Prophecy Development Corp.

Kore Mining to File Amended Technical Report at Long Valley Gold Project

VANCOUVER, Dec. 18, 2019 /CNW/ - KORE Mining Ltd. ("KORE" or the "Company") (TSX-V: KORE | OTCQB: KOREF) announces that it will file an amended National Instrument 43-101 Technical Report ("Technical Report") and mineral resource estimate ("Resource Estimate") for the Company's 100% owned Long Valley Project ("Long Valley" or "Project").  The revised Indicated resource of 1,247,000 ounces and Inferred resource of 486,000 ounces are from 66.8 million tonnes of 0.58 grams per tonne and 23.6 million tonnes of 0.65 grams per tonne respectively. 

The Technical Report, titled "Amended Technical Report & Resource Estimate for the Long Valley Project, Mono County, California, USA" was prepared by Mine Development Associates and authored by Neil Prenn, PE., and Steven I Weiss, C.P.G., each of whom is independent of the Company.  The effective date of the Technical Report is November 15, 2019.

The tonnes, grade and total ounces in Measured plus Indicated, and Inferred mineral resources remains unchanged from the previous estimate.  The only change was in category, where all previous Measured resources were changed to Indicated resources.

The Long Valley gold project is an epithermal gold project located in Mono County California.

KORE is currently undertaking geophysics and has been soil sampling and mapping through to the end of 2019.  The work is expected to generate drill targets in 2020 to test the "boiling zone" sulphides underlying the oxides.   

KORE will file the full amended NI 43-101 Long Valley Technical Report on SEDAR and the Company website www.koremining.com within 45 days of this news release. 

Amended Long Valley Mineral Resource Details

The Mineral Resource estimate presented herein amends and replaces the April 25, 2018 estimate by Mine Development Associates. 

Long Valley Mineral Resource Estimate – Imperial Units

Classification

Cut-Off

(oz / ton)

Quantity

('000 tons)

Grade Gold

(oz / ton)

Contained
Gold ('000 oz)

Indicated

Oxide

0.005

35,945

0.018

636

Transition

0.006

4,263

0.014

59

Sulphide

0.006

33,428

0.017

552

Total Indicated

 

73,635

0.017

1,247

Inferred

Oxide

0.005

9,192

0.020

185

Transition

0.006

1,314

0.016

21

Sulphide

0.006

15,464

0.018

280

Total Inferred

 

25,970

0.019

486

Gold resources that are contained in a US$1,500 per ounce optimized pit.  Other pit optimization parameters summarised below in Note 1.

Long Valley Mineral Resource Estimate – Metric Units

Classification

Cut-Off

(g / tonne)

Quantity

('000 tonnes)

Grade Gold

(g / tonne)

Contained
Gold ('000 oz)

Indicated

Oxide

0.17

32,609

0.61

636

Transition

0.21

3,867

0.47

59

Sulphide

0.21

30,325

0.57

552

Total Indicated

 

66,801

0.58

1,247

Inferred

Oxide

0.17

8,339

0.69

185

Transition

0.21

1,192

0.55

21

Sulphide

0.21

14,029

0.62

280

Total Inferred

 

23,560

0.65

486

Gold resources that are contained in a US$1,500 per ounce optimized pit.  Other pit optimization parameters below in Note 1:

Note 1: Pit optimization parameters include:

  • Pit Slope degrees 45 degrees
  • Mining US$1.70 / ton mined
  • Crushing US$1.40 / ton processed
  • Heap Leach US$1.80 / ton processed
  • Sulfide Mill US$8.60 / ton processed
  • G&A  US$0.63 / ton processed
  • Refining Cost US$5 / oz Au produced
  • Recovery (Oxide - Less than 150' below surface) 80% heap recovery
  • Recovery (Transition - 150-200' below surface) 90% mill recovery
  • Recovery (Sulfide - Below sulfide surface) 90% mill recovery

Qualified Persons
The authors of the Technical Report, Neil Prenn, P.E. and Steven I. Weiss, C.P.G., of Mine Development Associates are each a "qualified person" as defined in NI 43-101 and independent of the Company and have prepared or supervised the preparation of the technical information upon which this news release is based. 

About KORE
KORE is 100% owner of a portfolio of gold exploration assets in California and British Columbia.  KORE is supported by strategic investors Eric Sprott and Macquarie Bank who, together with the management and Board own 66% of the basic shares outstanding. 

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 Adjacent Properties and 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" 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.  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 interim period ended September 30, 2019 prepared as of November 28, 2019 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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