- Drill Hole KMDD0039 records
4.05 m at 5.00 g/t Au, 2 g/t Ag and 0.22%
Cu (5.36 g/t AuEq) plus 3.6 m at 12.99 g/t Au, 68
g/t Ag and 0.92% Cu (15.27 g/t AuEq) plus 2.6 m at
4.91 g/t Au, 13 g/t Ag and 0.80% Cu (6.30 g/t AuEq)
- Drill Hole KMDD0043 records 7.7 m at 5.84 g/t Au, 4 g/t
Ag and 0.14% Cu (6.10 g/t AuEq) plus 1.8 m at 2.81 g/t Au, 22 g/t
Ag and 3.92% Cu (9.09 g/t AuEq) plus 10.1 m at 3.70 g/t Au, 4 g/t
Ag and 0.24% Cu (4.13 g/t AuEq)
- Drill Hole KMDD0041 records 7.7 m at 7.16 g/t Au, 14
g/t Ag and 0.14% Cu (7.55 g/t AuEq)
- Drill Hole KMDD0045 records 5.26 m at 13.77 g/t Au, 5
g/t Ag and 0.07% Cu (13.93 g/t AuEq)
VANCOUVER, British Columbia, Jan. 12, 2018
(GLOBE NEWSWIRE) -- K92 Mining Inc. (TSX-V:KNT) (OTCQB:KNTNF)
(“K92”) is pleased to announce results from the continuing grade
control and exploration drilling of the Kora North Extension.
The results reported include three holes from
Diamond Drill Cuddy One (DDC1), and four holes from Diamond Drill
Cuddy Two (DDC2), located approximately 125 metres along strike
DDC1. All holes drilled from DDC2 have recorded wide intersections
of the K1 vein in addition to the main Kora North vein (K2), except
KMDD0041 which was stopped short of the K2 vein.
Results have included Hole KMDD0039 which
recorded 4.05 m at 5.00 g/t Au, 2 g/t Ag and 0.22% Cu (5.36 g/t
AuEq) plus 3.6 m at 12.99 g/t Au, 68 g/t Ag and 0.92% Cu (15.27 g/t
AuEq) plus 2.6 m at 4.91 g/t Au, 13 g/t Ag and 0.80% Cu (6.30 g/t
AuEq) and hole KMDD0043 which recorded 7.7 m at 5.84 g/t Au, 4 g/t
Ag and 0.14% Cu (6.10 g/t AuEq) plus 1.8 m at 2.81 g/t Au, 22 g/t
Ag and 3.92% Cu (9.09 g/t AuEq) plus 10.1 m at 3.70 g/t Au, 4 g/t
Ag and 0.24% Cu (4.13 g/t AuEq).
The K1 results are considered particularly
significant as all five holes drilled to date from DDC2 have
recorded consistently wide intersections varying from 4.05 metres
to 8.4 metres, while grades have varied from 5.36 g/t AuEq to 13.93
AuEq. Importantly, the most southerly hole drilled from DDC1
(KMDD0024) recorded a K1 intersection of 11.5 metres at 7.11 g/t
Au, 12 g/t Ag and 0.0.32% Cu (7.76 g/t AuEq).
In addition, in two of the holes drilled from
DDC2 a third vein appears to be developing between K1 and K2 veins
with intersections of 3.6 metres at 12.99 g/t Au, 68 g/t Ag and
0.92% Cu (15.27 g/t AuEq) recorded in hole KMDD0039 and 1.8 metres
at 2.81 g/t Au, 22 g/t Ag and 3.92% Cu (9.09 g/t AuEq) recorded in
hole KMDD0043. The presence of 3 veins is consistent with the
interpreted geology reported in the main Kora deposit to the south,
which has up to four veins reported.
John Lewins, K92 Chief Executive Officer and
Director, states, “The recent drilling results and especially
those from DDC2 have continued to build our confidence in the
continuity of the North Kora Vein System. The results from the
southern holes from DDC1 and all the holes drilled from DDC2 have
identified the K1 vein as having significant potential. The
identification of a third vein further enhances the potential of
the system and appears consistent with the geology encountered in
the main Kora deposit to the south which has up to four veins
present.
The grade control drilling from DDC 1 has
now been successfully completed and this rig is being relocated to
drill a northern target for an extension of the K2 vein parallel to
Irumafimpa, identified in the results previously reported for hole
KMDD0035. Following the completion of this program, drilling is
scheduled to commence on the underground diamond drilling
exploration program. This program which is expected to take
approximately six months to complete will target an area of
approximately 600 metres on strike by 500 metres on dip between
Irumafimpa and the known Kora deposit."
Table 1 and 2 below provide a summary of the
results from the latest diamond grade control drill holes drilled
into the Kora North Vein system. Table 1 provides a summary of the
significant intercepts from the hole, while Table 2 provides
details of collar location and hole orientation.
Table 1.0 Kainantu Gold Mine
– Significant Intercepts from Kora Underground
Diamond Drilling |
|
Hole_id |
From (m) |
To (m) |
Interval (m) |
True width (m) |
Gold g/t |
Silver g/t |
Copper % |
Gold
equivalent |
KMDD0039 |
24.65 |
28.7 |
4.05 |
3.66 |
5.00 |
2 |
0.22 |
5.36 |
Including |
24.65 |
25.5 |
0.85 |
0.77 |
17.52 |
4 |
0.24 |
17.94 |
Including |
25.5 |
26.75 |
1.25 |
1.13 |
3.16 |
3 |
0.44 |
3.88 |
Including |
26.75 |
28.1 |
1,35 |
1,22 |
0.26 |
10 |
0.08 |
0.50 |
Including |
28.1 |
28.7 |
0.6 |
0.54 |
1.77 |
2 |
0.02 |
1.83 |
KMDD0039 |
43 |
46.6 |
3.6 |
3.25 |
12.99 |
68 |
0.92 |
15.27 |
Including |
43 |
44 |
1 |
0.90 |
21.72 |
100 |
1.60 |
25.43 |
Including |
44 |
44.75 |
0.75 |
0.68 |
5.1 |
38 |
0.15 |
5.81 |
Including |
44.75 |
45.3 |
0.55 |
0.50 |
10.49 |
125 |
1.58 |
14.50 |
Including |
45.3 |
45.7 |
0.4 |
0.36 |
13.06 |
43 |
0.58 |
14.50 |
Including |
45.7 |
46.6 |
0.9 |
0.81 |
11.38 |
35 |
0.55 |
12.66 |
KMDD0039 |
72 |
74.6 |
2.6 |
2.35 |
4.91 |
13 |
0.80 |
6.30 |
Including |
72 |
73.2 |
1.2 |
1.08 |
7.36 |
14 |
0.82 |
8.80 |
Including |
73.2 |
74.6 |
1.4 |
1.27 |
2.81 |
13 |
0.77 |
4.15 |
Hole_id |
From (m) |
To (m) |
Interval (m) |
True width (m) |
Gold g/t |
Silver g/t |
Copper % |
Gold
equivalent |
KMDD0040 |
15.7 |
20 |
4.3 |
2.98 |
1.32 |
5 |
0.05 |
1.46 |
Including |
15.7 |
16.1 |
0.4 |
0.28 |
1.85 |
2 |
0.02 |
1.90 |
including |
16.1 |
16.9 |
0.8 |
0.55 |
0.69 |
2 |
0.02 |
0.74 |
Including |
16.9 |
17.7 |
0.8 |
0.55 |
1.26 |
4 |
0.03 |
1.36 |
including |
17.7 |
18.7 |
1 |
0.69 |
0.32 |
9 |
0.16 |
0.67 |
Including |
18.7 |
20 |
1.3 |
0.90 |
2.36 |
6 |
0.01 |
2.45 |
KMDD0041 |
38.1 |
45.65 |
7.55 |
4.98 |
7.16 |
14 |
0.14 |
7.55 |
Including |
38.1 |
40 |
1.9 |
1.25 |
10.89 |
5 |
0.09 |
11.09 |
Including |
40 |
41.1 |
1.1 |
0.72 |
0.12 |
1 |
0.03 |
0.17 |
Including |
41.1 |
42.04 |
0.94 |
0.62 |
0.18 |
1 |
0.06 |
0.28 |
Including |
42.04 |
42.15 |
0.11 |
0.07 |
37.75 |
11 |
0.10 |
38.05 |
including |
42.15 |
43.35 |
1.2 |
0.79 |
0.35 |
1 |
0.02 |
0.39 |
Including |
43.35 |
44.46 |
2.3 |
1.52 |
12.37 |
39 |
0.34 |
13.38 |
Including |
44.46 |
45.1 |
0.64 |
0.42 |
6.58 |
19 |
0.11 |
6.99 |
including |
45.1 |
45.65 |
0.55 |
0.36 |
42.43 |
123 |
0.37 |
44.56 |
KMDD0042 |
23.5 |
26.1 |
2.6 |
1.59 |
3.74 |
21 |
0.16 |
4.25 |
Including |
23.5 |
24.6 |
1.1 |
0.67 |
7.02 |
28 |
0.19 |
7.67 |
including |
24.6 |
24.8 |
0.2 |
0.12 |
0.38 |
2 |
0.01 |
0.43 |
Including |
24.8 |
26.1 |
1.3 |
0.80 |
1.48 |
17 |
0.16 |
1.94 |
KMDD0042 |
62.7 |
63.8 |
1.1 |
0.67 |
1.20 |
1 |
0.11 |
1.39 |
KMDD0043 |
21.1 |
28.8 |
7.7 |
6.95 |
5.84 |
4 |
0.14 |
6.10 |
Including |
21.1 |
22 |
0.9 |
0.81 |
22.77 |
4 |
0.21 |
23.14 |
Including |
22 |
23 |
1 |
0.90 |
0.00 |
0 |
0.12 |
0.18 |
Including |
23 |
24.33 |
1.33 |
1.20 |
0.10 |
0 |
0.07 |
0.20 |
Including |
24.33 |
25.4 |
1.07 |
0.97 |
4.13 |
2 |
0.02 |
4.19 |
including |
25.4 |
26.2 |
0.8 |
0.72 |
10.15 |
7 |
0.20 |
10.55 |
Including |
26.2 |
26.5 |
0.3 |
0.27 |
1.80 |
1 |
0.04 |
1.88 |
Including |
26.5 |
27.5 |
1.00 |
0.90 |
0.26 |
1 |
0.03 |
0.32 |
including |
27.5 |
28 |
0.50 |
0.45 |
0.34 |
1 |
0.06 |
0.44 |
including |
28 |
28.8 |
0.9 |
0.72 |
13.18 |
19 |
0.54 |
14.25 |
KMDD0043 |
59.4 |
61.2 |
1.8 |
1.67 |
2.81 |
22 |
3.92 |
9.09 |
including |
59.4 |
60.4 |
1 |
0.93 |
0.96 |
5 |
0.57 |
1.90 |
including |
60.4 |
61.2 |
0.8 |
0.74 |
5.13 |
43 |
8.10 |
18.06 |
KMDD0043 |
66 |
76.1 |
10.1 |
9.40 |
3.70 |
4 |
0.24 |
4.13 |
Including |
66 |
66.9 |
0.9 |
0.84 |
0.43 |
14 |
0.64 |
1.59 |
Including |
66.9 |
67.6 |
0.7 |
0.65 |
7.86 |
8 |
0.11 |
8.13 |
Including |
67.6 |
69 |
1.4 |
1.30 |
20.00 |
3 |
0.03 |
20.08 |
Including |
69 |
70 |
1 |
0.93 |
0.06 |
1 |
0.00 |
0.08 |
including |
70 |
71 |
1 |
0.93 |
0.05 |
2 |
0.01 |
0.09 |
Including |
71 |
72 |
1 |
0.93 |
0.08 |
2 |
0.10 |
0.26 |
Including |
72 |
73 |
1.00 |
0.93 |
0.33 |
2 |
0.13 |
0.55 |
including |
73 |
74.1 |
1.10 |
1.02 |
0.13 |
4 |
0.23 |
0.53 |
including |
74.1 |
74.8 |
0.7 |
0.65 |
1.50 |
14 |
0.12 |
1.86 |
including |
74.8 |
76.1 |
1.3 |
1.21 |
1.31 |
8 |
0.15 |
1.64 |
KMDD0044 |
15 |
19.42 |
4.42 |
2.30 |
3.30 |
2 |
0.05 |
3.41 |
including |
15 |
15.2 |
0.20 |
0.10 |
2.25 |
4 |
0.11 |
2.46 |
including |
15.2 |
15.8 |
0.60 |
0.31 |
0.00 |
1 |
0.00 |
0.01 |
including |
15.8 |
16.8 |
1.00 |
0.52 |
0.17 |
0 |
0.00 |
0.17 |
including |
16.8 |
17.64 |
0.84 |
0.44 |
0.31 |
0 |
0.01 |
0.32 |
including |
17.64 |
17.86 |
0.22 |
0.11 |
2.55 |
1 |
0.04 |
2.63 |
including |
18.45 |
19 |
0.55 |
0.29 |
18.47 |
9 |
0.14 |
18.80 |
including |
19 |
19.42 |
0.42 |
0.22 |
5.35 |
3 |
0.24 |
5.75 |
KMDD0044 |
88.5 |
92.4 |
3.90 |
2.03 |
1.04 |
18 |
2.45 |
5.02 |
including |
88.5 |
89.2 |
0.70 |
0.36 |
1.97 |
68 |
11.30 |
20.12 |
including |
89.2 |
89.85 |
0.65 |
0.34 |
1.42 |
5 |
0.59 |
2.38 |
including |
89.95 |
90.34 |
0.39 |
0.20 |
0.57 |
3 |
0.54 |
1.44 |
including |
90.34 |
91 |
0.66 |
0.34 |
1.06 |
1 |
0.32 |
1.55 |
including |
91.9 |
92.4 |
0.50 |
0.26 |
1.00 |
31 |
1.05 |
3.00 |
Hole_id |
From (m) |
To (m) |
Interval (m) |
True width (m) |
Gold g/t |
Silver g/t |
Copper % |
Gold
equivalent |
KMDD0045 |
31 |
36.26 |
5.26 |
3.61 |
13.77 |
5 |
0.07 |
13.93 |
including |
31 |
32.05 |
1.05 |
0.72 |
5.57 |
3 |
0.04 |
5.67 |
including |
32.05 |
32.73 |
0.68 |
0.47 |
6.27 |
5 |
0.09 |
6.47 |
including |
33.2 |
34.23 |
1.03 |
0.71 |
3.51 |
2 |
0.01 |
3.55 |
including |
34.23 |
34.7 |
0.47 |
0.32 |
109.20 |
23 |
0.28 |
109.93 |
including |
34.7 |
35.42 |
0.72 |
0.49 |
7.65 |
3 |
0.04 |
7.74 |
including |
35.42 |
36.26 |
0.84 |
0.58 |
1.80 |
4 |
0.09 |
1.98 |
KMDD0045 |
44.4 |
45.1 |
0.70 |
0.48 |
2.71 |
22 |
1.02 |
4.54 |
Notes
Gold Equivalent uses Copper price – US$2.90/lb; Silver price
US$16.5/oz and Gold price of US$1300/oz
Table 2.0 Kainantu Gold Mine – Collar Locations for
Kora Underground Diamond
Drilling |
|
Hole_id |
Collar location |
Collar orientation |
EOH
depth |
|
Local
north |
Local East |
mRL |
Dip |
Local |
(m) |
KMDD0039 |
59001.47 |
29874.55 |
1189.46 |
8.7 |
243.8 |
108.9 |
KMDD0040 |
59128.44 |
29876.20 |
1187.64 |
-12.6 |
313.6 |
61.8 |
KMDD0041 |
59000.79 |
29876.12 |
1189.81 |
12.4 |
225.2 |
53.8 |
KMDD0042 |
59124.63 |
29876.72 |
1190.39 |
46.2 |
241.4 |
80.0 |
KMDD0043 |
59005.75 |
29874.46 |
1189.41 |
9.2 |
296.4 |
92.5 |
KMDD0044 |
59124.60 |
29876.48 |
1187.33 |
-34.4 |
242.9 |
104.3 |
KMDD0045 |
59006.42 |
29876.09 |
1190.49 |
25.4 |
314.5 |
121.0 |
The current Kora/Eutompi inferred resource, as
defined by previous drilling to date, is 4.36 million tonnes at a
grade of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu, or 11.2 g/t
gold equivalent (see attached table) and is open for expansion at
depth and in both directions along strike.
K92 has filed and made available for download on
the company's SEDAR profile a technical report titled "Independent
Technical Report, Mineral Resource Update and Preliminary Economic
Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project,
Papua New Guinea," with an effective date of March 2, 2017, that
provides additional information on the geology of the deposits,
drilling and sampling procedures, lab analysis, and quality
assurance/quality control for the project, and additional details
on the resource estimates.
The PEA estimates for Kora, based on the current
resource estimates (4.36 million tonnes of 7.3 g/t Au, 35 g/t Ag
and 2.23 per cent Cu):
- Over a nine-year operating life,
the plant would treat 3.2 million tonnes averaging 7.1 g/t Au, 25
g/t Ag and 1.7 per cent Cu (9.3 g/t AuEq (1));
- This would generate an estimated
positive cash flow of $537-million (U.S.) using current metal
prices if 15-metre levels are used in mining; if 25-metre levels
are used, then net cash flows are estimated as $558-million (U.S.);
this cash flow includes conceptual allowances for capital;
- Production of an estimated average
of 108,000 AuEq (1) ounces per annum over an eight-year period from
year 2 through to year 9;
- An estimated pretax net present
value (NPV) of $415-million (U.S.) for 25-metre levels, or
$397-million (U.S.) for 15-metre levels, using current metal
prices, exchange rates and a 5-per-cent discount;
- An estimated after-tax NPV of
$329-million (U.S.) for 25-metre levels, or $316-million (U.S.) for
15-metre levels, using current metal prices, exchange rates and a
5-per-cent discount;
- Initial capital cost is estimated
to be $13.8-million (U.S.), including the $3.3-million (U.S.) for
the plant upgrade identified in the Mincore scoping study, but
excluding the proposed Kora exploration inclines and diamond
drilling; sustaining capital cost is estimated to a further
$64-million (U.S.) spent over the life of the Kora mining for
25-metre levels, or $83-million (U.S.) for 15-metre levels;
- Operating cost per tonne is
estimated to be $125 (U.S.) per tonne for 25-metre levels, or $126
(U.S.) per tonne for 15-metre mining levels;
- Excluding initial capital
expenditure of $14-million (U.S.), cash cost is estimated to be
$547 (U.S.) per ounce AuEq (inclusive of a 2.5-per-cent net smelter
return (NSR) royalty) and all-in sustaining cost (AISC) of $619
(U.S.) per ounce AuEq for 25-metre mining levels, or $549 (U.S.)
per ounce (inclusive of a 2.5-per-cent NSR royalty) and AISC of
$644 (U.S.) per ounce AuEq for 15-metre mining levels.
Metal prices used were $1,300 per ounce for
gold, $18 (U.S.) per ounce for silver and $4,800 per tonne for
copper.
(1) Gold equivalent calculated on above metal
prices.
Kora remains open for expansion in every
direction and strongly mineralized at the extent of all
drilling.
The PEA is preliminary in nature and includes
inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and
there is no certainty that the PEA will be realized. The technical
report contains a full description of all underlying assumptions
relating to the PEA. Mineral resources that are not mineral
reserves and do not have demonstrated economic
viability.
Table 3.0 IRUMAFIMPA AND KORA/EUTOMPI
RESOURCES |
|
|
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 |
13.4 |
0.24 |
Total Inferred |
4.89 |
7.7 |
1.21 |
32 |
5.06 |
2.0 |
218 |
11.2 |
1.76 |
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 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.
On Behalf of the Company,
John Lewins, 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, 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) 687-7130
Facsimile: (604) 608-9110
K92 Mining (QX) (USOTC:KNTNF)
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