Highlights:
- Consolidated Nickel Measured and Indicated Mineral Resource
increased by 8% to 21,100 nickel tonnes
- Beta Block Nickel Measured and Indicated Mineral Resource
increased by 11% to 15,100 nickel tonnes
TORONTO, March 7,
2023 /CNW/ - Karora Resources Inc. (TSX: KRR)
(OTCQX: KRRGF) ("Karora" or the "Corporation") is pleased to
announce the Beta Hunt Nickel Measured and Indicated Mineral
Resources increased by 8% to 21,100 nickel tonnes and Inferred
Mineral Resources increased by 2% to 13,400 nickel tonnes, net of
mining depletions.
Paul Andre Huet, Chairman &
CEO, commented: "We continued to build our nickel inventory with an
8% increase to the Measured and Indicated Mineral Resource to
21,100 nickel tonnes. This increase as of September 30, 2022 is a strong result being just
eight months since the last update in January 2022 with only remnant mining completed
over the course of 2022 as we await scheduled increased ventilation
capacity later this year underground at Beta Hunt. The resource
additions were all from the Beta Block area north of the Gamma
Fault, primarily in the Beta West zone.
Over the balance of 2023, our nickel resource development
drilling at Beta Hunt will be focused on upgrading and extending
the East Alpha and 40C Mineral Resources in the Beta zone and the
50C and 10C Mineral Resources in the Gamma zone. As we have stated
several times before, we are just beginning to unlock the potential
for nickel mineralization south of the Gamma Fault where we have
delineated only 800 metres in strike length of 2.6 km from the
Fault to our property boundary. Upon expansion of our ventilation
capacity via the addition of three vent raises this year, we will
be able to increase both our drilling and development efforts in
this area at the southern extent of our operation."
Beta Hunt Nickel Resource
Summary
Table 1: Nickel-Mineral Resources as at September 30, 2022
Note: Refer to
detailed footnotes below
Sept-2022
Nickel Mineral
Resource
|
Measured
|
Indicated
|
Measured &
Indicated
|
Inferred
|
K
tonnes
|
Ni
(%)
|
Ni
tonnes
|
K
tonnes
|
Ni
(%)
|
Ni
tonnes
|
K
tonnes
|
Ni
(%)
|
Ni
tonnes
|
K
tonnes
|
Ni
(%)
|
Ni
tonnes
|
Beta Block
|
-
|
-
|
-
|
548
|
2.8
|
15,100
|
548
|
2.8
|
15,100
|
183
|
2.8
|
5,200
|
Gamma Block
|
-
|
-
|
-
|
197
|
3.0
|
6,000
|
197
|
3.0
|
6,000
|
317
|
2.6
|
8,200
|
Total
|
-
|
-
|
-
|
745
|
2.8
|
21,100
|
745
|
2.8
|
21,100
|
500
|
2.7
|
13,400
|
At September 30, 2022, Measured and
Indicated Mineral Resources totaled 745k tonnes grading 2.8% for 21,100 nickel
tonnes. This marks an increase of 1,500 nickel tonnes, or 8%
compared to the January 31, 2022,
Measured and Indicated Mineral Resource estimate (see Karora news
release dated May 11, 2022).
September 30, 2022 Inferred Mineral
Resources totaled 500k tonnes grading
2.7% for 13,400 nickel tonnes. The represents an increase of 200
nickel tonnes, or 2%, compared to the January 31, 2022 Inferred Mineral Resource
estimate.
![Figure 1: Beta Hunt plan view showing locations of the Beta Hunt nickel Mineral Resource (CNW Group/Karora Resources Inc.) Figure 1: Beta Hunt plan view showing locations of the Beta Hunt nickel Mineral Resource (CNW Group/Karora Resources Inc.)](https://mma.prnewswire.com/media/2017114/Karora_Resources_Inc__Karora_Announces_an_8__Increase_to_the_Bet.jpg)
The new Nickel Mineral Resource incorporates the addition of the
Beta West Resource and updates to the Beta Central Resource. Beta
West covers remnant nickel mineralization west of the main Beta
workings and comprises a Measured and Indicated Mineral Resource of
50,000 tonnes grading 2.3% for 1,160 nickel tonnes and an Inferred
Mineral Resource of 5,000 tonnes grading 3.3% for 150 nickel
tonnes. The updates to the Mineral Resource were undertaken by AMC
Consultants Pty Ltd, Perth (AMC).
The Beta Hunt Mineral Resource estimate is net of mostly remnant
mine production depletion of 17,300 tonnes grading 1.6% for 275
nickel tonnes over the period February 1,
2022 to September 30, 2022.
Mining over this period was from the 25C, 30C, 40C and 4C
positions. The recently discovered 4C deposit is not yet part of
the Nickel Mineral Resource inventory (see Karora news release,
September 14, 2022).
Drilling for nickel in 2023 is planned to upgrade and extend the
East Alpha and 40C resources in the Beta Block and the 50C/10C
resources in the Gamma Block.
Compliance Statement (JORC 2012
and NI 43-101)
Mr. Stephen Devlin is Group
Geologist for Karora, a full-time employee of Karora and a
Fellow of the AusIMM. Mr Devlin has sufficient experience that is
relevant to the style of mineralization and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the JORC Code, 2012 Edition, and
fulfils the requirements to be a "Qualified Person" for the
purposes of NI 43-101. Mr Devlin has reviewed and approved the
disclosure of the technical information for the Beta Hunt Nickel
Mineral Resource included in this news release.
The "JORC Code" means the Australasian Code for Reporting of
Mineral Resources and Ore Reserves prepared by the Joint Ore
Reserves Committee of the Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Mineral
Council of Australia. There are no material differences
between the definitions of Mineral Resources under the applicable
definitions adopted by the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM Definition Standards") and the
corresponding equivalent definitions in the JORC Code for Mineral
Resources.
Detailed Footnotes relating to
Mineral Resource Estimates as at September
30,2022
- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the Mineral Resources estimated will be converted into
Mineral Reserves.
- The Measured and Indicated Mineral Resources are inclusive of
those Mineral Resources modified to produce Mineral Reserves.
- The Mineral Resource estimates include Inferred Mineral
Resources that are normally considered too speculative geologically
to have economic considerations applied to them that would enable
them to be categorized as Mineral Reserves. There is also no
certainty that Inferred Mineral Resources will be converted to
Measured and Indicated categories through further drilling, or into
Mineral Reserves once economic considerations are applied.
- The Nickel Mineral Resource is reported within proximity to
underground development and nominal 1% Ni lower cut-off grade for
the nickel sulphide mineralization.
- The Nickel Mineral Resource assumes an underground mining
scenario and a high level of selectivity.
- Mineral Resource tonnage and contained metal have been rounded
to reflect the accuracy of the estimate, and numbers may not add
due to rounding.
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. In July 2022, Karora acquired
the 1.0 Mtpa Lakewood Mill in Western
Australia. At Beta Hunt, a robust gold Mineral Resource and
Reserve are hosted in multiple gold shears, with gold intersections
along a 4 km strike length remaining open in multiple directions.
HGO has a substantial Mineral gold Resource and Reserve and
prospective land package totaling approximately 1,900 square
kilometers. The Corporation also owns the high grade Spargos Reward
project, which came into production in 2021. Karora has a strong
Board and management team focused on delivering shareholder value
and responsible mining, as demonstrated by Karora's commitment to
reducing emissions across its operations. Karora's common shares
trade on the TSX under the symbol KRR and also trade on the OTCQX
market under the symbol KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to, among other
items, production guidance, the organic growth profile and the
potential of the Beta Hunt Mine and Higginsville Gold Operation and
the Spargos Reward Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.