TORONTO, Sept. 12,
2023 /CNW/ - Karora Resources Inc. (TSX: KRR)
(OTCQX: KRRGF) ("Karora" or the "Corporation") is pleased to
announce the second set of results from the nine-hole drill program
aimed to test and infill the southern extension of the Fletcher
Shear Zone (FSZ) over 500 metres of strike north of the Alpha
Island Fault (AIF). Assays from the final five holes of the program
were received, highlighted by broad, high grade intersections from
the most northern infill line which indicate the strike of the FSZ
to re-align closer and within 250 metres of the Western Flanks
Mineral Resource. Results from the now completed infill
program confirm the existence of a significant mineralized system
west of Western Flanks with potential for the FSZ to be the third
major gold system in the Hunt Block after the Western Flanks and A
Zone.
Fletcher Highlights1
- WF405ACC-48AE: 4.8 g/t over 32.0 metres and 4.9 g/t
over 5.0 metres
- WF405ACC-49AE: 3.6 g/t over 34.5 metres and
11.2 g/t over 2.0 metres
- BF1730-24AE: 15.9 g/t over 6.0 metres (EOH) and 18.0 g/t
over 3.0 metres
1.
|
Interval lengths are
downhole widths. Estimated true widths cannot be determined with
available information.
|
Paul Andre Huet, Chairman & CEO, commented: "Today's
update on the southern portion of the Fletcher Zone continues to
build on the exciting drill results we have reported from this area
over the last several months (see Karora news releases dated
April 13 and August 8, 2023). We continue to see very strong
grades associated with the FSZ, which has an interpreted strike
length of 2.0 km. These results further support our interpretation
of Fletcher as a Western Flanks structural analogue, which has been
the largest and most promising shear zone for gold production
to-date at Beta Hunt.
The southern end of Fletcher is positioned very near to existing
nickel infrastructure in the Beta Block and the Larkin Mineral
Reserve to the south, only 250 metres from hole BL1730-04AE. Once
again, this demonstrates the infrastructure advantage we enjoy at
Beta Hunt with over 400 km of existing tunnels which generally
offer a great potential head start to bring new production areas
online, such as with Fletcher.
Overall, Fletcher continues to add to the potential for
significant ongoing Mineral Resource growth at Beta Hunt to
continue the several years of impressive ounce additions already
demonstrated at our flagship asset."
Fletcher Exploration Drilling
Update
Background
The gold mineralized Fletcher Shear Zone (FSZ) was discovered in
2016 (See Karora news release dated July 6, 2016) and is
considered a structural analogue to the Western Flanks and A Zone
deposits, representing Beta Hunt's third major mineralized shear
zone system in the Hunt Block. The FSZ comprises foliated
biotite-pyrite altered and irregularly quartz veined basalt –
similar alteration to that found at Western Flanks. Pre-2023
drilling results outlined a steep, west-dipping zone over 150
metres in down dip extent over 500 metres of strike with potential
to extend over a total strike length of 2 kilometres (See Karora
news releases dated September 16,
2019; January 24, 2022;
May 24, 2022).
Drilling in 2023 has targeted the southern 500 metre extent of
the FSZ potential strike length north of the AIF. A total of
5,657m has been drilled as part of
the 2023 program. All holes encountered significant mineralization
in the targeted FSZ position with additional mineralization
intersected in between the Western Flanks and the FSZ indicating
potential for parallel mineralized lodes in the footwall and
hangingwall to the FSZ.
Recent Results
The follow-up nine-hole diamond drill program was completed.
Holes were spaced on a nominal 120 metre X 80 metre grid.
Outstanding assay results (Figure 1) from this program (five holes)
have now been received and significant intersections1
from each hole are summarised below:
- WF405ACC-48AE: 4.8 g/t over 32 metres and 4.9 g/t over
5.0 metres
- WF405ACC-49AE: 3.6 g/t over 34.5 metres and 11.2 g/t
over 2.0 metres
- BF1730-24AE: 15.9 g/t over 6.0 metres (EOH) and 18.0g/t over
3.0 metres
- BF1730-23AE: 7.9 g/t over 3.0 metres
- WF405ACC-50AE: 7.3 g/t over 3.0 metres and 2.2 g/t over 8.0
metres
1.
|
Interval lengths are
downhole widths. Estimated true widths cannot be determined with
available information.
|
The final results have produced a revised understanding of the
southern FSZ which is now interpreted to occur 100 metres further
east and closer to the Western Flanks Mineral Resource (Figure 1).
This interpretation is supported by wide, mineralized intersections
(> 30 metres) recently achieved by drilling on the most northern
line of the infill program (Figure 2). These intersections are
associated with strong shearing, alteration/quartz veining (Figure
3) and are located adjacent to the 120 metre Fletcher fault
offset – all features characteristic of the FSZ.
The variably broad and narrow mineralized zones comprising both
shear and extensional quartz veining west of the southern FSZ are
now interpreted as part of a new mineralized system in the
hangingwall of the main FSZ. The significance of the hangingwall
system was again underlined by recent results including 15.9 g/t
over 6.0 metres (EOH - BF1730-24AE1) and 7.9 g/t over 3
metres (BF1730-23AE).
1.
|
Jammed drill rods at
the end of hole (EOH) prevented the hole from reaching the target
depth.
|
Following the success of the initial Fletcher infill drill
program, a second infill program concentrating around the most
northern section of the recently completed program is planned for
Q4. The results of this second program will be assessed with the
aim of producing an initial Mineral Resource for Fletcher.
Compliance Statement (JORC 2012
and NI 43-101)
The disclosure of scientific and technical information contained
in this news release has been reviewed and approved by Stephen
Devlin, FAusIMM, Group Geologist, Karora Resources Inc., a
Qualified Person for the purposes of NI 43-101.
At Beta Hunt all drill core sampling is conducted by Karora
personnel. Samples for gold analysis are shipped to SGS Mineral
Services of Kalgoorlie for preparation and assaying by 50 gram fire
assay analytical method. All gold diamond drilling samples
submitted for assay include at least one blank and one Certified
Reference Material ("CRM") per batch, plus one CRM or blank every
20 samples. In samples with observed visible gold mineralization, a
coarse blank is inserted after the visible gold mineralization to
serve as both a coarse flush to prevent contamination of subsequent
samples and a test for gold smearing from one sample to the next
which may have resulted from inadequate cleaning of the crusher and
pulveriser. The lab is also required to undertake a minimum of 1 in
20 wet screens on pulverised samples to ensure a minimum 85%
passing at -75µm. Samples for nickel analysis are shipped to SGS
Australia Mineral Services of Kalgoorlie for preparation. Pulps are
then shipped to Perth for
assaying. The analytical technique is ICP41Q, a four acid digest
ICP-AES package. Assays recorded above the upper detection limit
(25,000ppm Ni) are re-analyzed using the same technique with a
greater dilution (ICP43B). All samples submitted for nickel assay
include at least one CRM per batch, with a minimum of one CRM per
20 samples. Karora operates an industry best practice QA/QC
process to ensure the integrity of all assay results.
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 170,000-195,000 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 5 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. 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 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, the production potential of the Fletcher Shear Zone, the
potential for significant ongoing Mineral Resource growth at Beta
Hunt, production guidance, timing for completion of capital
projects, timing for the commencement of mining, liquidity and
capital resources of Karora, organic growth profile and the
potential of the Corporation's exploration projects, mines,
processing facilities and operations.
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.
www.karoraresources.com
Table 1: Beta Hunt Significant Gold Results for Fletcher Drilling August/September 2023
Target/
|
Hole
ID
|
Sub
interval
|
From
(m)
|
To
(m)
|
Downhole
Interval (m)
|
Estimated
True Width
(m)2.
|
Au
(g/t)1.
|
Fletcher
|
BF1730-23AE
|
|
409
|
412
|
3.0
|
|
7.9
|
Fletcher
|
BF1730-24AE
|
|
192
|
195
|
3.0
|
|
18.0
|
Fletcher
|
BF1730-24AE
|
|
198
|
205
|
7.0
|
|
1.9
|
Fletcher
|
BF1730-24AE
|
|
338
|
349
|
11.0
|
|
1.6
|
Fletcher
|
BF1730-24AE
|
|
358
|
366
|
8.0
|
|
2.6
|
Fletcher
|
BF1730-24AE
|
|
519
|
520
|
1.0
|
|
12.3
|
Fletcher
|
BF1730-24AE
|
|
597
|
603
|
6.0
|
|
15.9
|
Fletcher
|
WF405ACC-48AE
|
|
288
|
293
|
5.0
|
|
4.9
|
Fletcher
|
WF405ACC-48AE
|
|
298
|
330
|
32.0
|
|
4.8
|
Fletcher
|
WF405ACC-49AE
|
|
6
|
7
|
1.0
|
|
13.6
|
Fletcher
|
WF405ACC-49AE
|
|
276
|
286
|
10.0
|
|
3.0
|
Fletcher
|
WF405ACC-49AE
|
|
290
|
291
|
1.0
|
|
10.2
|
Fletcher
|
WF405ACC-49AE
|
|
334
|
338
|
4.0
|
|
3.1
|
Fletcher
|
WF405ACC-49AE
|
|
350
|
352
|
2.0
|
|
11.2
|
Fletcher
|
WF405ACC-49AE
|
|
355.5
|
390
|
34.5
|
|
3.6
|
Fletcher
|
WF405ACC-49AE
|
|
519
|
523
|
4.0
|
|
3.4
|
Fletcher
|
WF405ACC-49AE
|
|
526
|
530
|
4.0
|
|
3.4
|
Fletcher
|
WF405ACC-50AE
|
|
293
|
296
|
3.0
|
|
7.3
|
Fletcher
|
WF405ACC-50AE
|
|
444
|
452
|
8.0
|
|
2.2
|
1.
|
Reported gold grades
> 1.0 g/t downhole and gram x metre > 10
|
2.
|
Estimated True Width
cannot be estimated with available information
|
Table 2 Beta Hunt - Drillhole Collars associated with
Fletcher Gold Results August/September
2023
Target/Prospect
|
Hole ID
|
MGA_N
|
MGA_E
|
mRL
|
DIP
|
AZI
|
Total
Length (m)
|
|
|
Fletcher
|
BF1730-23AE
|
6543247.3
|
375358.6
|
-300.7
|
-42.8
|
253.4
|
555.3
|
|
|
Fletcher
|
BF1730-24AE
|
6543247.4
|
375358.5
|
-300.9
|
-46.1
|
264.2
|
603.0
|
|
|
Fletcher
|
WF405ACC-48AE
|
6543695.1
|
375109.1
|
-400.8
|
-29.5
|
231.5
|
513.0
|
|
|
Fletcher
|
WF405ACC-49AE
|
6543695.0
|
375109.1
|
-400.9
|
-37.1
|
231.1
|
591.0
|
|
|
Fletcher
|
WF405ACC-50AE
|
6543694.5
|
375109.5
|
-400.8
|
-28.4
|
214.1
|
537.5
|
|
|
SOURCE Karora Resources Inc.