VANCOUVER, Jan. 7, 2020 /CNW/ - KORE Mining Ltd. (TSXV:
KORE | OTCQB: KOREF) ("KORE" or the "Company") is
pleased to announce results from Q4 2019 initial exploration
program, including ground geophysics at the Imperial gold project
("Imperial" or "Project").
Highlights
- Confirmed targets close to current resource indicating resource
is open for expansion:
-
- Down-dip from West, East, and Singer zones
- Between East and West zones (Expanded Singer)
- Large open-ended chargeability anomaly under current
mineralization and extending along-strike 1.5 km west and 1 km east
opens potential to further expanding mineralization
- Strong ground geophysical signature over known mineralization
enhances ability to find new deposits in the under-explored
Mesquite-Picacho district
Next Steps (Q1 2020)
- Follow-up ground geophysics by infilling current survey and
extending along strike;
- Scope and permit Phase 1 drilling program to test highest
priority targets; and
- Commence regional exploration with geophysics and field
sampling / mapping.
Scott Trebilcock, President and
CEO of KORE, stated, "While the purpose of the ground geophysics
was to define deposit signatures for regional exploration, we were
pleased by the strong alignment to the known resource and the
revealing of undrilled resource expansion targets." Mr.
Trebilcock continued, "We are immediately commencing additional
work on both resource expansion and regional exploration."
KORE COO, Marc Leduc commented,
"The large chargeability high under Imperial was unexpected and
opens up a whole new scale of opportunity for the Imperial
deposit. One potential interpretation is that the anomaly is
the sulphide roots of the current oxide deposit.
Several large Nevada deposits,
including Goldstrike, also started as small, oxide mines."
KORE staked the Mesquite-Picacho district ("District") in
September 2019, controlling 26,323
acres over a 28 kilometer trend. The three District
deposits (Mesquite-Imperial-Picacho) were discovered in exposed
outcrops and from placer workings. The rest of the District
is covered by alluvium and has never been systematically
explored. Having the intact Imperial deposit to "tune" or
"fingerprint" geophysical signatures, greatly enhances the ability
to explore under the alluvium and potentially make new discoveries
along the trend. Figure 1 in the maps and sections linked to this
news release shows the Imperial deposit in relation to the rest of
the District.
Q4 2019 Work Programs
In Q4 2019, the KORE exploration team built an electronic
exploration database of drill collars, lithology, and grade
intervals and executed a 12-day ground geophysical survey over the
known Imperial deposit and along strike. The programs
generated resource expansion drill targets and "tuned" ground
geophysics to commence exploration of the new Mesquite-Picacho
claims staked in September 2019.
Ground geophysics consisted of 15.6 line kilometers of induced
polarization and 22.0 line kilometers of ground magnetometer
surveys. Figure 2 of the maps and sections linked to this news
release shows the location of the induced polarization and magnetic
surveys conducted during Phase 1 geophysical activities.
Results and Conclusions
Strong ground geophysical signature of the intact Imperial
deposit enhances ability to find new deposits in the
Mesquite-Picacho district. Figure 4 is a plan view of the
induced polarization survey results in relation to drill collars
and mineralized envelope of the Imperial deposit. Figure 3 is a
plan view of the magnetic survey results in relation to drill
collars and mineralized envelope of the Imperial deposit.
Both show a strong correlation to Imperial mineralization.
The Q4 2019 ground geophysics combined with past drilling,
highlighted several areas for potential expansion of the current
resource: down-dip from West, East, and Singer zones and between
East and West zones (Expanded Singer). Historic drilling was
either terminated before anomalies or the down-dip and strike
extension areas were not drilled. The conceptual targets are
described as arrows on Figure 3.
The ground geophysics also highlighted a new large open-ended
chargeability anomaly under current mineralization which extends
along-strike 1.5 kilometers west and 1 kilometer east.
The anomaly can be seen clearly in Figure 5. The
anomaly increases in intensity to the west. No historic
drilling penetrated into this anomaly as there is a conglomerate
unit underlying the deposit in which drilling was terminated.
A full set of high-resolution Figures including sections of all
seven ground geophysics lines are available on KORE's website here
(or copy and paste this into your browser:
https://www.koremining.com/s/nr20200107-supplement-imperial-geophysics-exploration-update-final.pdf).
Follow Up Program Details (Q1 2020)
Imperial Resource Expansion
- Follow-up ground geophysics infilling the current survey and
extending the survey along strike; and
- Scope Phase 1 drilling program to test highest priority targets
and initiate permitting of the drilling program.
Imperial District Exploration
- Conduct airborne magnetic geophysics over the Imperial
Mesquite-Picacho District using tuned signatures;
- Conduct ground geophysics on highest priority targets looking
for new Imperial-type signatures; and
- Conduct surface reconnaissance consisting of soil/rock sampling
to follow-up anomalies.
About Imperial Deposit
Imperial is a structurally controlled intermediate epithermal
gold deposit. The oxide gold deposit is currently defined at 2.44
kilometer long and up to 0.75 kilometer wide and is open both along
strike and downdip. It is hosted in a shallowly southwest dipping,
amphibolite grade metamorphic rock suite along a west-northwest
trending low-angle regional thrust fault system. The thrust fault
system controls the regional geometry of mineralization. East-west
striking, post-mineralization normal faults control the property
scale geometry of mineralization. Geophysical characterization of
the deposit and regional controlling structures is an essential
component of exploration for additional resources.
The footprint of the current Imperial mineralization is about
500 acres, less than 2% of the 26,323 acre Mesquite-Picacho
District controlled by KORE.
About KORE
KORE is 100% owner of a portfolio of advanced gold
exploration and development 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.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
Technical information with respect to Imperial deposit and
project 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.
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.
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. For further information on the
Company's Imperial Project, please see the Company's NI 43-101
Technical Report dated December 30,
2019, entitled "Technical Report for the Imperial Gold
Project, California, USA" filed on
the Company's website and also available under the Company's issuer
profile on www.sedar.com.
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.
A full set of high-resolution Figures including sections of all
seven ground geophysics lines are available on KORE's website here
(or copy and paste this into your browser:
https://www.koremining.com/s/nr20200107-supplement-imperial-geophysics-exploration-update-final.pdf).
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SOURCE Kore Mining