Mr. John Lewins reports
K92 ANNOUNCES RECORD HIGH-GRADE KORA DRILL RESULTS FROM KORA NORTHERN EXTENSION INCLUDING 5.82 M AT 486.78 G/T AU, 21 G/T AG AND 0.15% CU (487.1 G/T AUEQ) IN HOLE KMDD0084
K92 Mining Inc. has released results from the continuing grade control drilling of the Kora North extension.
The results reported are from the first two holes from the new diamond drill cuddy three (DDC3), with both holes drilled recording intersections of the K1, KL and K2 lodes.
Results from hole KMDD0084 included 5.82 metres at 486.78 grams per tonne gold, 21 g/t silver and 0.15 per cent copper (487.1 g/t gold equivalent) plus 4.68 m at 73.54 g/t Au, four g/t Ag and 0.33 per cent Cu (74.1 g/t AuEq) plus 4.12 m at 7.59 g/t Au, 21 g/t Ag and 1.92 per cent Cu (10.79 g/t AuEq), while hole KMDD0082 recorded 2.75 m at 21.41 g/t Au, six g/t Ag and 1.13 per cent Cu (23.20 g/t AuEq) plus 3.78 m at 32.54 g/t Au, 62 g/t Ag and 2.59 per cent Cu (37.29 g/t AuEq) plus 3.31 m at 8.37 g/t Au, two g/t Ag and 0.39 per cent Cu (8.99 g/t AuEq).
The results from DDC3 are now the farthest drilled to the south and continue to confirm the consistency of both the K1 and K2 lodes within this area while also further delineating the KL structure and confirming its continuity.
John Lewins, K92 chief executive officer and director, stated: "The first hole drilled from the new drill cuddy DDC3, KMDD0082, was possibly our best hole to date, however, this has been totally eclipsed by the results from the second hole, KMDD0084 which included a section of 0.72 metres assaying at over 3,500 g/t Au. These two holes are the furthest south that we have drilled and appear to indicate a general increase in both copper and gold grades as we move further south. Importantly from the perspective of building our confidence in the continuity of the Kora -- Irumafimpa system, hole KMDD0084 is just over 200 metres along strike from the deepest hole drilled by Barrick from surface, BKDD0023. This hole reported over 30 metres of continuous mineralization from 920 metres downhole and finished in mineralization as the hole could not be drilled any deeper.
"We have already completed the drilling of the next grade control hole from DDC3, which is a further 25 metres to the south, and await the assay results with great anticipation."
The associated table provides a summary of the results from the latest diamond grade control drill holes drilled into the Kora North vein system from DDC3.
KAINANTU GOLD MINE -- SIGNIFICANT INTERCEPTS FROM KORA DIAMOND DRILL CUDDY 2
Hole From To Interval True width Gold Silver Copper Gold equivalent
(m) (m) (m) (m) (g/t) (g/t) (%) (%)
KMDD0082 35.55 38.30 2.75 2.67 21.41 6 1.13 23.20
including 35.55 36.26 0.71 0.69 56.70 14 3.44 62.15
including 36.26 36.59 0.33 0.32 1.07 4 1.04 2.71
including 36.59 37.24 0.65 0.63 0.57 3 0.32 1.09
including 37.24 37.50 0.26 0.25 30.45 6 0.16 30.78
including 37.50 38.10 0.60 0.58 9.50 2 0.03 9.57
including 38.10 38.30 0.20 0.19 21.34 1 0.19 21.65
KMDD0082 38.45 40.48 2.03 1.97 3.74 1 0.02 3.78
including 38.45 39.58 1.13 1.10 3.01 1 0.01 3.04
including 39.58 39.78 0.20 0.19 6.64 1 0.02 6.69
including 39.78 40.38 0.60 0.58 4.23 1 0.02 4.28
including 40.38 40.48 0.10 0.10 3.18 1 0.04 3.26
KMDD0082 46.09 49.40 3.31 2.62 8.37 2 0.39 8.99
including 46.09 47.80 1.71 1.35 0.52 3 0.60 1.48
including 47.80 48.14 0.34 0.27 1.50 1 0.06 1.60
including 48.14 49.40 1.26 1.00 20.88 2 0.19 21.19
KMDD0082 64.88 68.66 3.78 3.59 32.54 62 2.59 37.29
including 64.88 65.30 0.42 0.40 4.35 15 0.55 5.38
including 65.30 66.37 1.07 1.02 1.52 25 0.83 3.12
including 66.37 66.93 0.56 0.53 209.70 338 14.92 236.93
including 66.93 68.66 1.73 1.64 1.22 7 0.18 1.59
KMDD0084 38.5 43.18 4.68 4.14 73.54 4 0.33 74.10
including 38.5 39.57 1.07 0.95 96.96 10 0.83 98.35
including 39.57 40.8 1.23 1.09 0.87 2 0.22 1.23
including 40.8 41.15 0.35 0.31 18.84 3 0.32 19.36
including 41.15 41.8 0.65 0.57 8.96 2 0.22 9.32
including 41.8 42.31 0.51 0.45 36.88 1 0.02 36.93
including 42.31 42.64 0.33 0.29 623.77 6 0.13 624.05
including 42.64 43.18 0.54 0.48 4.24 3 0.15 4.50
KMDD0084 48.3 54.12 5.82 5.46 486.78 6 0.16 487.10
including 49.61 49.85 0.24 0.23 2.52 5 0.07 2.70
including 49.85 50.61 0.76 0.71 3,585.93 21 0.15 3,586.43
including 50.61 50.93 0.32 0.30 3.31 2 0.00 3.34
including 50.93 51.28 0.35 0.33 11.39 11 0.32 12.02
including 51.28 52.2 0.92 0.86 0.88 1 0.12 1.07
including 52.2 52.48 0.28 0.26 3.56 4 1.14 5.35
including 52.48 52.78 0.3 0.28 273.33 6 0.19 273.69
including 52.78 53.2 0.42 0.39 2.88 1 0.05 2.97
including 53.2 53.66 0.46 0.43 25.15 6 0.15 25.46
including 53.66 54.12 0.46 0.43 8.36 1 0.11 8.54
KMDD0084 62 66.12 4.12 4.00 7.59 21 1.92 10.79
including 62 62.6 0.6 0.58 2.59 2 0.16 2.85
including 62.6 63 0.4 0.39 0.16 1 0.06 0.26
including 63 63.56 0.56 0.54 16.83 19 2.42 20.77
including 63.56 64.21 0.65 0.63 19.98 14 1.20 21.99
including 64.21 65.1 0.89 0.86 7.22 51 5.19 15.80
including 65.1 66.12 1.02 0.99 0.79 19 1.03 2.60
Notes
Gold equivalent uses copper price of $2.90 (U.S.)/pound; silver price of $16.5 (U.S.)/ounce
and gold price of $1,300 (U.S.)/ounce.
The current Kora/Eutompi inferred resource, as defined by previous drilling to date, is 4.36 million tonnes at a grade of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu, or 11.2 g/t gold equivalent and is open for expansion at depth and in both directions along strike.
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 the resource estimates.
The PEA estimates for Kora, based on the current resource estimates (4.36 million tonnes of 7.3 g/t Au, 35 g/t Ag and 2.23 per cent Cu):
- Over a nine-year operating life, the plant would treat 3.2 million tonnes averaging 7.1 g/t Au, 25 g/t Ag and 1.7 per cent Cu (9.3 g/t AuEq (1)).
- This would generate an estimated positive cash flow of $537-million (U.S.) using current metal prices if 15-metre levels are used in mining; if 25-metre levels are used, then net cash flows are estimated as $558-million (U.S.); this cash flow includes conceptual allowances for capital.
- Production of an estimated average of 108,000 AuEq (1) ounces per annum over an eight-year period from year two through to year nine.
An estimated pretax net present value (NPV) of $415-million (U.S.) for 25-metre levels, or $397-million (U.S.) for 15-metre levels, using current metal prices, exchange rates and a 5-per-cent discount.
- An estimated after-tax NPV of $329-million (U.S.) for 25-metre levels, or $316-million (U.S.) for 15-metre levels, using current metal prices, exchange rates and a 5-per-cent discount.
- Initial capital cost is estimated to be $13.8-million (U.S.), including the $3.3-million (U.S.) for the plant upgrade identified in the Mincore scoping study, but excluding the proposed Kora exploration inclines and diamond drilling; sustaining capital cost is estimated to a further $64-million (U.S.) spent over the life of the Kora mining for 25-metre levels, or $83-million (U.S.) for 15-metre levels.
-
Operating cost per tonne is estimated to be $125 (U.S.) per tonne for 25-metre levels, or $126 (U.S.) per tonne for 15-metre mining levels.
- Excluding initial capital expenditure of $14-million (U.S.), cash cost is estimated to be $547 (U.S.) per ounce AuEq (inclusive of a 2.5-per-cent net smelter return (NSR) royalty) and all-in sustaining cost (AISC) of $619 (U.S.) per ounce AuEq for 25-metre mining levels, or $549 (U.S.) per ounce (inclusive of a 2.5-per-cent NSR royalty) and AISC of $644 (U.S.) per ounce AuEq for 15-metre mining levels.
Metal prices used were $1,300 per ounce for gold, $18 (U.S.) per ounce for silver and $4,800 per tonne for copper.
(1) Gold equivalent calculated on above metal prices.
Kora remains open for expansion in every direction and strongly mineralized at the extent of all drilling.
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 do not have demonstrated economic viability.
IRUMAFIMPA AND KORA/EUTOMPI RESOURCES
(resource by deposit and category)
Tonnes Gold Silver Copper Gold equivalent
Deposit Resource category 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 13.4 0.24
Total inferred 4.89 7.7 1.21 32 5.06 2.0 218 11.2 1.76
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 is equal to Au g/t plus Cu per
cent multiplied by 1.52 plus Ag g/t multiplied by 0.0141.
K92 mine geology manager and mine exploration manager, 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 on-site reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.
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