3,000 metre Phase 1 Drill Program Planned
to Test Highest Priority Expansion Targets
VANCOUVER, BC, Oct. 12, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company") is
pleased to announce that the United States Forest Service
("USFS") has approved KORE's proposed drill program at the
Long Valley Gold Project ("Project"), located
California. A Phase 1, 3,000 meter program is being planned
to growth targets ("Program").
HIGHLIGHTS:
- Planning up to 3,000 meter Phase 1 core drilling program to
test:
-
- Underlying sulphide "feeder structure" targets for underground
potential; and,
- Highest priority shallow oxide targets to expand current
resources
- Program will also better define oxidation levels and test for
silver for the first time
- Potential to expand drilling program up to 15,000
meters on success
- Drill contractor selected and contract signed
- Reclamation cost has been pre-paid to the USFS to return site
to natural state
- Next Steps: finalize program logistics and complete local
permitting
"KORE is excited to receive our main permit at Long Valley. We
have been working closely with the USFS and have designed a
targeted, low impact drill program," stated Scott Trebilcock, President &
CEO. "The untested feeder zone drill targets are our
highest priority in addition to oxide resource expansion. The
core drilling is expected to improve the geologic model and will
also be assayed for silver for the first time at the project."
KORE's team has worked closely with the USFS to avoid cultural
impacts and mitigate other potential Program impacts. The Program
utilizes modern technology and existing road infrastructure to
minimize disturbances. KORE will complete pre-disturbance
cultural surveys, remove 100% of all drill cuttings, have zero
water or waste discharge and intensively remediate all sites
post-work. There will be no long-term impact from the
Program and no permanent installations will be left behind.
The USFS thus granted KORE a categorical exclusion from the
National Environmental Protection Act for the Program's plan of
operations.
Drill Program Target Details
The Company has identified opportunities to expand the shallow
oxide mineralization in all directions. Additional
mineralization could extend mine life, reduce capital intensity and
generate higher project economic returns than the 1.2 million
ounces of Indicated gold and 0.5 million ounces of Inferred gold
from 64 million tonnes of 0.58 grams per tonne and 22 million
tonnes of 0.65 grams per tonne, respectively, modelled in the
preliminary economic assessment ("PEA")
announced October 27,
2020.
Additionally, as a fully intact epithermal deposit with a large
at surface footprint, Long Valley has the potential for high-grade
sulphides and discrete vein zones in the underlying feeder
structures. The discovery of high-grade, sulphide
dominant gold ("Au")-silver ("Ag") mineralization in
addition to near-surface oxide Au-Ag mineralization would open up
additional development pathways for the Project, such as
underground mining.
More details on the deposit geology and exploration potential
can be found in KORE's March 23,
2021, January 30,
2020 and March 24,
2020 news releases.
About Long Valley Gold Project
Long Valley is 100% owned epithermal gold and silver project
located in Mono County, California. The 15,965 acre land
package around the project is district in scale and covers all
deep-rooted fault structures of similar genesis to the Hilton Creek
fault, the primary 'conduit' for the current Long Valley
deposit.
A total of 896 holes have been drilled on the Project, the
majority being completed by reverse circulation with lesser core,
rotary and air track. The current mineral resource
estimate is 1,217,000 ounces of Indicated gold and 456,000 ounces
of Inferred gold from 63.7 million tonnes of 0.58 grams per tonne
and 22.0 million tonnes of 0.65 grams per tonne,
respectively. The mineral resource consists of oxide,
transition and sulphides. The estimate was prepared by
Neil Prenn, P.E. of Mine Development Associates with an effective
date of September 2,
2020. See the "Preliminary Economic Assessment NI 43-101
Technical Report, Long Valley Project", revised and amended dated
June 7, 2021, filed on SEDAR on
June 11, 2021 (the "PEA").
The PEA for a shallow, low-strip heap leach project contains the
following highlights:
- US $273 million NPV5% post-tax
with IRR of 48% at US$ 1,600 per
ounce gold ;
- Significant leverage to gold: US$ 352
million NPV5% at spot US$
1,800 per ounce gold;
- 102,000 ounces gold per year average over 7 years mine
life;
- Shallow open pit, heap leach with nearby infrastructure;
- Unmodelled silver potential from metallurgical test-work;
and
- Shallow oxide and sulphide feeder exploration potential to
further enhance project.
More information is available in the PEA filed on SEDAR
at www.sedar.com and on KORE's website
at www.koremining.com.
About KORE Mining
KORE Mining is focused on
responsibly creating value from its portfolio of gold assets in
California, USA. The Company is
advancing the Imperial project towards development while continuing
to explore across both Imperial and Long Valley district-scale gold
assets. Management and Board (35% ownership), along with
strategic investor, Eric Sprott (26%
owner), are aligned with all KORE shareholders to create per share
value.
Further information on KORE can be found on the Company's
website at www.koremining.com or by contacting us at
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 Long Valley 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 "anticipate", "believe", "budget",
"could", "estimate", "expect", "feel", "indicate", "intend", "may",
"plan", "potential", "predict", "project", "should", "will",
"would", and similar terms and phrases, including references to
assumptions. All statements other than statements of historical
fact, included in this news 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 timing, implementation and results of exploration
drilling for the Long Valley project; the opportunities of
expansion at the Long Valley Project; the ability to work
cooperatively with stakeholders, including all levels of
government; the mitigation of the planned drilling program's
impacts on cultural and biological factors being minimal; and
expectations regarding the impact of the COVID-19 pandemic. 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. In connection with the
forward-looking information contained in this news release, the
Company has made numerous assumptions, including, among others:
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions at the
Long Valley Project; exploration, permitting, and development of
the Long Valley Project being consistent with current expectations
and planning; the geological, permitting and economic advice that
the Company has received is reliable and is based upon practices
and methodologies which are consistent with industry standards; the
cultural impacts and other potential impacts that the Company has
worked with USFS in mitigating do not change; and other planning
assumptions. While the Company considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
uncertainties and contingencies.
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. Known risk
factors include, among others: delays or changes to the Company's
plan for the current drill program, which could result, among other
things, in delays, additional project requirements, additional
costs and uncertainty of meeting anticipated program milestones;
the exploration drill program may not be completed as planned; the
need to obtain additional financing; uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration or development programs and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of future permits and other government
approvals; the actual cultural and biological impacts of the
Company's exploration and development programs and the ongoing
impact of the COVID-19 pandemic.
Additional risks and uncertainties are described under the "Risk
Factors" section of the Company's Annual Information Form for the
year ended December 31, 2020 prepared
as of April 29, 2021 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. Although the Company has attempted
to identify important risk factors that could cause actual results
to differ materially from those contained in the forward–looking
information or statements or implied by forward–looking information
or statements, there may be other risk factors that cause results
not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking
statements or information.
The preliminary economic assessments are preliminary in nature,
that include inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessments will be realized. 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
