K92 Mining Announces Latest Drill Results From Kora, Including Multiple High-Grade Step-Out Intersections

• Drill Hole KMDD0147A, stepping out ~100m to the South at 1100m EL, records one of the highest grade drill intersections at Kora to date at 13.00 m at 288.73 g/t Au, 104 g/t Ag and 0.77% Cu (291.34 g/t AuEq, 6.15 m true width).
  
• Drill Hole KMDD0147, proximal to KMDD0147A, records multiple intersections including one of the highest grade drill intersections to date at Kora at 13.60 m at 107.55 g/t Au, 103 g/t Ag and 1.50% Cu (111.34 g/t AuEq, 6.44 m true width) plus 0.38 m at 8.21 g/t Au, 4 g/t Ag and 1.01% Cu (9.90 g/t AuEq, 0.18 m true width).
• Our deepest Kora North drill hole to date, KMDD0145, records at K1 Vein 5.49 m at 11.71 g/t Au, 5 g/t Ag and 0.04% Cu (11.84 g/t AuEq, 1.51 m true width).
• Surface hole EKDD0007A, ~200m up-dip of the Kora North resource records 4.04 m at 17.09 g/t Au, 15 g/t Ag and 1.22% Cu (19.15 g/t AuEq, 2.59 m true width).
• KMDD0186 records 8.72 m at 167.12 g/t Au, 19 g/t Ag and 1.10% Cu (169.16 g/t AuEq, 4.19 m true width) plus 8.77 m at 8.09 g/t Au, 35 g/t Ag and 1.72% Cu (11.35 g/t AuEq, 4.05 m true width).
• KMDD0184 records 12.60 m at 17.78 g/t Au, 19 g/t Ag and 0.25% Cu (18.43 g/t AuEq, 5.42 m true width).

VANCOUVER, British Columbia, Nov. 21, 2019 (GLOBE NEWSWIRE) -- 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 10 diamond drill holes completed from both surface and underground into the Kora North deposit are summarized in Table 1 below. The results include multiple high-grade intersections, and in particular KMDD0147 & KMDD0147A, which are among our most southern holes at Kora North and among the highest grade intersections to date at the Kainantu Gold Mine. KMDD0147 recorded a K1 intersection stepping out ~100m to the south at ~1100m RL of 13.60 m at 107.55 g/t Au, 103 g/t Ag and 1.50% Cu (111.34 g/t gold equivalent (“AuEq”), 6.44 m true width). KMDD0147A, proximal to KMD0147, recorded a K1 intersection of 13.00 m at 288.73 g/t Au, 104 g/t Ag and 0.77% Cu (291.34 g/t AuEq, 6.15 m true width). As shown in our long sections (see Figure 1 and Figure 2), drilling to date has documented higher grades to the South.

Infill drilling continues to record high grades, with highlights including KMDD00186 recording a K1 intersection of 8.72 m at 167.12 g/t Au, 19 g/t Ag and 1.10% Cu (169.16 g/t AuEq, 4.19 m true width) and a K2 intersection of 8.77 m at 8.09 g/t Au, 35 g/t Ag and 1.72% Cu (11.35 g/t AuEq, 4.05 m true width), and KMDD00184 recording a K2 intersection of 12.60 m at 17.78 g/t Au, 19 g/t Ag and 0.25% Cu (18.43 g/t AuEq, 5.42 m true width).

Our drill results also continue to demonstrate the potential to extend known mineralization up-dip and to depth. KMDD0145, our deepest Kora North drill hole to date, recorded a K1 intersection of 5.49 m at 11.71 g/t Au, 5 g/t Ag and 0.04% Cu (11.84 g/t AuEq, 1.51 m true width) at ~850m elevation. The K1 intersection is ~50m below and ~400m along strike to the north from previously reported KMDD0143 of 2.00 m at 5.09 g/t Au, 24 g/t Ag and 4.16% Cu (11.77 g/t AuEq, 0.92 m true width). Surface hole EKDD0007A, located in a sparsely drilled area of “Kora Gap”, between the Kora / Eutompi resource and ~200m up-dip of the October 2018 Kora North resource recorded 4.04 m at 17.09 g/t Au, 15 g/t Ag and 1.22% Cu (19.15 g/t AuEq, 2.59 m true width) at ~1500m elevation.

The results show that the K1 and K2 vein systems, combined with those previously reported, have a vertical extent of over 1,000 metres from surface and still open at depth. Long sections of K1 and K2 showing the location of the latest drill holes are provided in Figures 1 and 2, respectively.

(Gold Equivalent (AuEq) is calculated using copper price of US$2.90/lb, silver price of US$16.5/oz and gold price of US$1,300/oz.)

John Lewins, K92 Chief Executive Officer and Director, stated, “The reported results continue to demonstrate the high-grade pedigree and continuity of the Kora/Kora North system. The results also highlight the high potential for the mineralization to extend to depth, up-dip of Kora North and along strike to the South. The reported results include two step-out holes to the South, KMDD0147 and KMDD0147A, which are among the highest grade intersections at Kainantu to date. KMDD0147 recorded a K1 intersection of 13.60 m at 107.55 g/t Au, 103 g/t Ag and 1.50% Cu (111.34 g/t AuEq, 6.44 m true width) and KMDD0147A, proximal to KMD0147, recorded a K1 intersection of 13.00 m at 288.73 g/t Au, 104 g/t Ag and 0.77% Cu (291.34 g/t AuEq, 6.15 m true width). Our infill drilling also continues to deliver high grades, with KMDD0186 recording a K1 Vein intersection of 8.72 m at 167.12 g/t Au, 19 g/t Ag and 1.10% Cu (169.16 g/t AuEq, 4.19 m true width).

KMDD0145, our deepest hole drilled to date, recorded a K1 intersection of 5.49 m at 11.71 g/t Au, 5 g/t Ag and 0.04% Cu (11.84 g/t AuEq, 1.51 m true width). This hole is particularly significant as it is more than 300 m below the current operating level, demonstrates a 1km mineralized vertical window at K1 and that the Kora/Kora North system remains open at depth. KMDD0145 also reported a K2 vein intersection, which was low grade, but is nevertheless important as it demonstrates that the structure remains robust to depth (1.9 m true width intersection) and other, previously reported, K2 deeper drilling is high grade. Our drill program plans to drill even deeper.

As we continue our development towards the southern boundary of our mining lease, we have recently established our most southerly drill cuddy. We have now commenced drilling from this cuddy and anticipate our first results from step out holes from this cuddy in the coming weeks. We are particularly excited about this, as Kora North drilling to date has recorded higher grades in both the K1 and K2 veins, along strike to the south.”

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

 ⁽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 Diamond Drilling

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.

Table 3 - Kora North Mineral Resource Estimate

M in table is millions. 

Key Assumptions and Parameters – Kora North Deposit

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 drill core 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

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.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora and Kora North deposits of 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 has commenced an expansion of the mine.  An updated Preliminary Economic Assessment on the property was published in January 2019. 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 at +1-604-687-7130.

www.k92mining.com

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 Gold Mine, expectations of future cash flows, the ongoing 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, changes in government regulations 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.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/942bf4de-8bf5-47a3-ba51-28f5a92eb53a

https://www.globenewswire.com/NewsRoom/AttachmentNg/0c0d2568-eed4-4d3c-9fbc-4ff5d8492a07

https://www.globenewswire.com/NewsRoom/AttachmentNg/2317fc59-6613-485f-9547-d247d5a9b0d1