Ongoing Systematic Exploration to Refine
Known Drill Target Areas and Discover More from Untested
Anomalies
VANCOUVER, BC, Sept. 7, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company") is
pleased to announce additional positive results from its on-going
exploration of the Mesquite-Imperial-Picacho District
("District") on the Imperial Gold project ("Imperial"), located 14 km southeast from
Equinox Gold's (TSX: EQX) operating Mesquite gold mine
("Mesquite") and 14 km from the historic Picacho gold mine
("Picacho"). The ongoing exploration program is
designed to further define the five named target areas and to
discover new target areas on the 28-kilometer structural trend.
Highlights:
- Discovered new target area called Acacia Zone with visible gold
in several dry stream beds Highlights include:
-
- Visible gold nuggets of up to 4 millimeters found at
surface
- 0.62 gram per tonne ("g/t") gold in rock sample
collected
- Samples align with the highly prospective, regionally
extensive, Copper Basin fault
- Total of five named drill targets areas now defined including:
Mesquite East, Ogilby, Powerline, Sandwich and the new Acacia
zones
- Defined multiple other untested anomalies with regional
satellite alteration survey
- Other exploration sampling yielded 57 anomalous gold samples in
stream sediment and rock chips (>0.1 g/t) including:
-
- 1.42 g/t stream sediment sample at Ogilby Target
- 0.53 g/t stream sediment sample at Powerline Target
- Further evidence that the 28-kilometer district from
Mesquite-Imperial-Picacho District could host multiple gold
discoveries similar in scale to Mesquite and Imperial
- On-going exploration includes prospecting for new targets,
detailed mapping and sampling to further define known targets and a
pilot drilling program using person-portable drilling tool
KORE's CEO Scott Trebilcock
stated: "Even with the great success of our systematic exploration
programs, we are only scratching the surface of
Mesquite-Imperial-Picacho District potential. KORE controls
approximately 31,000 acres of the District which was split between
major gold companies in the 1990's and our field team is focussed
on efficiently and systematically working this enormous land
package. With the Mesquite mine, the last active mine in
Imperial County, nearing the end
of its life, KORE's Imperial
project and surrounding District may be the next opportunity to
extend the 140-year modern gold mining history of Imperial County."
KORE is committed to operating within the stringent
environmental and labour standards of California.
Figure 1 shows the new dry stream bed and rock chip
sampling locations and results since our last update new release
April 13, 2021. The sampling
generated 57 anomalous gold assays in rock chips and soils above
0.1 g/t gold. There are now five named target areas
defined on the District Trend: Mesquite East, Powerline, Ogilby,
Powerline, and Acacia (new in this release).
Figure 2 shows the location of each named target
area with all the rock chip and soil sampling data. These
zones all lie along the regionally extensive Copper Basin thrust
fault. Future sampling, mapping, scout back-pack drilling,
geophysics and other exploration techniques are expected to further
define these target areas. Having the intact Imperial deposit to "tune" or "fingerprint"
geophysical signatures, greatly enhances our confidence to target
new discoveries under the alluvium along the trend. Details of the
work were released January 7, 2020,
April 29, 2020, December 8, 2020 and April 13, 2021.
Figure 3 shows the District claim area with location of
the Mesquite, Imperial and Picacho
deposits along with the new claims staked in early
2021.
Sampling and Mapping Program Details
Discovery of
gold in the dry stream beds (also called "arroyos" or
"washes") on the target areas are several kilometers from
Mesquite, Picacho and/or Imperial
and not downstream from any known deposits, indicating that gold is
likely being generated from another source. KORE will
identify the main sources by executing a detail sampling program
directly on strike of the geophysical anomaly.
Interpretation of KORE's recently completed satellite
multi-spectral survey has identified additional alteration
anomalies, many of which have yet to be mapped or tested.
This is positive as it indicates the alluvial cover is shallow in
those areas, making a new oxide gold discovery easier and more
attractive. KORE also continues to find evidence of historic
small scale mining activities in the District, including hand and
bulldozer trenches and signs of historic placer mining
activity.
KORE's exploration team collected 166 stream bed and 138 rock
chip samples since our last reported results on April 13, 2021. Samples collected averaged
4.75 kilogram in size and were taken at an average depth of 0.4
meters below surface. Of the 638 stream samples taken so far,
410 assayed over the gold detection limit of 5 parts per billion
and 11 assayed over 100 parts per billion (0.1 g/t) with 58 samples
still pending. In addition, of the 355 rock samples taken, 38 have
assayed over 100 parts per billion (0.1 g/t)with 83 samples still
pending. Sample locations and assays for the eastern area from
Imperial to Picacho are depicted
on Figure 1.
Next Steps
The ongoing exploration program for H2
2021 incudes targeted soil sampling, detailed geological mapping
and a shallow pilot drilling program using person-portable
equipment.
Full-scale drill permitting at Ogilby and Mesquite East in
ongoing with permits expected in H2 2022. See news release
from August 20, 2021 for more
details on Imperial drill
permitting.
About the Imperial Gold Project
KORE owns 100% of the
Mesquite-Imperial-Picacho District which consists approximately
31,000 acres of claims capturing the entire 28-kilometer trend from
the operating Mesquite mine (Equinox Gold - TSX:EQX) to the closed
Picacho mine and including KORE's Imperial project as depicted on Figure
3. In the District, gold is hosted in local fault
structures related to a series of regional faults connecting the
known District deposits. Those three District deposits
(Mesquite, Imperial and Picacho)
were discovered in exposed outcrops and from placer workings.
The rest of the District is covered by alluvium and has never
been systematically explored.
The Mesquite-Imperial-Picacho District centers on KORE's
Imperial project.
Imperial is a structurally
controlled intermediate sulfidation epithermal gold deposit. The
100% oxide gold deposit is currently defined at 2.44 kilometer long
and up to 0.75 kilometer wide and is open both along strike and
downdip. It is hosted in a shallowly southwest dipping, amphibolite
grade metamorphic rock suite along a west-northwest trending
low-angle regional thrust fault system which controls the regional
geometry of mineralization. East-west striking, post-mineralization
normal faults control the property scale geometry of
mineralization. Geophysical characterization of the deposit and
regional controlling structures is an essential component of
exploration for additional resources.
Imperial has a mineral resource
estimate and a positive preliminary economic assessment effective
April 6, 2020 with the following
highlights:
- Robust economics: US$ 343 million
NPV5% post-tax with 44% IRR at US$
1,450 per ounce gold
- Low capital intensity project with only US$ 143 million pre-production capital cost
- Average 146,000 ounces gold per year over 8 years for 1.2
million ounces total production
- Technically simple project: shallow open pit, run-of-mine heap
leach with existing infrastructure
- Value enhancement through Mesquite-Imperial-Picacho District
exploration and resource expansion
The Company's NI 43-101 compliant resource and preliminary
economic assessment is titled "Preliminary Economic Assessment –
Technical Report Imperial Gold Project" effective as of
April 6, 2020 and revised and amended
on June 10, 2021, prepared by
Terre Lane and Todd Harvey of Global Resource Engineering and
Glen Cole of SRK Consulting
(Canada) Inc.
About KORE Mining
KORE Mining is focused on
responsibly creating value from its portfolio of gold assets in
California, USA. The Company is
advancing the Imperial project
towards development while continuing to explore across both
district-scale gold assets. Management and Board (35%
ownership), along with strategic investor, Eric Sprott (26% owner), are aligned with all
KORE shareholders with the goal of creating per share value.
Further information on Imperial and KORE can be found on the
Company's website at www.koremining.com or by contacting us as
info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
Technical information with respect to the District and Imperial
Gold Project contained in this news release has been reviewed and
approved by Marc Leduc, P.Eng, who is KORE's COO and is the
qualified person under National Instrument 43-101 responsible for
the technical matters of this news release.
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 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", "intends", "indicates" 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.
Forward–looking statements in this news release include, but are
not limited to, statements with respect to: the strategy, timing
and implementation of permit regional exploration drilling in
the 28-kilometer Mesquite-Imperial-Picacho District ("Regional
Exploration Drilling") and permit drilling to advance the
existing Imperial gold deposit
("Imperial Zone") toward feasibility and mine permitting at
the Imperial project; the timing
of submitting Environmental Assessment report(s) for one or more
areas of the Imperial project;
potential actions, behavior or position of the Bureau of Land
Management (the "BLM"); the underexplored and
prospective nature of the Imperial Regional Exploration Drilling
area; the results of the preliminary economic assessments for the
Imperial Project, including future project opportunities, the
projected NPV, permit timelines, the current mineral resource
estimate, and the ability to obtain the requisite permits; the
market and future price of and demand for gold; the opportunities
of expansion at the Imperial Project; and the ability to work
cooperatively with stakeholders, including all levels of
government. 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. In
connection with the forward–looking information contained in this
presentation, the Company has made numerous assumptions, including,
among others: there being no significant change to current
geotechnical, metallurgical, hydrological and other physical
conditions at the Imperial Project; exploration, permitting, and
development of the Imperial Project being consistent with current
expectations and planning; the geological, permitting and economic
advice that the Company has received is reliable and is based upon
practices and methodologies which are consistent with industry
standards; and other planning assumptions. While the Company
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and
contingencies.
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. Known risk
factors include, among others: the outcome of BLM's review
processes for permitting, including the final outcome(s) of BLM's
mineral claim validity examination(s) and administrative review
process(es) with respect to the Imperial Zone, including a change
to the findings from the mineral claim validity examination
conducted in 2002 for the mill sites at the Imperial Zone,
resulting in the Company having to move its future Imperial Zone
project support facilities to areas that are not within the Indian
Pass mineral withdrawal area; the possibility that BLM may require
and/or conduct further mineral claim validity examinations with
respect to the Imperial project,
and the outcome and final determination of such examination could,
among other things, invalidate one or more mining claims; the
possibility that BLM or other governmental authority review of the
Regional Exploration Drilling program, delays or changes the
Company's plan for Regional Exploration Drilling permitting, which
could result, among other things, in delays, additional project
requirements, additional costs and uncertainty of meeting
anticipated program milestones; the exploration drill program may
not be completed as planned; the need to obtain additional
financing; uncertainty as to the availability and terms of future
financing; the possibility of delay in exploration or development
programs and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
government approvals.
Additional risks and uncertainties are described in the "Risks"
sections of (i) the Company's Annual Information Form for the year
ended December 31, 2020 prepared as
of April 29, 2021, and (ii) the
Company's Management's Discussion and Analysis for the six months
ended June 30, 2021, bothavailable
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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SOURCE Kore Mining