VANCOUVER, Jan. 13, 2020 /CNW/ - KORE Mining Ltd. (TSXV:
KORE | OTCQB: KOREF) ("KORE" or the "Company") is
pleased to announce that it has commenced preparation of a
Preliminary Economic Assessment ("PEA") of the Imperial oxide gold
deposit ("Deposit" or "Imperial").
Highlights
- PEA results expected by early Q2 2020
- Simple run-of-mine heap leaching (no crushing)
KORE's COO, Marc Leduc,
commented, "Imperial is a rare, unmined, at surface oxide gold
deposit amenable to simple run-of-mine heap leaching. I have
worked closely with and have great confidence in the team KORE has
selected to complete Imperial's preliminary economic
assessment. Imperial will be engineered to the highest
standards with full compliance to California's high standards of environmental
regulation and site reclamation."
KORE has engaged Global Resource Engineering (Denver) ("GRE") to lead development of a PEA
of Imperial with heap leach design from Geo-Logic (Grass Valley, California). GRE offers a
wide spectrum of services including geotechnical analysis, mine
design, heap leach engineering and tailings facility design. GRE
completed a site visit to formally kick-off the PEA project
January 9, 2020 and has been working
on mine design for the last several months.
KORE anticipates completion of the PEA by early Q2 2020.
The engineering work completed for the PEA will also be used to
complete a new Plan of Operations which is a key document to
re-start the permitting process for Imperial.
About Imperial Deposit
The current gold mineral resource estimate for Imperial is
877,000 ounces of indicated and 1,336,000 ounces of inferred from
45.7 million tonnes of 0.59 grams per tonne and 90.9 million tonnes
of 0.46 grams per tonne, respectively. The mineral
resource estimate was prepared by SRK Consulting (Canada) Inc with an effective date of
December 30, 2019. This
resource estimate will be basis for the PEA. Further details
on the mineral resource estimate are available in the December 30, 2019 news release or in the
technical report available at www.koremining.com and
www.sedar.com.
Imperial is a structurally controlled intermediate epithermal
gold deposit. The oxide gold Deposit is currently 2.44 kilometers
long, up to 0.75 kilometers wide and is open both along strike and
downdip. More details on the deposit geology and exploration
potential can be found in KORE's January 7,
2020 news release.
KORE controls the 28 km Mesquite-Picacho exploration district,
including 1,005 claims staked in September
2019, between Mesquite-Picacho trend that runs through
Imperial. This trend remains underexplored and open to new
oxide discoveries– see KORE's January 7,
2020 and September 12,
2019 news releases.
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 Marc Leduc, P.Eng., who
is a 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, 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, the ability of the Company to
access necessary resources, 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, 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.
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SOURCE Kore Mining