Karora Resources Intersects 29.8 g/t Gold Over 19.0 Metres and 27.3 g/t Gold Over 15.0 Metres from Initial Drilling at Spargos Project

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Algemeen advies 19/11/2020 06:40
Highlights:
•Initial drill results1 within 100 metres of the surface have intersected new high grade gold intercepts at the Spargos Project. These include:
?SPRC0026: 29.8 g/t over 19.0 metres, including 99.5 g/t over 5.0 metres
?SPRC0012: 27.3 g/t over 15.0 metres, including 168.0 g/t over 1.3 metres
?SPRC0019: 8.0 g/t over 19.0 metres, including 20.6 g/t over 2.0 metres
?SPRC0028: 29.8 g/t over 3.0 metres
?SPRC0032: 8.7g/t over 16.0 metres
1. Downhole intervals. Estimated true widths are approximately 70% of the downhole interval.
• Two RC drill rigs now actively drilling at Spargos
•A new Spargos Mineral Resource is expected to be included in the upcoming fourth quarter mineral resource and reserve update

TORONTO, Nov. 18, 2020 /CNW/ - Karora Resources Inc. (TSX: KRR) ("Karora" or the "Corporation") is pleased to announce a very strong start to its 12,000 metre drill program at the Spargos Project, with several high grade gold intercepts over broad widths intercepted in mineralization located within and on the margins of the interpreted high grade main zone. The new drill results reported are all within approximately 100 metres of surface and could potentially be included in an expanded open pit scenario.

Paul Andre Huet, Chairman & CEO, commented: "Our exploration drilling program at Spargos is off to a tremendous start. I am thrilled to share our new drill results with the market.

Our first pass exploration drilling aimed at following up on the broad, high grade historical drill intercept 19SPRRC0042 (37.1 g/t over 18.0 metres) has returned outstanding results that have exceeded our internal expectations. It is not often that these kinds of grades are drilled over such widths this close to surface. I am very much looking forward to our exploration team continuing to test the area.

The results announced today are within and along strike of the main high grade zone already included in the open pit planned by the previous owners of Spargos. The new mineralization we have encountered has identified a potential new plunging shoot which remains open both along strike and down-plunge. We currently have two drills turning on the project with one focused on exploration and one focused on resource definition drilling ahead of our upcoming resource and reserve estimate in December, which will form the basis of an initial mine plan. I look forward to providing additional drill results from Spargos as they become available from our ongoing programs"

Historical drill information for hole 19SPRRC004, as provided in Corona Resources Limited news release (www.coronaresources.com.au), December 6, 2019.

Strong Initial Drill Results

The first four lines of the Spargos drill program have now been completed and results received. Drilling to date totals 21 holes for 1,608 metres (Figure 2 highlights the location of recently completed Karora drill holes and historic drill holes). Holes targeted extensions to the southern near-surface margin of the historical mineral resource and successfully confirmed the very high grades intersected in drill hole 19SPRRC004 - 37.1 g/t over 18 metres (62 metres to 80 metres), including 93.1 g/t over 2 metres from 78 metres downhole.

Highlights from the drilling3,4 are listed in order below:
?SPRC0012: 27.3 g/t over 15.0 metres, including 168.0 g/t over 1.3 metres
?SPRC0013: 5.7 g/t over 8.0 metres
?SPRC0019: 8.0 g/t over 19.0 metres, including 20.6 g/t over 2.0 metres
?SPRC0026: 29.8 g/t over 19.0 m, including 99.5 g/t over 5.0 metres
?SPRC0028: 29.8 g/t over 3.0 metres
?SPRC0030: 6.9 g/t over 8.0 metres
?SPRC0032: 8.7g/t over 16.0 metres
3. Downhole intervals. Estimated true widths are approximately 70% of the downhole interval.
4. Tables showing complete drill results and drill hole locations can be found at the end of this news release.

Drilling is ongoing, with the balance of the 12,000 metre Spargos drill program to be completed before the end of the year. Figure 1 illustrates the collar locations of the recent drilling and highlights the potential new north plunging shoot. Further drilling and analysis will be undertaken to validate this theory which could lead to additional parallel shoots.


Figure 1: Gram X metre (Main Zone) longsection of Spargos Reward looking west (CNW Group/Karora Resources Inc.)

Figure 2: Plan view of drill collars at Spargos (CNW Group/Karora Resources Inc.)

Spargos Project – Background

The Spargos Reward project tenements cover 33 square kilometres, located in the Eastern Goldfields of Western Australia, just 65km north of Karora's Higginsville mill by road. The project contains an existing historical (JORC (2012) Mineral Resource Estimate5. of 112,000 oz (785,800 tonnes @ 4.4 g/t) indicated resource and 19,000 oz (151,000 tonnes @ 4.0 g/t) inferred resource, There are also a number of historic workings within the project, most notable of which is the historic Spargos Reward Gold Mine which produced 105,397 tonnes at an average grade of 8.56 g/t Au in the 1930s and 1940s, with limited gold extraction since that time. Karora acquired the Spargos Reward project in August 2020 (see Karora news release dated August 7, 2020)

The Spargos gold mineralized system is positioned on the contact between meta-greywackes to the east and strongly altered sodic felsic volcaniclastics to the west along a major north trending shear zone which dips steeply to the east. Gold mineralization is hosted in a number of positions with the bulk of the identified mineralization occurring as disseminations and stringer zones of quartz-biotite-amphibole-pyrite-arsenopyrite alteration. The deposit is characterised by the absence of quartz veining.

The gold mineralized zones can be broken down into two key zones - Main Lode and a second West Zone. A review of the historical mine mapping and data indicate high grade mineralization is associated with shallow, north plunging shoots controlled by drag folds recognized along the meta-greywackes and western meta-volcaniclastics contact. The interpreted down-plunge position of high grade mineralization is virtually untested by drilling and represents significant exploration potential to grow the existing historical mineral resource.

See www.coronaresources.com.au, Feb 26, 2020. A qualified person has not done sufficient work on behalf of Karora to classify the historical estimate as current mineral resources or mineral reserves, and Karora is not treating the historical estimates as current mineral resources or mineral reserves.


Spargos Reward - Resource Definition

As previously outlined in Karora's news release dated November 9, 2020, a 12,000 metre combined RC and surface diamond drilling program is underway to increase confidence in the existing historical mineral resource and extend known mineralization along strike with the aim of delivering a NI 43-101 compliant mineral resource suitable for the production of a mineral reserve. This reserve will form the basis of an initial mine plan with initial ore expected to be mined at Spargos in the second quarter of 2021.

Compliance Statement (JORC 2012 and NI 43-101)

The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Stephen Devlin, FAusIMM, Group Geologist, Karora Resources Inc., a Qualified Person for the purposes of NI 43-101.

All RC drill sampling is conducted by Karora personnel. Samples for gold analysis are shipped to Bureau Veritas Laboratories of Kalgoorlie and Perth for preparation and assaying by 40 gram fire assay analytical method. All drilling samples submitted for assay include Certified Reference Material ("CRM") and coarse blank every 25th down hole metre. Duplicate samples are taken every 50th metre. The lab is also required to undertake a minimum of 1 in 45 wet screens on pulverised samples to ensure a minimum 90% passing at -75µm.

Where problems have been identified in QA/QC checks, Karora personnel and the Bureau Veritas laboratory staff have actively pursued and corrected the issues as standard procedure.

About Karora Resources
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https://www.karoraresources.com/2020-11-18-Karora-Resources-Intersects-29-8-g-t-Gold-Over-19-0-Metres-and-27-3-g-t-Gold-Over-15-0-Metres-from-Initial-Drilling-at-Spargos-Project



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