K92 Mining Announces Q3 Production Results With Multiple Mill Throughput Records and First Ore Mined From the Twin Incline Area 2 Months Earlier Than

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Overig advies 13/10/2023 13:41
Quarterly production of 26,225 ounces gold equivalent (“AuEq”) (1) or 22,227 oz gold, 1,784,009 lbs copper and 40,233 oz silver, and quarterly sales of 18,339 oz gold, 1,255,291 lbs copper and 30,484 oz silver. Production for the quarter was impacted from the safety incident on June 28 ( see June 28, 2023 and July 6, 2023 press releases ), that resulted in the suspension of underground mining for 9 days which delayed high-grade stoping tonnes originally scheduled in September to Q4, and scheduled maintenance of the process plant for 4.5 days in mid-July. Q4 production is expected to be the strongest for the year driven by a higher grade mining sequence.
First ore tonnes mined from the twin incline area, 2 months earlier than expected, in the second half of September, when thick Judd mineralization was encountered while developing the first waste pass access drive, in an area sparsely drilled and previously interpreted to be waste (see Fig 6-7). Two ore drives on the 840 Level have advanced ~7 metres to the south and north, with multiple high grade faces from channel samples recorded including: Southern Drive – 4.6 m at 14.89 g/t AuEq and 6.8 m at 11.77 g/t AuEq, and; Northern Drive – 4.3 m at 7.19 g/t AuEq ( 2 ) . Targeted diamond drilling of this area will commence shortly, and mining Kora via the twin incline is planned to commence in December. We anticipate a strong boost to mine flexibility and productivity as this second mining front is developed.
Multiple processing throughput records set in Q3, including a new monthly record in September averaging 1,542 tonnes per day (“tpd”) and a new daily record on September 28 of 1,867 tpd ( 3 ) , representing rates that are 13% and 36% above the Stage 2A Expansion annual average run-rate of 1,370 tpd, respectively. Subsequent to quarter end, several new daily records of 1,902, 1,921 and 2,027 tonnes processed ( 3 ) were achieved on October 6, 8 and 10, respectively (see Fig 2). Quarterly ore processed was 121,201 tonnes or an average of 1,317 tpd.
During the quarter, long hole open stoping performed to design. The average mill head grade in Q3 was 7.32 g/t AuEq or 6.20 g/t gold, 0.72% copper and 12.84 g/t silver, with processing of significantly more than budgeted lower grade stockpiles, particularly following the safety incident on June 28 reducing head grade. Recoveries for the quarter were 92.0% for gold and 93.0% for copper.

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