TSXV – KORE
Initial Drill hole (CG18-036) intercepts over
125 metres of gold mineralization
VANCOUVER, Nov. 13,
2018 /CNW/ - KORE Mining Ltd. (TSX VENTURE: KORE -
"KORE" or the "Company") is pleased to announce
completion of Phase 1 drilling on the Gold Creek gold exploration
project, extension of the Camp Zone of over 300m, and the discovery of visible gold in 2 of 4
drill holes1.
Highlights
- First hole GC18-36 intercepts 25.7m of 1.3g/t, including 3 metres of 8.6g/t
gold near surface.
- Confirms extension of potential for a large resource within an
8.5km long arsenic-in-soils anomaly.
- Visible gold was observed in the 3rd (GC18-038) and 4th
(GC18-039) hole of the campaign, with visible gold in 2 locations
within GC18-039, with assays pending on both holes2.
- Drilling extends the Camp Zone 300m along strike and is open ended along strike
and at depth.
"These results demonstrate broad zones of gold mineralization
with higher grade in step out drilling. This confirms the
association of gold with a recently interpreted 8.5km long trend
and the potential for discovery of a significant resource,"
said James Hynes, KORE Director and
COO.
Geology & Interpretation
A total of 4 HQ drill
holes for 940 meters were completed within the Camp Zone to test
strike length extension of the successful discovery drill program
completed in 2017. These holes step out approximately 300m from previous drilling. The 2018 drill
program followed up on sedimentary hosted near surface and higher
grade vertical stockwork, veins and veinlets within the lower grade
halos.
All 4 of the holes encountered broad zones of alteration and
mineralization within a Triassic Upper Nicola greywacke,
interbedded with argillites, mudstones, and conglomerates.
Mineralization consists of quartz-pyrite-carbonate veins and
veinlets with variable amounts of arsenopyrite, chalcopyrite,
galena, sphalerite, pyrrhotite, and native gold. Where observed,
native gold occurs as ≤1 mm fine-grained, free individual
crystalline grains along the walls of quartz veins, on the edges of
cubic pyrite crystals, with limonitic pyrite, and occasionally with
galena. Pyrite is the principal sulfide mineral in the
mineralization, occurring within quartz veins, in envelopes of
5-10% pyrite adjacent to quartz veins, and disseminated 1-3% in the
host rock. The quartz-sulfide veins strike southeast, dip steeply
or vertically, are generally sub-parallel, and occur as individual
veins and as zones of stockwork. Veining and mineralization are
accompanied by quartz-sericite alteration, carbonate alteration,
bleaching, and silicification in the wall rocks surrounding veins
and stockwork. Host rocks consist of interbedded greywacke and
argillite with minor conglomerate and mudstone beds.
GC18-036 Significant Intercepts (FA = Fire
Assay)3:
|
GC18-36
|
From
(m)
|
To
(m)
|
Interval
(m)
|
FA Au
g/t
|
|
27.94
|
53.65
|
25.71
|
1.3
|
including
|
27.94
|
31.00
|
3.06
|
8.6
|
and
|
98.64
|
148.85
|
50.21
|
0.7
|
including
|
98.64
|
109.70
|
11.06
|
2.0
|
including
|
142.70
|
148.85
|
6.15
|
0.8
|
Maps, sections and a table of drill holes completed this year
with notes on targets tested are attached to this news release and
posted on www.koremining.com.
Gold Creek Project Description and Location
The Gold Creek project is located 2km NE of the town of Likely
in the Cariboo – the heart of British
Columbia's historic "Gold Rush" district. The Gold Creek
project consists of 34 claims totalling 9,673 ha located
approximately 8km to the NW of the Spanish Mountain gold deposit.
Access is from Likely by all-weather gravel road. The site has well
developed infrastructure and is just 70km NE of Williams Lake, a major regional centre
serviced by an airport and railway. The property has several small
roads that will provide easy access for drilling the claims.
Kore 2018 Work Program
Compilation of historical drilling, soil sampling, and
geophysics were completed by KORE to determine a positive
correlation between gold mineralization and either pathfinder
elements, geophysical anomalies, or both.
Historic drilling in 2011 and 2017 confirmed large widths of
mineralization in silicified greywacke from surface with multiple
higher grade vein intercepts within a lower-grade halo. Intercepts
included 1.5m of 13.4gpt (GC11-27
10.7m to 12.2m), 9m of
5.5gpt (GC17-34 16.0m to 25.0m), including 1.5m of 18.0gpt, and 84.65m of 1.0gpt (GC17-35 85.85m to 170.50m),
including higher grade intercepts. See appendix for historic
results.
The Company has observed gold mineralization to be closely
correlated with elevated arsenic and contained within a greywacke
unit of high resistivity and low chargeability relative to the
adjacent argillite unit.
Review of the 3 HQ core drill holes from 2017 performed by
Eureka Resources confirms that broad zones of gold mineralization
are closely accompanied by elevated arsenic levels. Previous
drilling had targeted gold in soil anomalies on the property. While
these gold in soil anomalies exhibit quite high gold in soils (as
high as 89,000 ppb), these anomalies appear to be discontinuous due
to varying thickness of glacial till which covers the majority of
the property (see compilation map of historic gold in soils).
Arsenic in soils show more coherent anomalies, and appear to be the
best pathfinder element for the mineralized greywacke unit.
Compilation of historic arsenic in soils (see compilation map of
historic arsenic on soils) highlights an 8.5km long NW-SE trend
that is coincident with the NW-SE trending Camp Zone and the recent
drilling. This 8.5km long anomaly provides numerous additional
drill targets for evaluation.
QA/QC and Qualified Person
Once the drill core was received from the drill site, individual
samples were determined, logged for geological attributes, sawn in
half, labelled, and bagged for assay submittal. The remaining drill
core was then stored at a secure site in Horsefly, BC. The Company inserted quality
control samples at regular intervals within the sample stream which
included blanks, preparation duplicates, and standard reference
materials with all sample shipments intended to monitor laboratory
performance. Sample shipment was conducted under a chain of custody
procedure. The QAQC program was designed, approved, and overseen by
Kristian Whitehead, P.Geo.
Drill core samples were submitted to ALS Minerals' analytical
facility in North Vancouver, British
Columbia for preparation and analysis. Sample preparation
included drying and weighing the samples, crushing the entire
sample, and pulverizing 250 grams. Analysis for gold was by method
Au-AA26: 50g fire assay fusion with atomic absorption (AAS) finish
with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples
were analyzed for 33 additional elements with method ME-ICP61
(four-acid digestion). Overlimit values other than gold were
re-analyzed by methods ME-OG62 (four-acid digestion) and Cu-OG62
(ore-grade copper with four-acid digestion).
ALS Minerals is accredited to the ISO/IEC 17025 standard for
gold assays, and all analytical methods include quality control
materials at set frequencies with established data acceptance
criteria. Parameters for ALS Minerals' internal and Kore's external
blind quality control samples were acceptable for the analyses
returned.
Technical information with respect to the Projects contained
in this news release has been reviewed and approved by David S. Smith, CPG, who is KORE's designated
independent qualified person for the purposes of this news
release.
Gallery:
https://www.koremining.com/pr111318
Appendix:
Table: Historic Drill Results at Gold Creek, 2011 and
2017
|
GC11-27
|
From
(m)
|
To
(m)
|
Interval
(m)
|
FA Au
g/t
|
|
3.1
|
44.2
|
41.2
|
0.9
|
including
|
3.1
|
32.0
|
29.0
|
1.1
|
including
|
10.7
|
12.2
|
1.5
|
13.4
|
|
GC17-33
|
From
(m)
|
To
(m)
|
Interval
(m)
|
FA Au
g/t
|
|
13.00
|
28.00
|
15.00
|
0.7
|
including
|
21.20
|
25.00
|
3.80
|
1.7
|
and
|
42.30
|
85.00
|
42.7
|
0.7
|
|
GC17-34
|
From
(m)
|
To
(m)
|
Interval
(m)
|
FA Au
g/t
|
|
10.00
|
28.30
|
18.30
|
2.9
|
including
|
16.00
|
25.00
|
9.00
|
5.5
|
including
|
17.50
|
19.00
|
1.50
|
18.0
|
|
GC17-35
|
From
(m)
|
To
(m)
|
Interval
(m)
|
FA Au
g/t
|
|
85.85
|
170.50
|
84.65
|
1.0
|
including
|
88.70
|
149.50
|
60.80
|
1.3
|
including
|
136.25
|
149.50
|
13.25
|
4.7
|
including
|
136.25
|
145.00
|
8.75
|
6.5
|
including
|
136.25
|
137.50
|
1.25
|
33.2
|
including
|
143.50
|
145.0
|
1.50
|
8.1
|
Table: Drill Collar Information of 2018 drill
holes
|
Hole
#
|
Northing
WGS84
|
Easting
WGS84
|
Elev.
(m)
|
Azimuth
|
Dip
|
E.O.H.
(m)
|
Assays
|
GC18-36
|
599405
|
5831103
|
892
|
225.2
|
-47.0
|
263.0
|
Available
|
GC18-37
|
599465
|
5831031
|
899
|
225.8
|
-43.5
|
223.0
|
Pending
|
GC18-38
|
599465
|
5831031
|
899
|
228.1
|
-67.0
|
247.0
|
Pending
|
GC18-39
|
599536
|
5830955
|
920
|
231.7
|
-50.7
|
207.0
|
Pending
|
About KORE
KORE Mining is a development stage company that offers exposure
to precious metals exploration and development in North America, with a corporate strategy
focused on advancing its California development and British Columbia advanced exploration stage
projects.
California,
USA
KORE owns 100% interests in the Imperial and Long Valley gold
development projects, located in California, USA (together, the "Projects").
Most recent current resources specify a total of 1,247,000 measured
and indicated and 486,000 inferred gold ounces on the Long Valley
project. An historic proven and probable reserve, feasibility study
and environmental impact statement and report exists on the
Imperial Project. A Qualified Person has not done sufficient work
to classify the historical estimates as current resources and KORE
is not treating the historical estimates as current resources.
Significant data compilation, re-drilling, re-sampling and data
verification may be required by a Qualified Person before the
historical estimates at the Projects can be classified as current
resources.
Each of the Projects has the potential to host near-surface,
open pit, heap leachable gold deposits. The Projects combine low
technical risk, high advancement potential and a low initial
cost.
British Columbia,
Canada
KORE's 100% owned FG Gold property is an advanced-stage gold
project located in the Cariboo Mining Division. Historical
exploration has established a Measured and Indicated (376,000
ounces) gold resource at an average grade of 0.776 g/t gold, using
a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900
ounces) at an average grade of 0.718 g/t gold, using a cut-off
grade of 0.5 g/t. Details of the gold resource can be found in
"NI 43-101 Technical Report, Frasergold Exploration Project,
Cariboo Mining Division, dated July 27,
2015" available under the Company's profile on SEDAR or
on the Company's website.
KORE has a 100% interest in the Gold Creek property located in
the Cariboo Mining Division. Gold Creek is a grassroots gold
project neighbouring, and with similar geology to the Spanish
Mountain deposit owned by Spanish Mountain Gold Ltd.
Yukon Territory,
Canada
KORE's 100% owned Luxor property consists of three
non-contiguous claim blocks totalling 360 mining claims.
Luxor is located in the Dawson Range Gold Belt, a district of major
porphyry, breccia and vein occurrences. Containing the Company's
HAV claims, the Luxor property is located adjacent to the Vertigo
discovery of White Gold Corp. (TSXV: WGO). KORE's 100% owned TAK
property is also located in the Dawson Range Gold Belt and consists
of 82 mining claims.
Neighbouring projects include Goldcorp's Coffee project and
White Gold's White Gold project.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any KORE common shares in
the United States. The KORE common
shares to be issued in connection with the Transaction have not
been and will not be registered under the
United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may
not be offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of TSX Venture
Exchange) accepts responsibility for the adequacy of accuracy of
this release.
Cautionary Statement Regarding Adjacent Properties and
Forward-Looking Information
All information contained in this news release with respect
to KORE and Kore was supplied by the parties, respectively, for
inclusion herein, and KORE and its directors and officers have
relied on KORE for any information concerning such party, including
information concerning the Projects.
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Such factors include, but are not
limited to: uncertainties related exploration and
development; the ability to raise sufficient capital to fund
exploration and development; changes in economic conditions or
financial markets; increases in input costs; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; technological or
operational difficulties or inability to obtain permits encountered
in connection with exploration activities; and labor relations
matters. This list is not exhaustive of the factors that may affect
the Company's forward-looking information. Important factors
that could cause actual results to differ materially from the
Company's expectations also include risks detailed from time to
time in the filings made by the Company with securities
regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by Canadian securities law.
_______________________________
1
|
Assays and
interpretation from holes GC18-037, GC18-038, and GC18-039 are
pending
|
2
|
Readers are cautioned
that assays have not yet been received and the presence of visible
gold in these holes may not be indicative of
actual results from the drill program
|
3
|
Width reported are
drill widths. True thicknesses are unknown
|
View original
content:http://www.prnewswire.com/news-releases/kore-drills-25-7m-of-1-3-gt-gold-and-11-1m-of-2-0-gt-gold-in-initial-drill-hole-of-phase-1-drilling-at-gold-creek-300748912.html
SOURCE Kore Mining