VANCOUVER, Jan. 7, 2019 /CNW/ - KORE Mining Ltd.
("KORE" or the "Company", formerly Eureka Resources
Inc., "Eureka") is pleased to announce the completion of
Phase 1 drilling on the FG Gold-Copper exploration project in
British Columbia, and a new discovery at the Nova Zone
of a potentially 3.5km x 1km gold-copper porphyritic intrusion. The
Company is awaiting assay results on the Phase I drill program,
expected shortly.
Highlights
- 3 NQ drill holes completed for a total of 1,077m.
- The holes encountered semi-massive and massive copper and iron
sulphides at the newly discovered gold-copper porphyry.
- Hundreds of historical rock samples in the Nova Zone were
anomalous for gold (>0.1 g/t) and copper (>500ppm) with
individual gold values as high as 7.8 g/t and copper values as high
as 3.03%.
- Core images are linked here:
https://www.koremining.com/pr0102191
- KORE staked an additional 2,608 hectares of prospective
intrusives, centered on the Eureka Syncline to bring the total for
the FG Gold-Copper Project to 13,008 hectares.
"These early drill holes demonstrate that our compilation of
historical data from this property coupled with a new
interpretation, have led to what could potentially be a massive
mineralized system. We believe that the EM anomalies, interpreted
from a 2008 VTEM survey and now intersected with drilling, are
semi-massive and massive sulphide veins containing gold, copper and
silver that dip toward the core of the intrusion," stated
James Hynes, COO.
Geology & Interpretation of the Nova Zone
The FG Gold-Copper Project has yielded highly prospective
targets within a porphyritic intrusion called the Nova Zone,
discovered through compilation of historic soil geochemistry, and
airborne geophysical studies. KORE staked an additional 2,608
hectares of prospective ground along an 11km trend of intrusives,
now fully captured by the 100% KORE owned, FG Gold-Copper
Project.
The Nova Zone is characterized by multiple intrusive phases of
an ascending monzonite to quartz porphyry. Historical mapping and
geophysics suggest this intrusive complex to be up to 3.5km by 1km,
within the broader 11km long intrusive trend. An intensely oxidized
and weathered gossan (oxidized iron sulphides) covers the entirety
of the mapped intrusion. See attached geological and geophysical
maps prepared and interpreted by KORE, showing the mapped
intrusive, geophysical anomalies and location of current
drilling.
Interpretation by KORE of a historical 2008 VTEM airborne
geophysical survey covering the entire FG Gold-Copper Property
shows a series of strong electromagnetic (EM) anomalies coincident
with the margins of the porphyritic intrusion. Discovery drilling
by KORE suggests these EM anomalies reflect the semi-massive and
massive sulphide veins and were the target of this first phase of
drilling. It is believed these semi-massive and massive sulphides
form a halo around the core of the porphyritic intrusion and are
indicative of the potential existence of a large potentially
bulk-tonnage mineralized gold-copper-silver porphyry system. All 3
holes encountered silicified and potassically
altered porphyritic quartz diorite cut by a series of highly
altered and silicified mafic and felsic dykes, containing massive
and semi-massive veining and stockwork replacement of pyrrhotite
(iron sulphide) and chalcopyrite (copper sulphide).
Compilation of historical mapping, soil and rock geochemistry
and geophysics has been critical to the success of this first phase
of drilling. Both gold in soils and gold in rock samples that have
been taken over the last 50 years and compiled by KORE, show a
broad low-grade gold dispersion down-slope from the mapped
intrusion as well as higher-grade soils and rocks within the
glacially carved cirques bordering the intrusion. High-grade rock
samples up to 7.8 g/t Au have been collected along higher ridges
above the intrusion, suggesting the possibility of high-grade
epithermal gold system on the margins of the copper-gold porphyry.
Similarly copper values compiled by Kore from historic work show a
broad dispersion down-slope from the mapped intrusion as well as a
large number of rocks within the mapped intrusion of up to 3.03%
copper.
Image Gallery:
Nova Zone Map showing location of Phase 1 drilling, geophysical
anomalies, and mapped geology, historic gold and copper in soils
and anomalous rocks.
https://www.koremining.com/pr0102192
FG Gold-Copper Project Description and Location
KORE's 100% owned FG Gold-Copper property is an advanced-stage
gold project and early stage gold-copper project located in the
Cariboo Mining Division of British
Columbia, Canada. See Area Map on
https://www.koremining.com/fg-gold/
The FG Gold-Copper property has an established Measured and
Indicated resource containing 376,000 ounces of gold at an average
grade of 0.776 g/t (using a 0.5 g/t cut-off), and an Inferred
resource containing 634,900 ounces of gold at an average grade of
0.718 g/t (using a 0.5 g/t cut-off). Additional mineralization has
been outlined over a 3 km strike length with five key zones of
mineralization (NE Zone, Main Zone, SW Limb, Grouse Creek,
Frasergold Creek) identified along a 10km strike length of the
sedimentary horizon.
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
James Hynes, P.Eng.
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-AA23: 30g fire assay fusion with atomic absorption (AAS) finish
with a lower limit of 0.005 ppm and upper limit of 10 ppm. Samples
were analyzed for 48 additional elements with method ME-MSP61
(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.
Drilling was completed by J.T. Thomas
Diamond Drilling, Smithers,
BC.
Change of Auditor
The Company also announces that it has changed its auditor from
Davidson & Co LLP (the "Former Auditor") to
PricewaterhouseCoopers LLP (the "Successor Auditor")
effective October 30, 2018. This change was contemplated in
the Company's information circular dated February 24, 2018. The Former Auditor resigned as
auditor of the Company effective at closing of the
amalgamation of the Company on October
30, 2018 and the board of directors of the Company
appointed the Successor Auditor as the new auditor until the next
Annual General Meeting of the Company. There are no "disagreements"
or "unresolved issues" (as those terms are defined in National
Instrument 51-102 Continuous Disclosure
Obligations ("NI 51-102")) in connection with the change
of auditor.
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.
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 the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or 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.
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content:http://www.prnewswire.com/news-releases/kore-intersects-semi-massive-and-massive-copper-and-iron-sulphides-at-newly-discovered-gold-copper-porphyry-on-fg-project-300773556.html
SOURCE Kore Mining