- Drill Hole KMDD0086 records
multiple intersections including 4.20
m at 116.43 g/t Au, 6 g/t Ag and 0.36% Cu (117.06 g/t Au
Eq) plus 2.40 m at 22.41 g/t Au, 5 g/t Ag and
0.88% Cu (23.82 g/t AuEq)
- Drill Hole KMDD0088 records
multiple intersections including 12.64 m at 8.34 g/t Au, 33 g/t Ag
and 2.1% Cu (11.97 g/t AuEq)
VANCOUVER, British Columbia, May 17, 2018 (GLOBE
NEWSWIRE) -- K92 Mining Inc. –
(TSX-V:KNT) (OTCQX:KNTNF) (“K92”) is pleased to announce
results from the continuing grade control drilling of the Kora
North Extension.
Results from Hole KMDD0086
included 4.20 m at 116.43 g/t Au, 6 g/t Ag and 0.36% Cu (117.06 g/t
Au Eq) plus 2.40 m at 22.41 g/t Au, 5 g/t Ag and 0.88% Cu (23.82
g/t AuEq) plus 2.15 m at 11.49 g/t Au, 2 g/t Ag and 0..60% Cu
(12.44 g/t Au Eq) plus 5.90 m at 9.81 g/t Au, 22 g/t Ag and 3.00%
Cu (14.68 g/t AuEq), while Hole KMDD0088 recorded
3.46 m at 5.35 g/t Au, 2 g/t Ag and 0.34% Cu (5.90 g/t AuEq) plus
12.64 m at 8.34 g/t Au, 33 g/t Ag and 2.10% Cu (11.97 g/t AuEq)
plus 2.15 m at 12.50 g/t Au, 17 g/t Ag and 2.85% Cu (17.06 g/t
AuEq).
The results from DDC3 are now the furthest
drilled to the south and continue to confirm the consistency of
both the K1 and K2 lodes within this area while also further
delineating the KL structure and confirming its continuity. A plan
showing the Kora North development, location of the three diamond
drill cuddies and of the latest grade control drill holes is
provided below.
John Lewins, K92 Chief Executive Officer and
Director, states, “The K1 intersection in hole KMDD0086 is the
highest yet recorded at 117 g/t AuEq over 4.2 metres, while the K2
intersection reported in hole KMDD0088 at 12.64 or 8.3 metres true
thickness and assaying at 11.97 g/t AuEq, is the widest yet
recorded. These holes are now the furthest drilled to the south,
being less than 200 metres along strike from the know Kora resource
and have again increased our confidence in the continuity of these
Kora veins”.
Table 1 below provides a summary of the results
from the latest diamond grade control drill holes drilled into the
Kora North Vein system from DDC3. Table 2 provides details of
collar location and hole orientation.
|
Table 1.0 Kainantu Gold Mine
– Significant Intercepts from Kora Diamond Drill
Cuddy 3 |
|
|
|
|
|
|
|
|
|
|
Hole_id |
From (m) |
To (m) |
Interval (m) |
True width (m) |
Gold g/t |
Silver g/t |
Copper % |
Gold equivalent |
Comment |
KMDD0086 |
47.35 |
51.55 |
4.20 |
3.23 |
116.43 |
5.73 |
0.36 |
117.06 |
K1E |
including |
47.35 |
48.00 |
0.65 |
0.50 |
639.00 |
17.00 |
1.08 |
640.87 |
|
including |
48.00 |
48.40 |
0.40 |
0.31 |
3.17 |
3.00 |
0.66 |
4.21 |
|
including |
48.40 |
48.85 |
0.45 |
0.35 |
0.75 |
3.00 |
0.18 |
1.07 |
|
including |
48.85 |
50.00 |
1.15 |
0.88 |
0.72 |
1.00 |
0.16 |
0.98 |
|
including |
50.00 |
51.55 |
1.55 |
1.19 |
45.96 |
6.00 |
0.16 |
46.28 |
|
KMDD0086 |
52.60 |
55.00 |
2.40 |
1.84 |
22.41 |
5.15 |
0.88 |
23.82 |
K1W |
including |
52.60 |
53.00 |
0.40 |
0.31 |
130.30 |
4.00 |
0.61 |
131.28 |
|
including |
53.00 |
54.05 |
1.05 |
0.81 |
1.18 |
3.00 |
0.85 |
2.52 |
|
including |
54.05 |
55.00 |
0.95 |
0.73 |
0.44 |
8.00 |
1.04 |
2.13 |
|
KMDD0086 |
55.60 |
57.75 |
2.15 |
1.65 |
11.49 |
2.08 |
0.60 |
12.44 |
KL |
including |
55.60 |
57.00 |
1.40 |
1.08 |
6.65 |
0.50 |
0.11 |
6.82 |
|
including |
57.00 |
57.35 |
0.35 |
0.27 |
0.41 |
0.50 |
0.18 |
0.69 |
|
including |
57.35 |
57.75 |
0.40 |
0.31 |
38.13 |
9.00 |
2.71 |
42.38 |
|
KMDD0086 |
65.00 |
70.90 |
5.90 |
5.03 |
9.81 |
21.69 |
3.00 |
14.68 |
K2 |
including |
65.00 |
65.75 |
0.75 |
0.64 |
6.56 |
3.00 |
0.34 |
7.11 |
|
including |
65.75 |
66.75 |
1.00 |
0.85 |
7.12 |
11.00 |
0.21 |
7.59 |
|
including |
66.75 |
67.75 |
1.00 |
0.85 |
21.63 |
6.00 |
0.20 |
22.01 |
|
including |
67.75 |
68.80 |
1.05 |
0.90 |
9.12 |
3.00 |
0.28 |
9.58 |
|
including |
68.80 |
69.83 |
1.03 |
0.88 |
7.83 |
36.00 |
7.42 |
19.64 |
|
including |
69.83 |
70.90 |
1.07 |
0.91 |
6.12 |
64.00 |
8.53 |
19.98 |
|
KMDD0088 |
81.54 |
85.00 |
3.46 |
2.40 |
5.35 |
1.74 |
0.34 |
5.90 |
K1E |
including |
81.54 |
82.10 |
0.56 |
0.39 |
0.84 |
4.00 |
1.27 |
2.83 |
|
including |
82.10 |
82.54 |
0.44 |
0.30 |
31.98 |
3.00 |
0.55 |
32.86 |
|
including |
82.54 |
83.26 |
0.72 |
0.50 |
1.04 |
1.00 |
0.14 |
1.26 |
|
including |
83.26 |
85.00 |
1.74 |
1.20 |
1.85 |
1.00 |
0.08 |
1.99 |
|
KMDD0088 |
89.30 |
90.10 |
0.80 |
0.55 |
10.32 |
4.00 |
0.69 |
11.42 |
KL |
KMDD0088 |
96.31 |
108.95 |
12.64 |
8.31 |
8.34 |
33.04 |
2.10 |
11.97 |
K2 |
including |
96.31 |
97.10 |
0.79 |
0.52 |
0.83 |
14.00 |
1.65 |
3.54 |
|
including |
97.10 |
97.53 |
0.43 |
0.28 |
0.91 |
23.00 |
2.36 |
4.81 |
|
including |
97.53 |
98.20 |
0.67 |
0.44 |
32.53 |
81.00 |
4.18 |
39.96 |
|
including |
98.20 |
99.20 |
1.00 |
0.66 |
25.18 |
31.00 |
2.26 |
29.02 |
|
including |
99.20 |
100.50 |
1.30 |
0.85 |
12.21 |
61.00 |
6.19 |
22.46 |
|
including |
100.50 |
101.30 |
0.80 |
0.53 |
20.07 |
25.00 |
0.51 |
21.17 |
|
including |
101.30 |
102.22 |
0.92 |
0.60 |
3.30 |
2.00 |
0.28 |
3.76 |
|
including |
102.22 |
103.44 |
1.22 |
0.80 |
0.83 |
1.00 |
0.36 |
1.39 |
|
including |
103.44 |
103.97 |
0.53 |
0.35 |
2.65 |
141.00 |
5.17 |
12.34 |
|
including |
103.97 |
104.70 |
0.73 |
0.48 |
1.60 |
24.00 |
1.56 |
4.30 |
|
including |
104.70 |
106.10 |
1.40 |
0.92 |
9.20 |
12.00 |
0.58 |
10.25 |
|
including |
106.10 |
106.92 |
0.82 |
0.54 |
0.42 |
1.00 |
0.63 |
1.40 |
|
including |
106.92 |
107.64 |
0.72 |
0.47 |
0.94 |
7.00 |
0.81 |
2.27 |
|
including |
107.64 |
107.94 |
0.30 |
0.20 |
1.16 |
31.00 |
1.32 |
3.58 |
|
including |
107.94 |
108.60 |
0.66 |
0.43 |
6.25 |
127.00 |
5.33 |
16.02 |
|
including |
108.60 |
108.95 |
0.35 |
0.23 |
1.30 |
3.00 |
0.85 |
2.64 |
|
KMDD0088 |
122.21 |
124.36 |
2.15 |
1.41 |
12.50 |
16.52 |
2.85 |
17.06 |
K2H |
including |
122.21 |
122.61 |
0.40 |
0.26 |
3.47 |
16.00 |
0.25 |
4.06 |
|
including |
122.61 |
122.97 |
0.36 |
0.24 |
0.37 |
4.00 |
0.33 |
0.93 |
|
including |
122.97 |
123.35 |
0.38 |
0.25 |
0.39 |
14.00 |
5.84 |
9.51 |
|
including |
123.35 |
123.67 |
0.32 |
0.21 |
0.34 |
3.00 |
0.31 |
0.86 |
|
including |
123.67 |
124.36 |
0.69 |
0.45 |
36.37 |
31.00 |
5.19 |
44.70 |
|
|
|
|
|
|
|
|
|
|
|
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 (m) |
Lode |
|
Local north |
Local East |
mRL |
Dip |
Local azimuth |
|
|
KMDD0086 |
58901.12 |
29868.46 |
1190.97 |
14.3 |
245.9 |
179.2 |
Kora |
KMDD0088 |
58899.98 |
29868.71 |
1189.89 |
-3.26 |
221.8 |
150.6 |
Kora |
|
|
|
|
|
|
|
|
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
For further information, please contact the
Company 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 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.
A map accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/74aa0a68-62c6-48b2-8e99-dc41c89c5cc1
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