Vancouver, British Columbia, May 19, 2020 – K92 Mining Inc. (“K92” or the “Company”) (TSXV: KNT; OTCQB: KNTNF) is pleased to announce results from the updated resource estimate that has been completed on the Kora deposit, at its producing Kainantu Gold Mine in Papua New Guinea. The resource estimate is based on surface and underground exploration diamond drilling and underground face sampling (grade control).
Kora Deposit Mineral Resource Estimate Highlights:
•Measured and Indicated Resource of 1.1 million ounces at 10.45 g/t gold equivalent (“AuEq”) representing a +180% increase from the previous resource estimate of 0.39 million ounces AuEq in October 2018.
•Inferred Resource of 3.7 million ounces at 9.01 AuEq representing a +50% increase from the previous resource estimate of 2.39 million ounces AuEq in October 2018.
•Significant component of the updated resource is high grade, with only moderate reductions in overall ounces as cut-off grade increases (see Table 2-3 for grade sensitivity table). ?Measured and Indicated Resource of 1.0 million ounces at 12.58 g/t AuEq at a 2 g/t gold cut-off and 0.8 million ounces at 20.51 g/t AuEq at a 5 g/t gold cut off.
?Inferred Resource of 3.3 million ounces at 11.82 g/t AuEq at a 2 g/t gold cut-off and 2.6 million ounces at 19.78 g/t AuEq at a 5 g/t gold cut off.
•Kora North, Kora and Eutompi deposits now combined and shown to be one continuous deposit, open at depth and open along strike to the south.
•Kainantu vein field has numerous opportunities to expand resources from near-mine high-priority exploration areas including: Kora strike extension; Kora deeps; Kora and Judd South veins; Judd vein; Karempe vein, and; Arakompa and Maniape (see Fig 3).
Table 1 – Global Kora Mineral Resource (Effective Date April 2, 2020, 1 g/t gold cut-off)
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
•The Independent and Qualified Person responsible for the Mineral Resource Estimate is Simon Tear, P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia, and the effective date of the estimate is April 2, 2020.
•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.
Table 2 – Sensitivity to Au Cut-off grade for Kora Measured and Indicated Resource Block Model – see Fig 2 for Grade Tonnage Curve.
(Resource Statement is for 1 g/t Au cut-off; tabulation of other cut-off values for information only)
Measured and Indicated Resources
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