Highlights include:
- Cut and fill stoping has commenced at the Kora North K2
vein
- Head grade of the first 2,000 tonnes of material mined
from these stopes averaged 10.5 g/t Au and 0.57% Cu
- Processing of the 2,000 tonnes of material mined
generated 126 tonnes of concentrate averaging 276 g/t Au and 16.7%
Cu, containing 611 ozs Au and 25,300 lbs Cu.
- Mining of second Kora North vein (K1) has commenced
with a first 1,000 tonnes mined from this vein
VANCOUVER, British Columbia, Jan. 16, 2018
(GLOBE NEWSWIRE) -- K92 (TSX-V:KNT) (OTCQB:KNTNF)
is pleased to provide an update on operations at its Kainantu Gold
Mine in Papua New Guinea.
Mining of an initial bulk samples from the Kora
North vein K2 from a four-metre-by-four-metre horizontal
development approximately 200 metres long was completed in
November. Using the information obtained from this initial
development and the grade control drilling targeting this area from
Diamond Drill Cuddy One (DDC1) two initial cut and fill stopes were
designed, from which mining commenced in December. Each stope,
designated 1185 OS and 1185 ON, is approximately 100 metres long
and is being mined in two metre cuts, generating approximately
2,500 tonnes of material per cut per stope.
Material from stope 1185 ON was drilled, blasted
and mined in December and approximately 80% of this, comprising
2,000 tonnes was treated through the process plant. The head grade
of this material averaged 10.5 g/t Au and 0.57% Cu and processing
achieved gold recovery of 91.4% and copper recovery of 92.4%. An
estimated of 126 tonnes of concentrate assaying at 276 g/t Au and
16.7% copper and containing 611 ozs of gold and 25,300 lbs copper
were produced from treating this material.
The balance of the material from stope 1185 ON
as well as the material from 1185 OS, which has now also been
mined, estimated at 3,000 tonnes is currently being processed
through the plant. Cut and fill mining of these stopes will
continue in January and February and material generated will be
processed on an ongoing basis.
Development of the footwall drive to the south
has continued and this is now over 150 metres from the first cross
cut. A second cross cut has been established and mining of the Kora
North K1 vein from this cross cut was commenced in December with
three metre by four metre horizontal development along strike to
the north and south. To date some 1,000 tonnes has been mined from
K1 and this material together with ongoing material mined during
the month will also be treated through the plant.
Development of an access to the Kora North 1210
mRL level has been commenced from the Puma incline, as has access
to the Kora North 1170 mRL level from the main Kora Drive. It is
anticipated that these developments will enable long hole stoping
of the Kora North K2 vein to commence late March or early
April.
Mining from Irumafimpa is also continuing, with
mining focused on the 1235 S stope and 1220 flatback stope. It is
anticipated that mining of these and associated areas will be
completed by the end of the March Quarter although limited mining
of selected high grade areas may continue beyond this time.
John Lewins, K92 Chief Executive Officer and Director, states,
“We are extremely pleased with the progress achieved in
developing the Kora North vein system. Since drilling the first
discovery hole into this area in May 2017, we have developed a
major system access into the area, including the establishment of
ventilation and services, established drill cuddies and drilled
over 30 grade control diamond drill holes, completed the initial
mining of an 8,000 tonne bulk sample and have now commenced stoping
operations. On the metallurgical front we have consistently
achieved above 90% recovery of gold and copper from the treatment
of the Kora North material mined which overall has averaged
approximately 7.5 g/t Au and 0.7% Cu.
We are now looking forward to the next phase of the
development of the Kora North system with the commencement of long
hole stoping and the commencement of the planned exploration
drilling program targeting an expansion of the known resource,
which is currently strongly mineralized at the extent of all
drilling.”
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 resource
estimates.
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.
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
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