Arizona Metals

K92 Mining Announces Latest High-Grade Drill Results at Kora, Including First Hole From Most Southerly Drill Cuddy

  • Drill Hole KMDD0230 records multiple intersections including 6.21 m at 48.11 g/t Au, 13 g/t Ag and 1.05% Cu (49.82 g/t AuEq, 5.06 m true width) at the K1 Vein. In combination with K1, Kora Link and K2, records a bulk intersection of 23.66 m at 13.61 g/t Au, 13 g/t Ag and 0.84% Cu (15.02 g/t AuEq, 19.15 m true width).
     
  • Drill Hole KMDD0227 records multiple intersections including 4.32 m at 133.40 g/t Au, 4 g/t Ag and 0.25% Cu (133.82 g/t AuEq, 4.21 m true width) at the K1 Vein.
     
  • Drill Hole KMDD0225 records multiple intersections including 9.00 m at 4.41 g/t Au, 39 g/t Ag and 3.59% Cu (10.21 g/t AuEq, 4.57 m true width) at the K2 Vein from most southerly drill cuddy.
     
  • Drill Hole KMDD0238 records multiple intersections including 4.20 m at 13.22 g/t Au, 6 g/t Ag and 0.20% Cu (13.59 g/t AuEq, 3.02 m true width) at the K1 Vein.
     
  • Drill Hole KMDD0234 records multiple intersections including 10.00 m at 10.11 g/t Au, 10 g/t Ag and 0.28% Cu (10.64 g/t AuEq, 7.95 m true width) at the K2 Vein.

VANCOUVER, British Columbia, Aug. 27, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce results from the ongoing diamond drilling of the Kora deposit at the Kainantu gold mine in Papua New Guinea.

The results for the latest 12 diamond drill holes completed from surface and underground into the Kora deposit are summarized in Table 1 below. The results continue to demonstrate the high-grade and continuity of Kora with intersections largely focused on increasing drill density towards the South. All drill holes intersected mineralization.

The drill results once again intersected a potentially bulk mineable zone. Drill Hole KMDD0230 recorded multiple intersections including 6.21 m at 48.11 g/t Au, 13 g/t Ag and 1.05% Cu (49.82 g/t AuEq, 5.06 m true width) at the K1 Vein. When combining the K1, Kora Link and K2 Veins, KMDD0230 recorded a bulk intersection of 23.66 m at 13.61 g/t Au, 13 g/t Ag and 0.84% Cu (15.02 g/t AuEq, 19.15 m true width).

Towards the South, multiple high-grade intersections were also recorded. Following the commissioning of the most southerly underground drill cuddy, the first hole from DDC14, KMDD0225 recorded multiple intersections including 9.00 m at 4.41 g/t Au, 39 g/t Ag and 3.59% Cu (10.21 g/t AuEq, 4.57 m true width) at the K2 Vein.

Other high-grade intersection highlights were KMDD0227, KMDD0238 and KMDD0234. KMDD0227 recorded multiple intersections including 4.32 m at 133.40 g/t Au, 4 g/t Ag and 0.25% Cu (133.82 g/t AuEq, 4.21 m true width) at the K1 Vein. KMDD0238 recorded multiple intersections including 4.20 m at 13.22 g/t Au, 6 g/t Ag and 0.20% Cu (13.59 g/t AuEq, 3.02 m true width) at the K1 Vein. KMDD0234 recorded multiple intersections including 10.00 m at 10.11 g/t Au, 10 g/t Ag and 0.28% Cu (10.64 g/t AuEq, 7.95 m true width) at the K2 Vein.

Long sections of K1 and K2 showing the location of the latest drill holes are provided in Figures 1 and 2, respectively.  Long section showing Kora drilling to date is provided in Figure 3.

(Gold Equivalent (AuEq) is calculated using copper price of US$3.05/lb, silver price of US$16.05/oz and gold price of US$1,400/oz.)

John Lewins, K92 Chief Executive Officer and Director, stated, “We continue to be very pleased with the high-grade pedigree and continuity from the drilling results at Kora. All twelve holes intersected mineralization with five intersections exceeding +10g/t AuEq and fifteen intersections exceeding +5g/t AuEq. Highlights from the drilling results included: 6.21 m at 48.11 g/t Au, 13 g/t Ag and 1.05% Cu (49.82 g/t AuEq, 5.06 m true width) and 4.32 m at 133.40 g/t Au, 4 g/t Ag and 0.25% Cu (133.82 g/t AuEq, 4.21 m true width), both from the K1 Vein. Once again, a bulk mineable intersection was also reported of 23.66 m at 13.61 g/t Au, 13 g/t Ag and 0.84% Cu (15.02 g/t AuEq, 19.15 m true width) when combining the K1, K Link and K2 veins. To date, multiple bulk mineable areas have been identified and studies to assess the optimal extraction approach will be part of the Stage 3 Expansion Definitive Feasibility Study.

As we advance exploration at Kora through the remainder of 2020 and into 2021, we are especially excited about the progress made advancing underground infrastructure to drill test the southern strike extension. Our most southern drill cuddy DDC14 was completed in July, and we received the results from our first hole drilled with KMDD0225 reporting 9.00 m at 4.41 g/t Au, 39 g/t Ag and 3.59% Cu (10.21 g/t AuEq, 4.57 m true width) in the K2 Vein. Development continues to advance to the south and our plan is to have our next drill cuddy established to test beyond the mining lease, into Kora South in Q4.

Lastly, we highlight that exploration activities are increasing significantly. Our two new, multi-powered surface drill rigs are expected to arrive on site imminently, increasing the number of drill rigs to nine. By the end of this year we will plan to have ten drill rigs operating and self-funded from mine cash flow. This is enabling the testing of multiple targets concurrently and we plan to provide updates near-term.”

Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drilling

Hole_id From (m) To (m) Interval
(m)
True width
(m)
Gold g/t Silver g/t Copper % Gold
equivalent
Lode
KMDD0219 61.0 61.6 0.55 0.49 6.38 8 0.37 7.02 K1
KMDD0219 73.1 81.6 8.50 7.32 3.19 11 0.93 4.71 K2
including 73.1 73.6 0.50 0.43 3.31 9 0.90 4.76  
including 73.6 74.0 0.40 0.34 2.39 4 0.32 2.91  
including 74.0 74.5 0.50 0.43 9.05 5 0.18 9.37  
including 74.5 75.5 1.00 0.86 0.98 3 0.15 1.24  
including 75.5 76.4 0.90 0.78 0.54 7 0.63 1.57  
including 76.4 76.7 0.25 0.22 3.65 106 6.32 14.31  
including 76.7 77.0 0.38 0.33 33.20 61 5.77 42.52  
including 77.0 78.0 0.97 0.84 1.71 11 0.67 2.83  
including 78.0 78.4 0.43 0.37 0.21 6 0.32 0.75  
including 78.4 80.0 1.57 1.35 0.13 3 0.06 0.26  
including 80.0 81.0 0.95 0.82 0.02 2 0.13 0.24  
including 81.0 81.6 0.65 0.56 4.67 8 2.66 8.74  
KMDD0219 88.7 90.5 1.80 1.55 1.62 26 0.99 3.40 K2HW
KMDD0219 88.7 89.5 0.80 0.69 2.33 44 1.17 4.58  
KMDD0219 89.5 90.5 1.00 0.86 1.05 12 0.86 2.47  
KMDD0230 60.8 67.0 6.21 5.06 48.11 13 1.05 49.82 K1
including 60.8 62.0 1.21 0.99 1.17 8 1.01 2.77  
including 62.0 63.2 1.15 0.94 0.40 5 0.41 1.07  
including 63.2 63.6 0.45 0.37 7.76 4 0.30 8.25  
including 63.6 65.0 1.40 1.14 1.74 9 0.93 3.23  
including 65.0 65.5 0.50 0.41 198.60 41 2.92 203.43  
including 65.5 66.1 0.60 0.49 315.55 45 2.83 320.29  
including 66.1 67.0 0.90 0.73 2.60 4 0.24 3.01  
KMDD0230 69.6 72.5 2.90 2.36 0.53 5 0.48 1.30 KL
including 69.6 70.5 0.85 0.69 1.17 6 0.56 2.08  
including 70.5 71.0 0.55 0.45 0.28 3 0.13 0.50  
including 71.0 72.0 1.00 0.82 0.06 2 0.17 0.34  
including 72.0 72.5 0.50 0.41 0.64 11 1.33 2.75  
KMDD0230 75.3 84.5 9.15 7.30 2.36 24 1.31 4.60 K2
including 75.3 76.3 1.00 0.80 6.52 17 2.79 10.88  
including 76.3 77.0 0.70 0.56 2.00 13 1.03 3.69  
including 77.0 78.0 1.00 0.80 0.89 12 0.83 2.26  
including 78.0 79.0 1.00 0.80 0.14 16 0.84 1.58  
including 79.0 79.7 0.70 0.56 0.33 14 0.40 1.09  
including 79.7 80.4 0.70 0.56 0.30 16 0.47 1.18  
including 80.4 81.4 1.00 0.80 7.33 45 2.36 11.37  
including 81.4 82.4 1.00 0.80 1.44 15 0.83 2.85  
including 82.4 83.5 1.10 0.88 0.87 26 0.97 2.61  
including 83.5 84.5 0.95 0.76 2.64 60 2.09 6.45  
KMDD0230 96.8 99.1 2.30 1.83 2.45 114 1.89 6.58 K2HW
including 96.8 97.3 0.45 0.36 7.05 346 5.86 19.77  
including 97.3 97.6 0.35 0.28 1.54 23 0.23 2.15  
including 97.6 99.1 1.50 1.20 1.28 66 1.09 3.66  
KMDD0223 87.0 93.0 6.00 4.15 0.85 3 0.32 1.37 K1
including 87.0 89.0 2.00 1.38 0.72 4 0.52 1.54  
including 89.0 91.4 2.35 1.63 0.63 3 0.17 0.91  
including 91.4 92.0 0.65 0.45 0.13 2 0.16 0.40  
including 92.0 93.0 1.00 0.69 2.07 2 0.41 2.71  
KMDD0223 96.5 101.7 5.20 3.47 1.24 11 1.23 3.20 K2
including 96.5 96.9 0.40 0.27 0.83 1 0.32 1.32  
including 96.9 98.8 1.90 1.27 0.04 1 0.21 0.37  
including 98.8 100.3 1.50 1.00 1.01 2 0.48 1.74  
including 100.3 101.7 1.40 0.93 3.22 36 3.69 9.15  
KMDD0232 109.1 113.1 4.00 2.13 2.61 10 0.51 3.49 K1
including 109.1 109.7 0.60 0.32 0.67 1 0.37 1.24  
including 109.7 110.6 0.90 0.48 5.09 31 0.29 5.89  
including 110.6 111.1 0.50 0.27 0.80 11 1.51 3.17  
including 111.1 112.0 0.90 0.48 2.62 4 0.61 3.58  
including 112.0 112.4 0.37 0.20 0.44 2 0.11 0.63  
including 112.4 113.1 0.73 0.39 3.48 4 0.29 3.95  
KMDD0232 115.0 120.3 5.30 2.76 0.99 7 0.32 1.55 K2
including 115.0 115.5 0.50 0.26 0.87 4 0.46 1.60  
including 115.5 116.2 0.65 0.34 3.20 5 1.23 5.09  
including 116.2 117.0 0.85 0.44 0.12 1 0.18 0.39  
including 117.0 118.0 1.00 0.52 0.48 1 0.05 0.56  
including 118.0 118.9 0.90 0.47 0.38 2 0.02 0.43  
including 118.9 120.3 1.40 0.73 1.31 21 0.32 2.03  
KMDD0225 34.3 35.3 0.96 0.43 0.69 30 4.91 8.37  
including 34.3 34.6 0.27 0.12 0.56 2 0.12 0.76  
including 34.6 35.0 0.44 0.20 0.71 64 10.61 17.29  
including 35.0 35.3 0.25 0.11 0.81 2 0.04 0.89  
KMDD0225 119.9 123.2 3.27 1.46 0.31 4 0.35 0.88 K1
including 119.9 120.5 0.62 0.28 1.09 10 1.22 3.03  
including 120.5 122.2 1.74 0.78 0.08 1 0.01 0.11  
including 122.2 123.2 0.91 0.41 0.21 7 0.40 0.88  
KMDD0225 156.0 165.0 9.00 4.57 4.41 39 3.59 10.21 K2
including 156.0 158.8 2.80 1.42 1.05 4 0.28 1.52  
including 158.8 161.2 2.40 1.22 1.20 13 1.53 3.63  
including 161.2 162.6 1.35 0.69 7.60 33 5.21 15.76  
including 162.6 163.9 1.31 0.66 17.65 171 9.05 33.13  
including 163.9 164.5 0.67 0.34 0.41 13 4.50 7.28  
including 164.5 165.0 0.47 0.24 0.45 61 12.62 20.00  
KMDD0225 170.0 172.0 2.00 1.02 1.35 9 1.17 3.19  
KMDD0225 177.8 181.2 3.40 1.73 2.18 210 0.60 5.49 K2HW
including 177.8 178.5 0.70 0.36 0.40 12 0.62 1.47  
including 178.5 180.2 1.70 0.86 0.35 10 0.41 1.08  
including 180.2 181.2 1.00 0.51 6.54 690 0.90 15.80  
KMDD0225 190.0 190.6 0.58 0.29 0.46 14 3.13 5.30  
KMDD0221 202.7 221.8 19.15 8.84 1.73 3 0.11 1.93 K1
including 202.7 203.5 0.80 0.37 2.35 2 0.03 2.42  
including 203.5 204.0 0.55 0.25 5.18 1 0.03 5.23  
including 204.0 204.7 0.70 0.32 0.85 1 0.01 0.88  
including 204.7 205.8 1.10 0.51 2.88 4 0.01 2.94  
including 205.8 206.4 0.60 0.28 0.24 1 0.01 0.26  
including 206.4 206.9 0.50 0.23 0.52 1 0.05 0.59  
including 206.9 208.0 1.10 0.51 0.20 1 0.05 0.28  
including 208.0 209.0 1.00 0.46 0.22 2 0.09 0.37  
including 209.0 209.9 0.85 0.39 19.65 5 0.14 19.92  
including 209.9 210.4 0.55 0.25 1.88 4 0.16 2.16  
including 210.4 211.0 0.60 0.28 0.31 2 0.12 0.51  
including 211.0 212.0 1.00 0.46 0.20 1 0.02 0.24  
including 212.0 212.7 0.65 0.30 0.28 1 0.02 0.33  
including 212.7 214.0 1.35 0.62 0.61 1 0.01 0.63  
including 214.0 215.1 1.05 0.48 0.12 1 0.02 0.16  
including 215.1 216.0 0.95 0.44 0.14 4 0.12 0.36  
including 216.0 217.0 1.00 0.46 1.08 10 0.17 1.44  
including 217.0 218.0 1.00 0.46 0.76 7 0.25 1.21  
including 218.0 219.0 1.00 0.46 0.26 1 0.07 0.37  
including 219.0 219.6 0.60 0.28 0.84 22 0.43 1.73  
including 219.6 220.7 1.10 0.51 0.59 3 0.26 1.01  
including 220.7 221.6 0.90 0.42 0.49 7 0.37 1.12  
including 221.6 221.8 0.20 0.09 3.32 5 0.34 3.89  
KMDD0221 439.0 440.0 1.00 0.56 0.81 1 0.01 0.83 K2
including 439.0 440.0 1.00 0.56 0.81 1 0.01 0.83  
KMDD0234 86.0 96.0 10.00 7.95 10.11 10 0.28 10.64 K2
including 86.0 87.0 0.95 0.75 1.07 9 1.10 2.82  
including 87.0 88.1 1.19 0.95 6.35 6 0.25 6.79  
including 88.1 89.2 1.06 0.84 0.57 40 0.03 1.07  
including 89.2 90.0 0.80 0.64 41.59 3 0.17 41.88  
including 90.0 91.0 1.00 0.79 45.17 11 0.17 45.55  
including 91.0 92.0 1.00 0.79 5.21 4 0.06 5.35  
including 92.0 92.7 0.70 0.56 3.40 4 0.06 3.54  
including 92.7 93.7 0.95 0.75 3.89 6 0.06 4.05  
including 93.7 94.4 0.72 0.57 0.56 6 0.63 1.57  
including 94.4 95.0 0.63 0.50 0.39 4 0.09 0.57  
including 95.0 96.0 1.00 0.79 1.54 7 0.44 2.27  
KMDD0234 116.0 119.4 3.40 2.70 0.48 11 0.35 1.12 K2HW
including 116.0 116.9 0.86 0.68 0.12 7 0.30 0.65  
including 116.9 118.0 1.14 0.91 1.06 11 0.73 2.27  
including 118.0 119.4 1.40 1.11 0.23 13 0.07 0.48  
KMDD0236 83.6 85.2 1.60 1.04 1.93 5 0.40 2.58  
including 83.6 83.9 0.30 0.19 1.76 2 0.06 1.88  
including 83.9 84.5 0.60 0.39 2.40 7 0.74 3.58  
including 84.5 85.2 0.70 0.45 1.60 4 0.26 2.03  
KMDD0236 87.9 95.2 7.35 4.76 2.68 4 0.12 2.90 K1
including 87.9 88.1 0.29 0.19 8.26 6 0.30 8.77  
including 88.1 89.0 0.86 0.56 0.04 5 0.13 0.30  
including 89.0 90.0 1.00 0.65 0.08 2 0.10 0.25  
including 90.0 91.0 0.95 0.62 0.05 3 0.18 0.35  
including 91.0 91.9 0.95 0.62 0.66 4 0.15 0.93  
including 91.9 92.3 0.40 0.26 0.02 5 0.11 0.24  
including 92.3 92.7 0.35 0.23 27.78 3 0.10 27.97  
including 92.7 93.0 0.35 0.23 0.38 4 0.12 0.60  
including 93.0 94.0 1.00 0.65 2.51 7 0.10 2.74  
including 94.0 95.2 1.20 0.78 3.48 1 0.01 3.51  
KMDD0236 98.2 101.0 2.80 2.05 0.49 4 0.26 0.91 K2
including 98.2 99.4 1.20 0.88 0.55 4 0.22 0.92  
including 99.4 100.0 0.60 0.44 0.49 2 0.06 0.60  
including 100.0 101.0 1.00 0.73 0.41 4 0.43 1.10  
KMDD0238 91.1 95.3 4.20 3.02 13.22 6 0.20 13.59 K1
including 91.1 92.0 0.90 0.65 8.01 17 0.42 8.84  
including 92.0 93.1 1.10 0.79 5.34 5 0.20 5.70  
including 93.1 94.0 0.90 0.65 4.64 2 0.05 4.74  
including 94.0 95.3 1.30 0.93 29.43 3 0.15 29.69  
KMDD0238 98.8 102.9 4.10 2.74 3.74 29 1.84 6.83 K2
including 98.8 100.0 1.20 0.80 1.70 35 1.53 4.38  
including 100.0 101.0 1.00 0.67 0.77 9 0.25 1.25  
including 101.0 102.0 1.00 0.67 10.27 46 4.53 17.56  
including 102.0 102.9 0.90 0.60 2.51 25 1.06 4.38  
KMDD0238 119.2 123.0 3.80 2.54 3.34 22 1.18 5.36 K2HW
including 119.2 120.6 1.40 0.93 7.86 13 0.20 8.30  
including 120.6 121.0 0.40 0.27 1.11 57 5.64 10.19  
including 121.0 122.0 1.00 0.67 0.85 24 1.33 3.11  
including 122.0 123.0 1.00 0.67 0.40 20 0.62 1.55  
KMDD0227 77.7 82.0 4.32 4.21 133.40 4 0.25 133.82 K1
including 77.7 79.3 1.65 1.61 347.93 8 0.47 348.72  
including 79.3 81.0 1.67 1.63 1.00 1 0.04 1.06  
including 81.0 82.0 1.00 0.98 0.52 4 0.24 0.92  
KMDD0227 127.9 130.5 2.63 2.57 0.34 5 0.52 1.17 K2
including 127.9 128.3 0.39 0.38 1.40 16 2.08 4.69  
including 128.3 128.9 0.63 0.61 0.19 1 0.02 0.22  
including 128.9 129.7 0.81 0.79 0.09 1 0.02 0.12  
including 129.7 130.5 0.80 0.78 0.19 7 0.66 1.26  
KMDD0211 202.0 203.0 1.00 0.50 3.36 1 0.00 3.37 K1
including 202.0 203.0 1.00 0.50 3.36 1 0.00 3.37  
KMDD0240 60.9 63.4 2.50 2.29 5.83 5 0.70 6.94  
including 60.9 62.0 1.10 1.01 10.40 5 0.24 10.81  
including 62.0 62.2 0.20 0.18 9.53 7 1.01 11.12  
including 62.2 63.0 0.80 0.73 0.42 3 0.25 0.83  
including 63.0 63.4 0.40 0.37 2.23 8 2.72 6.39  
KMDD0240 76.0 80.5 4.50 3.85 6.80 11 1.78 9.58 K1
including 76.0 76.5 0.50 0.43 0.93 4 0.20 1.27  
including 76.5 77.2 0.70 0.60 22.90 7 0.59 23.87  
including 77.2 78.0 0.80 0.68 4.05 1 0.09 4.20  
including 78.0 79.1 1.10 0.94 5.01 3 0.16 5.28  
including 79.1 79.5 0.35 0.30 1.21 12 2.18 4.60  
including 79.5 80.0 0.55 0.47 0.08 5 0.28 0.56  
including 80.0 80.5 0.50 0.43 9.74 61 12.68 29.38  
KMDD0240 82.0 89.0 7.00 5.94 3.97 38 0.98 5.86 K2
including 82.0 83.0 1.00 0.85 15.30 86 1.03 17.82  
including 83.0 84.0 1.00 0.85 3.06 58 0.71 4.78  
including 84.0 85.0 1.00 0.85 0.45 27 1.32 2.73  
including 85.0 85.8 0.80 0.68 10.00 63 0.81 11.93  

(1) Gold Equivalent in Table 1 uses copper price of US$3.05/lb; silver price of US$16.05/oz and gold price of US$1,400/oz.

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

Hole_id Collar location Collar orientation EOH
depth (m)
Lode
Local north Local East RL Dip Local azimuth
KMDD0219 58692 29856 1213 -17.6 289.3 110.7 Kora North
KMDD0230 58766 29868 1253 23.7 240.8 118.9 Kora North
KMDD0223 58691 29856 1214 24.1 230.1 101.7 Kora North
KMDD0232 58771 29872 1254 37.8 333.9 194.0 Kora North
KMDD0225 58534 29852 1218 35.6 213.9 204.6 Kora North
KMDD0221 58997 29923 1162 -58.6 328.2 581.3 Kora North
KMDD0234 58771 29872 1253 16.5 326.0 131.1 Kora North
KMDD0236 58771 29872 1253 27.2 326.9 131.6 Kora North
KMDD0238 58771 29872 1254 36.1 326.2 139.7 Kora North
KMDD0240 58771 29871 1253 19.3 316.1 107.5 Kora North
KMDD0227 58994 29921 1164 -13.0 268.8 146.5 Kora North
KMDD0211 58689 29857 1212 -51.6 217.9 268.3 Kora North

Table 3 – Global Kora Mineral Resource (Effective Date April 2, 2020)

  Tonnes Gold Silver Copper AuEq
  mt g/t moz g/t moz % kt g/t moz
Measured 0.66 13.34 0.28 11.6 0.25 0.51 3.4 14.14 0.3
Indicated 2.47 8.44 0.67 16.3 1.29 0.63 15.6 9.46 0.8
Total M&I 3.13 9.47 0.95 15.3 1.54 0.61 19 10.45 1.1
Inferred 12.67 7.32 2.98 19.9 8.11 1.1 139.4 9.01 3.7
  • Mineral Resource Estimate is included in a technical report titled, “Independent Technical Report, Mineral Resource Estimate Update and Preliminary Economic Assessment for Expansion of the Kainantu Mine to Treat 1 Mtpa from the Kora Gold Deposit, Kainantu Project, Papua New Guinea” with an effective date of April 2, 2020.
  • The Independent and Qualified Person responsible for the Mineral Resource Estimate is Simon Tear, P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia.
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  • Resources were compiled at 1,2,3,4,5,6,7,8,9 and 10 g/t gold cut-off grades.
  • Density (t/m3) is on a per zone basis, K1 and Kora Link: 2.84 t/m3; K2: 2.93 t/m3; Waste: 2.8 t/m3
  • 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.
  • Calculations used metric units (metres, tonnes and g/t)
  • Gold equivalents are calculated as AuEq = Au g/t + ((0.923 x Cu%)*1.38)+ ((0.77 x Ag g/t*0.0115). Gold price US$1,400/oz; Silver US$16.05/oz; Copper US$3.05/lb. Metal payabilities and recoveries are incorporated into the AuEq formula. Recoveries of 92.3% for copper and 77% for silver.

Key Assumptions and Parameters – Kora Deposit

The Kora Deposit comprises of two parallel, steeply west dipping, north-south striking quartz-sulphide vein systems, K1 and K2, within an encompassing dilatant structural zone hosted by phyllite. An additional structure, the Kora Link, has also been defined between K1 and K2. There are five Kora Link structures identified, of which three are included in the updated resource estimate.

The current resource estimate area covers an area of approximately 1,250 metres along strike by 1,050 to 1,150 metres vertically (see Fig 1), representing ~75% of the drill target area. K92 plans to continue to drill the area not yet drilled. The updated resource estimate includes results from 266 diamond drill holes in addition to face samples taken from horizontal development and from cut and fill faces along the K1 and K2 veins.

Underground drilling consists of diamond core for a range of core sizes depending on the length of hole and expected ground conditions. Sampling is sawn half core under geological control and generally ranges between 0.5m to 1.0m. Underground face sampling is completed for every fired round and is to industry standard. QAQC data indicated no significant issues with the sampling or the accuracy of the on-site analysis. Current core recovery of the mineral zone is +95%, with initial drilling around the 90% mark.

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 (see Fig 1). Definition of the wireframes is based on identified gold mineralization in drill core nominally at a 0.1-0.2g/t Au gold-off in conjunction with geological control/sense and current mining widths.

The wireframes were used to extract 1-metre composites (minimum of 0.5m) from the drillhole & sampling database for gold, copper and silver. A gold top cut of 1000g/t was applied to K2 composites and a 150g/t top cut for the Kora Link #2. No top cuts were applied to silver or copper. Variography was generally poor, as would likely be expected, although K1 indicated better along strike grade continuity.

Grade interpolation of the composite data was completed using Ordinary Kriging with a block size of 1m by 5m by 5m. A larger block size check model indicated no evidence of over-smoothing of gold grade with the smaller block size.

Default average density values have been applied to the different lodes. The defaults are based on limited core measurements using the Archimedes Method (weight in air/weight in water). Density (t/m3) is on a per zone basis, with K1 and Kora Link: 2.84 t/m3; K2: 2.93 t/m3; Waste: 2.8 t/m3

A three-pass search strategy was applied to the grade interpolation. Search ellipse parameters are listed below. Search ellipse orientations generally reflected the subtle changes in dip and strike of the vein systems, with up to 8 search domains used for each lode.

Qualified Person

K92 mine geology manager and mine exploration manager, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. 

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora deposit at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine.  The Company declared commercial production from Kainantu in February 2018 and is in a strong financial position.

The Company commenced an expansion of the mine based on an updated Preliminary Economic Assessment on the property which was published in January 2019 and updated in July 2020. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA 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 Kainantu Project, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, 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 in PNG, mitigation of the Covid-19 pandemic, continuation of the lifted state of emergency, 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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