpa
GCDD0026 59644.73 29946.53 1234.11 -8.87 249.76 81 Irumafimpa
GCDD0027 59644.76 29946.53 1233.84 -18.52 251.03 86.4 Irumafimpa

K92 Geologist Andrew Kohler, BSc, P.Geo., 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.

On behalf of the company,

Ian Stalker, Chief Executive Officer and Director

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, production, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding potential ongoing production which may or may not occur and the generation of further production assessment work at deposits, which may or may not occur. While commercial production is targeted, there is no assurance it will be achieved. 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, 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.

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Resource Commodities

Name Last Change
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Copper 3.22 3.27%
Platinum 935.14 0.23%
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Natural Gas 2.95 1.83%
Uranium 20.45 N/A
Zinc 1.51 0.00%

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