K92 Mining Exploration Update – Blue Lake Porphyry Prospect

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Overig advies 20/12/2019 07:20
By admin Posted December 19, 2019 In News Releases
•All planned holes in Phase 1 diamond drill program completed, for a total of 3,451.2 metres, with multiple holes ending in porphyry mineralization.
•Three porphyry consultant reports completed on Blue Lake in 3Q19. Reports were completed by Applied Petrologic Services and Research (Wanaka, New Zealand); Plus Minerals Consultants (Ulaanbaatar, Mongolia), and; porphyry consultant Greg Corbett (Sydney, Australia). The work included a detailed assessment of drill core and surface exposures, including comprehensive petrological studies, spectrometer alteration mapping and geochemical/structural modelling.
•Expansive gold-copper mineralized shell identified, beneath prominent advanced argillic lithocap.
•Multiple vectors indicative of a higher-grade porphyry deposit at depth. Documented potassic alteration, which commonly is associated with the highest-gold-copper grades in mineralized porphyry systems, in the lower portion of KTDD0001 and KTDD0006. The potassic alteration is only represented by patchy biotite in KTDD0001 and KTDD0006, which implies that a greater proportion of potassic mineral assemblages, and potentially associated gold-copper mineralization, might occur at depth.
•New drill program, including deeper, targeted drilling to commence early in 2020.

Vancouver, British Columbia. December 19, 2019 – K92 Mining Inc. (“K92” or the “Company”) (TSXV: KNT; OTCQB: KNTNF) is pleased to provide an update on exploration at the Blue Lake Porphyry Prospect (Kotampa Project) located approximately 4 kms southwest of the Company’s Kora deposit at the Kainantu gold mine in Papua New Guinea (see Figure 1).

K92 has now completed all ten planned drilled holes along a prescribed section at Blue Lake, with the objective to identify vectors towards porphyry mineralization.

The drilling confirms the presence of a large gold-copper mineralized porphyry system, where an advanced argillic lithocap overlies extensive prograde porphyry style alteration and mineralization. The fence, mostly drilled at 200m spacing, returned significant gold/copper intercepts in several holes and the width of the mineralized halo (c. 0.2% Cu) is interpreted to be approximately 800m in diameter.

A detailed assessment of the drill core and surface exposures was undertaken by consultants, both on site and externally, including comprehensive petrological studies, spectrometer alteration mapping and geochemical/structural modelling. All appraisals collectively support the Company’s recognition of a major intrusive complex at the Blue Lake Prospect, constituting the root of a flow-banded, fractured dacite dome cut by hydrothermal breccias and late mineral porphyritic dacite dykes trending north-east. Intense, layered advanced argillic alteration extends down (c. 300m) to approximately 1300 m elevation. Beneath the lithocap, prograde alteration (predominately propylitic and phyllic assemblages of magnetite-chlorite-epidote-sericite), is distinctly zoned. Porphyry stockwork quartz veins are common, increasing in intensity with depth in each of the drill holes.

An abundance of porphyry features, including gold-copper mineralization, suggests that a quality target may occur at an accessible depth. Consequently, a further drill campaign scheduled to commence in 2020 Q1 will aim to delineate the lateral extent of the gold-copper mineralized shell at shallow to moderate levels, before embarking on a series of deeper holes targeting the inferred higher grade porphyry core.

Chris Muller, K92 Vice President Exploration, stated, “The Blue Lake porphyry system is demonstrated to be substantially large and fertile, with an impressive proliferation of overprinting hydrothermal alteration and characteristic porphyry stockwork quartz/sulphide veins, as well as disseminated mineralization. Multiple vectors identified suggest the presence of a higher grade core at depth, which will be targeted in a follow-up program entailing additional fences of holes, together with deeper, targeted drilling.”

Blue Lake (Kotampa Project) Background

Surficial Au-Ag-Cu mineralization, associated with enargite-bearing breccia and vuggy silica, was identified by K92 geologists in the Blue Lake area (EL470) during September 2017. Detailed mapping and sampling ensued, with the identification of a large (1.2 x 0.8 km) coincident Au-Cu soil geochemical anomaly. Drilling commenced in January 2019 and the first drill hole, KTDD0001, returned an open-ended intercept of 174.6m @ 0.28 g/t Au, 0.22 % Cu, from 259.3m and was terminated in mineralization at 433.9m (see March 27, 2019 Press Release – K92 Mining Exploration Update – Blue Lake Porphyry Prospect).

An initial six hole program (including one hole off section), with hole depths of 400 – 600m depth, was planned to be drilled in a fence across the prospect, through the centre of the primary geochemical anomaly, on 200m centres. Three additional short holes targeted shallow gold mineralization in the lithocap. The objective of the program was to characterize the hypogene mineral assemblages, multi-element grade shells and structures, in order to build a geological model that would assist in locating the conceptual core of the porphyry.

Commensurate with the completion of the drill hole fence, in October 2019, petrological analysis of 37 drill core samples was undertaken by Applied Petrologic Services and Research (Wanaka, New Zealand). Plus Minerals Consultants (Ulaanbaatar, Mongolia) analysed all ten drill holes (3,147 metre point measurements), 531 rock chips, and 83 coarse reject trench samples from Blue Lake Prospect, by Short Wave Infra-red (SWIR) alteration mapping, using a TerraSpec Hi-Res Spectrometer. The main aim was to interpret the geology and alteration zonation of advanced argillic rocks with associated Au-enargite mineralization and provide vectors to target deeper porphyry Cu-Au mineralization. All Blue Lake Prospect drill core and multiple outcrops were also investigated by porphyry consultant Greg Corbett (Sydney, Australia).

Findings of these separate investigations are outlined in this news release and data has been used to plan the next program of drilling at Blue Lake Porphyry Prospect.

Results of Drilling Program

A total of ten diamond drill holes were completed at Blue Lake, three (KTDD0002, KTDD0003, KTDD0004) of which were short (c. 50m length) holes and another (KTDD0005) which failed well before target depth, being re-drilled as KTDD0006. Results from holes KTDD0001 to KTDD0007, were previously reported (see March 27, 2019 Press Release – K92 Mining Exploration Update – Blue Lake Porphyry Prospect, and; June 18, 2019 Press Release – K92 Mining Exploration Update – Blue Lake Porphyry Prospect). Table 1 details the hole parameters.

Several significant gold and gold-copper intercepts were yielded, as outlined in Table 2 and depicted in Fig. 3.

Table 1. Blue Lake Hole Parameters

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