VANCOUVER, March 24, 2020 /CNW/ - KORE Mining Ltd. (TSXV:
KORE | OTCQB: KOREF) ("KORE" or the "Company") is
pleased to announce completion of ground geophysics at the Long
Valley gold project ("Long Valley" or "Project") which generated
additional oxide and potential feeder structure drill
targets. This completes the drill targeting geophysics and
sampling program announced January 30,
2020.
Highlights
- Completed additional 17.9 line km geophysical surveys
- Confirmed continuity of potential north-south feeder
structures now more than 3.5 km in length and untested by
drilling
- Expanded undrilled near surface oxide drill targets
aligned with potential feeder structures and current resource
- Next step: initial drill program to test highest
priority areas
Scott Trebilcock, President and
CEO of KORE, stated, "KORE has completed targeting work and is
excited about the Long Valley deposit's growth potential."
Mr. Trebilcock continued, "Given the large-scale oxide targets and
clear "feeder structure" targets, our next step is to permit a
drill program focused on the highest priority targets."
In H2 2019 and early 2020, the KORE exploration team re-logged
232 of 896 drill holes, conducted geological mapping, collected
rock and soil samples and ran two lines of Induced Polarization
("IP") and ground magnetic geophysics coinciding with the re-logged
holes and soil sampling lines. The work confirmed a new
exploration strategy, testing it against known mineralization and
generated drill targets. See news release from
January 30, 2020 for results
including cross-sections.
The team has now conducted a total of 23.2 line km of ground
induced polarization IP and magnetic geophysics. The work
successfully extended the new exploration strategy across the
southern project claims or about 3.5 km of strike. Figure
1 shows the location of the IP geophysics surveys.
Figure 2 is a plan map of chargeability from the IP
geophysics. Areas interpreted as hosting near-surface oxide
mineralization are characterized by a chargeability low. At
least three north-south trending, open-ended, and parallel
chargeability anomalies extend through the property. The
defined anomaly surface area is approximately the same size area as
the current Long Valley resource. Figure 2 also
shows interpreted faults and "feeder structures" from the
resistivity survey.
Figure 3 is a 3D perspective of the resistivity
sections. Areas interpreted as potential "feeder structures" are
characterized as linear resistivity highs. At least five
north-south trending, open-ended, and parallel resistivity
anomalies extend through the property. The potential strike of the
anomalies is 3.5 km or more.
Next Steps
The next step is for KORE to drill some of
the highest priority targets in both potential feeder structure
sulphides and surficial oxide anomalies. Timing of the
drilling is subject to permitting and seasonality. KORE is
engaging with regulatory authorities for a Phase 1 drilling program
to test the Company's new geological interpretations.
About Long Valley Project
Long Valley is 100% owned
epithermal gold project located in Mono
County California. The Long Valley deposit is an intact
epithermal gold deposit ("Deposit") with a large 2.5 by 2 kilometer
oxide gold footprint. A total of 896 holes have been drilled
on the Project, the majority being completed by reverse circulation
with lesser core, rotary and air track. Figure 1 shows the
claims and mineralized area.
The current mineral resource estimate is 1,247,000 ounces of
Indicated gold and 486,000 ounces of Inferred gold from 66.8
million tonnes of 0.58 grams per tonne and 23.6 million tonnes of
0.65 grams per tonne, respectively. The mineral resource
consists of oxide, transition and sulphides. The estimate was
prepared Neil Prenn, P.E., and Steven
Weiss, C.P.G. of Mine Development Associates with an
effective date of November 15,
2019. More information is available in the technical report
filed on SEDAR at www.sedar.com and on KORE's website at
www.koremining.com.
About Long Valley Deposit
The Long Valley deposit is
an intact low sulphidation epithermal gold/silver deposit, hosted
within a melange of fine to coarse volcanogenic sedimentary
lithologies. Mineralization at Long Valley has developed due
to a combination of deep-rooted fault structures and a resurgence
of rhyolite within an active caldera. The Hilton Creek Fault
structure transects and served as a fluid conduit for interaction
with the underlying hydrothermal system, while the rhyolite
resurgence caused brittle fracturing of sediments and created voids
or traps for mineralization and gold deposition. The
combination of these factors yields strongly altered kaolin and
quartz-hematite zones that are the primary host for gold
mineralization.
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 contained in this news release has been
reviewed and approved by Marc Leduc,
P.Eng. who is KORE's qualified person (under National Instrument
43-101) 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.
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; and risks related to the potential impact of
the COVID-19 pandemic.
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 paWebsite -
http://www.koremining.com/rt 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/kore-mining-generates-additional-drill-targets-at-long-valley-gold-project-301028708.html
SOURCE Kore Mining