Increasing Claims by 330% to 1,000 Square
Kilometres
VANCOUVER, BC, July 30, 2020 /CNW/ - KORE Mining Ltd.
(TSXV: KORE) (OTCQB: KOREF) ("KORE" or the "Company")
announces that the Company has increased its land holding in the
Cariboo Gold District ("District") of British Columbia by 330%. KORE is now
the dominant land holder of the southern half of the District with
Osisko Gold Royalties Ltd's (TSX:OR) Barkerville / Cariboo Gold
Project controlling the north.
Highlights
- Consolidated 1,000 square kilometer land position in southern
Cariboo Gold District
-
- 330% increase in claim area in BC
- KORE's claims host 110 km of the Eureka thrust structural trend
("Trend")
-
- Trend drives gold mineralization in the District
- Trend highly prospective for orogenic gold deposits
-
- Includes KORE's FG Gold Project and Gold Creek Project, both
orogenic
- Some of largest gold deposits in the world are orogenic
- Prolific mining region with multiple current and past operating
mines
- 100% KORE owned
KORE CEO Scott Trebilcock
commented, "It is a rare occurrence when a company controls a
dominant position in a gold District, particularly in a safe and
stable jurisdiction. KORE now has two, 100% owned, District
scale projects: Imperial in California and the southern Cariboo Gold
District. With the great results we are seeing in our FG Gold
Project drilling, and the success of Osisko to the north, the
Cariboo is once again on the radar for gold exploration."
Figure 1 shows KORE's land position in the
District. KORE staked 36 claims for 71,034 hectares and
acquired an additional 21 claims for a total of 5,571 hectares of
new claims. KORE previously controlled claims in the District
at the FG Gold Project and Gold Creek Project. In total, KORE
now controls 99,990 hectares or 1,000 square
kilometers.
The Cariboo Gold District is a prolific gold region. The
District was host to the Cariboo gold rush in the late 1800's,
followed by a long history of modern gold mining. The Cariboo
region is accessible with local power, well developed road network
and skilled local labour.
KORE already has already identified multiple projects in the
District with much of the area under-explored and wide open for
additional discoveries. District projects include KORE's FG
Gold, Gold Creek, Hen, Tep, Forks, Jamboree, and McKee which are
also located on Figure 2.
KORE is currently drilling the FG Gold Project, with
1,577m completed in March and
April 2020 and over 1,700m completed since the end of June
2020. Of the current 5,000m
drill program, four holes have been completed to date, averaging
over 400m each and all drilled up to
200m downdip from previous drilling
and covering a strike length of over 500m.
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; and insiders, together with the
management and Board, own approximately 64% 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 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.
![Figure 1 – Cariboo Gold District Map (CNW Group/Kore Mining) Figure 1 – Cariboo Gold District Map (CNW Group/Kore Mining)](https://mma.prnewswire.com/media/1221760/Kore_BC_Staking_NewStaking11.jpg)
![Figure 2 – Detailed Claim Map of Southern Cariboo Gold District (CNW Group/Kore Mining) Figure 2 – Detailed Claim Map of Southern Cariboo Gold District (CNW Group/Kore Mining)](https://mma.prnewswire.com/media/1221761/Kore_BC_Staking_NewStaking2__1.jpg)
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SOURCE Kore Mining