Assays pending on 7 additional drill holes,
all which intercepted quartz veining, including 8 incidents of
visible gold in quartz veins
VANCOUVER, May 19, 2020 /CNW/ - KORE Mining Ltd. (TSXV: KORE
| OTCQB: KOREF) ("KORE" or the "Company") is pleased
to provide an update and early results from the FG Gold Project
("Project" or "FG Gold") in the Cariboo Region of British Columbia. Eight large diameter (HQ)
core drill holes for a total of 1,577 meters have been completed
and the Company intends to continue drilling once spring break-up
is complete in mid-June. Assays from the top of the first hole are
included in this news release.
The Company will be conducting an exploration conference call on
Wednesday, May 20, 2020 at
1:00 pm Eastern Time (10:00 am Pacific Time) to discuss these results
and speak towards its other exploration projects in North America. Details of the call can be
found below.
Highlights
- FG-20-368 intercepts 76.5 meters of 1.1 g/t gold
starting at 5.5 meters including;
-
- 12.5 meters of 1.2 g/t gold at 5.5 meters down hole;
- 8.0 meters of 1.6 g/t gold at 27 meters down hole;
- 26.0 meters 2.0 g/t gold at 56 meters down hole (including 1.0
meter of 28.4 g/t); and
- Assays pending from bottom 40 meters which intercepted 3
additional zones of quartz veining below existing resource
- FG-20-369 intercepted 13 quartz veins between 5.5 and 250
meters down-hole which tested an additional 100 meters below the
previous resource (see cross-section in Figure 3)
The remaining holes FG-20-370 to FG-20-375 (assays pending) all
intercepted zones of quartz veining, within the existing resource
and newly identified quartz veins below the existing resource,
which included eight total incidences of visible gold being
identified in core logging. The Company will release assays from
the lower section of FG-20-368 and the remaining holes as they
become available.
The full table of results are included below. Detailed
core logs and photos are available at:
www.koremining.com/exploration-highlights.
KORE CEO Scott Trebilcock stated,
"This is an exciting start to our exploration program at FG Gold."
Mr. Trebilcock continued, "The objective is to better define
structural controls and extend the shallow known mineralization at
depth. We believe with continued drilling, there is potential
to increase the grade while adding to the existing FG Gold
resource."
The 20-kilometer trend is defined by gold in soils
and geophysics that traces the mineralized rock group around the
regional syncline. The Project has only been shallowly
drilled where the mineralized rock group comes to surface. Past
drilling averages only 93 meters deep into a low to moderately
plunging sedimentary host rock. Mineralization is open at
depth and along almost the entire trend. Figure 2 is a
regional cross-section that shows the host rock potential at depth
and connection to a potential porphyritic intrusion.
Due to coarse visible gold, metallic screening assays provide a
much more representative sample versus conventional fire
assays. Historical drilling and assays had limited and
sporadic metallic screen analyses which may have underestimated
historical gold grades.
REMINDER: Exploration Conference Call and Webcast
KORE is hosting an exploration focused webinar for
investors on Wednesday, May 20,
2020 at 1:00 pm Eastern Time
(10:00 am Pacific Time). Click
here to register for the webcast or following details:
Dial in: 1-877-208-1395 (toll free
North America) or +1
778-560-2724 (International)
Webcast:
onlinexperiences.com/Launch/QReg/ShowUUID=34EB3778-F3BD-4E81-A4DA-09A7F8B8DBAD
Details of Core Holes FG-20-368/369
Hole FG-20-368 was targeting the structural controls for known
mineralization, and looking to extend the mineralization down the
host rock structure. Hole FG-20-368 encountered seven quartz
vein intervals with assays compiled in Table 1 below.
Assays are pending from bottom 40 meters of which intercepted 3
additional quartz veins below the existing resource.
Hole FG-20-369 was drilled as a scissor hole from the same pad
and also encountered quartz veining and two incidences of coarse
visible gold (see Figure 4). A cross section of the
two holes is presented as Figure 3. FG-20-369
intercepted 13 quartz veins between 5.5 and 250 meters down-hole
which tested an additional 100 meters below the previous
resource. A total of ten quartz vein intercepts in FG-20-368
and FG-20-369 (assays pending) were encountered below the depth of
historic drilling.
As more assay data comes in KORE will be conducting structural
analysis and interpretation.
Table 1: Results from Core Hole FG-20-368
|
From
(meters)
|
To
(meters)
|
Width*
(meters)
|
Gold (g/t)
|
Intercept
|
5.5
|
82.0
|
76.5
|
1.1
|
including
|
5.5
|
18.0
|
12.5
|
1.2
|
including
|
27.0
|
35.0
|
8.0
|
1.6
|
including
|
56.0
|
82.0
|
26.0
|
2.0
|
and
including
|
81.0
|
82.0
|
1.0
|
28.4
|
and
|
106.0
|
110.0
|
4.0
|
0.6
|
Quartz zone widths*:
23.3m starting at 6.0 meters
2.7m starting at 54.8 meters
8.4m starting at 73.2 meters
9.1m starting at 106.0 meters
6.7m starting at 141.0 meters (metallic screen assays pending)
0.3m starting at 161.6 meters
(metallic screen assays pending)
4.1m starting at 171.9 meters
(metallic screen assays pending)
* True widths are unknown at this time and will be updated when
full review and interpretation of oriented core measurements has
been completed
Drill Hole Locations
Location, azimuth, dip and lengths for drill holes in this news
release are listed in the following table:
HoleID
|
East
|
North
|
Elevation
|
Length
|
Azimuth
|
Dip
|
FG-20-368
|
665196
|
5797758
|
1525
|
196
|
229
|
-70
|
FG-20-369
|
665196
|
5797758
|
1525
|
250
|
231
|
-55
|
FG-20-370
|
665212
|
5797734
|
1525
|
187
|
218
|
-75
|
FG-20-371
|
665189
|
5797779
|
1525
|
181
|
228
|
-68
|
FG-20-372
|
665290
|
5797637
|
1526
|
178
|
223
|
-75
|
FG-20-373
|
665290
|
5797637
|
1526
|
235
|
227
|
-53
|
FG-20-374
|
665306
|
5797611
|
1526
|
181
|
225
|
-60
|
FG-20-375
|
665276
|
5797653
|
1526
|
175
|
225
|
-60
|
Regional Geology
The FG Gold property straddles the boundary between the Omineca
and Intermontane tectonics belts of the Canadian Cordillera. The
eastward emplacement of the Intermontane Belt onto the Omineca Belt
along the Eureka Thrust Fault caused widespread regional
metamorphism and structural deformation of both Belts. The regional
scale, northwest trending, shallowly plunging, Eureka Syncline is
the dominant resulting structure in the project area. Rocks in the
core of the Eureka Syncline are comprised of basalt, augite
porphyry flows, tuffs and volcanic breccias metamorphosed to a low
grade; they are structurally emplaced onto metavolcanic and
sedimentary rocks of the Quesnel Terrane. The Quesnel Terrane is
recognized for its prevalence of copper, gold and molybdenum mines
and showings such as those at Highland Valley, Boss Mountain, QR
and Mount Polley.
Property Geology
The FG Gold property is centrally located over the Eureka
Syncline, strategically encompassing two limbs and the hinge zone
of a gold-bearing meta-sedimentary rock unit of the Quesnel
Terrane. The gold-bearing rock, a 'knotted' phyllite, is the host
rock for gold mineralization over the 3 km strike length of the
Resource Area (see Figure 1). Surface mapping and
geophysical inversion of airborne electromagnetic (EM) data
suggests the knotted phyllite has a strike length of over 20 km
with potentially thickened regions occurring in the Eureka Syncline
hinge zone (Kusk Zone Target) (see Figure 1).
Gold mineralization occurs in and is associated with development
of quartz – Fe carbonate – muscovite – pyrite vein stockwork. The
stockwork is best developed in the knotted phyllite unit. Stockwork
zones locally concentrate in zones greater than 10 meters wide and
are dominantly stratabound. Fe-carbonate alteration and carbonate
porphyroblasts development within the knotted phyllite unit is
observed to extend well outside immediate areas of veining.
About the FG Gold Project
The FG Gold project consists of 35 claims, totaling 13,008 ha,
in the eastern Cariboo region of central British Columbia, approximately 100 km east of
Williams Lake. The project is at
low elevation and accessible by forestry roads. FG Gold hosts
an orogenic gold deposit on the northeast limb of the Eureka
syncline. The southwest limb and hinge zone are
underexplored. The Project also hosts copper-gold porphyry
mineralization at the Nova Zone, discovered by KORE in 2018.
Figure 1 highlights the 20km trend of host rock expression
at surface.
The 20-kilometer trend is defined by gold in soils and
geophysics that traces the mineralized rock group around the
regional syncline. The Project has only been shallowly
drilled where the mineralized rock group comes to surface. Past
drilling averages only 93 meters deep into a steeply plunging
sedimentary host rock. Mineralization is open at depth and
along almost the entire trend. Figure 2 is a regional
cross-section that shows the host rock potential at depth and
potential connection to the Project's porphyritic intrusion.
The previous drilling targeted stratigraphic controls on
mineralization and did not penetrate into the bulk of the host-rock
structure. Drilling was largely done with RC and narrow core to
generate shallow bulk-disseminated gold intercept models.
Within the current resource there appear to be mineralized
corridors or chutes that are open at depth in the host
rock.
The current resource at the FG Gold project is as follows:
Classification
|
Size
(tonnes)
|
Grade
(g/t)
|
Au
(oz)
|
Au Cutoff
(g/t)
|
Measured
|
5,600,000
|
0.812
|
145,000
|
0.50
|
Indicated
|
9,570,000
|
0.755
|
231,000
|
0.50
|
Inferred
|
27,493,000
|
0.718
|
634,900
|
0.50
|
More information on the FG Gold Project and resource is
available in the "NI 43-101 Technical Report, Frasergold
Exploration Project, Cariboo Mining Division, BC" dated
July 20, 2015 by K.V. Campbell of
ERSi Earth Resource Surveys Inc. and G.H. Giroux of Giroux Consultants Ltd. technical
report ("2015 Technical Report") filed on www.sedar.com and on
KORE's website at www.koremining.com.
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 approximately 65% of the basic shares
outstanding.
Further information on KORE and its assets can be found on the
Company's updated website at www.koremining.com and at
www.sedar.com, or by contacting us as info@koremining.com or
by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
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.
Drill core samples were submitted to Bureau Veritas' analytical
facility in 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
FA450: 50g fire assay fusion with atomic absorption (AAS) finish
with a lower limit of 0.005 ppm and upper limit of 10 ppm. Gold
assays greater than 10ppm are automatically analysed by method
FA550: 50g fire assay fusion with a gravimetric fusion. Metallic
screen techniques were employed to assay gold mineralized zones
thought to contain coarse gold. Approximately 1000 grams of coarse
reject material are pulverized and screened. Two splits of the fine
fraction are assayed, as well as all material that does not pass
through the screen (the coarse fraction). The final gold assay
reported is a weighted average of the coarse and fine
fractions.
Bureau Veritas 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 Bureau Veritas' internal and Kore's
external blind quality control samples were acceptable for the
analyses returned.
Technical information with respect to the Project contained in
this news release has been reviewed and approved by Marc
Leduc, P.Eng, who is KORE's COO and is the qualified person under
National Instrument 43-101 responsible for the technical matters of
this news release.
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 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 year ended December 31, 2019 prepared as of April 27, 2020 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.
Cautionary Note Regarding Mineral Resource
Estimates: Information regarding mineral resource
estimates has been prepared in accordance with the requirements of
Canadian securities laws, which differ from the requirements of
United States Securities and Exchange Commission ("SEC") Industry
Guide 7. In October 2018, the SEC
approved final rules requiring comprehensive and detailed
disclosure requirements for issuers with material mining
operations. The provisions in Industry Guide 7 and Item 102 of
Regulation S-K, have been replaced with a new subpart 1300 of
Regulation S-K under the United States Securities Act and will
become mandatory for SEC registrants after January 1, 2021. The changes adopted are intended
to align the SEC's disclosure requirements more closely with global
standards as embodied by the Committee for Mineral Reserves
International Reporting Standards (CRIRSCO), including Canada's NI 43-101 and CIM Definition
Standards. Under the new SEC rules, SEC registrants will be
permitted to disclose "mineral resources" even though they reflect
a lower level of certainty than mineral reserves. Additionally,
under the New Rules, mineral resources must be classified as
"measured", "indicated", or "inferred", terms which are defined in
and required to be disclosed by NI 43-101 for Canadian issuers and
are not recognized under SEC Industry Guide 7. An "Inferred
Mineral Resource" has a lower level of confidence than that
applying to an "Indicated Mineral Resource" and must not be
converted to a Mineral Reserve. It is reasonably expected that the
majority of "Inferred Mineral Resources" could be upgraded to
"Indicated Mineral Resources" with continued exploration.
Accordingly, the mineral resource estimates and related information
may not be comparable to similar information made public by
United States companies subject to
the reporting and disclosure requirements under the United
States federal laws and the rules and regulations thereunder,
including SEC Industry Guide 7.
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SOURCE Kore Mining