VANCOUVER, Dec. 18, 2019 /CNW/ - KORE Mining Ltd.
("KORE" or the "Company") (TSX-V: KORE | OTCQB:
KOREF) announces that it will file an amended National Instrument
43-101 Technical Report ("Technical Report") and mineral resource
estimate ("Resource Estimate") for the Company's 100% owned Long
Valley Project ("Long Valley" or "Project"). The revised
Indicated resource of 1,247,000 ounces and Inferred resource of
486,000 ounces are from 66.8 million tonnes of 0.58 grams per tonne
and 23.6 million tonnes of 0.65 grams per tonne
respectively.
The Technical Report, titled "Amended Technical Report &
Resource Estimate for the Long Valley Project, Mono County, California, USA" was prepared
by Mine Development Associates and authored by Neil Prenn, PE., and
Steven I Weiss, C.P.G., each of whom is independent of the
Company. The effective date of the Technical Report is
November 15, 2019.
The tonnes, grade and total ounces in Measured plus Indicated,
and Inferred mineral resources remains unchanged from the previous
estimate. The only change was in category, where all previous
Measured resources were changed to Indicated resources.
The Long Valley gold project is an epithermal gold project
located in Mono County
California.
KORE is currently undertaking geophysics and has been soil
sampling and mapping through to the end of 2019. The work is
expected to generate drill targets in 2020 to test the "boiling
zone" sulphides underlying the oxides.
KORE will file the full amended NI 43-101 Long Valley Technical
Report on SEDAR and the Company website
www.koremining.com within 45 days of this news
release.
Amended Long Valley Mineral Resource Details
The Mineral Resource estimate presented herein amends and
replaces the April 25, 2018 estimate
by Mine Development Associates.
Long Valley Mineral Resource Estimate – Imperial
Units
Classification
|
Cut-Off
(oz /
ton)
|
Quantity
('000
tons)
|
Grade
Gold
(oz /
ton)
|
Contained
Gold ('000 oz)
|
Indicated
|
Oxide
|
0.005
|
35,945
|
0.018
|
636
|
Transition
|
0.006
|
4,263
|
0.014
|
59
|
Sulphide
|
0.006
|
33,428
|
0.017
|
552
|
Total
Indicated
|
|
73,635
|
0.017
|
1,247
|
Inferred
|
Oxide
|
0.005
|
9,192
|
0.020
|
185
|
Transition
|
0.006
|
1,314
|
0.016
|
21
|
Sulphide
|
0.006
|
15,464
|
0.018
|
280
|
Total
Inferred
|
|
25,970
|
0.019
|
486
|
Gold resources that are contained in a US$1,500 per ounce optimized pit. Other pit
optimization parameters summarised below in Note 1.
Long Valley Mineral Resource Estimate – Metric Units
Classification
|
Cut-Off
(g /
tonne)
|
Quantity
('000
tonnes)
|
Grade
Gold
(g /
tonne)
|
Contained
Gold ('000 oz)
|
Indicated
|
Oxide
|
0.17
|
32,609
|
0.61
|
636
|
Transition
|
0.21
|
3,867
|
0.47
|
59
|
Sulphide
|
0.21
|
30,325
|
0.57
|
552
|
Total
Indicated
|
|
66,801
|
0.58
|
1,247
|
Inferred
|
Oxide
|
0.17
|
8,339
|
0.69
|
185
|
Transition
|
0.21
|
1,192
|
0.55
|
21
|
Sulphide
|
0.21
|
14,029
|
0.62
|
280
|
Total
Inferred
|
|
23,560
|
0.65
|
486
|
Gold resources that are contained in a US$1,500 per ounce optimized pit. Other pit
optimization parameters below in Note 1:
Note 1: Pit optimization parameters include:
- Pit Slope degrees 45 degrees
- Mining US$1.70 / ton mined
- Crushing US$1.40 / ton
processed
- Heap Leach US$1.80 / ton
processed
- Sulfide Mill US$8.60 / ton
processed
- G&A US$0.63 / ton
processed
- Refining Cost US$5 / oz Au
produced
- Recovery (Oxide - Less than 150' below surface) 80% heap
recovery
- Recovery (Transition - 150-200' below surface) 90% mill
recovery
- Recovery (Sulfide - Below sulfide surface) 90% mill
recovery
Qualified Persons
The authors of the Technical Report,
Neil Prenn, P.E. and Steven I.
Weiss, C.P.G., of Mine Development Associates are each a
"qualified person" as defined in NI 43-101 and independent of the
Company and have prepared or supervised the preparation of the
technical information upon which this news release is
based.
About KORE
KORE is 100% owner of a
portfolio of gold exploration assets in California and British Columbia. KORE is
supported by strategic investors Eric
Sprott and Macquarie Bank who, together with the management
and Board own 66% of the basic shares outstanding.
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
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. Such forward-looking
statements, and any assumptions upon which they are based, are made
in good faith and reflect our current judgment regarding the
direction of our business. Management believes that these
assumptions are reasonable. Forward looking information involves
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information.
Such factors include, among others: risks related to
exploration and development activities at the Company's projects,
and factors relating to whether or not mineralization extraction
will be commercially viable; risks related to mining
operations and the hazards and risks normally encountered in the
exploration, development and production of minerals, such as
unusual and unexpected geological formations, rock falls, seismic
activity, flooding and other conditions involved in the extraction
and removal of materials; uncertainties regarding regulatory
matters, including obtaining permits and complying with laws and
regulations governing exploration, development, production, taxes,
labour standards, occupational health, waste disposal, toxic
substances, land use, environmental protection, site safety and
other matters, and the potential for existing laws and regulations
to be amended or more stringently implemented by the relevant
authorities; uncertainties regarding estimating mineral resources,
which estimates may require revision (either up or down) based on
actual production experience; risks relating to fluctuating metals
prices and the ability to operate the Company's projects at a
profit in the event of declining metals prices and the need to
reassess feasibility of a particular project that estimated
resources will be recovered or that they will be recovered at the
rates estimated; risks related to title to the Company's
properties, including the risk that the Company's title may be
challenged or impugned by third parties; the ability of the Company
to access necessary resources, including mining equipment and
crews, on a timely basis and at reasonable cost; competition within
the mining industry for the discovery and acquisition of properties
from other mining companies, many of which have greater financial,
technical and other resources than the Company, for, among other
things, the acquisition of mineral claims, leases and other mineral
interests as well as for the recruitment and retention of qualified
employees and other personnel; access to suitable infrastructure,
such as roads, energy and water supplies in the vicinity of the
Company's properties; and risks related to the stage of the
Company's development, including risks relating to limited
financial resources, limited availability of additional financing
and potential dilution to existing shareholders; reliance on its
management and key personnel; inability to obtain adequate or any
insurance; exposure to litigation or similar claims;
currently unprofitable operations; risks regarding the ability of
the Company and its management to manage growth; and potential
conflicts of interest.
In addition to the above summary, additional risks and
uncertainties are described in the "Risks" section of the Company's
management discussion and analysis for the interim period ended
September 30, 2019 prepared as of
November 28, 2019 available under the
Company's issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of
the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results, except as may
be required by applicable securities laws. There can be no
assurance that forward-looking information 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
information.
There is no certainty that all or any part of the mineral
resource will be converted into mineral reserve. It is uncertain if
further exploration will allow improving the classification of the
Indicated or Inferred mineral resource. Mineral resources are
not mineral reserves and do not have demonstrated economic
viability.
SOURCE Kore Mining