Lion One Metals

K92 Mining: Latest High-Grade Kora Drill Results From Kora North Extension

VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) --

  • Drill Hole KMDD0119, with a K2 intersection approximately 100 metres above the existing Kora North Resource and 100 metres below the existing Kora Resource, records multiple intersections including 49.46 m at 4.58 g/t Au, 33 g/t Ag and 1.09% Cu (6.80 g/t AuEq) plus 3.66 m at 39.88 g/t Au, 280 g/t Ag and 0.25% Cu (43.94 g/t AuEq)
     
  • Drill Hole KMDD0146 records multiple intersections including 5.28 m at 53.85 g/t Au, 8 g/t Ag and 0.76% Cu (55.10 g/t AuEq) plus 11.00 m at 6.33 g/t Au, 8 g/t Ag and 0.40% Cu (7.05 g/t AuEq) plus 3.82 m at 8.81 g/t Au, 43 g/t Ag and 1.94% Cu (12.32 g/t AuEq)
     
  • Drill Hole KMDD0148 records multiple intersections including 5.81 m at 8.36 g/t Au, 12 g/t Ag and 0.63% Cu (9.49 g/t Au Eq) plus 5.61 m at 19.22 g/t Au, 23g/t Ag and 1.58% Cu (21.92 g/t AuEq)
  • Drill Hole KMDD0150 records multiple intersections including 6.72 m at 6.00 g/t Au, 12 g/t Ag and 0.79% Cu (7.36 g/t AuEq) plus 22.37 m at 2.51 g/t Au, 10 g/t Ag and 0.71% Cu (3.72 g/t AuEq) plus 7.26 m at 8.39 g/t Au, 17 g/t Ag and 0.40% Cu (9.22 g/t AuEq)
  • Drill Hole KMDD0152 records multiple intersections including 7.45 m at 30.95 g/t Au, 5 g/t Ag and 0.44% Cu (31.69 g/t AuEq) plus 3.80 m at 2.80 g/t Au, 11 g/t Ag and 0.23% Cu (3.29 g/t AuEq)

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

The results for the latest 6 diamond drill holes completed from diamond drill cuddy 3 and cuddy 5 (DDC3 and DDC5) into the Kora North deposit are summarized in Table 1 below.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest results include hole KMDD0119 which reported a K2 intersection of 3.66 metres at 43.94 g/t AuEq approximately 100 metres above the current Kora North Resource and 100 metres below the current Kora Resource. This hole also reported a K1 intersection of 49.46 metres @ 6.80 g/t which appears to be analogous with the E4 lode in Kora/Eutompi. This hole is considered very significant as it provides clear evidence of the continuity between the Kora and Kora North Resource.

While the above hole KMDD0119 was drilled from underground, the balance of the planned drill holes above the Kora North Resource and below the Kora/Eutompi Resource will be drilled from surface. The surface diamond drill rig which will undertake this drilling program has been mobilized and has now commenced drilling the first hole from surface. This brings to four the number of diamond drill rigs operating on the Kora/Kora North drilling program.”

Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drill Cuddies 3 & 6

Hole_id From (m) To (m) Interval (m) True width (m) Gold g/t Silver g/t Copper % Gold equivalent g/t Comment
KMDD0142 78 79 1 0.91 1.94 3 0.27 2.40  
KMDD0142 79 79.7 0.7 0.91 0.12 1 0.01 0.15  
KMDD0144 58.4 71.35 12.95 8.13 2.62 4 0.27 3.08 K1
Including 58.4 58.8 0.4 0.25 13.3 3 0.73 14.45  
Including 58.8 59.3 0.5 0.31 0.34 1 0.28 0.77  
Including 59.3 60.3 1 0.63 1.09 2 0.16 1.36  
Including 60.3 61.15 0.85 0.53 3.08 5 1.00 4.67  
Including 61.15 62.15 1 0.63 0.22 2 0.58 1.13  
Including 62.15 63.15 1 0.63 0.3 1 0.21 0.63  
Including 63.15 64 0.85 0.53 3.16 3 0.08 3.33  
Including 64 65 1 0.63 0.05 1 0.04 0.13  
Including 65 66 1 0.63 1.82 1 0.04 1.89  
Including 66 66.43 0.43 0.27 0.27 1 0.01 0.30  
Including 66.43 67.43 1 0.63 0.63 4 0.36 1.24  
Including 67.43 68.17 0.74 0.46 1.87 2 0.11 2.07  
Including 68.17 69.17 1 0.63 4.62 3 0.09 4.79  
Including 69.17 70.17 1 0.63 9.75 2 0.13 9.98  
Including 70.17 71.35 1.18 0.74 2.67 25 0.34 3.51  
KMDD0144 73.35 74.35 1 0.63 1.5 11 0.18 1.91  
KMDD0144 76.1 89.3 13.2 8.29 2.44 13 0.37 3.17  
Including 76.1 76.9 0.8 0.50 9.72 92 3.34 16.00  
Including 76.9 77.6 0.7 0.44 0.35 5 0.17 0.68  
Including 77.6 78.5 0.9 0.56 2.15 23 0.26 2.83  
Including 78.5 79.5 1 0.63 0.19 1 0.02 0.23  
Including 79.5 80.4 0.9 0.56 0.12 1 0.01 0.16  
Including 80.4 80.9 0.5 0.31 0.03 1 0.01 0.06  
Including 80.9 81.8 0.9 0.56 0.71 7 0.19 1.09  
Including 81.8 82.8 1 0.63 0.57 2 0.32 1.09  
Including 82.8 83.8 1 0.63 0.11 3 0.17 0.41  
Including 83.8 84.8 1 0.63 0.15 2 0.20 0.49  
Including 84.8 85.8 1 0.63 0.8 2 0.11 0.99  
Including 85.8 86.4 0.6 0.38 1.75 4 0.26 2.20  
Including 86.4 86.9 0.5 0.31 21.7 30 0.11 22.25  
Including 86.9 87.6 0.7 0.44 2.99 5 0.07 3.17  
Including 87.6 88.6 1 0.63 3.83 16 0.44 4.70  
Including 88.6 89.3 0.7 0.44 2.57 36 0.17 3.28  
KMDD0144 96.9 99.8 2.9 1.71 22.26 20 0.60 23.43 K2
Including 96.9 97.4 0.5 0.29 3.15 4 0.46 3.90  
Including 97.4 98.17 0.77 0.45 78.3 31 1.27 80.63  
Including 98.17 99.17 1 0.59 2.13 23 0.24 2.79  
Including 99.17 99.8 0.63 0.37 0.88 15 0.45 1.76  
KMDD0144 58.4 71.35 12.95 8.13 2.62 4 0.27 3.08 K1
Including 58.4 58.8 0.4 0.25 13.3 3 0.73 14.45  
Including 58.8 59.3 0.5 0.31 0.34 1 0.28 0.77  
Including 59.3 60.3 1 0.63 1.09 2 0.16 1.36  
Including 60.3 61.15 0.85 0.53 3.08 5 1.00 4.67  
Including 61.15 62.15 1 0.63 0.22 2 0.58 1.13  
Including 62.15 63.15 1 0.63 0.3 1 0.21 0.63  
Including 63.15 64 0.85 0.53 3.16 3 0.08 3.33  
Including 64 65 1 0.63 0.05 1 0.04 0.13  
Including 65 66 1 0.63 1.82 1 0.04 1.89  
Including 66 66.43 0.43 0.27 0.27 1 0.01 0.30  
Including 66.43 67.43 1 0.63 0.63 4 0.36 1.24  
Including 67.43 68.17 0.74 0.46 1.87 2 0.11 2.07  
Including 68.17 69.17 1 0.63 4.62 3 0.09 4.79  
Including 69.17 70.17 1 0.63 9.75 2 0.13 9.98  
Including 70.17 71.35 1.18 0.74 2.67 25 0.34 3.51  
KMDD0144 73.35 74.35 1 0.63 1.5 11 0.18 1.91  
KMDD0144 76.1 89.3 13.2 8.29 2.44 13 0.37 3.17 KL
Including 76.1 76.9 0.8 0.50 9.72 92 3.34 16.00  
Including 76.9 77.6 0.7 0.44 0.35 5 0.17 0.68  
Including 77.6 78.5 0.9 0.56 2.15 23 0.26 2.83  
Including 78.5 79.5 1 0.63 0.19 1 0.02 0.23  
Including 79.5 80.4 0.9 0.56 0.12 1 0.01 0.16  
Including 80.4 80.9 0.5 0.31 0.03 1 0.01 0.06  
Including 80.9 81.8 0.9 0.56 0.71 7 0.19 1.09  
Including 81.8 82.8 1 0.63 0.57 2 0.32 1.09  
Including 82.8 83.8 1 0.63 0.11 3 0.17 0.41  
Including 83.8 84.8 1 0.63 0.15 2 0.20 0.49  
Including 84.8 85.8 1 0.63 0.8 2 0.11 0.99  
Including 85.8 86.4 0.6 0.38 1.75 4 0.26 2.20  
Including 86.4 86.9 0.5 0.31 21.7 30 0.11 22.25  
Including 86.9 87.6 0.7 0.44 2.99 5 0.07 3.17  
Including 87.6 88.6 1 0.63 3.83 16 0.44 4.70  
Including 88.6 89.3 0.7 0.44 2.57 36 0.17 3.28  
KMDD0144 96.9 99.8 2.9 1.71 22.26 20 0.60 23.43 K2
Including 96.9 97.4 0.5 0.29 3.15 4 0.46 3.90  
Including 97.4 98.17 0.77 0.45 78.3 31 1.27 80.63  
Including 98.17 99.17 1 0.59 2.13 23 0.24 2.79  
Including 99.17 99.8 0.63 0.37 0.88 15 0.45 1.76  
KMDD0146 42.72 48 5.28 4.36 53.85 8 0.76 55.10 K1
including 42.72 43.2 0.48 0.40 308 26 0.81 309.57  
including 43.2 44.6 1.4 1.16 2.05 1 0.53 2.88  
including 44.6 45.3 0.7 0.58 69.3 24 3.58 75.08  
including 45.3 46 0.7 0.58 113 10 0.35 113.66  
including 46 47 1 0.83 0.85 1 0.03 0.91  
including 47 48 1 0.83 5.14 3 0.08 5.29  
KMDD0146 54 65 11 9.05 6.33 8 0.40 7.05 KL
including 54 55 1 0.82 1.23 1 0.08 1.37  
including 55 56 1 0.82 1.42 4 0.21 1.80  
including 56 57 1 0.82 0.07 0.5 0.07 0.19  
including 57 58.2 1.2 0.99 11.7 56 1.64 14.92  
including 58.2 59.7 1.5 1.23 3.41 3 0.22 3.78  
including 59.7 61 1.3 1.07 20.8 6 0.60 21.79  
including 61 62 1 0.82 12.7 1 0.07 12.81  
including 62 63 1 0.82 5.31 1 0.08 5.44  
including 63 64 1 0.82 1.56 2 0.56 2.44  
including 64 65 1 0.82 1.19 3 0.21 1.55  
KMDD0146 72.18 76 3.82 3.35 8.81 43 1.94 12.32 K2
including 72.18 73 0.82 0.72 3.06 18 0.84 4.57  
including 73 74 1 0.88 2.04 17 0.07 2.37  
including 74 75 1 0.88 28.4 121 6.04 39.18  
including 75 76 1 0.88 0.71 13 0.60 1.79  
KMDD0148 46.16 51.97 5.81 4.56 8.36 12 0.63 9.49 K1
including 46.16 46.43 0.27 0.21 16.58 4 0.40 17.24  
including 46.43 46.69 0.26 0.20 0.88 5 0.80 2.16  
including 46.69 47.72 1.03 0.81 24.92 22 1.13 26.92  
including 47.72 48.57 0.85 0.67 0.35 2 0.16 0.62  
including 48.57 49 0.43 0.34 6.66 72 3.19 12.45  
including 49 49.35 0.35 0.27 1.18 7 0.35 1.80  
including 49.35 49.85 0.5 0.39 4.78 3 0.14 5.03  
including 49.85 50.19 0.34 0.27 1.01 1 0.01 1.04  
including 50.19 51.19 1 0.78 11.43 2 0.03 11.50  
including 51.19 51.67 0.48 0.38 0.31 1 0.01 0.33  
including 51.67 51.97 0.3 0.24 1.12 25 1.52 3.76  
KMDD0148 54.9 66.01 11.11 9.60 1.28 6 0.89 2.71 KL
including 54.9 55.9 1 0.86 7.78 2 0.18 8.08  
including 55.9 56.8 0.9 0.78 0.21 1 0.09 0.36  
including 56.8 57.6 0.8 0.69 0.22 12 2.96 4.90  
including 57.6 58.87 1.27 1.10 0.19 9 2.16 3.61  
including 58.87 60 1.13 0.98 0.06 2 0.25 0.47  
including 60 60.7 0.7 0.60 0.07 1 0.24 0.44  
including 60.7 62 1.3 1.12 0.46 4 0.21 0.84  
including 62 62.6 0.6 0.52 0.17 2 0.19 0.49  
including 62.6 63.62 1.02 0.88 0.15 7 1.00 1.76  
including 63.62 64.32 0.7 0.60 0.8 13 3.11 5.72  
including 64.32 64.75 0.43 0.37 8.36 16 0.40 9.18  
including 64.75 65.57 0.82 0.71 0.2 2 0.18 0.50  
including 65.57 66.01 0.44 0.38 1.21 10 0.29 1.78  
KMDD0148 74.5 80.11 5.61 5.03 19.22 23 1.58 21.92 K2
including 74.5 75.03 0.53 0.48 12.02 4 0.33 12.57  
including 75.03 75.57 0.54 0.48 0.5 3 0.01 0.56  
including 75.57 76.79 1.22 1.09 78.4 8 0.24 78.87  
including 76.79 77 0.21 0.19 0.41 1 0.04 0.49  
including 77 78.03 1.03 0.92 1.48 76 4.72 9.67  
including 78.03 78.37 0.34 0.30 0.36 3 0.05 0.48  
including 78.37 78.9 0.53 0.48 2.2 6 0.04 2.34  
including 78.9 80.11 1.21 1.08 2.16 27 2.86 6.88  
KMDD0150 56.63 63.35 6.72 5.84 6.00 12 0.79 7.36 K1
including 56.63 57.5 0.87 0.76 8 1 0.12 8.19  
including 57.5 57.93 0.43 0.37 0.3 1 0.15 0.54  
including 57.93 58.26 0.33 0.29 0.1 1 0.02 0.15  
including 58.26 58.5 0.24 0.21 0.21 2 0.15 0.46  
including 58.5 59.17 0.67 0.58 0.15 4 0.51 0.98  
including 59.17 59.6 0.43 0.37 0.81 12 0.73 2.07  
including 59.6 59.95 0.35 0.30 0.94 24 1.23 3.13  
including 59.95 60.35 0.4 0.35 2.29 49 5.99 12.08  
including 60.35 60.96 0.61 0.53 0.6 6 0.71 1.76  
including 60.96 61.39 0.43 0.37 2.69 11 1.40 4.97  
including 61.39 61.86 0.47 0.41 31.03 8 0.42 31.77  
including 61.86 62.5 0.64 0.56 20.84 34 0.43 21.93  
including 62.5 63.35 0.85 0.74 2.35 7 0.17 2.70  
KMDD0150 71.2 93.57 22.37 13.25 2.51 10 0.71 3.72 KL
including 71.2 71.61 0.41 0.24 1.45 7 3.00 6.13  
including 71.61 72.22 0.61 0.36 8.07 2 0.09 8.24  
including 72.22 72.91 0.69 0.41 24.62 3 0.32 25.15  
including 72.91 73.25 0.34 0.20 0.28 2 0.15 0.53  
including 73.25 74.27 1.02 0.60 1.2 33 3.43 6.87  
including 74.27 74.71 0.44 0.26 0.1 5 1.21 2.01  
including 74.71 75.57 0.86 0.51 0.21 8 2.43 4.03  
including 75.57 76.44 0.87 0.52 0.06 3 0.14 0.31  
including 76.44 76.79 0.35 0.21 0.39 7 0.32 0.97  
including 76.79 77.25 0.46 0.27 2.3 53 8.43 15.87  
including 77.25 77.66 0.41 0.24 3 21 2.31 6.80  
including 77.66 78.2 0.54 0.32 0.35 6 0.21 0.75  
including 78.2 79.1 0.9 0.53 0.1 3 0.08 0.26  
including 79.1 80 0.9 0.53 0.04 3 0.02 0.11  
including 80 80.59 0.59 0.35 0.34 4 0.08 0.52  
including 80.59 81.5 0.91 0.54 0.03 2 0.07 0.16  
including 81.5 82.5 1 0.59 0.3 12 0.93 1.87  
including 82.5 83 0.5 0.30 0.06 1 0.08 0.20  
including 83 83.43 0.43 0.25 0.08 3 0.07 0.23  
including 83.43 83.85 0.42 0.25 1.13 8 0.27 1.65  
including 83.85 84.6 0.75 0.44 0.23 5 0.11 0.45  
including 84.6 85 0.4 0.24 0.45 10 0.16 0.82  
including 85 85.8 0.8 0.47 2.31 37 0.22 3.12  
including 85.8 86.7 0.9 0.53 0.35 11 0.25 0.87  
including 86.7 87.2 0.5 0.30 1.59 23 0.32 2.37  
including 87.2 87.66 0.46 0.27 0.94 2 0.08 1.09  
including 87.66 88.18 0.52 0.31 1.02 10 0.21 1.47  
including 88.18 88.9 0.72 0.43 1.15 13 0.24 1.68  
including 88.9 89.57 0.67 0.40 1.03 2 0.08 1.17  
including 89.57 90.1 0.53 0.31 6.57 15 0.07 6.86  
including 90.1 90.6 0.5 0.30 0.36 1 0.02 0.40  
including 90.6 91.5 0.9 0.53 0.5 2 0.04 0.59  
including 91.5 92.3 0.8 0.47 17.87 20 0.27 18.53  
including 92.3 92.81 0.51 0.30 0.89 3 0.27 1.34  
including 92.81 93.12 0.31 0.18 0.23 4 0.20 0.59  
including 93.12 93.57 0.45 0.27 7.98 4 0.18 8.31  
KMDD0150 96.24 103.5 7.26 4.99 8.39 17 0.40 9.22 K2
including 96.24 96.7 0.46 0.32 3.79 30 1.08 5.82  
including 96.7 97.6 0.9 0.62 0.16 4 0.18 0.48  
including 97.6 98.29 0.69 0.47 0.13 2 0.06 0.25  
including 98.29 99.2 0.91 0.63 10.32 7 0.11 10.58  
including 99.2 99.75 0.55 0.38 0.35 2 0.07 0.48  
including 99.75 100.3 0.55 0.38 4.92 46 0.33 6.01  
including 100.3 101.4 1.1 0.76 4.81 39 0.55 6.15  
including 101.4 102.57 1.17 0.80 29.19 14 0.64 30.35  
including 102.57 102.97 0.4 0.27 10.37 5 0.13 10.63  
including 102.97 103.5 0.53 0.36 5.82 18 0.87 7.38  
KMDD0150 107 108.7 1.7 1.15 1.55 1 0.51 2.34  
including 107 107.6 0.6 0.41 0.11 1 0.73 1.24  
including 107.6 107.99 0.39 0.26 0.05 1 0.38 0.65  
including 107.99 108.7 0.71 0.48 3.59 1 0.38 4.19  
KMDD0119 5 5.9 0.9 0.30 1.07 16 0.20 1.60  
KMDD0119 95 96 1 0.33 27.22 3 0.01 27.27  
KMDD0119 264 313.46 49.46 16.47 4.58 33 1.09 6.80 K1
including 264 265.14 1.14 0.38 75.00 41 0.27 75.98  
including 265.14 266.76 1.62 0.54 1.52 1 0.13 1.75  
including 266.76 267.72 0.96 0.32 2.21 1 0.11 2.40  
including 267.72 268.66 0.94 0.31 4.00 3 0.14 4.27  
including 268.66 269.58 0.92 0.31 6.70 1 0.01 6.73  
including 269.58 270.7 1.12 0.37 0.33 1 0.02 0.38  
including 270.7 272 1.3 0.43 0.27 1 0.05 0.37  
including 272 273 1 0.33 0.14 1 0.13 0.36  
including 273 274.63 1.63 0.54 0.33 1 0.05 0.42  
including 274.63 275.85 1.22 0.41 9.28 4 0.16 9.59  
including 275.85 276.45 0.6 0.20 0.38 1 0.01 0.41  
including 276.45 276.84 0.39 0.13 0.98 4 0.02 1.07  
including 276.84 277.84 1 0.33 2.71 11 0.07 2.97  
including 277.84 278.8 0.96 0.32 4.48 11 0.22 4.98  
including 278.80 279.16 0.36 0.12 0.49 2 0.09 0.66  
including 279.16 279.58 0.42 0.14 0.52 11 2.33 4.46  
including 279.58 280.2 0.62 0.21 0.23 2 0.01 0.27  
including 280.2 281.2 1 0.33 0.93 2 0.05 1.03  
including 281.2 282.04 0.84 0.28 7.40 6 0.23 7.86  
including 282.04 282.67 0.63 0.21 4.01 70 7.09 16.48  
including 282.67 282.99 0.32 0.11 0.58 6 0.03 0.71  
including 282.99 283.8 0.81 0.27 2.68 89 4.92 11.86  
including 283.8 284.1 0.3 0.10 0.48 5 0.37 1.14  
including 284.1 284.6 0.5 0.17 5.04 39 0.29 6.02  
including 284.6 285.6 1 0.33 14.60 23 0.32 15.41  
including 285.6 286.09 0.49 0.16 0.73 41 3.03 6.20  
including 286.09 286.4 0.31 0.10 0.36 14 0.14 0.77  
including 286.4 287.27 0.87 0.29 0.30 4 0.13 0.56  
including 287.27 287.47 0.2 0.07 0.65 19 0.80 2.20  
including 287.47 287.6 0.13 0.04 1.22 195 11.55 22.59  
including 287.6 288.06 0.46 0.15 2.25 103 4.51 10.94  
including 288.06 288.4 0.34 0.11 1.52 11 0.34 2.21  
including 288.4 289.3 0.9 0.30 0.64 8 0.42 1.43  
including 289.3 290 0.7 0.23 1.01 29 6.02 11.20  
including 290 291.2 1.2 0.40 0.63 10 0.24 1.16  
including 291.2 291.55 0.35 0.12 0.49 9 0.34 1.16  
including 291.55 292 0.45 0.15 1.64 11 0.13 2.00  
including 292 293.26 1.26 0.42 0.98 8 0.07 1.20  
including 293.26 294.3 1.04 0.35 2.02 18 0.98 3.86  
including 294.3 296 1.7 0.57 0.55 18 0.38 1.41  
including 296 298 2 0.67 1.41 65 1.25 4.30  
including 298 299.3 1.3 0.43 1.10 8 0.05 1.28  
including 299.3 300.1 0.8 0.27 0.50 22 0.35 1.35  
including 300.1 301.3 1.2 0.40 2.45 73 0.15 3.65  
including 301.3 302 0.7 0.23 3.26 38 0.11 3.94  
including 302 303 1 0.33 11.72 142 0.09 13.71  
including 303 304 1 0.33 8.43 109 0.07 9.97  
including 304 305 1 0.33 8.32 127 0.17 10.25  
including 305 306 1 0.33 3.94 54 0.53 5.50  
including 306 306.8 0.8 0.27 2.11 128 1.29 5.89  
including 306.8 307 0.2 0.07 8.03 84 0.48 9.91  
including 307 308 1 0.33 5.32 72 1.51 8.72  
including 308 308.5 0.5 0.17 1.93 23 0.47 3.00  
including 308.5 309.29 0.79 0.26 0.44 24 0.92 2.26  
including 309.29 310 0.71 0.24 7.94 84 10.82 26.67  
including 310 310.4 0.4 0.13 7.41 90 9.75 24.47  
including 310.4 310.7 0.3 0.10 2.94 110 6.85 15.54  
including 310.7 311 0.3 0.10 5.87 126 11.51 26.27  
including 311 311.9 0.9 0.30 1.40 43 2.06 5.32  
including 311.9 312.44 0.54 0.18 0.12 6 0.15 0.44  
including 312.44 313.46 1.02 0.34 1.76 37 3.46 7.88  
KMDD0119 314.5 314.8 0.3 0.10 1.25 9 0.02 1.40  
KMDD0119 326.94 330.6 3.66 1.67 39.88 280 0.25 43.94 K2
including 326.94 327.94 1 0.46 8.92 36 0.08 9.52  
including 327.94 329 1.06 0.48 7.10 42 0.10 7.82  
including 329 330 1 0.46 105.80 750 0.63 116.63  
including 330 330.6 0.6 0.27 39.50 326 0.13 43.97  
KMDD0119 344.3 344.53 0.23 0.10 1.24 28 0.43 2.30  
KMDD0152 49.65 57.1 7.45 4.70 30.95 5 0.44 31.69 K1/E4?
including 49.65 50.3 0.65 0.41 64.4 5 0.92 65.88  
including 50.3 50.9 0.6 0.38 25.8 6 1.07 27.52  
including 50.9 51.35 0.45 0.28 0.96 1 0.54 1.80  
including 51.35 52.04 0.69 0.44 9.94 2 0.38 10.54  
including 52.04 52.9 0.86 0.54 82.5 15 0.56 83.55  
including 52.9 53.6 0.7 0.44 1.2 1 0.13 1.42  
including 53.6 54.39 0.79 0.50 0.57 2 0.05 0.68  
including 54.39 55.39 1 0.63 45.7 5 0.60 46.67  
including 55.39 56.1 0.71 0.45 65.1 10 0.39 65.83  
including 56.1 57.1 1 0.63 1.81 1 0.06 1.91  
KMDD0152 58 59.9 1.9 1.70 2.07 1 0.11 2.26 KL
including 58 59.6 1.6 1.43 2.13 1 0.06 2.24  
including 59.6 59.9 0.3 0.27 1.74 3 0.37 2.34  
KMDD0152 69.2 73 3.8 3.50 2.80 11 0.23 3.29 K2
including 69.2 69.43 0.23 0.21 8.53 3 0.16 8.82  
including 69.43 70.7 1.27 1.17 1.41 7 0.17 1.76  
including 70.7 72.3 1.6 1.47 3.78 18 0.35 4.54  
including 72.3 73 0.7 0.64 1.21 6 0.06 1.38  

 (1) Gold Equivalent uses copper price of US$2.90/lb; silver price of US$16.5/oz and gold price of US$1,300/oz

Table 2 - Kainantu Gold Mine – Collar Locations for Kora Underground Diamond Drilling

Hole_id Collar location Collar orientation EOH depth (m) Lode
  Local north Local East mRL Dip Local azimuth    
KMDD0144 58901.13 29868.67 1189.69 -33.4 243.5 135.7 Kora North
KMDD0146 58901.97 29868.46 1192.60 36.7 266.7 84.5 Kora North
KMDD0148 58901.92 29868.56 1189.97 -24.3 263.8 124.4 Kora North
KMDD0150 58901.94 29868.95 1189.75 -47.2 263.1 160.7 Kora North
KMDD0119 59037.74 29951.70 1199.34 43.1 215.0 368.1 Kora North
KMDD0152 58901.97 29868.80 1193.97 54.4 266.1 149.1 Kora North

The mineral resource estimate (shown in Table 3 and Table 4) for the Kora, Kora North and Irumafimpa deposits is based on the technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and titled, “Independent Technical Report, Mineral Resources Estimate Update and Preliminary Economic Assessment of Kora North and Kora Gold Deposits, Kainantu Project, Papua New Guinea” with an effective date of September 30, 2018 (the “Technical Report”) prepared by Anthony Woodward BSc (Hons.), M.Sc., MAIG, Simon Tear BSc (Hons), EurGeol, PGeo IGI, EurGeol, Christopher Desoe BE (Min)(Hons), FAusIMM, RPEQ, MMICA, Lisa J. Park, BEng (Chem), GAICD, FAusIMM. Refer to the Company’s news release dated January 8, 2018 for a summary of the results of the PEA.

Table 3 - Kora North Mineral Resource Estimate

Global Mineral Resources Kora North Gold-Copper Mine - October 2018
Category Tonnes Gold Silver Copper AuEq
  Mt g/t Mozs g/t Mozs % Mlbs g/t Mozs
Measured 0.15 18.7 0.09 8.9 0.04 0.5 1.6 19.6 0.09
Indicated 0.69 11.6 0.26 14.1 0.31 0.8 11.8 12.9 0.29
Total M & I 0.85 12.9 0.35 13.1 0.36 0.7 13.3 14.1 0.39
Inferred Total 1.92 10.7 0.66 13.3 0.82 0.7 29.5 11.9 0.74

M in table is millions. 

Key Assumptions and Parameters

Mineralization comprises two parallel, steeply west dipping, N-S striking quartz-sulphide vein systems, K1 & K2, within an encompassing dilatant structural zone hosted by phyllite.  An additional structure, the Kora Link, has also been defined and provides a possible link between the two main vein systems.

Underground drilling consists of diamond core for a range of core sizes depending on length of hole and expected ground conditions.  Sampling is sawn half core under geological control and generally ranges between 0.5m and 1m.  Underground face sampling is completed for every fired round and is to industry standard.

QAQC data indicated no significant issues with the accuracy of the on-site analysis.

Core recovery of the mineral zone was initially 90%, this has improved to >95%.  There is no relationship between core recovery and gold grade.

Geological logging is consistent and is based on a full set of logging codes covering lithology, alteration and mineralization.

The geological interpretation of the vein systems is represented as 3D wireframe solids snapped to a combination of diamond drillhole data and underground face sampling.  Definition of the wireframes is based on identified gold mineralisation in drillcore nominally at a 0.2g/t Au cut off in conjunction with geological control/sense and current mining widths.

Gold equivalent (AuEq) g/t was calculated using the formula Au g/t +(Cu% x 1.53) + Ag g/t x 0.0127. (No account of metal recoveries through the plant have been used in calculating the metal equivalent grade. However, production is currently achieving 93% metal recovery for both gold and copper and gold is currently providing 95% and copper 5% of the total revenue of the mine).

Gold price US$1,300/oz; silver US$16.5/oz; copper US$2.90/lb.

Table 4 – Irumafimpa and Kora/Eutompi Resource Estimates           

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 4.0 13.4 0.24
Total Inferred 4.89   7.7 1.21 32 5.06 2.0 288 11.2 1.76

Notes:

  • 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.

K92 Mine Geology Manager and Mine Exploration Manager, Mr. Andrew Kohler, PGeo, a qualified person under the meaning of NI 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.

Kora North Long Section

Kora North Long Section

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