Mesquite East and Ogilby Prospect Cultural Surveys Underway
Vancouver, BC May 12, 2022 - KORE Mining Ltd. (TSXV: KORE | OTCQX: KOREF) (“KORE” or the “Company”) is pleased to announce the Mesquite East and Ogilby drill permitting process is advancing at the Company’s 100% owned Imperial Oxide Gold Deposit (“Imperial” or “Project”), located in California, USA. Mesquite East and Ogilby are two of the ten highly prospective drill targets identified in the Mesquite-Imperial-Picacho District (“District”) that captures 28 kilometers (“km”) of prospective ground from Equinox Gold’s (TSX: EQX) operating Mesquite gold mine (“Mesquite”) to the historic Picacho gold mine (“Picacho”).
Mesquite East drilling targets geophysical anomalies east of the Mesquite mine
Ogilby drilling targets soil and geophysical anomaly targets west of the main Imperial deposit
Final environmental analysis and archeology surveys are underway and expected to be completed in coming weeks
Drill locations will be adjusted to avoid any sensitive areas identified in the resource surveys
Next steps: move into public consultation and complete the Environmental Assessment (“EA”) under the National Environmental Protection Act (“NEPA”)
KORE plans to initiate the drill program as soon as all permits are received
KORE’s CEO Scott Trebilcock stated: “After reconfiguring our drill plan of operations in October 2021, the permitting process is once again moving ahead. The cultural survey is finally underway after having completed the other surveys in 2021. Our drill locations are flexible to avoid any sensitive areas. KORE is excited about the prospects of making a new discovery in the Mesquite-Imperial-Picacho District and can’t wait to get drilling.”
KORE ‘s most recent map of prospects including Mesquite East and Ogilby was published on April 26, 2022 and is included here as Figure 1.
ABOUT IMPERIAL GOLD PROJECT
KORE owns 100% of the Mesquite-Imperial-Picacho District which consists approximately 31,000 acres of claims capturing the entire 28-kilometer trend from the operating Mesquite mine (Equinox Gold – TSX:EQX) to the closed Picacho mine and including KORE’s Imperial project. In the District, gold is hosted in local fault structures related to a series of regional faults connecting the known District deposits. Those three District deposits (Mesquite, Imperial and Picacho) were discovered in exposed outcrops and from placer workings. The rest of the District is covered by alluvium and has never been systematically explored.
The Mesquite-Imperial-Picacho District centers on KORE’s Imperial project. Imperial is a structurally controlled intermediate sulfidation epithermal gold deposit. The 100% oxide gold deposit is currently defined at 2.44 kilometer long and up to 0.75 kilometer wide and is open both along strike and downdip. It is hosted in a shallowly southwest dipping, amphibolite grade metamorphic rock suite along a west-northwest trending low-angle regional thrust fault system which controls the regional geometry of mineralization. East-west striking, post-mineralization normal faults control the property scale geometry of mineralization. Geophysical characterization of the deposit and regional controlling structures is an essential component of exploration for additional resources.
Imperial has a mineral resource estimate and a positive preliminary economic assessment effective April 6, 2020 with the following highlights:
Robust economics: US$ 343 million NPV5% post-tax with 44% IRR at US$ 1,450 per ounce gold
Low capital intensity project with only US$ 143 million pre-production capital cost
Average 146,000 ounces gold per year over 8 years for 1.2 million ounces total production
Technically simple project: shallow open pit, run-of-mine heap leach with existing infrastructure
Value enhancement through Mesquite-Imperial-Picacho District exploration and resource expansion
The Company’s NI 43-101 compliant resource and preliminary economic assessment is titled “Preliminary Economic Assessment – Technical Report Imperial Gold Project” effective as of April 6, 2020 and revised and amended on June 10, 2021, prepared by Terre Lane and Todd Harvey of Global Resource Engineering and Glen Cole of SRK Consulting (Canada) Inc. can be found under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website.
About KORE Mining
KORE Mining is focused on responsibly creating value from its portfolio of gold assets in California, USA. The Company is advancing the Imperial project towards development while continuing to explore across both district-scale gold assets. Management and Board, along with strategic investor, Eric Sprott (26% owner), are aligned with all KORE shareholders with the goal of creating per share value.
Further information on Imperial and KORE can be found on the Company’s website at www.koremining.com or by contacting us as firstname.lastname@example.org or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
Chief Executive Officer