K92 Operations Update and Latest Drill
Results
Highlights include:
- Drill intercept of 6.49 m at 23.66 g/t
Au, 27 g/t Ag and 0.16% Cu (24.24 g/t AuEq)
- Face sampling taken while mining the K1 Kora vein
reports values of 0.6 m @ 1,126 g/t Au in one face and 0.3 m @
2,171 g/t Au in another face
- Process plant feed grade in excess of 40 g/t Au over
consecutive days, including a peak of 82.98 g/t Au over a 12 hour
period.
VANCOUVER, British Columbia, Feb. 02, 2018
(GLOBE NEWSWIRE) -- K92 (TSX-V:KNT) is pleased to provide an update
on operations at its Kainantu Gold Mine in Papua New Guinea.
Mining operations are currently focused on
mining from stopes 1185 K2 0N and 1185 K2 0S as well as from the
development on 1185 K1 North and South from the second cross cut.
All material from the first cut on the stopes was extracted during
the month, filling of 1185 K2 0N was completed and drilling and
blasting of the second cut commenced. Filling of 1185K2 0S has also
commenced. The second Kora North K1 vein has been mined for a
strike extent of over 100 metres and has averaged approximately 20
g/t. The 1185 K1 North in particular has returned some extremely
high grades including 0.3 m @ 2,171.8 g/t Au in one face and 0.6 me
@ 1,126 g/t Au in another face. The results from 10 faces are
provided in Table 3 below with the highest uncut face value
reported being 157.2 g/t Au and 0.96% Cu over 3.45 m width and the
lowest being 12.42 g/t Au and 3.3% Cu over 3.15 m width. This high
grade zone is still being mined so it’s full extent along strike
and vertically has yet to be determined.
Table
1 1185
K1 North Development Face Sampling Results
Width
Metres |
Uncut
Au g/t |
Au Cut 60 g/t
Au g/t |
Cu % |
Comments |
3.2 |
131.63 |
27.33 |
1.55 |
Includes 0.3m at 2,171.8 g/t Au |
3 |
21.13 |
16.34 |
1.51 |
|
3.25 |
40.28 |
18.77 |
1.24 |
|
3 |
28.32 |
17.47 |
1.02 |
|
3.45 |
157.2 |
23.82 |
0.96 |
Incorporates the 1,126g/t Au |
3.15 |
12.42 |
12.08 |
3.3 |
|
3.03 |
68.04 |
25.83 |
1.9 |
|
3 |
69.94 |
27 |
0.92 |
|
3.1 |
24.61 |
19.73 |
1.6 |
|
2.75 |
43.4 |
28.29 |
0.9 |
|
Face sampling is carried out on every face
and involves sampling two lines across the entire face
approximately one metre apart with between 4 and 8 samples taken
per line after geological interpretation.
Mining from Irumafimpa is also continuing, with
operations focused on the 1235 S stope which was partially drilled
out and fired during the month.
The high grade material mined from the 1185 K1
South was blended with lower grade material from 1185 K1 South and
the 1185 K2 0S stope, however despite this the plant reported daily
feed grades in excess of 40 g/t Au on a number of days, with a peak
of 82.15 g/t Au reported over a 12 hour period. The plant
throughput has been reduced to maximise recovery when treating
these very high grades.
Additional to mining, grade control drilling
from the first drill cuddy, DDC1 is now complete, with drilling
from the second drill cuddy, DDC2 located 125 metres to the south,
ongoing. Drilling from a third cuddy, located 200 metres to the
north of DDC1, has also commenced.
The latest results from DDC2 from hole KMDD0047
which include 3.85 m at 2.83 g/t Au, 6 g/t Ag and 1.01% Cu (4.46
g/t AuEq) plus 6.49 m at 23.66 g/t Au, 27 g/t Ag and 0.16% Cu
(24.24 g/t AuEq) plus 2.10 m at 9.42 g/t Au, 24 g/t Ag and 3.47 %
Cu (15.044.46 g/t AuEq) plus 4.10 m at 2.36 g/t Au, 48 g/t Ag and
1.09 % Cu (4.64 g/t AuEq) confirm the continuity of both the K1 and
K2 veins to the south over a strike length of almost 300 metres.
The results from this hole have also confirmed the continuity of a
high grade third vein designated KL1 running between K1 and K2. The
intersection of one of the Kora lodes in KMDD0050, is considered
important as it extends the known Kora Vein system north to beyond
59375N.
Tables 2 and 3 below provide a summary of the
results from the latest diamond grade control drill holes drilled
into the Kora North Vein system. Table 2 provides a summary of the
significant intercepts from the hole, while Table 3 provides
details of collar location and hole orientation.
Table 2.0
Significant Intercepts from Kora
Underground Diamond Drilling
Hole_id |
From (m) |
To (m) |
Interval
(m) |
True
width (m) |
Gold g/t |
Silver g/t |
Copper % |
Gold
equivalent |
KMDD0045 |
65.64 |
69.3 |
3.66 |
2.97 |
0.91 |
4 |
0.29 |
1.40 |
Including |
65.64 |
66.35 |
0.71 |
0.58 |
1.05 |
1 |
0.40 |
1.68 |
Including |
66.35 |
67.25 |
0.90 |
0.73 |
0.38 |
1 |
0.29 |
0.84 |
Including |
67.25 |
68.05 |
0.80 |
0.65 |
0.56 |
1 |
0.04 |
0.63 |
Including |
68.05 |
68.80 |
0.75 |
0.61 |
2.25 |
15 |
0.57 |
3.31 |
Including |
68.80 |
69.30 |
0.50 |
0.41 |
0.2 |
1 |
0.15 |
0.44 |
KMDD0045 |
99 |
100 |
1.00 |
0.81 |
1.56 |
30 |
1.19 |
3.77 |
Including |
99.00 |
99.45 |
0.45 |
0.37 |
3.09 |
60 |
2.42 |
7.57 |
Including |
99.45 |
100.00 |
0.55 |
0.45 |
0.31 |
6 |
0.18 |
0.66 |
KMDD0046A |
17.07 |
18.12 |
1.05 |
0.66 |
3.16 |
3 |
0.01 |
3.22 |
KMDD0046A |
20.13 |
24.1 |
3.97 |
2.49 |
1.68 |
3 |
0.47 |
2.44 |
Including |
20.13 |
21.07 |
0.94 |
0.59 |
0.69 |
1 |
0.05 |
0.78 |
Including |
21.07 |
22.02 |
0.95 |
0.60 |
0.70 |
1 |
0.00 |
0.72 |
Including |
22.02 |
22.24 |
0.22 |
0.14 |
0.63 |
1 |
0.01 |
0.66 |
Including |
22.38 |
22.95 |
0.57 |
0.36 |
2.73 |
1 |
0.10 |
2.90 |
Including |
22.95 |
24.10 |
1.15 |
0.72 |
3.17 |
11 |
1.53 |
5.65 |
KMDD0047 |
40.5 |
44.35 |
3.85 |
2.18 |
2.83 |
6 |
1.01 |
4.46 |
Including |
40.5 |
41.1 |
0.6 |
0.34 |
12.19 |
16 |
2.36 |
16.01 |
Including |
41.1 |
41.9 |
0.8 |
0.45 |
1.26 |
5 |
1.15 |
3.08 |
Including |
41.9 |
42.9 |
1 |
0.57 |
0.18 |
2 |
0.3 |
0.67 |
Including |
42.9 |
43.7 |
0.8 |
0.45 |
2.37 |
5 |
0.8 |
3.66 |
Including |
43.7 |
44.35 |
0.65 |
0.37 |
0.77 |
4 |
0.98 |
2.32 |
KMDD0047 |
48.16 |
54.65 |
6.49 |
4.43 |
23.66 |
27 |
0.16 |
24.25 |
Including |
48.16 |
49.11 |
0.95 |
0.65 |
44.01 |
9 |
0.19 |
44.42 |
Including |
49.11 |
49.6 |
0.49 |
0.33 |
20.92 |
13 |
0.23 |
21.44 |
Including |
49.6 |
50.2 |
0.6 |
0.41 |
44.84 |
3 |
0.07 |
44.99 |
Including |
50.2 |
50.5 |
0.3 |
0.20 |
34.11 |
8 |
0.1 |
34.37 |
Including |
50.5 |
50.8 |
0.3 |
0.20 |
11.07 |
4 |
0.04 |
11.18 |
Including |
50.8 |
51.7 |
0.9 |
0.61 |
44.07 |
162 |
0.34 |
46.70 |
Including |
51.7 |
52.9 |
1.2 |
0.82 |
6.43 |
2 |
0.06 |
6.55 |
Including |
52.9 |
54 |
1.1 |
0.75 |
7.37 |
2 |
0.06 |
7.49 |
Including |
54 |
54.65 |
0.65 |
0.44 |
8.49 |
6 |
0.31 |
9.04 |
KMDD0047 |
57.8 |
58 |
0.20 |
0.11 |
1.46 |
15 |
1.54 |
4.00 |
KMDD0047 |
83.5 |
85.6 |
2.10 |
1.69 |
9.42 |
24 |
3.47 |
15.05 |
Including |
83.5 |
84.85 |
1.35 |
1.09 |
13.27 |
34.5 |
4.96 |
21.31 |
Including |
84.85 |
85.1 |
0.25 |
0.20 |
1 |
4.6 |
0.56 |
1.92 |
Including |
85.1 |
85.6 |
0.5 |
0.40 |
3.25 |
7.4 |
0.9 |
4.72 |
Hole_id |
From (m) |
To (m) |
Interval
(m) |
True
width (m) |
Gold g/t |
Silver g/t |
Copper % |
Gold
equivalent |
KMDD0047 |
110.6 |
114.7 |
4.10 |
3.30 |
2.36 |
48 |
1.09 |
4.66 |
including |
110.6 |
110.85 |
0.25 |
0.20 |
1.04 |
9.2 |
0.05 |
1.24 |
including |
110.85 |
111.4 |
0.55 |
0.44 |
2.49 |
10.9 |
0.14 |
2.85 |
including |
111.4 |
112.2 |
0.8 |
0.64 |
3.01 |
25.3 |
0.16 |
3.58 |
including |
112.2 |
112.6 |
0.4 |
0.32 |
4.45 |
162.6 |
2.87 |
10.95 |
including |
112.6 |
113.2 |
0.6 |
0.48 |
0.73 |
18.8 |
0.21 |
1.30 |
including |
113.2 |
113.7 |
0.5 |
0.40 |
3.02 |
37.6 |
1.06 |
5.13 |
including |
113.7 |
114.7 |
1 |
0.80 |
1.93 |
75.1 |
2.44 |
6.64 |
KMDD0047 |
115.7 |
116.4 |
0.70 |
0.56 |
1.44 |
52 |
0.60 |
3.04 |
KMDD0047 |
117.7 |
118.3 |
0.60 |
0.48 |
1.05 |
6 |
0.03 |
1.18 |
KMDD0048 |
14.9 |
21.5 |
5.20 |
3.17 |
4.03 |
2 |
0.02 |
4.08 |
including |
16.30 |
16.55 |
0.25 |
0.15 |
12.89 |
3 |
0.06 |
13.02 |
including |
16.55 |
17.7 |
1.15 |
0.69 |
0.2 |
1 |
0.01 |
0.23 |
including |
17.7 |
18.4 |
0.70 |
0.42 |
0.41 |
1 |
0.01 |
0.44 |
including |
18.40 |
19.50 |
1.10 |
0.68 |
3.12 |
4 |
0.03 |
3.21 |
including |
19.50 |
21.50 |
2.00 |
1.23 |
6.90 |
1 |
0.01 |
6.93 |
KMDD0048 |
83.9 |
86.4 |
2.50 |
1.20 |
2.70 |
52 |
3.06 |
8.05 |
including |
83.90 |
84.27 |
0.37 |
0.18 |
7.90 |
34 |
4.95 |
15.92 |
including |
84.27 |
85.00 |
0.73 |
0.35 |
0.21 |
4 |
0.15 |
0.50 |
including |
85.00 |
86.40 |
1.40 |
0.67 |
2.62 |
81 |
4.08 |
9.92 |
KMDD0050 |
19.75 |
22.15 |
2.40 |
4.88 |
2.74 |
1 |
0.23 |
3.12 |
including |
19.75 |
21.40 |
1.65 |
1.61 |
3.89 |
2 |
0.10 |
4.07 |
including |
21.40 |
21.85 |
0.45 |
0.44 |
0.24 |
1 |
0.06 |
0.34 |
including |
21.85 |
22.15 |
0.30 |
0.29 |
16.20 |
3 |
0.67 |
17.27 |
KMDD0050 |
24.00 |
24.76 |
0.76 |
0.74 |
1.99 |
3 |
0.07 |
2.14 |
KMDD0050 |
28.55 |
29 |
0.45 |
0.44 |
0.39 |
9 |
3.04 |
5.15 |
KMDD0050 |
32.3 |
32.55 |
0.25 |
0.24 |
4.49 |
6 |
2.48 |
8.37 |
KMDD0050 |
73.4 |
75.2 |
1.80 |
1.75 |
3.50 |
7 |
0.15 |
3.82 |
including |
73.4 |
74.4 |
1.00 |
0.97 |
1.64 |
7 |
0.04 |
1.79 |
including |
74.4 |
74.9 |
0.50 |
0.49 |
8.40 |
11 |
0.46 |
9.24 |
including |
74.9 |
75.2 |
0.30 |
0.29 |
1.52 |
3 |
0.02 |
1.58 |
Notes
Gold Equivalent uses Copper price – US$2.90/lb; Silver price
US$16.5/oz and Gold price of US$1300/oz
Table 3.0 Collar Locations for
Kora Underground Diamond
Drilling
Hole_id |
Collar location |
Collar orientation |
|
Local
north |
Local
East |
mRL |
Dip |
Local
azimuth |
KMDD0045 |
59006.42 |
29876.09 |
1190.49 |
25.4 |
314.5 |
KMDD0046A |
59123.71 |
29876.79 |
1187.25 |
-29.9 |
227.7 |
KMDD0047 |
59000.62 |
29876.01 |
1188.28 |
-12.3 |
223.6 |
KMDD0048 |
59128.02 |
29876.55 |
1187.41 |
-28.4 |
313.0 |
KMDD0050 |
59361.95 |
29897.80 |
1206.41 |
-6.4 |
281.7 |
John Lewins, K92 Chief Executive Officer and
Director, states, “The results from our mining, development and
grade control drilling at Kora North over the last month have been
outstanding and continue to build our knowledge of the deposit and
it’s potential. The grades currently being mined from the 1185 K1
South vein are the highest that have ever been achieved from the
Kainantu Mine and further reinforces the confidence in our strategy
of focusing on the development of the Kora deposit”.
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 resource estimates.
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.
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
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.
Telephone: (604) 687-7130
Facsimile: (604) 608-9110
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