TSXV - KORE OTCQX - KOREF
VANCOUVER, BC, Oct. 22, 2020 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company")
announces that the Company has completed the 15 hole 5,746 meter
drill program (the "Program") at the FG Gold project with
first assay results to be released in early November. The
Program discovered multiple new quartz vein systems with numerous
encounters of visible gold, that have the potential to expand the
mineralized footprint both at depth and along strike. As a
result, KORE has extended its 2020 drilling in the South Cariboo
Gold District by 2,000 meters ("m") with 10 additional holes
planned through the remainder of the year.
Highlights
- Discovered quartz veins containing visible gold ~320m down dip
from nearest historic drilling and ~215m down dip from Lower Zone
discovery hole FG-20-369 (10m of 3.9
g/t Au @ at 239m).
- Quartz veins containing visible gold identified in 8 of 14
logged drill holes (1 hole pending).
- Further defined structural controls of known gold
mineralization
- Assay results for all 15 holes are pending with first results
expected in early November 2020
- Mineralization remains open at depth and along almost the
entire 20-kilometer FG Gold trend, representing a district
scale opportunity for new discoveries and resource expansion.
KORE CEO Scott Trebilcock
commented, "FG Gold is the flagship project within KORE's district
scale South Cariboo Gold District. With 1,000 square
kilometres, the South Cariboo Gold District has similar scale and
potential to Osisko Gold Royalties (TSX: OR) Cariboo Gold Project
which recently announced a proposed spin-out into a stand-alone
listed company. The Cariboo region of British Columbia is highly attractive for gold
exploration and development with excellent local infrastructure,
access to skilled labour and multiple operating mines. KORE
expects the Cariboo region to re-emerge as a top gold jurisdiction
with FG Gold following Osisko's footsteps as the next great project
in the Cariboo region."
Earlier in 2020, KORE reported eight holes at the FG Gold
project which intersected quartz veining with visible gold in the
Upper Zone and Lower Zone (new discovery). Select highlights
follow:
Upper Zone highlights include:
- 11.0 meters of 10.0 g/t gold at 44.0 meters downhole in
FG-20-373
- 76.5 meters of 1.1 g/t gold at 5.5 meters downhole in
FG-20-368
- 98.0 meters of 1.0 g/t gold at 24.0 meters downhole in
FG-20-372
- 51.0 meters of 1.6 g/t gold at 19.0 meters downhole in
FG-20-370
Lower Zone highlights include:
- 52.5 meters of 1.1 g/t gold at 122.5 meters in
FG-20-375
- 10.0 meters of 3.9 g/t gold at 237 meters in
FG-20-369
Mr. Trebilcock continued, "KORE will start releasing assay
results for the latest FG Gold drilling in early November.
Our new exploration team, led by Michael
Tucker, is delivering and KORE has extended 2020 drilling in
BC through the fall season with another 10 holes for 2,000 meters
planned. The extended drilling will target new discoveries in
the South Cariboo Gold District and extending mineralization at
Gold Creek."
Full results for the previous 8 holes were released May 19, 2020, June 10,
2020 and July 23, 2020.
These results culminated in a C$7.5
million financing including the third strategic investment
from Mr. Eric Sprott which closed
July 22, 2020.
Drill Program Details
KORE completed 15 holes drilling for 5,746 meters in the Main
Zone of the FG Gold project from June through October 2020.
The Program was designed to target large step-outs from known
mineralization at depth and to extend more drilling into the Lower
Zone, a new mineralized rock unit, discovered earlier in 2020.
The Program continued to use oriented, large diameter (HQ) core
and metallic screen assaying to both define structure and get
representative assays from the coarse gold in the FG Deposit.
See KORE's news release from June 10,
2020 and July 23, 2020 for
details on metallic screening.
The drill hole collars are located on the plan map in Figure
4. The Figure also shows where core holes logged to-date show
visual gold ("VG"). Figure 5 shows a cross-section of
FG-20-377 and FG-20-378. The section illustrates the depth
extension potential of new gold veining and VG intercepts at
depth. Assays are pending for all holes. Photos of VG
core observations from Figure 4 and 5 are available at:
koremining.com/visible-gold-photos-nr-october-22-2020.
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 2 highlights the 20km trend of host rock expression
at surface.
The 20km 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 93m deep into a steeply plunging
sedimentary host rock. Mineralization is open at depth and
along almost the entire trend. Figure 3 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 reverse circulation
("RC") drilling and narrow core to generate shallow
bulk-disseminated gold intercept models. Within the current
resource there appears to be mineralized corridors or chutes that
are open at depth in the host rock.
About KORE's South Cariboo Gold District
KORE controls 1,000 square kilometers of claims in its South
Cariboo Gold District of British Columbia. The claims host
110 km of structural trend that is highly prospective for gold
deposits. KORE has multiple projects in the District,
including FG Gold and Gold Creek gold projects. Much of the
area under-explored and wide open for additional discoveries.
The Cariboo region 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.
Figure 1 shows KORE's claim position in the Cariboo
region of BC.
About KORE Mining Ltd.
KORE is 100% owner of a portfolio of advanced gold exploration
and development assets in California and British Columbia. KORE is
supported by strategic investor Eric
Sprott, who along management and Board, own 64% of the basic
shares outstanding. Further information on KORE and its
assets can be found on the Company's 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
Investor Relations
Arlen
Hansen, KIN Communications
1-888-684-6730
kore@kincommunications.com
Technical information contained in this news release has been
reviewed and approved by Michael Tucker, M.Sc., P.Geo. who is
KORE's Vice President of Exploration 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", "suggests", "appears" 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
(including the appearance of mineralized corridors or chutes that
are open at depth in the host rock}, 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
