Enters Memorandum of Understanding with the
Bureau of Land Management and Engages Environmental
Assessment Consultant
VANCOUVER, BC, April 26, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company") is
pleased to announce that it has entered into a memorandum of
understanding with the Bureau of Land Management ("BLM") and
engaged a third-party consultant to complete the environmental
assessment for KORE's proposed exploration drilling program at the
Imperial Gold project ("Imperial"). The proposed drill
program consists of over 150 drill pads, including new discovery
targets on the Mesquite-Imperial-Picacho district
("District"), Imperial project resource growth targets and
drilling to support Imperial engineering. KORE is working
closely with the BLM to commence drilling in a safe and responsible
manner and remains on track to commence drilling in the second half
of 2021.
KORE's CEO Scott Trebilcock
stated: "Ongoing work on the KORE controlled
Mesquite-Imperial-Picacho gold district is extremely promising for
making new multi-million ounce oxide gold discoveries. KORE
has generated multiple targets analogous to the Mesquite and
Imperial oxide deposits that have never been drill tested. Having
control of a large, underexplored gold district in the western US
is extremely rare and we are excited to start drilling and make a
new discovery."
The District has produced over five million ounces of gold
between the Mesquite and Picacho mines which has contributed to the
local economy for generations. KORE geologists have
identified multiple high priority targets between the operating
Mesquite mine, the Imperial deposit, and onward east to the closed
Picacho mine where KORE recently staked an additional 4,600 acres
to capture the full District potential (see April 13, 2021 and December 8, 2020 new releases). Work
continues across the District with more results pending including a
satellite alteration survey, geophysics and additional field
sampling.
KORE's proposed drill program could support drilling through
2022 and most drill pads are located immediately next to existing
BLM roads to minimize disturbance and the locations are flexible to
avoid impact to local resources. KORE is working closely with
the BLM to ensure that the Company meets or exceeds all regulatory
requirements to protect the area resources and deliver a safe, low
impact program.
About Imperial Gold Project
KORE owns 100% of the
Mesquite-Imperial-Picacho District which consists of over 31,000
acres of claims capturing the entire 28-kilometer trend from the
operating Mesquite mine (Equinox Gold - TSX:EQX) to the closed
Picacho mine and including KORE's Imperial project. The
Imperial resource, which was the subject of an economically robust
2020 PEA released April 6, 2020, is
located roughly in the center of the District. KORE is
planning to move the Imperial PEA mine plan into permitting in
mid-2021 once drilling permits are received.
In the District, gold is hosted in local fault structures
related to a series of regional faults connecting the known
District deposits. Those three District deposits (Mesquite,
Imperial and Picacho) were discovered in exposed outcrops and from
placer workings. The rest of the District is covered by
alluvium and has never been systematically explored using modern
techniques.
Imperial is a structurally controlled intermediate sulfidation
epithermal gold deposit. The 100% oxide gold deposit is currently
defined at 2.44 kilometer long and up to 0.75 kilometer wide and is
open both along strike and downdip. It is hosted in a shallowly
southwest dipping, amphibolite grade metamorphic rock suite along a
west-northwest trending low-angle regional thrust fault system. The
thrust fault system controls the regional geometry of
mineralization. East-west striking, post-mineralization normal
faults control the property scale geometry of mineralization.
Geophysical characterization of the deposit and regional
controlling structures is an essential component of exploration for
additional resources.
Imperial has a mineral resource estimate with a positive
Preliminary Economic Assessment ("PEA"), released April 6, 2020, having the following
highlights:
- Robust economics: C$ 642 million
NPV5%* post-tax with 52% IRR at US$1,600 per ounce gold;
- Low capital intensity project with only US$ 143 million pre-production capital cost;
- 146,000 ounces gold per year over 8 years for 1.2 million
ounces total production; and
- Technically simple project: shallow open pit, run-of-mine heap
leach with existing infrastructure.
About KORE Mining
KORE is 100% owner of the Imperial
and Long Valley gold projects assets
in California. Both projects have positive economic
assessments put KORE on the path to up to 350,000 ounces of gold
production. KORE is supported by strategic investor Eric Sprott who owns 26% of KORE's basic shares
andKORE management and Board are aligned with shareholders, owning
an additional 38% of the basic shares outstanding. KORE is
actively developing its Imperial Gold project and is aggressively
exploring across its portfolio of assets.
Further information on Imperial and KORE can be found on the
Company's website at www.koremining.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
Technical information with respect to the Imperial Gold 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", "intends", "indicates" 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. Forward-looking statements in this news release
include, but are not limited to, statements with respect to: the
proposed drill program and final results of future exploration
work, including a satellite alteration survey, geophysics and
additional field sampling, the results of the PEA, including future
opportunities, the projected NPV, permit timelines, and the
ability to obtain the requisite permits, the market and future
price of and demand for gold, and the ongoing ability to work
cooperatively with stakeholders, including the all levels of
government. 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.
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SOURCE Kore Mining
