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K92 is Pleased to Provide an Update on the Latest Grade Control Drilling on the Irumafimpa Deposit

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

Intercepts include:

  • 4.4m at 12.67 g/t Au plus 2m at 5.14 g/t Au, plus 0.8m at 41.6 g/t Au in hole GCDD0022
  • 2.7m at 26.54 g/t Au in hole GCDD0023
  • 2.3m at 15.04 g/t Au in hole GCDC0027
  • 3m at 18.46 g/t Au plus 3m at 19.82 g/t Au in hole GCDD0028
  • 6.1m at 9.87 g/t Au plus 2.2m at 10.34 g/t Au plus 1m at 9.41 g/t Au in hole GCDD0029
  • 2m at 23.12 g/t Au in hole GCDD0036

K92 Mining Inc. ("K92") (TSX VENTURE:KNT)(OTCQB:KNTNF) is pleased to announce recent results from the ongoing grade control drilling program at its high grade Kainantu Gold Mine, which is currently ramping up towards commercial production.

The latest results are from the ongoing campaign of close spaced underground diamond drilling which is part of a comprehensive grade control strategy commenced in September 2016. The current grade control results are from an area of the Irumafimpa Deposit which will be mined in the coming six months and is designed to bring a high degree of confidence to the production planning and scheduling. The closed space drilling pattern of approximately 15 metres by 15 metres has significantly increased the confidence in this previously sparsely drilled area, with almost every hole recording high grade intersections.

Table 1 and 2 below provides a summary of the results from diamond grade control holes twenty two to thirty six 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.

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
GCDD0022 15.6 16.8 1.2 1.02 4.04 0.025 4.3 4.13
GCDD0022 24.3 28.7 4.4 3.90 12.67 0.028 2.9 12.75
including 24.3 27 2.7 2.40 18.60 0.026 2.9 18.68
GCDD0022 34.6 36.6 2 1.81 5.14 0.084 1.7 5.28
including 34.6 35.2 0.6 0.54 15.80 0.007 1.2 15.83
GCDD0022 41.8 47.5 5.7 5.25 1.58 0.091 3.6 1.76
including 47 47.5 0.5 0.46 4.15 0.049 3.9 4.27
GCDD0022 67 67.8 0.8 0.77 41.60 0.262 82.8 43.08
GCDD0022 70.6 71.8 1.2 1.16 2.65 0.057 1.8 2.76
GCDD0023 13.2 15.6 2.4 2.30 1.67 0.006 5.3 1.75
GCDD0023 21.5 24.2 2.7 2.59 26.54 0.051 2.1 26.64
including 22.1 24.2 2.1 2.01 32.10 0.056 2.1 32.21
GCDD0024 65.4 66.9 1.5 1.32 16.20 0.049 1.9 16.29
GCDD0025 25.3 28.98 3.68 3.23 2.22 0.016 1.3 2.26
including 25.3 26.43 1.13 0.99 6.27 0.006 2.0 6.31
GCDD0025 49 51 2 1.85 4.27 0.014 2.0 4.32
including 49 50 1 0.92 7.46 0.015 2.0 7.51
GCDD0025 67.5 70 2.5 2.38 15.80 0.203 13.0 16.26
GCDD0027 67 69.3 2.3 2.10 15.04 0.039 2.3 15.13
including 67 68.3 1.3 1.19 25.50 0.056 3.7 25.63
GCDD0027 80.2 80.4 0.2 0.19 2.56 4.200 43.2 9.14
GCDD0028 71.00 74.00 3.0 2.43 18.46 0.076 0.7 18.57
including 71.00 72.27 1.3 1.03 13.10 0.023 0.5 13.14
including 72.76 74.00 1.2 1.00 31.08 0.155 1.1 31.32
GCDD0028 77.00 80.00 3.0 2.43 19.82 0.135 1.4 20.03
including 77.00 77.60 0.6 0.49 95.20 0.016 2.6 95.26
GCDD0029 31.70 37.80 6.1 3.90 9.87 0.025 1.3 9.93
including 35.60 37.80 2.2 1.32 23.60 0.022 2.8 23.67
GCDD0029 43.60 44.60 1.0 0.61 9.41 0.163 1.8 9.67
GCDD0029 61.76 64.00 2.2 1.37 10.34 0.061 3.0 10.46
including 63.00 64.00 1.0 0.61 21.70 0.041 3.7 21.81
GCDD0033 31.00 32.00 1.0 pending 3.85 0.924 32.5 5.60
GCDD0036 27.00 28.00 1.0 pending 4.72 pending pending pending
GCDD0036 37.00 38.00 1.0 pending 6.96 pending pending pending
GCDD0036 83.00 85.00 2.0 pending 23.12 pending pending pending
including 83.00 84.00 1.0 pending 12.44 pending pending pending
including 84.00 85.00 1.0 pending 33.79 pending pending pending
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 Gole Mine - Collar Locations for Irumafimpa Grade Control Drilling

Hole_id Collar location Collar orientation EOH depth (m) Lode
Local north Local East Dip Local azimuth
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
GCDD0028 59644.55 29946.08 1233.25 -31.2 248.43 97 Irumafimpa
GCDD0029 59657.11 29923.50 1249.45 13.46 320.19 100.1 Irumafimpa
GCDD0030 59643.36 29950.39 1234.74 7.94 242.41 104.7 Irumafimpa
GCDD0031 59729.50 29939.58 1262.08 -3.61 276.98 In progress Irumafimpa
GCDD0032 Yet to drill Irumafimpa
GCDD0033 59643.19 29950.19 1234.15 -4.22 233.83 105.1 Irumafimpa
GCDD0034 59643.29 29950.35 1233.90 -14.77 233.25 105 Irumafimpa
GCDD0035 Yet to drill Irumafimpa
GCDD0036 59647.00 29948.00 1236.00 5 313 101 Irumafimpa

Ian Stalker, K92 Chief Executive Officer and Director, states, "The continuing high grade results we are seeing from our grade control drilling provide us with increasing confidence in both the continuity and the high grade nature of the Irumafimpa system. As in previous drilling, there is also 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. The number of these high grade results along with previous drilling results, are perhaps indicative of our internal high grade cut being too aggressive.

It is also good to note the consistency of these results, as we near the commencement of the internal underground drilling campaign designed to test the undrilled area between this Irumafimpa ore body, and the Kora orebody."

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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