Highlights include:
K92 (TSXV:KNT) (OTCQB:KNTNF) is pleased to announce that an
initial resource has been defined in Kora North based on results
from grade control drilling and face sampling. The initial resource
which covers an area 150 metres along strike by 75 metres high
comprises a Measured Resource of 45,000 tonnes @ 9.92 g/t Au, 27
g/t Ag and 1.94% Cu and an Indicated Resource of 41,500 tonnes @
9.57 g/t Au, 26 g/t Ag and 0.91% Cu. See Table 1 below.
The mining blocks have been defined by applying
a minimum mining width of 2.5 metres and mining dilution of 0.5
metres to the above Measured and Indicated Mineral Resource in an
area 150 metres along strike between the 1160 mRL and 1235 mRL
levels (75 metres vertical extent). The mining blocks contain a
total 124,200 tonnes @ 7.17 g/t Au, 19 g/t Ag and 1.06% Cu. See
Table 2 below. This tonnage excludes approximately 8,000 tonnes
which were mined as a bulk sample from the initial 4 metre x 4
metre drive on the 1185 mRL level. It is planned that the material
defined in these mining blocks will be mined over the next nine
months.
The initial Mineral Resource and mining blocks
defined based on the resource cover approximately half of the 150
metre by 150 metre area which is being drilled on a 25 metre by 25
metre grade control pattern from the first drill cuddy. K92
anticipated updating the Mineral Resource and mining blocks for
this area by the end of December when the balance of the results
from the grade control drilling have been received. The drilling
from the first cuddy, at grade control spacing, is part of a
strategy to define mining blocks in the Kora North discovery area
while concurrently starting to test the large size potential of
Kora which remains not only open along strike and at depth, but
strongly mineralized at the extent of all drilling.
The next drill cuddy has been completed a
further 125 metres along strike to the south towards the existing
Kora mineral resource, and drilling from this cuddy will commence
shortly with a new rig which has recently arrived on site.
Table 1 Initial Kora North Mineral
Resource
|
|
|
|
|
|
Category |
Tonnes |
Au |
Cu |
Ag |
Au Eq |
Indicated |
41,500 |
9.57 |
0.91 |
25.90 |
11.26 |
Measured |
45,000 |
9.92 |
1.94 |
26.70 |
13.12 |
Total |
86,500 |
9.75 |
1.45 |
26.30 |
12.23 |
|
|
|
|
|
|
- The Mineral Resources is inclusive of those mineral resources
that have been included in the mining blocks defined in Table
2
- Gold Equivalent (Au Eq) g/t was calculated using the formula Au
g/t + (Cu% x 1.45) + Ag g/t x 0.0145
- Gold Price US$1,300/oz; Silver US$18/oz; Copper US$2.75/lb
- Cut off head grade of 4.52 g/t AuEq applied, as estimated in
the ITR Mineral Resource Estimate and Preliminary Economic
Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project,
PNG dated 2 March 2017
- A top cut of 60 g/t was applied to the gold assays
Table 2 Initial Kora North Mining Blocks
|
|
|
|
|
|
|
Level |
Tonnes |
Au |
Cu |
Ag |
Au Eq |
AuEq Ozs |
1160 mRL |
51,200 |
9.93 |
1.09 |
22.8 |
11.84 |
19,500 |
1191.5 mRL |
30,100 |
6.14 |
0.85 |
14.9 |
7.58 |
7,300 |
1210 mRL |
42,900 |
4.60 |
1.16 |
16.1 |
6.51 |
9,000 |
Total |
124,200 |
7.17 |
1.06 |
18.6 |
8.97 |
35,800 |
|
|
|
|
|
|
|
- Gold Equivalent (Au Eq) g/t was calculated using the formula Au
g/t + (Cu% x 1.45) + Ag g/t x 0.0145
- Cut off head grade of 3.71 g/t AuEq applied, as estimated in
the ITR Mineral Resource Estimate and Preliminary Economic
Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project,
PNG dated 2 March 2017
- The mining blocks contain all of the Mineral Resources defined
in Table 1 above and includes a minimum mining width and dilution
as follows:
- Minimum Mining Width of 2.5 metres
- Dilution of 0.5 metres at a grade of 0.5 g/t Au, 0.15% Cu and 1
g/t Ag has been applied to both the Footwall and the Hanging
wall
John Lewins, K92 Chief Executive Officer and
Director, states, “We are extremely pleased with the initial
resource and mining blocks that have been defined using the results
from the grade control drilling and face sampling. With over 8,000
tonnes already mined and a further 124,200 tonnes remaining in the
150 metre x 75 metre mining block, our target1 of identifying
mining blocks containing 200,000 to 250,000 tonnes at a grade of 7
- 9 g/t AuEq from grade control drilling covering an area of 150
metres x 150 metres from this first drill cuddy appears achievable.
We will continue to mine from development within this area and
expect to commence stope production from Kora North in early 2018.
We are also continuing to develop along strike on the Kora lode to
the south towards the existing Kora deposit.”
Note 1 The target tonnes and grade are
conceptual in nature as the balance of the area has insufficient
drilling to define a mineral resource or mining blocks and it is
therefore uncertain whether further drilling will delineate
additional resources. The target is based on extending existing
results from the 150 x 75 metre area to the entire 150 metre x 150
metre area and applying a minimum mining width of 2.5 metre and
dilution of 0.5 metres to the footwall and hanging wall.
K92 Mine Geology Manager and Mine Exploration
Manager, Mr. Andrew Kohler, PGeo, 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. 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.
K92 also announces that on November 28, 2017,
the Company granted a total of 300,000 incentive stock options to
directors and consultants. The options were granted in
accordance with the terms of the Company’s stock option plan.
They are exercisable at a price of C$0.65 per share, vest over a
period of 12 months, with the initial vesting on the date of grant
and expire on November 28, 2022.
On behalf of the company,
John LewinsChief Executive Officer and
Director
K92 has a standard underground face sampling
procedure in place in which face geological mapping and channel
samples are taken across the strike, at right angles to the drive
walls at intervals of approximately of 1.5m apart coinciding with
the development advance of the heading. A geologist determines the
interval lengths across the face for each sample depending on the
geological character of the material. Two samples are taken per
interval at waist and knee height and the corresponding widths
recorded. No greater than 1.5m intervals are allowed during
sampling. Samples are approximately 3.5kg in size. Assay for Au, Ag
and Cu are averaged using length weighting of the sample interval
and then, coupled with the orientation of channel and placed in the
database. Standard QAQC procedures are used for underground samples
as described in the ITR Mineral Resource Estimate and Preliminary
Economic Assessment of Irumafimpa and Kora Gold Deposits, Kainantu
Project, PNG dated 2 March 2017.
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.
Telephone: (604) 687-7130Facsimile: (604)
608-9110
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