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

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Figure 1

K1 Vein Long Section
K1 Vein Long Section
K1 Vein Long Section

Figure 2

K2 Vein Long Section
K2 Vein Long Section
K2 Vein Long Section

Figure 3

Kora-Irumafimpa Mine Section
Kora-Irumafimpa Mine Section
Kora-Irumafimpa Mine Section
  • 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.

Figure 1 - K1 Vein Long Section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09f9b7da-d87d-4992-bc52-f1a9b7fe350a

Figure 2 – K2 Vein Long Section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2702e065-725c-41ac-889f-390a6f37d52b

Figure 3 – Kora-Irumafimpa Mine Section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d82c7100-57da-4df3-9130-318a1498f127