K92 Mining Announces Latest High-Grade Drill Results From Kora North Extension

  • Eleven underground and surface drill holes at Kora North, all reporting K1 and K2 vein mineralization, with a total of 12 vein intersections averaging greater than 10 g/t AuEq, including 4 separate vein intersections averaging greater than 20 g/t AuEq
  • Drill Hole KMDD0162 records multiple intersections including 6.70 m at 120.6 g/t Au, 11 g/t Ag and 0.72% Cu (121.61 g/t AuEq) plus 9.20 m at 9.41 g/t Au, 14 g/t Ag and 1.20% Cu (11.43 g/t AuEq)
     
  • Drill Hole KMDD0156 records multiple intersections including 5.46 m at 52.68 g/t Au, 7 g/t Ag and 0.46% Cu (53.48 g/t AuEq) plus 5.13 m at 12.61 g/t Au, 26 g/t Ag and 0.92% Cu (14.35 g/t AuEq)
     
  • Drill Hole KMDD0164 records multiple intersections including 6.90 m at 34.55 g/t Au, 6 g/t Ag and 0.62% Cu (35.57 g/t AuEq) plus 13.30 m at 10.23 g/t Au, 51 g/t Ag and 1.43% Cu (13.05 g/t AuEq)
     
  • Drill Hole KMDD0121 records multiple intersections including 10.13 m at 6.55 g/t Au, 24 g/t Ag and 0.39% Cu (7.50 g/t AuEq) plus 1.60 m at 12.58 g/t Au, 97 g/t Ag and 2.35% Cu (17.68 g/t AuEq)
     
  • Drill Hole KMDD0123 records multiple intersections including 5.23 m at 10.78 g/t Au, 2 g/t Ag and 0.09% Cu (10.94 g/t AuEq)

VANCOUVER, British Columbia, July 22, 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 11 diamond drill holes completed from both surface and underground into the Kora North deposit are summarized in Table 1 below. The first hole drilled from surface recorded approximately 50 metres below the existing Kora Resource and 200 metres above the Kora North Resource.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest results include the first hole drilled from surface into the zone between Kora North and Kora as well as multiple holes below the known Kora North deposit. The latest results continue to show the very high continuity of the K1 and K2 lodes with K92 drilling now having shown a vertical extent of Kora North of almost 700 metres. The whole Kora – Kora North – Eutompi system has now been shown to have a vertical extent in excess of 1,100 metres, while the known strike is over 1,000 metres. Importantly, the system remains open both at depth and along strike.

K92 added a second surface rig to the program during the Second Quarter, bringing the total diamond drill rigs operating at Kora/Kora North to five, including the three underground rigs. The Company plans to continue to operate these rigs for the balance of 2019 and to continue with this program into 2020.”

Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drilling

Hole_id From (m) To (m) Interval (m) True width (m) Gold g/t Silver g/t Copper % Gold equivalent g/t Comment
KMDD0154 20.4 21.38 0.98 0.74 11.42 1 0.01 11.44  
KMDD0154 47.57 52 4.43 3.33 2.33 1 0.34 2.87 K1
including 47.57 48.45 0.88 0.66 6.28 2 0.65 7.29  
including 48.45 50 1.55 1.16 0.22 0.5 0.03 0.28  
including 50 51 1 0.75 0.18 0.5 0.10 0.34  
including 51 52 1 0.75 4.26 3 0.80 5.53  
KMDD0154 57.3 63.28 5.98 4.30 2.07 2 0.24 2.46  
including 57.3 58.3 1 0.72 1.53 1 0.01 1.55  
including 58.3 59.3 1 0.72 2.32 0.5 0.06 2.42  
including 59.3 60.3 1 0.72 4.99 4 0.01 5.06  
including 60.3 62.1 1.8 1.29 0.2 3 0.60 1.15  
including 62.1 63.28 1.18 0.85 2.7 3 0.22 3.08  
KMDD0154 70 75.93 5.93 4.26 11.88 23 0.65 13.17 KL
Including 70 71.15 1.15 0.83 1.54 18 0.25 2.15  
Including 71.15 71.6 0.45 0.32 1.19 6 0.45 1.95  
Including 71.6 72.9 1.3 0.93 1.46 5 1.28 3.49  
Including 72.9 73.8 0.9 0.65 32.96 105 0.20 34.59  
Including 73.8 74.33 0.53 0.38 47.97 6 0.30 48.51  
Including 74.33 74.7 0.37 0.27 28.41 6 0.11 28.65  
Including 74.7 75.55 0.85 0.61 0.27 3 0.41 0.93  
Including 75.55 75.93 0.38 0.27 1.02 14 2.58 5.15  
KMDD0154 95.8 98.4 2.6 1.74 4.09 11 0.28 4.67 K2
including 95.8 97.4 1.6 1.07 6.4 14 0.31 7.05  
including 97.4 98.4 1 0.67 0.4 7 0.24 0.86  
KMDD0154 107 107.7 0.7 0.47 1.74 4 0.20 2.10  
KMDD0154 126.18 126.8 0.62 0.42 1.42 10 0.61 2.48  
KMDD0156 49.65 55.11 5.46 3.52 52.68 7 0.46 53.48 K1
including 49.65 50 0.35 0.23 5.83 4 0.26 6.28  
including 50 50.9 0.9 0.58 0.12 1 0.22 0.47  
including 50.9 51.52 0.62 0.40 400.8 36 2.43 404.97  
including 51.52 51.87 0.35 0.23 1.07 7 0.88 2.50  
including 51.87 52.12 0.25 0.16 0.96 3 0.20 1.30  
including 52.12 52.4 0.28 0.18 44.31 7 0.26 44.79  
including 52.4 52.94 0.54 0.35 9.36 13 0.12 9.71  
including 52.94 53.55 0.61 0.39 18.74 2 0.07 18.87  
including 53.55 54.12 0.57 0.37 12.18 3 0.27 12.63  
including 54.12 55.11 0.99 0.64 0.54 1 0.03 0.61  
KMDD0156 69.22 74.35 5.13 3.94 12.61 26 0.92 14.35 K2
including 69.22 69.82 0.6 0.46 1.76 9 0.10 2.03  
including 69.82 70.7 0.88 0.68 1.33 26 0.74 2.79  
including 70.7 71.6 0.9 0.69 0.91 10 0.57 1.91  
including 71.6 72.16 0.56 0.43 1.02 5 0.13 1.28  
including 72.16 72.79 0.63 0.48 87 12 0.73 88.26  
including 72.79 73.39 0.6 0.46 3.23 25 0.09 3.69  
including 73.39 73.95 0.56 0.43 5.74 104 4.63 14.14  
including 73.95 74.35 0.4 0.31 2.76 34 0.76 4.36  
KMDD0123 141.66 146.89 5.23 3.77 10.78 2 0.09 10.94 K1
including 141.66 142.61 0.95 0.68 0.02 2 0.21 0.37  
including 142.61 143.06 0.45 0.32 8.24 3 0.14 8.49  
including 143.06 143.6 0.54 0.39 1.27 1 0.02 1.32  
including 143.6 144.7 1.1 0.79 29.59 4 0.11 29.81  
including 144.7 145.67 0.97 0.70 10.81 1 0.03 10.86  
including 145.67 146.89 1.22 0.88 7.32 1 0.02 7.37  
KMDD0123 149.4 152.17 2.77 2.45 1.12 1 0.05 1.21 KL
including 149.4 149.84 0.44 0.39 2.88 1 0.03 2.93  
including 149.84 150.28 0.44 0.39 0.12 1 0.01 0.15  
including 150.28 151 0.72 0.64 0.54 2 0.09 0.71  
including 151 152.17 1.17 1.03 1.19 1 0.05 1.28  
KMDD0123 214.38 216.25 1.87 1.46 0.79 13 0.22 1.28 K2
including 214.38 215.1 0.72 0.56 0.21 8 0.36 0.87  
including 215.1 216.25 1.15 0.90 1.15 16 0.12 1.54  
KMDD0158 37.08 40.35 3.27 3.2 20.29 9 0.43 21.10 K1
including 37.08 37.56 0.48 0.47 0.83 13 0.572 1.93  
including 37.56 38.33 0.77 0.75 34.52 19 1.121 36.59  
including 38.33 38.72 0.39 0.38 0.65 2 0.0745 0.80  
including 38.72 39.33 0.61 0.60 43.34 10 0.248 43.87  
including 39.33 40.35 1.02 1.00 12.44 2 0.0705 12.58  
KMDD0158 47.5 64 16.5 15.99 1.09 10 0.57 2.16  
including 47.5 47.89 0.39 0.38 2.67 26 0.3681 3.61  
including 47.89 48.67 0.78 0.76 0.25 7 0.152 0.59  
including 48.67 48.9 0.23 0.22 3.13 194 6.59 16.40  
including 48.9 49.94 1.04 1.01 0.06 4 0.2432 0.51  
including 49.94 50.77 0.83 0.80 0.05 3 0.1604 0.35  
including 50.77 51.73 0.96 0.93 0.04 1 0.0112 0.07  
including 51.73 52.7 0.97 0.94 0.03 1 0.011 0.06  
including 52.7 53.03 0.33 0.32 1.69 45 0.418 2.96  
including 53.03 54.24 1.21 1.17 0.36 9 0.2718 0.92  
including 54.24 55.1 0.86 0.83 0.22 10 0.3225 0.88  
including 55.1 56 0.9 0.87 13.71 4 0.891 15.21  
including 56 56.9 0.9 0.87 0.31 3 0.2313 0.73  
including 56.9 58 1.1 1.07 0.08 5 0.3738 0.75  
including 58 59 1 0.97 0.19 6 0.2356 0.65  
including 59 59.5 0.5 0.48 0.08 3 0.0494 0.20  
including 59.5 60.22 0.72 0.70 0.12 4 0.1232 0.37  
including 60.22 60.53 0.31 0.30 0.45 14 0.3277 1.17  
including 60.53 61 0.47 0.46 0.1 4 0.1844 0.45  
including 61 61.88 0.88 0.85 0.21 4 0.545 1.15  
including 61.88 62.2 0.32 0.31 1.82 54 8.64 16.60  
including 62.2 63.3 1.1 1.07 0.15 3 0.2584 0.61  
including 63.3 64 0.7 0.68 0.85 12 1.48 3.42  
KMDD0158 67.36 70.7 3.34 3.00 3.80 23 2.82 8.70 K2
including 67.36 67.8 0.44 0.40 3.41 3 0.1727 3.73  
including 67.8 68.4 0.6 0.54 0.94 4 0.2692 1.43  
including 68.4 69.3 0.9 0.81 4.81 50 6.7 16.38  
including 69.3 70.16 0.86 0.77 6.42 20 2.88 11.37  
including 70.16 70.7 0.54 0.49 1.44 23 1.226 3.74  
KMDD0121 0 0.4 0.4 0.23 16.10 10 0.10 16.39  
KMDD0121 166.49 178.72 12.23 7.09 3.63 11 0.22 4.14 K1
Including 166.49 167.3 0.81 0.47 7.10 3 0.47 7.90  
Including 167.3 168.52 1.22 0.71 3.97 2 0.13 4.20  
Including 168.52 169.37 0.85 0.49 0.12 1 0.03 0.19  
Including 169.37 170.3 0.93 0.54 0.26 2 0.12 0.49  
Including 170.3 170.9 0.6 0.35 3.35 2 0.00 3.38  
Including 170.9 171.87 0.97 0.56 0.62 1 0.01 0.66  
Including 171.87 173 1.13 0.65 0.18 1 0.03 0.24  
Including 173 174 1 0.58 0.30 2 0.02 0.35  
Including 174 175 1 0.58 0.95 1 0.01 0.97  
Including 175 176.3 1.3 0.75 13.32 3 0.05 13.44  
Including 176.3 176.76 0.46 0.27 2.37 1 0.02 2.42  
Including 176.76 177.2 0.44 0.26 7.74 3 0.08 7.92  
Including 177.2 177.5 0.3 0.17 1.34 2 0.24 1.76  
Including 177.5 178.72 1.22 0.71 5.93 92 1.46 9.51  
KMDD0121 189 196.6 7.6 4.67 1.96 13 0.25 2.54 KL
Including 189 190 1 0.61 1.83 5 0.09 2.04  
Including 190 191.4 1.4 0.86 3.36 6 0.20 3.76  
Including 191.4 192 0.6 0.37 0.49 3 0.03 0.58  
Including 192 193 1 0.61 2.76 29 0.49 3.94  
Including 193 193.7 0.7 0.43 2.43 34 0.81 4.19  
Including 193.7 193.9 0.2 0.12 0.42 5 0.09 0.63  
Including 193.9 194.1 0.2 0.12 6.81 68 0.15 7.95  
Including 194.1 195 0.9 0.55 0.39 6 0.05 0.55  
Including 195 195.9 0.9 0.55 1.23 4 0.30 1.77  
Including 195.9 196.6 0.7 0.43 1.02 5 0.19 1.39  
KMDD0121 201.1 201.88 0.78 0.49 1.43 10 0.04 1.63  
KMDD0121 202.87 213 10.13 6.39 6.55 24 0.39 7.50 K2
Including 202.87 203.9 1.03 0.65 20.00 46 0.10 20.76  
Including 203.9 204.8 0.9 0.57 9.89 120 3.27 16.79  
Including 204.8 205.48 0.68 0.43 10.50 60 0.10 11.45  
Including 205.48 205.8 0.32 0.20 0.25 5 0.34 0.88  
Including 205.8 206 0.2 0.13 15.60 108 0.11 17.19  
Including 206 207 1 0.63 0.67 4 0.01 0.74  
Including 207 208 1 0.63 0.06 3 0.01 0.11  
Including 208 208.36 0.36 0.23 0.04 2 0.01 0.08  
Including 208.36 208.5 0.14 0.09 0.09 3 0.07 0.24  
Including 208.5 209.2 0.7 0.44 0.06 1 0.06 0.16  
Including 209.2 210.1 0.9 0.57 8.06 4 0.06 8.21  
Including 210.1 210.64 0.54 0.34 0.10 1 0.02 0.14  
Including 210.64 210.9 0.26 0.16 0.18 8 0.84 1.66  
Including 210.9 211.6 0.7 0.44 0.18 3 0.06 0.32  
Including 211.6 212 0.4 0.25 0.21 15 0.59 1.37  
Including 212 212.2 0.2 0.13 0.11 3 0.05 0.23  
Including 212.2 213 0.8 0.50 22.60 5 0.04 22.73  
KMDD0121 218.3 219.15 0.85 0.54 1.04 7 0.04 1.20  
KMDD0121 246.67 246.78 0.11 0.07 1.02 1 0.01 1.05  
KMDD0121 278.7 280.3 1.6 1.01 12.58 97 2.35 17.68 K3?
Including 278.7 279.3 0.6 0.38 1.59 30 1.17 3.89  
Including 279.3 279.9 0.6 0.38 15.70 79 2.03 20.04  
Including 279.9 280.3 0.4 0.25 24.40 225 4.59 34.82  
KMDD0129 62 63 1 0.67 2.08 2 0.01 2.12  
KMDD0129 125.5 133.22 7.72 5.14 18.39 3 0.22 18.77 K1
including 125.5 126.21 0.71 0.47 11.70 3 1.42 13.91  
including 126.21 126.55 0.34 0.23 125.00 8 0.20 125.41  
including 126.55 126.75 0.2 0.13 253.00 12 0.16 253.40  
including 126.75 127 0.25 0.17 16.10 1 0.07 16.22  
including 127 127.25 0.25 0.17 105.00 1 0.02 105.04  
including 127.25 127.9 0.65 0.43 2.62 1 0.02 2.66  
including 127.9 128.43 0.53 0.35 2.58 3 0.06 2.71  
including 128.43 128.96 0.53 0.35 0.57 2 0.13 0.80  
including 128.96 129.21 0.25 0.17 1.24 2 0.17 1.52  
including 129.21 129.98 0.77 0.51 0.27 2 0.04 0.35  
including 129.98 130.86 0.88 0.59 0.22 1 0.22 0.57  
including 130.86 131.84 0.98 0.65 0.26 2 0.05 0.36  
including 131.84 132 0.16 0.11 0.53 5 0.13 0.79  
including 132 132.38 0.38 0.25 0.31 1 0.02 0.36  
including 132.38 132.75 0.37 0.25 6.86 6 0.11 7.10  
including 132.75 133.22 0.47 0.31 6.89 3 0.16 7.17  
KMDD0129 139 142 3 1.91 2.21 6 0.55 3.13 KL
including 139 140 1 0.64 6.10 4 0.01 6.17  
including 140 141.6 1.6 1.02 0.24 1 0.04 0.32  
including 141.6 142 0.4 0.26 0.33 29 3.96 6.76  
KMDD0129 210.75 213.3 2.55 1.62 2.50 3 0.25 2.92 K2
including 210.75 211.1 0.35 0.22 0.93 4 0.10 1.13  
including 211.1 211.85 0.75 0.48 0.25 1 0.13 0.46  
including 211.85 212.35 0.5 0.32 0.54 3 0.66 1.58  
including 212.35 212.64 0.29 0.18 0.21 1 0.29 0.67  
including 212.64 213.3 0.66 0.42 8.37 7 0.14 8.67  
KMDD0129 232.33 232.5 0.17 0.12 1.23 19 3.02 6.09  
KMDD0160 79.15 82.80 3.65 1.57 8.85 4 0.94 10.45 K1
including 79.15 80.15 1.00 0.43 0.37 7 1.87 3.51  
including 80.15 80.50 0.35 0.15 0.17 3 0.94 1.74  
including 80.50 81.50 1.00 0.43 16.60 4 0.31 17.15  
including 81.50 81.79 0.29 0.12 50.60 6 0.18 50.96  
including 81.79 82.80 1.01 0.43 0.61 2 0.88 2.07  
KMDD0160 90.54 110.60 20.06 8.53 2.35 21 0.36 3.21 KL
including 90.54 91.58 1.04 0.44 1.74 2 0.46 2.51  
including 91.58 92.17 0.59 0.25 1.45 3 0.44 2.20  
including 92.17 93.40 1.23 0.52 7.18 7 0.08 7.41  
including 93.40 94.40 1.00 0.43 0.44 1 0.01 0.47  
including 94.40 95.40 1.00 0.43 2.46 3 0.04 2.57  
including 95.40 96.40 1.00 0.43 1.98 1 0.07 2.11  
including 96.40 97.40 1.00 0.43 1.09 24 1.83 4.39  
including 97.40 98.45 1.05 0.45 0.43 17 1.08 2.41  
including 98.45 99.10 0.65 0.28 0.45 2 0.07 0.59  
including 99.10 99.40 0.30 0.13 0.56 1 0.03 0.62  
including 99.40 100.40 1.00 0.43 0.15 7 0.54 1.11  
including 100.40 100.75 0.35 0.15 1.46 16 2.59 5.89  
including 100.75 101.75 1.00 0.43 1.40 18 0.51 2.47  
including 101.75 102.75 1.00 0.43 1.87 15 0.30 2.55  
including 102.75 103.75 1.00 0.43 3.13 25 0.16 3.72  
including 103.75 104.70 0.95 0.40 0.14 1 0.03 0.21  
including 104.70 105.70 1.00 0.43 0.26 3 0.06 0.40  
including 105.70 106.70 1.00 0.43 0.65 3 0.11 0.88  
including 106.70 107.70 1.00 0.43 0.36 1 0.06 0.47  
including 107.70 108.70 1.00 0.43 16.60 266 0.14 20.31  
including 108.70 109.40 0.70 0.30 0.11 3 0.31 0.66  
including 109.40 110.60 1.20 0.51 3.01 6 0.19 3.39  
KMDD0160 144.15 153.00 8.85 3.77 2.35 4 0.35 2.98 KL
including 144.15 145.00 0.85 0.36 3.43 4 0.32 4.00  
including 145.00 145.80 0.80 0.34 0.74 5 0.16 1.07  
including 145.80 146.80 1.00 0.43 3.17 9 0.24 3.68  
including 146.80 147.29 0.49 0.21 6.84 6 0.31 7.43  
including 147.29 148.00 0.71 0.30 2.19 3 0.26 2.65  
including 148.00 149.00 1.00 0.43 0.14 2 0.15 0.41  
including 149.00 150.00 1.00 0.43 0.41 2 0.46 1.18  
including 150.00 151.00 1.00 0.43 3.49 3 0.63 4.55  
including 151.00 152.00 1.00 0.43 0.08 3 0.41 0.79  
including 152.00 153.00 1.00 0.43 5.12 4 0.49 5.96  
KMDD0160 164.70 167.15 2.45 1.08 5.62 27 0.75 7.20 K2
including 164.70 165.50 0.80 0.35 1.46 31 0.53 2.73  
including 165.50 166.20 0.70 0.31 3.36 38 0.89 5.30  
including 166.20 167.15 0.95 0.42 10.80 16 0.84 12.37  
KMDD0160 256.60 258.00 1.40 0.26 3.82 40 1.13 6.19  
KMDD0160 258.00 259.50 1.50 0.62 1.48 19 0.46 2.47  
KMDD0162 0.00 1.40 1.40 1.27 13.42 1 0.02 13.46  
KMDD0162 40.09 41.90 1.81 1.65 0.41 15 3.12 5.37  
KMDD0162 43.30 50.00 6.70 6.09 120.36 11 0.72 121.61 K1
including 43.30 44.40 1.10 1.00 0.85 20 1.68 3.67  
including 44.40 45.58 1.18 1.07 0.49 6 0.71 1.66  
including 45.58 46.64 1.06 0.96 660.00 26 1.57 662.73  
including 46.64 47.66 1.02 0.93 1.16 2 0.18 1.46  
including 47.66 48.70 1.04 0.95 66.50 5 0.11 66.74  
including 48.70 50.00 1.30 1.18 26.90 10 0.14 27.24  
KMDD0162 53.00 57.00 4.00 3.68 2.41 20 0.70 3.73 KL
including 53.00 54.38 1.38 1.27 0.37 5 0.53 1.25  
including 54.38 54.67 0.29 0.27 24.30 15 2.91 28.94  
including 54.67 57.00 2.33 2.14 0.89 29 0.53 2.06  
KMDD0162 62.00 71.20 9.20 8.85 9.41 14 1.20 11.43 K2
including 62.00 62.65 0.65 0.63 3.86 2 0.23 4.24  
including 62.65 64.00 1.35 1.30 16.79 8 0.17 17.15  
including 64.00 65.00 1.00 0.96 21.30 3 0.16 21.58  
including 65.00 66.00 1.00 0.96 19.50 14 0.90 21.05  
including 66.00 67.00 1.00 0.96 6.53 33 3.79 12.75  
including 67.00 68.00 1.00 0.96 9.43 27 4.48 16.63  
including 68.00 69.00 1.00 0.96 0.78 8 0.34 1.39  
including 69.00 70.00 1.00 0.96 1.30 21 0.75 2.71  
including 70.00 71.20 1.20 1.15 2.10 12 0.22 2.59  
KMDD0131 144.26 145.00 0.74 0.34 7.30 3 0.01 7.36  
KMDD0131 163.30 172.80 9.50 4.36 1.77 4 0.08 1.96 K1
including 163.30 164.40 1.10 0.50 2.39 1 0.06 2.49  
including 164.40 165.80 1.40 0.64 1.57 21 0.12 2.02  
including 165.80 166.60 0.80 0.37 1.51 1 0.24 1.88  
including 166.60 167.04 0.44 0.20 0.66 2 0.03 0.74  
including 167.04 168.42 1.38 0.63 0.35 1 0.02 0.40  
including 168.42 170.10 1.68 0.77 0.59 1 0.07 0.71  
including 170.10 171.05 0.95 0.44 0.22 1 0.02 0.25  
including 171.05 172.80 1.75 0.80 5.04 4 0.11 5.26  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
including 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00  
KMDD0131 276.53 281.43 4.90 2.79 0.85 3 0.15 1.12 K2
including 276.53 277.70 1.17 0.67 0.62 4 0.14 0.89  
including 277.70 278.55 0.85 0.48 0.15 4 0.10 0.36  
including 278.55 280.00 1.45 0.83 0.26 2 0.07 0.39  
including 280.00 280.28 0.28 0.16 0.22 2 0.16 0.49  
including 280.28 280.86 0.58 0.33 2.78 1 0.04 2.84  
including 280.86 281.43 0.57 0.32 2.19 6 0.56 3.12  
KMDD0164 48.80 55.70 6.90 5.95 34.55 6 0.62 35.57 K1
including 48.80 49.80 1.00 0.86 1.66 4 0.12 1.89  
including 49.80 50.58 0.78 0.67 0.36 3 0.19 0.69  
including 50.58 51.43 0.85 0.73 0.51 2 0.92 1.94  
including 51.43 52.43 1.00 0.86 188.97 12 0.70 190.19  
including 52.43 53.46 1.03 0.89 34.66 16 2.28 38.35  
including 53.46 54.95 1.49 1.29 2.88 1 0.04 2.95  
including 54.95 55.70 0.75 0.65 9.42 1 0.19 9.72  
KMDD0164 61.80 75.10 13.30 12.50 10.23 51 1.43 13.05 K2
including 61.80 62.70 0.90 0.85 2.99 4 0.08 3.16  
including 62.70 63.47 0.77 0.72 0.13 1 0.15 0.37  
including 63.47 64.40 0.93 0.87 72.30 460 5.82 87.04  
including 64.40 65.30 0.90 0.85 0.14 3 0.26 0.58  
including 65.30 66.34 1.04 0.98 0.14 5 2.15 3.49  
including 66.34 67.40 1.06 1.00 0.21 4 1.04 1.84  
including 67.40 69.06 1.66 1.56 3.78 56 5.37 12.71  
including 69.06 70.00 0.94 0.88 6.31 19 0.82 7.80  
including 70.00 70.90 0.90 0.85 3.92 5 0.13 4.18  
including 70.90 72.00 1.10 1.03 0.59 6 0.33 1.17  
including 72.00 73.00 1.00 0.94 37.29 90 0.17 38.70  
including 73.00 75.10 2.10 1.97 9.79 29 0.32 10.65  
KMDD0164 77.50 79.52 2.02 1.90 1.07 12 0.43 1.87  
EKDD0001 109.10 112.40 3.30 2.11 0.20 8 0.33 0.81 Drilled from surface
including 109.10 110.43 1.33 0.85 0.36 10 0.36 1.04  
including 110.43 110.90 0.47 0.30 0.06 1 0.02 0.11  
including 110.90 111.20 0.30 0.19 0.12 6 0.34 0.72  
including 111.20 111.52 0.32 0.20 0.16 11 0.56 1.16  
including 111.52 112.40 0.88 0.56 0.09 8 0.37 0.76  
EKDD0001 387.00 395.30 8.30 5.31 2.01 8 1.22 3.98 K1 
including 387.00 388.35 1.35 0.86 6.89 2 0.04 6.98  
including 388.35 389.00 0.65 0.42 0.66 3 0.03 0.75  
including 389.00 390.00 1.00 0.64 1.86 7 0.35 2.48  
including 390.00 391.20 1.20 0.77 0.28 10 0.25 0.79  
including 391.20 393.80 2.60 1.66 0.15 3 0.17 0.45  
including 393.80 394.30 0.50 0.32 0.11 2 0.07 0.25  
including 394.30 395.30 1.00 0.64 4.29 34 8.95 18.42  
EKDD0001 412.85 421.50 8.65 4.90 1.49 28 1.43 4.03  K2
including 412.85 413.05 0.20 0.13 2.97 218 2.84 10.08  
including 413.05 413.55 0.50 0.32 0.28 15 0.31 0.94  
including 413.55 414.50 0.95 0.61 0.40 10 0.26 0.92  
including 414.50 415.60 1.10 0.70 0.29 7 0.20 0.69  
including 415.60 416.80 1.20 0.77 6.79 110 6.68 18.41  
including 416.80 417.20 0.40 0.26 0.27 7 0.23 0.71  
including 417.20 418.00 0.80 0.51 0.07 3 0.06 0.20  
including 418.00 419.00 1.00 0.64 0.03 2 0.01 0.07  
including 419.00 420.00 1.00 0.64 0.10 2 0.03 0.17  
including 420.00 420.50 0.50 0.32 3.02 8 3.13 7.91  

 (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 Diamond Drilling

Hole_id Collar location Collar orientation EOH depth (m) Lode
  Local north Local East mRL Dip Local azimuth    
KMDD0154 58902.77 29868.54 1189.57 -40.5 286.7 150 Kora North
KMDD0156 58902.66 29868.94 1193.59 51.1 291.7 106.7 Kora North
KMDD0123 59039.15 29951.06 1195.08 -40.9 247.7 299.9 Kora North
KMDD0158 58902.98 29867.89 1190.54 -6.1 288.2 95.6 Kora North
KMDD0121 58928.02 29935.49 1210.88 -40.7 247.1 305 Kora North
KMDD0129 59041.64 29951.25 1195.19 -36.0 305.6 263.1 Kora North
KMDD0160 58902.55 29869.13 1189.21 -61.3 286.3 271.8 Kora North
KMDD0162 58885.04 29869.99 1208.64 -1.5 260.7 88 Kora North
KMDD0131 59041.49 29951.42 1194.81 -50.1 305.0 327 Kora North
KMDD0164 58884.21 29869.55 1208.79 1.2 247.9 94.3 Kora North
EKDD0001 58951.75 30074.96 1872.42 -56.5 258.5 525.2 Kora North Surface

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 Resource 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 further details.

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 Kainantu Mine and Project, expectations of future cash flows, the 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.

K1 Long Section

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67d13635-94f4-4e3e-99f4-d2e15df17995

K2 Long Section UPDATE

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac95a56f-a36e-48b8-ac5b-f48a394a1abf

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Figure 1

 

K1 Long Section
Figure 2

 

K2 Long Section UPDATE

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