Mesquite East and Ogilby Prospect Cultural
Surveys Underway
VANCOUVER, BC, May 12, 2022
/CNW/ - KORE Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) ("KORE"
or the "Company") is pleased to announce the Mesquite East
and Ogilby drill permitting process is advancing at the Company's
100% owned Imperial Oxide Gold Deposit ("Imperial" or
"Project"), located in California,
USA. Mesquite East and Ogilby are two of the ten highly
prospective drill targets identified in the
Mesquite-Imperial-Picacho District ("District") that
captures 28 kilometers ("km") of prospective
ground from Equinox Gold's
(TSX: EQX) operating Mesquite gold mine ("Mesquite") to
the historic
Picacho gold mine ("Picacho").
Highlights
- Mesquite East drilling targets geophysical anomalies east of
the Mesquite mine
- Ogilby drilling targets soil and geophysical anomaly targets
west of the main Imperial deposit
- Final environmental analysis and archeology surveys are
underway and expected to be completed in coming weeks
- Drill locations will be adjusted to avoid any sensitive areas
identified in the resource surveys
- Next steps: move into public consultation and complete the
Environmental Assessment ("EA") under the National
Environmental Protection Act ("NEPA")
- KORE plans to initiate the drill program as soon as all permits
are received
KORE's CEO Scott Trebilcock
stated: "After reconfiguring our drill plan of operations in
October 2021, the permitting process
is once again moving ahead. The cultural survey is finally underway
after having completed the other surveys in 2021. Our drill
locations are flexible to avoid any sensitive areas. KORE is
excited about the prospects of making a new discovery in the
Mesquite-Imperial-Picacho District and can't wait to get
drilling."
KORE 's most recent map of prospects including Mesquite East and
Ogilby was published on April 26,
2022 and is included here as Figure 1.
ABOUT IMPERIAL GOLD PROJECT
KORE owns 100% of the Mesquite-Imperial-Picacho District which
consists approximately 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. 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.
The Mesquite-Imperial-Picacho District centers on KORE's
Imperial project. 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 which 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 and a positive
preliminary economic assessment effective April 6, 2020 with the following
highlights:
- Robust economics: US$ 343 million
NPV5% post-tax with 44% IRR at US$
1,450 per ounce gold
- Low capital intensity project with only US$ 143 million pre-production capital cost
- Average 146,000 ounces gold per year over 8 years for 1.2
million ounces total production
- Technically simple project: shallow open pit, run-of-mine heap
leach with existing infrastructure
- Value enhancement through Mesquite-Imperial-Picacho District
exploration and resource expansion
The Company's NI 43-101 compliant resource and preliminary
economic assessment is titled "Preliminary Economic Assessment –
Technical Report Imperial Gold Project" effective as of
April 6, 2020 and revised and amended
on June 10, 2021, prepared by
Terre Lane and Todd Harvey of Global Resource Engineering and
Glen Cole of SRK Consulting
(Canada) Inc. can be found under
the Company's profile on SEDAR (www.sedar.com) and on the Company's
website.
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 district-scale
gold assets. Management and Board, along with strategic investor,
Eric Sprott (26% owner), are aligned
with all KORE shareholders with the goal of creating per share
value.
On behalf of KORE Mining Ltd
"Scott Trebilcock"
Chief Executive
Officer
(888) 407-5450
Investor Relations
David
Jan, Investor Relations
(888) 407-5450
info@koremining.com
Technical information with respect to the District and 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: completion dates for
surveys and analyses, timelines and process for obtaining drill
permits, and advancing the existing Imperial gold deposit toward
feasibility and mine permitting; the timing of submitting
Environmental Assessment report(s); potential actions, behavior or
position of the BLM; the underexplored and prospective
nature of the Imperial Regional Exploration Drilling area; the
results of the preliminary economic assessment for the Imperial
Project, including future project opportunities, the projected NPV,
permit timelines, the current mineral resource estimate, and the
ability to obtain the requisite permits; the market and future
price of and demand for gold; the opportunities of expansion at the
Imperial Project; and the ability to work cooperatively with
stakeholders, including 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. In connection with the
forward‐looking information contained in this presentation, 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
Imperial Project; exploration, permitting, and development of the
Imperial 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; 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: the outcome of BLM's review
processes for permitting, including the final outcome(s) of BLM's
mineral claim validity examination(s) and administrative review
process(es) with respect to the Imperial Zone, including a change
to the findings from the mineral claim validity examination
conducted in 2002 for the mill sites at the Imperial Zone,
resulting in the Company having to move its future Imperial Zone
project support facilities to areas that are not within the Indian
Pass mineral withdrawal area; the possibility that BLM may require
and/or conduct further mineral claim validity examinations with
respect to the Imperial project, and the outcome and final
determination of such examination could, among other things,
invalidate one or more mining claims; the possibility that BLM or
other governmental authority review of the Regional Exploration
Drilling program, delays or changes the Company's plan for Regional
Exploration Drilling permitting, 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 permits and other government approvals.
Additional risks and uncertainties are described in the "Risks"
sections of (i) the Company's Annual Information Form for the year
ended December 31, 2021 prepared as
of April 29, 2022, and (ii) the
Company's Management's Discussion and Analysis for the year ended
December 31, 2021, both 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/kore-mining-advancing-exploration-drill-permitting-in-the-mesquite-imperial-picacho-district-301546092.html
SOURCE Kore Mining
