K92 Mining Announces Latest Drill Results From Kora, Including Significant Southern Strike Extension

K92 Mining Announces Latest Drill Results From Kora, Including Significant Southern Strike Extension

Drill Hole KMDD0167 records bulk intersection of 30.1 m at 22.7 g/t Au, 5 g/t Ag and 0.54% Cu (23.6 g/t AuEq). The bulk intersection comprises multiple veins, including:
°  K1 of 10.0 m at 17.6 g/t Au, 1 g/t Ag, 0.10% Cu (17.77 g/t AuEq);
°  Kora Link of 5.1m at 8.5 g/t Au, 4 g/t Ag, 0.44% Cu (9.24 g/t AuEq);
°  K2 of 10.1 m at 45.7g/t Au, 12 g/t Ag, 1.29% Cu (47.8 g/t AuEq).
Drill Hole KMDD0177 records multiple intersections including 14.60 m at 5.96 g/t Au, 35g/t Ag and 3.32 % Cu (11.48 g/t AuEq).Drill Hole KMDD0175 records multiple intersections including 8.08 m at 20.01 g/t Au, 13 g/t Ag and 0.87% Cu (21.50 g/t AuEq) plus 8.50 m at 10.83 g/t Au, 52 g/t Ag and 3.81% Cu (17.33 g/t AuEq).Drill Hole EKDD0003A records multiple intersections including 8.00 m at 31.74 g/t Au, 7 g/t Ag and 0.52% Cu (32.63 g/t AuEq).Drill Hole KMDD0153 records multiple intersections including 3.70 m at 48.57 g/t Au, 177 g/t Ag and 1.31% Cu (52.82 g/t AuEq) and 5.69 m at 6.62 g/t Au, 6 g/t Ag and 0.14% Cu (6.92 g/t AuEq, 2.67 m true width).Drill Hole KMDD0198 records multiple intersections including 8.74 m at 21.58 g/t Au, 3 g/t Ag and 0.74% Cu (22.74 g/t AuEq).VANCOUVER, British Columbia, Feb. 20, 2020 (GLOBE NEWSWIRE) — K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce results from the continuing diamond drilling of the Kora North Extension of the Kainantu gold mine in Papua New Guinea.The results for the latest 25 diamond drill holes completed from both surface and underground into the Kora North deposit are summarized in Table 1 below. The results include multiple high-grade intersections, with the vast majority reported outside the boundaries of the October/2018 Resource estimate. The intersections demonstrate the high-grade and continuity of known mineralization beyond the resource along strike to the south, up-dip and down-dip.Step-out drilling to the south has extended the known mineralized southern extents by ~225m, recording multiple high-grade intersections. KMDD0175, drilled ~150m south of the Oct/2018 resource, recorded 8.08 m at 20.01 g/t Au, 13 g/t Ag and 0.87% Cu (21.50 g/t gold equivalent (“AuEq”), 2.86 m true width) and 8.50 m at 10.83 g/t Au, 52 g/t Ag and 3.81% Cu (17.33 g/t AuEq, 2.63 m true width). Step-outs more proximal to the Oct/2018 resource also recorded high-grade intersections including KMDD0198 recording 8.74 m at 21.58 g/t Au, 3 g/t Ag and 0.74% Cu (22.74 g/t AuEq, 6.80 m true width). Our most southern hole to date KMDD0177, ~225m south of the Oct/2018 resource, recorded 14.60 m at 5.96 g/t Au, 35g/t Ag and 3.32% Cu (11.48 g/t AuEq, 6.12 m true width) and importantly, intersected massive bornite mineralization (See Figure 4). The bornite mineralization is indicative of potential increasing proximity to one or multiple heat sources (to the south and/or to depth).These drill results also continue to demonstrate the potential for high-grade mineralization up-dip and down-dip of the Oct/2018 resource, including a localized improvement in grade from increased drilling density in several areas. KMDD0153, drilled ~75m below the Oct/2018 resource, recorded 5.69 m at 6.62 g/t Au, 6 g/t Ag and 0.14% Cu (6.92 g/t AuEq, 2.67 m true width) and 3.70 m at 48.57 g/t Au, 177 g/t Ag and 1.31% Cu (52.82 g/t AuEq, 1.91 m true width). KMDD0159, ~50-100m below the Oct/2018 resource, recorded 2.73 m at 14.74 g/t Au, 18 g/t Ag and 0.14% Cu (15.18 g/t AuEq, 1.24m true width) and 1.97 m at 6.33 g/t Au, 298 g/t Ag and 3.58% Cu (15.60 g/t AuEq, 1.28m true width). Up-dip of the Oct/2018 resource, surface drill hole EKDD0003A recorded 8.00 m at 31.74 g/t Au, 7 g/t Ag and 0.52% Cu (32.63 g/t AuEq, 4.06 m true width), ~100 m up-dip from the Oct/2018 Resource.Additionally, the results further demonstrate the potential for bulk mining, with KMDD0167 reporting a bulk intersection of 30.1 m at 22.7 g/t Au, 5 g/t Ag and 0.54% Cu (23.6 g/t AuEq, 29.7m true thickness). The intersection occurred where the Kora Link vein connects the K1 and K2 veins and highlights the potential for larger scale transverse long hole open stopes at Kainantu. Total drill metres after the Oct/2018 resource has increased +240%, which has enhanced K92’s understanding of Kora Link structures, including showing more structural continuity, particularly persistency vertically, than previously known.Long sections of K1 and K2 showing the location of the latest drill holes are provided in Figures 1 and 2 respectively. Long section showing Kora North drilling to date is provided in Figure 3.(Gold Equivalent (AuEq) is calculated using copper price of US$2.90/lb, silver price of US$16.5/oz and gold price of US$1,300/oz.)John Lewins, K92 Chief Executive Officer and Director, stated, “The reported results continue to demonstrate the high-grade pedigree, continuity and the strong extensional potential of Kora North. Step-out drilling to the south has extended known Kora North mineralization by over 200 metres below the known Kora resource, with multiple high-grade intersections recorded. One of the most recent holes drilled, KMDD0177, intersected massive bornite mineralization which may be significant in providing a vector towards the potential heat source. Drilling up-dip and down-dip has also been very encouraging with multiple high-grade intersections recorded and increasing drill density.Since the October 2018 Resource, Kora North drill metres have increased by +240%, which has provided an enhancement to our understanding of the system, including the Kora Link structures. These structures are emerging as being more continuous than previously known, are vertically persistent, and represent a potential opportunity for high productivity, transverse long hole open stoping.While we are now in the process of updating the Kora North resource to incorporate all of the results reported to date, we continue our drilling program with five diamond drill rigs active on the mining lease. These will shortly be supplemented by three new diamond drill rigs due on site in 2Q 2020. The two surface rigs and one underground rig will not only provide an increase to our rate of exploration but also our capacity to test new targets, some of which we expect to drill in the near term.”Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drilling (1) Gold Equivalent in Table 1 uses copper price of US$2.90/lb; silver price of US$16.5/oz and gold price of US$1,300/oz.Table 2 – Kainantu Gold Mine – Collar Locations for Kora Diamond DrillingThe mineral resource estimate (shown in Table 3 and Table 4) for the Kora, Kora North and Irumafimpa deposits is based on the technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and titled, “Independent Technical Report, Mineral Resources Estimate Update and Preliminary Economic Assessment of Kora North and Kora Gold Deposits, Kainantu Project, Papua New Guinea” with an effective date of September 30, 2018 (the “Technical Report”) prepared by Anthony Woodward BSc (Hons.), M.Sc., MAIG, Simon Tear BSc (Hons), EurGeol, PGeo IGI, EurGeol, Christopher Desoe BE (Min)(Hons), FAusIMM, RPEQ, MMICA, Lisa J. Park, BEng (Chem), GAICD, FAusIMM.Table 3 – Kora North Mineral Resource EstimateKey Assumptions and Parameters – Kora North Deposit
Mineralization comprises two parallel, steeply west dipping, N-S striking quartz-sulphide vein systems, K1 & K2, within an encompassing dilatant structural zone hosted by phyllite. An additional structure, the Kora Link, has also been defined and provides a possible link between the two main vein systems.Underground drilling consists of diamond core for a range of core sizes depending on length of hole and expected ground conditions. Sampling is sawn half core under geological control and generally ranges between 0.5m and 1m. Underground face sampling is completed for every fired round and is to industry standard.QAQC data indicated no significant issues with the accuracy of the on-site analysis.Core recovery of the mineral zone was initially 90%, this has improved to >95%. There is no relationship between core recovery and gold grade.Geological logging is consistent and is based on a full set of logging codes covering lithology, alteration and mineralization.The geological interpretation of the vein systems is represented as 3D wireframe solids snapped to a combination of diamond drillhole data and underground face sampling. Definition of the wireframes is based on identified gold mineralisation in drill core nominally at a 0.2g/t Au cut off in conjunction with geological control/sense and current mining widths.Gold equivalent (AuEq) g/t was calculated using the formula Au g/t +(Cu% x 1.53) + Ag g/t x 0.0127. (No account of metal recoveries through the plant have been used in calculating the metal equivalent grade. However, production is currently achieving 93% metal recovery for both gold and copper and gold is currently providing 95% and copper 5% of the total revenue of the mine.)Gold price US$1,300/oz; silver US$16.5/oz; copper US$2.90/lb.Table 4 – Irumafimpa and Kora/Eutompi Resource EstimatesNotes:M in table is millions.Reported tonnage and grade figures are rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Gold equivalents in Table 4 are calculated as AuEq = Au g/t + Cu%*1.52+ Ag g/t*0.0141.K92 Mine Geology Manager and Mine Exploration Manager, Mr. Andrew Kohler, PGeo, a qualified person under the meaning of NI 43-101, has reviewed and is responsible for the technical content of this news release.About K92K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora and Kora North deposits of the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018 and has commenced an expansion of the mine. An updated Preliminary Economic Assessment on the property was published in January 2019. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.ON BEHALF OF THE COMPANY,
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