VANCOUVER, British Columbia, Sept. 12, 2018 (GLOBE NEWSWIRE) --

K2 Long Section
K2 Long Section


K1 Long Section
K1 Long Section


  • Drill Hole KMDD0098 records multiple intersections including 4.54 m at 58.63 g/t Au, 6 g/t Ag and 0.63% Cu (59.63 g/t AuEq) plus 7.70 m at 8.81 g/t Au, 63 g/t Ag and 0.58% Cu (10.49 g/t AuEq)
  • Drill Hole KMDD0097 records multiple intersections including 4.15 m at 20.83 g/t Au, 7 g/t Ag and 0.20% Cu (21.21 g/t AuEq) plus 8.25 m at 5.91 g/t Au, 7 g/t Ag and 0.49% Cu (6.76 g/t AuEq)
  • Drill Hole KMDD0095 records multiple intersections including 10.70 m at 44.02 g/t Au, 2 g/t Ag and 0.27% Cu (44.59 g/t Au Eq)
  • Drill Hole KMDD0092 records multiple intersections including 3.40 m at 23.57 g/t Au, 9 g/t Ag and 0.17% Cu (23.95 g/t Au Eq)

K92 Mining Inc. (TSX-V: KNT; OTCQX: KNTNF) (“K92” or the “Company”) is pleased to announce results from the continuing diamond drilling of the Kora North Extension.

Results from Hole KMDD0098 record multiple intersections including 4.54 m at 58.63 g/t Au, 6 g/t Ag and 0.63% Cu (59.63 g/t AuEq) plus 7.70 m at 8.81 g/t Au, 63 g/t Ag and 0.58% Cu (10.49 g/t AuEq) plus 1.92 m at 3.74 g/t Au, 17 g/t Ag and 0.97% Cu (5.44 g/t AuEq) plus 1.45 m at 3.67 g/t Au, 6 g/t Ag and 0.63% Cu (4.70 g/t AuEq). Results from Hole KMDD0097 record multiple intersections including 4.15 m at 20.83 g/t Au, 7 g/t Ag and 0.20% Cu (21.21 g/t AuEq) plus 8.25 m at 5.91 g/t Au, 7 g/t Ag and 0.49% Cu (6.76 g/t AuEq) plus 2.00m at 3.01 g/t Au, 13g/t Ag and 1.91% Cu (6.09 g/t AuEq). See Table 1 below for a summary of drill results including true widths.

The results from Diamond Drill Cuddies 2 & 3 (DDC2 & DDC3) continue to extend both the K1 and K2 lodes while also further delineating the KL structure and confirming its continuity. Long sections showing all holes drilled to date in both K1 and K2 is provided below.

John Lewins, K92 Chief Executive Officer and Director, states, “The results continue to extend the known extent of both the K1 and K2 vein systems along strike and vertically, increasing our confidence in the continuity of these high grade vein systems. We will shortly commence a further update of the Kora North Resource estimate, incorporating all holes completed since the last resource update as well as the results from the holes currently being drilled. We anticipate that this updated resource estimate will be completed in the coming month.”

Table 1 below provides a summary of the results from KMDD0092, 93, 94, 95, 96, 97, 98 and 99 diamond drill holes drilled from DDC2 & 3. Note that KMDD0093 was previously reported on June 5, 2018. Table 2 provides details of collar location and hole orientation.

 
Table 1.0 Kainantu Gold Mine – Significant Intercepts from Diamond Drill Cuddies 2 & 3
 
Hole_id From
(m)		 To
(m)		 Interval
(m)		 True
width
(m)		 Gold
g/t		 Silver
g/t		 Copper
%		 Gold
equivalent		 Comment
KMDD0092 90.31 91.91 1.60 0.68 8.98 7 0.29 9.52 Drilled from DDC3
Including 90.31 90.60 0.29 0.12 8.87 6 0.10 9.10  
Including 90.60 91.20 0.60 0.26 14.64 11 0.16 15.02  
Including 91.20 91.60 0.40 0.17 5.66 6 0.58 6.62  
Including 91.60 91.91 0.31 0.13 2.40 4 0.36 3.00  
KMDD0092 95.95 96.72 0.77 0.33 1.58 4 1.41 3.78  
KMDD0092 97.34 98.00 0.66 0.28 1.51 1 0.68 2.57  
KMDD0092 125.20 128.60 3.40 1.72 23.57 9 0.17 23.95  
Including 125.20 126.20 1.00 0.51 61.53 21 0.13 62.00  
Including 126.20 126.90 0.70 0.35 16.42 5 0.18 16.77  
Including 126.90 127.60 0.70 0.35 3.56 5 0.26 4.02  
Including 127.60 128.00 0.40 0.20 3.35 5 0.16 3.66  
Including 128.00 128.20 0.20 0.10 6.15 4 0.12 6.39  
Including 128.20 128.60 0.40 0.20 5.12 2 0.11 5.32  
KMDD0093 177.00 199.20 22.20 6.22 61.81 6 0.27 62.30 Drilled from DDC2
Including 177.00 177.70 0.70 0.20 1.69 1 0.11 1.87  
Including 177.70 178.50 0.80 0.22 6.23 3 0.41 6.90  
Including 178.50 179.50 1.00 0.28 1.13 1 0.04 1.21  
Including 179.50 180.60 1.10 0.31 0.81 1 0.02 0.85  
Including 180.60 181.10 0.50 0.14 5.02 4 0.76 6.23  
Including 181.10 181.60 0.50 0.14 3.39 4 0.10 3.59  
Including 181.60 182.60 1.00 0.28 6.04 1 0.05 6.12  
Including 182.60 183.50 0.90 0.25 24.15 1 0.03 24.20  
Including 183.50 184.50 1.00 0.28 52.54 3 0.21 52.89  
Including 184.50 185.40 0.90 0.25 90.90 3 0.16 91.19  
Including 185.40 185.90 0.50 0.14 0.46 1 0.01 0.49  
Including 185.90 187.00 1.10 0.31 120.42 6 0.11 120.67  
Including 187.00 187.80 0.80 0.22 13.83 3 0.14 14.09  
Including 187.80 188.80 1.00 0.28 9.23 14 1.01 10.96  
Including 188.80 189.40 0.60 0.17 1.54 1 0.31 2.03  
Including 189.40 190.50 1.10 0.31 925.00 54 0.68 926.73  
Including 190.50 191.50 1.00 0.28 3.05 5 0.79 4.32  
Including 191.50 192.50 1.00 0.28 1.84 1 0.36 2.41  
Including 192.50 193.50 1.00 0.28 0.98 1 0.32 1.48  
Including 193.50 194.50 1.00 0.28 1.30 2 0.22 1.65  
Including 194.50 195.30 0.80 0.22 4.52 3 0.58 5.45  
Including 195.30 196.00 0.70 0.20 10.45 3 0.30 10.94  
Including 196.00 197.60 1.60 0.45 1.58 3 0.08 1.75  
Including 197.60 198.50 0.90 0.25 4.29 5 0.04 4.41  
Including 198.50 199.20 0.70 0.20 2.45 2 0.04 2.54  
KMDD0094 70.15 71.00 0.85 0.52 19.81 3 0.37 20.42 Drilled from DDC3
Including 70.15 70.65 0.50 0.30 1.37 1 0.35 1.92  
Including 70.65 71.00 0.35 0.21 46.16 6 0.39 46.83  
KMDD0094 73.57 76.70 3.13 1.90 12.87 1 0.09 13.02  
Including 73.57 74.25 0.68 0.41 11.32 1 0.08 11.45  
Including 74.25 74.95 0.70 0.42 8.14 1 0.02 8.18  
Including 74.95 75.38 0.43 0.26 30.44 2 0.05 30.54  
Including 75.38 75.83 0.45 0.27 17.41 1 0.07 17.53  
Including 75.83 76.06 0.23 0.14 0.42 1 0.01 0.44  
Including 76.06 76.70 0.64 0.39 9.16 2 0.25 9.57  
KMDD0094 88.60 92.69 4.09 2.48 2.34 25 0.60 3.57  
Including 88.60 89.05 0.45 0.27 1.64 13 0.87 3.13  
Including 89.05 89.62 0.57 0.35 2.40 51 2.06 6.20  
Including 89.62 90.84 1.22 0.74 4.74 39 0.50 6.00  
Including 90.84 91.16 0.32 0.19 0.47 3 0.14 0.73  
Including 91.16 92.69 1.53 0.93 1.00 12 0.15 1.38  
KMDD0095 81 96.1 15.1 9.82 1.99 3 0.18 2.31 Drilled from DDC2
Including 81 82 1 0.65 0.73 1 0.07 0.85  
Including 82 82.9 0.9 0.59 0.97 1 0.02 1.01  
Including 82.9 83.35 0.45 0.29 5.03 4 0.13 5.28  
Including 83.35 84.25 0.9 0.59 3.89 6 0.21 4.29  
Including 84.25 85.3 1.05 0.68 5.04 5 0.03 5.16  
Including 85.3 86 0.7 0.46 0.94 2 0.24 1.33  
Including 86 87 1 0.65 2.06 3 0.01 2.12  
Including 87 88.85 1.85 1.2 0.46 1 0.01 0.48  
Including 88.85 89.1 0.25 0.16 32.82 9 0.64 33.91  
Including 89.1 89.4 0.3 0.2 2.85 19 0.66 4.1  
Including 89.4 90.8 1.4 0.91 0.58 4 0.1 0.79  
Including 90.8 92 1.2 0.78 0.21 1 0.3 0.68  
Including 92 93 1 0.65 0.87 1 0.32 1.38  
Including 93 94 1 0.65 0.15 1 0.13 0.37  
Including 94 95.8 1.8 1.17 1.16 6 0.37 1.8  
Including 95.8 96.1 0.3 0.19 1.78 13 0.75 3.09  
KMDD0095 161.1 171.8 10.7 4.17 44.02 12 0.27 44.59  
including 161.1 162 0.9 0.35 0.58 11 0.29 1.16  
including 162 162.9 0.9 0.35 3.33 4 0.22 3.71  
including 162.9 164.2 1.3 0.51 351.6 68 0.41 353.08  
including 164.2 165.2 1 0.39 3.47 3 0.55 4.36  
including 165.2 166 0.8 0.31 0.92 3 0.35 1.49  
including 166 167 1 0.39 1.16 5 0.1 1.37  
including 167 167.8 0.8 0.31 2.52 3 0.13 2.76  
including 167.8 168.9 1.1 0.43 0.21 1 0.45 0.9  
including 168.9 169.6 0.7 0.27 0.33 6 0.19 0.7  
including 169.6 170.5 0.9 0.35 0.11 1 0.21 0.44  
including 170.5 171.8 1.3 0.51 1.92 3 0.09 2.1  
KMDD0095 219.6 221.3 1.7 1.19 2.25 35 1.32 4.71  
KMDD0096 41.43 43.20 1.77 1.54 2.26 26 2.33 6.15 Drilled from DDC3
Including 41.43 42.00 0.57 0.49 3.21 7 0.45 3.99  
Including 42.00 42.62 0.62 0.54 0.09 3 0.59 1.02  
Including 42.62 43.20 0.58 0.50 3.65 68 6.05 13.77  
KMDD0096 46.25 47.95 1.70 1.48 1.43 3 0.26 1.86  
Including 46.25 46.87 0.62 0.54 1.76 4 0.34 2.34  
Including 46.87 47.65 0.78 0.68 0.75 2 0.20 1.09  
Including 47.65 47.95 0.30 0.26 2.52 1 0.25 2.91  
KMDD0096 64.13 68.95 4.82 4.10 10.83 9 0.78 12.14  
Including 64.13 65.00 0.87 0.74 9.04 13 1.29 11.18  
Including 65.00 65.90 0.90 0.76 4.15 14 1.12 6.05  
Including 65.90 66.20 0.30 0.25 0.66 2 0.31 1.17  
Including 66.20 66.80 0.60 0.51 65.60 24 0.88 67.25  
Including 66.80 67.40 0.60 0.51 0.30 1 0.52 1.11  
Including 67.40 68.50 1.10 0.93 0.26 1 0.05 0.35  
Including 68.50 68.95 0.45 0.38 1.33 4 1.41 3.54  
KMDD0096 69.36 75.15 5.79 4.92 1.48 14 1.38 3.77  
Including 69.36 69.60 0.24 0.20 2.59 2 0.22 2.95  
Including 69.60 70.20 0.60 0.51 2.08 38 2.37 6.19  
Including 70.20 71.36 1.16 0.99 0.12 1 0.16 0.38  
Including 71.36 71.81 0.45 0.38 0.76 5 1.26 2.75  
Including 71.81 72.56 0.75 0.64 7.54 62 5.53 16.79  
Including 72.56 72.90 0.34 0.29 0.14 2 0.54 0.98  
Including 72.90 73.33 0.43 0.37 0.05 1 0.02 0.09  
Including 73.33 73.60 0.27 0.23 0.57 1 1.61 3.05  
Including 73.60 74.44 0.84 0.71 0.49 8 1.86 3.43  
Including 74.44 74.70 0.26 0.22 0.12 1 0.16 0.38  
Including 74.70 75.15 0.45 0.38 0.07 1 0.07 0.18  
KMDD0097 66.50 70.65 4.15 1.58 20.83 7 0.20 21.21 Drilled from DDC2
Including 66.50 67.10 0.60 0.23 8.02 2 0.09 8.18  
Including 67.10 68.00 0.90 0.34 27.73 3 0.26 28.17  
Including 68.00 68.70 0.70 0.27 65.93 14 0.10 66.26  
Including 68.70 69.64 0.94 0.36 7.19 12 0.41 7.96  
Including 69.64 70.65 1.01 0.38 3.71 2 0.08 3.87  
KMDD0097 76.25 84.50 8.25 3.14 5.91 7 0.49 6.76  
Including 76.25 77.25 1.00 0.38 3.45 7 0.05 3.62  
Including 77.25 78.10 0.85 0.32 1.55 0 0.09 1.69  
Including 78.10 79.25 1.15 0.44 12.66 31 2.89 17.48  
Including 79.25 80.25 1.00 0.38 0.63 1 0.04 0.71  
Including 80.25 81.30 1.05 0.40 14.42 0 0.09 14.55  
Including 81.30 82.90 1.60 0.61 6.54 7 0.10 6.78  
Including 82.90 84.50 1.60 0.61 2.02 3 0.20 2.37  
KMDD0097 107.30 108.24 0.94 0.34 2.07 5 1.12 3.84  
KMDD0097 114.80 116.80 2.00 0.72 3.01 13 1.91 6.09  
Including 114.80 115.50 0.70 0.25 0.94 14 2.12 4.36  
Including 115.50 116.44 0.94 0.34 0.49 2 0.53 1.32  
Including 116.44 116.80 0.36 0.13 13.59 39 5.10 21.89  
KMDD0097 120.40 121.40 1.00 0.36 6.23 3 0.39 6.87  
KMDD0097 147.70 149.05 1.35 0.48 0.48 22 4.05 6.96  
Including 147.70 148.00 0.30 0.11 0.31 15 12.22 19.20  
Including 148.00 148.50 0.50 0.18 0.77 6 0.90 2.22  
Including 148.50 148.80 0.30 0.11 0.20 6 0.08 0.40  
Including 148.80 149.05 0.25 0.09 0.45 81 5.31 9.60  
KMDD0098 35.78 36.28 0.50 0.37 3.03 1 0.03 3.08 Drilled from DDC3
KMDD0098 56.25 60.79 4.54 3.38 58.63 6 0.61 59.63  
Including 56.25 57.01 0.76 0.57 305.00 17 0.72 306.31  
Including 57.01 57.78 0.77 0.57 2.38 4 0.70 3.50  
Including 57.78 59.01 1.23 0.92 21.50 2 0.07 21.63  
Including 59.01 59.45 0.44 0.33 0.88 1 0.02 0.92  
Including 59.45 60.79 1.34 1.00 4.26 6 1.18 6.14  
KMDD0098 66.75 67.68 0.93 0.71 1.72 1 0.03 1.77  
KMDD0098 70.15 71.60 1.45 1.10 3.67 6 0.63 4.70  
Including 70.15 70.76 0.61 0.46 0.19 9 1.21 2.15  
Including 70.76 71.60 0.84 0.64 6.19 4 0.20 6.55  
KMDD0098 72.90 74.82 1.92 1.46 3.74 17 0.97 5.44  
KMDD0098 81.00 88.70 7.70 5.64 8.81 63 0.58 10.49  
Including 81.00 81.32 0.32 0.23 1.76 35 0.42 2.84  
Including 81.32 82.00 0.68 0.50 23.57 349 2.04 31.12  
Including 82.00 82.36 0.36 0.26 0.22 8 0.47 1.04  
Including 82.36 83.46 1.10 0.81 35.40 120 0.45 37.61  
Including 83.46 83.90 0.44 0.32 2.22 21 0.60 3.40  
Including 83.90 84.30 0.40 0.29 2.77 53 3.02 8.06  
Including 84.30 86.70 2.40 1.76 0.58 5 0.18 0.91  
Including 86.70 87.30 0.60 0.44 4.14 20 0.26 4.79  
Including 87.30 88.00 0.70 0.51 3.28 36 0.09 3.87  
Including 88.00 88.70 0.70 0.51 5.69 29.00 0.21 6.37  
KMDD0098 94.02 94.54 0.52 0.38 1.41 17 0.97 3.10  
KMDD0099 46.76 54.26 7.50 3.34 8.17 3 0.08 8.33 Drilled from DDC2
Including 46.76 47.43 0.67 0.30 3.97 7 0.19 4.34  
Including 47.43 48.08 0.65 0.29 41.13 3 0.07 41.27  
Including 48.08 48.40 0.32 0.14 9.08 4 0.17 9.39  
Including 48.40 49.00 0.60 0.27 2.50 3 0.06 2.63  
Including 49.00 49.49 0.49 0.22 10.21 5 0.17 10.53  
Including 49.49 49.94 0.45 0.20 9.45 2 0.03 9.51  
Including 49.94 50.27 0.33 0.15 0.86 1 0.05 0.96  
Including 50.27 50.66 0.39 0.17 0.32 1 0.16 0.58  
Including 50.66 51.20 0.54 0.24 0.18 2 0.04 0.27  
Including 51.20 52.00 0.80 0.36 0.13 1 0.02 0.17  
Including 52.00 53.00 1.00 0.45 0.13 2 0.02 0.18  
Including 53.00 53.45 0.45 0.20 0.08 3 0.01 0.13  
Including 53.45 54.26 0.81 0.36 21.56 6 0.12 21.83  
KMDD0099 60.70 62.20 1.50 0.67 28.63 12 0.39 29.40  
Including 60.70 61.50 0.80 0.36 52.00 12 0.28 52.59  
Including 61.50 62.20 0.70 0.31 1.93 13 0.52 2.89  
KMDD0099 159.00 163.90 4.90 1.65 0.92 11 0.43 1.72  
Including 159.00 159.60 0.60 0.23 0.34 13 2.38 4.15  
Including 159.60 160.00 0.40 0.15 0.26 6 0.02 0.36  
Including 160.00 160.35 0.35 0.13 0.38 25 1.27 2.65  
Including 160.35 161.80 1.45 0.56 1.26 12 0.08 1.53  
Including 161.80 162.90 1.10 0.42 1.01 8 0.05 1.19  
Including 162.90 163.40 0.50 0.19 1.26 12 0.08 1.53  
Including 163.40 163.90 0.50 0.19 1.01 8 0.05 1.19  
KMDD0099 249.59 250.68 1.09 0.42 8.13 74 0.8 9.19  
 
Notes
Gold Equivalent uses Copper price – US$2.90/lb; Silver price US$16.5/oz and Gold price of US$1300/oz
 


 
Table 2.0 Kainantu Gold Mine – Collar Locations for Kora Underground Diamond Drilling
 
Hole_id Collar location Collar orientation EOH depth Lode
  Local north Local East mRL Dip Local
azimuth		 (m)  
KMDD0092 58900.26 29868.96 1189.49 -26.0 222.2 128.6 Kora
KMDD0093 59001.18 29876.03 1191.58 41.2 196.8 203.0 Kora
KMDD0094 58900.50 29868.92 1192.66 43.0 228.5 114.4 Kora
KMDD0095 59005.64 29877.17 1191.22 43.5 343.3 241.7 Kora
KMDD0096 58809.18 29854.04 1191.04 2.4 199.7 76.2 Kora
KMDD0097 59004.54 29877.29 1192.34 65.5 315.2 171.8 Kora
KMDD0098 58901.22 29868.70 1189.40 -21.7 242.3 119.4 Kora
KMDD0099 59005.07 29875.87 1187.67 -54.8 298.6 278.8 Kora
               

The current Kora/Eutompi Inferred Resource, as defined by previous drilling to date, is 4.36 million tonnes at a grade of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu, or 11.2 g/t gold equivalent (see Table 3) and is open for expansion at depth and in both directions along strike.

K92 has filed and made available for download on the Company's SEDAR profile a technical report titled "Independent Technical Report, Mineral Resource Update and Preliminary Economic Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project, Papua New Guinea," with an effective date of March 2, 2017, that provides additional information on the geology of the deposits, drilling and sampling procedures, lab analysis, and quality assurance/quality control for the project, and additional details on the resource estimates.

The preliminary economic assessment (“PEA”) estimates for Kora, based on the current resource estimates (4.36 million tonnes of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu):

  • Over a nine-year operating life, the plant would treat 3.2 million tonnes averaging 7.1 g/t Au, 25 g/t Ag and 1.7 per cent Cu (9.3 g/t AuEq (1));
  • This would generate an estimated positive cash flow of $537-million (U.S.) using current metal prices if 15-metre levels are used in mining; if 25-metre levels are used, then net cash flows are estimated as $558 million (U.S.); this cash flow includes conceptual allowances for capital;
  • Production of an estimated average of 108,000 AuEq (1) ounces per annum over an eight-year period from year 2 through to year 9;
  • An estimated pretax net present value (NPV) of $415-million (U.S.) for 25-metre levels, or $397-million (U.S.) for 15-metre levels, using current metal prices, exchange rates and a 5 percent discount;
  • An estimated after-tax NPV of $329-million (U.S.) for 25-metre levels, or $316-million (U.S.) for 15-metre levels, using current metal prices, exchange rates and a 5 percent discount;
  • Initial capital cost is estimated to be $13.8-million (U.S.), including the $3.3 million (U.S.) for the plant upgrade identified in the Mincore scoping study, but excluding the proposed Kora exploration inclines and diamond drilling; sustaining capital cost is estimated to a further $64-million (U.S.) spent over the life of the Kora mining for 25-metre levels, or $83 million (U.S.) for 15-metre levels;
  • Operating cost per tonne is estimated to be $125 (U.S.) per tonne for 25-metre levels, or $126 (U.S.) per tonne for 15-metre mining levels;
  • Excluding initial capital expenditure of $14-million (U.S.), cash cost is estimated to be $547 (U.S.) per ounce AuEq (inclusive of a 2.5 percent net smelter return (NSR) royalty) and all-in sustaining cost (AISC) of $619 (U.S.) per ounce AuEq for 25-metre mining levels, or $549 (U.S.) per ounce (inclusive of a 2.5 percent NSR royalty) and AISC of $644 (U.S.) per ounce AuEq for 15-metre mining levels.

Metal prices used were $1,300 per ounce for gold, $18 (U.S.) per ounce for silver and $4,800 per tonne for copper.

(1) Gold equivalent calculated on above metal prices.

Kora remains open for expansion in every direction and strongly mineralized at the extent of all drilling.

The PEA is preliminary in nature and includes 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 PEA will be realized. The technical report contains a full description of all underlying assumptions relating to the PEA. Mineral resources that are not mineral reserves and do not have demonstrated economic viability.

   
Table 3.0  IRUMAFIMPA AND KORA/EUTOMPI RESOURCES
   
  Resource by Deposit and Category
Deposit Resource
Category		 Tonnes Gold Silver Copper Gold
Equivalent
Mt g/t MOz g/t MOz % Mlb g/t MOz
Irumafimpa Indicated 0.56 12.8 0.23 9 0.16 0.28 37 13.4 0.24
Inferred 0.53 10.9 0.19 9 0.16 0.27 74 11.5 0.20
Kora/Eutompi Inferred 4.36 7.3 1.02 35 4.9 2.23 215 11.2 1.57
Total Indicated 0.56 12.8 0.23 9 0.16 0.3 4 13.4 0.24
Total Inferred 4.89 7.7 1.21 32 5.06 2.0 218 11.2 1.76
                   

M in Table is millions. Reported tonnage and grade figures are rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Gold equivalents are calculated as AuEq = Au g/t + Cu%*1.52+ Ag g/t*0.0141.

In addition to the above Irumafimpa and Kora/Eutompi Resources, K92 has also defined an additional resource at Kora North comprising a Measured Resource of 242,900 tonnes @ 13.9 g/t Au, 19 g/t Ag and 1.0% Cu; an Indicated Resource of 442,800 tonnes @ 11.8 g/t Au, 21 g/t Ag and 1.2% Cu and an Inferred Resources of 1,084,400 tonnes @ 13.2 g/t Au, 15 g/t Ag and 1.0% Cu. See Table 4 below.

           
Table 4 Kora North Mineral Resource – Effective Date June 25, 2018
           
Category Tonnes Gold Silver Copper AuEq
    g/t Ozs g/t Ozs % 000's lb g/t Ozs
Measured 242,900 13.9 108,400 19 151,900 1.0 5,300 15.6 122,200
Indicated 442,800 11.8 168,100 21 298,100 1.2 11,900 13.9 198,300
Total M & I 685,700 12.5 276,500 20 450,000 1.1 17,200 14.5 320,500
Total
Inferred		 1,084,400 13.6 509,700 15 569,600 1.0 24,400 15.2 571,000
                   
  • 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 100 g/t was applied to the gold assays for the K1, K2 KL lodes.
  • 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, K1 and KL1 of 100g/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.

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

for further information, please contact Investor Relations at +1-604-687-7130.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN 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 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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