K92 Announces Updated Resource for Kora North
March 01 2018 - 10:56AM
HIGHLIGHTS INCLUDE:
- The updated resource for the Kora North deposit
comprises a Measured Resource of 33,200 tonnes @ 10.3 g/t Au, 31
g/t Ag and 1.2% Cu; an Indicated Resource of 103,500 tonnes @12.7
g/t Au, 30 g/t Ag and 1.3% Cu and an Inferred Resources of 183,500
tonnes @ 14.4 g/t Au, 27 g/t Ag and 0.9% Cu.
- The Total Measured, Indicated and Inferred Resource
covers an area of 300 metres on strike by 150 metres vertically,
less than 5% of the target area to be drilled over the coming 12
months.
VANCOUVER, British Columbia, March 01, 2018
(GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92”) (TSXV:KNT) is pleased
to announce that an updated resource has been defined in Kora North
based on results from underground grade control diamond drilling
and face sampling. The updated resource comprises a Measured
Resource of 33,200 tonnes @ 10.3 g/t Au, 31 g/t Ag and 1.2% Cu; an
Indicated Resource of 103,500 tonnes @ 12.7 g/t Au, 30 g/t Ag and
1.3% Cu and an Inferred Resources of 183,500 tonnes @ 14.4 g/t Au,
27 g/t Ag and 0.9% Cu. See Table 1 below.
This updated resource is based on results from
29 diamond drill holes drilled from Diamond Drill Cuddies 1 and 2
(DDC1 & DDC2) and 261 face samples taken from horizontal
development along the K1, K2 and KL1 veins. The resource covers an
area approximately 300 metres along strike by 150 metres vertically
and excludes all tonnages mined from within this area up until 31
January 2018. This area represents just 5% of the target area of
1,000 metres along strike by up to 1,000 metres vertically which
the Company plans to drill from underground over the coming 12
months.
The updated resource has been defined after just
four months of underground grade control drilling and represents,
at the design production levels of 45-50,000 ozs per annum, almost
three years of production.
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Table 1 Kora North Mineral Resource – Effective Date 1
February 2018 |
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Category |
Tonnes |
Gold |
Silver |
Copper |
AuEq |
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g/t |
Ozs |
g/t |
Ozs |
% |
000's lb |
g/t |
Ozs |
Measured |
33,200 |
10.3 |
10,900 |
31 |
33,300 |
1.2 |
890 |
12.5 |
13,300 |
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Indicated |
103,500 |
12.7 |
42,200 |
30 |
99,800 |
1.3 |
3,020 |
15.1 |
50,300 |
Total M & I |
136,700 |
12.1 |
53,100 |
30 |
133,100 |
1.3 |
3,910 |
14.5 |
63,700 |
Total Inferred |
183,500 |
14.4 |
85,000 |
27 |
159,300 |
0.9 |
3,640 |
16.1 |
95,000 |
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- Gold Equivalent (Au Eq) g/t was calculated using the formula Au
g/t + (Cu% x 1.53) + Ag g/t x 0.0127
- Gold Price US$1,300/oz; Silver US$16.5/oz; Copper
US$2.90/lb
- A top cut of 60 g/t was applied to the gold assays for the K1
and K2 lodes and 80 g/t for the KL1 lode
- Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower
level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of the Inferred Mineral
Resource could be upgraded to an Indicated Mineral Resource with
continued exploration.
- All material mined from within the resource envelope up to the
effective date of the resource have been removed from the
model.
- Wireframes were constructed to constrain lode positions based
on geological mapping and logging of workings and diamond core
coupled with the use of face and drill core assay results using a
nominal +1 g/t Au cut-off to define the lode boundary.
- Equal length composites of 0.5m were extracted from the
database for each lode. A top cut to gold grade was applied to K2
of 60g/t, K1 and KL1 of 80g/t. The ordinary kriging modelling
estimation method was then used with search radii of 35m and 130m
for Au, Ag and Cu. At least 3 informing values with a maximum of 12
were used to estimate each model block.
- The Resource was classified as measured if both drilling at 25m
centres and workings were present, as indicated if only drilling or
workings were presented and inferred for material 15m past the last
drill hole or working.
John Lewins, K92 Chief Executive Officer and
Director, states, “In October 2017, K92 commenced grade
control drilling and the mining of a bulk sample from Kora North.
Just over four months later, we have announced the achievement of
commercial production and defined a Measure + Indicated + Inferred
Resource of 320,000 tonnes at an AuEq grade of 15.4 g/t containing
almost 160,000 ozs of AuEq, covering an area of just 300 metres
along strike by 150 metres vertically – equivalent to less than 5%
of the total area of 1,000 metres by 1,000 metres that we plan to
drill out from underground over the coming 12 months. This 160,000
ozs is equivalent to almost 3 years production at current design
levels.
“The rate at which we have been able to
progress our understanding of the Kora North vein system, and
utilise this information to achieve commercial production is a
testament to the skills, hard work and endeavour of all of our
personnel at the Kainantu Gold Mine. We can rightly look forward
with increasing confidence to achieving design production in the
coming quarter and further developing our knowledge of the Kora
system and unlocking its undoubted potential.”
K92 Mine Geology Manager and Mine Exploration
Manager, Mr. Andrew Kohler, PGeo, a qualified person under the
meaning of Canadian National Instrument 43-101, has reviewed and is
responsible for the technical content of this news release. Data
verification by Mr. Kohler includes significant time onsite
reviewing drill core, face sampling, underground workings and
discussing work programs and results with geology and mining
personnel.
ON BEHALF OF THE COMPANY,
John Lewins
Chief Executive Officer and Director
Suite 488 – 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: (604) 687-7130
Facsimile: (604) 608-9110
K92 has a standard underground face sampling
procedure in place in which face geological mapping and channel
samples are taken across the strike, at right angles to the drive
walls at intervals of approximately of 1.5m apart coinciding with
the development advance of the heading. A geologist determines the
interval lengths across the face for each sample depending on the
geological character of the material. Two samples are taken per
interval at waist and knee height and the corresponding widths
recorded. No greater than 1.5m intervals are allowed during
sampling. Samples are approximately 3.5kg in size. Assay for Au, Ag
and Cu are averaged using length weighting of the sample interval
and then, coupled with the orientation of channel and placed in the
database. Standard QAQC procedures are used for underground samples
as described in the ITR Mineral Resource Estimate and Preliminary
Economic Assessment of Irumafimpa and Kora Gold Deposits, Kainantu
Project, PNG dated 2 March 2017.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. All statements that address future
plans, activities, events or developments that the Company
believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
realization of the preliminary economic analysis for the Project,
expectations of future cash flows, the proposed plant expansion,
potential expansion of resources and the generation of further
drilling results which may or may not occur. Forward-looking
statements and information contained herein are based on certain
factors and assumptions regarding, among other things, the market
price of the Company’s securities, metal prices, exchange rates,
taxation, the estimation, timing and amount of future exploration
and development, capital and operating costs, the availability of
financing, the receipt of regulatory approvals, environmental
risks, title disputes, failure of plant, equipment or processes to
operate as anticipated, accidents, labour disputes, claims and
limitations on insurance coverage and other risks of the mining
industry, changes in national and local government regulation of
mining operations, and regulations and other matters.. There can be
no assurance that such statements 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 statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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