Vancouver-headquartered, Papua New Guinea specialist K92 Mining Inc. (TSX-V: KNT; OTCQX: KNTNF) has announced further excellent results from the continuing diamond drilling of the Kora North Extension of the Kainantu gold mine in PNG.
The results for the latest 25 diamond drill holes include multiple high-grade intersections, with the vast majority reported outside the boundaries of the October/2018 Resource estimate. The intersections demonstrate the high-grade and continuity of known mineralization beyond the resource along strike to the south, up-dip and down-dip.
Step-out drilling to the south has extended the known mineralised southern extents by ~225m, recording multiple high-grade intersections
A hole drilled ~150m south of the Oct/2018 resource, recorded 8.08 m at 20.01 g/t Au, 13 g/t Ag and 0.87% Cu (21.50 g/t gold equivalent (AuEq), 2.86 m true width) and 8.50 m at 10.83 g/t Au, 52 g/t Ag and 3.81% Cu (17.33 g/t AuEq, 2.63 m true width).
Step-outs more proximal to the Oct/2018 resource also recorded high-grade intersections including 8.74 m at 21.58 g/t Au, 3 g/t Ag and 0.74% Cu (22.74 g/t AuEq, 6.80 m true width).
The most southern hole drilled to date, ~225m south of the Oct/2018 resource, recorded 14.60 m at 5.96 g/t Au, 35g/t Ag and 3.32% Cu (11.48 g/t AuEq, 6.12 m true width) and importantly, intersected massive bornite mineralisation. The bornite mineralisation is indicative of potential increasing proximity to one or multiple heat sources (to the south and/or to depth).
CEO John Lewins said these drill results also continue to demonstrate the potential for high-grade mineralisation up-dip and down-dip of the Oct/2018 resource, including a localised improvement in grade from increased drilling density in several areas.
Mr Lewins said the results also further demonstrate the potential for bulk mining, with one hole reporting a bulk intersection of 30.1 m at 22.7 g/t Au, 5 g/t Ag and 0.54% Cu (23.6 g/t AuEq, 29.7m true thickness).
The intersection occurred where the Kora Link vein connects the K1 and K2 veins and highlights the potential for larger scale transverse long hole open stopes at Kainantu. Total drill metres after the Oct/2018 resource has increased +240%, which has enhanced K92’s understanding of Kora Link structures, including showing more structural continuity, particularly persistency vertically, than previously known.
“The reported results continue to demonstrate the high-grade pedigree, continuity and the strong extensional potential of Kora North,” Mr Lewins said.
“Step-out drilling to the south has extended known Kora North mineralization by over 200 metres below the known Kora resource, with multiple high-grade intersections recorded. One of the most recent holes drilled, KMDD0177, intersected massive bornite mineralisation which may be significant in providing a vector towards the potential heat source. Drilling up-dip and down-dip has also been very encouraging with multiple high-grade intersections recorded and increasing drill density.
“Since the October 2018 Resource, Kora North drill metres have increased by +240%, which has provided an enhancement to our understanding of the system, including the Kora Link structures.
“These structures are emerging as being more continuous than previously known, are vertically persistent, and represent a potential opportunity for high productivity, transverse long hole open stoping.
“While we are now in the process of updating the Kora North resource to incorporate all of the results reported to date, we continue our drilling program with five diamond drill rigs active on the mining lease. These will shortly be supplemented by three new diamond drill rigs due on site in 2Q 2020.
“The two surface rigs and one underground rig will not only provide an increase to our rate of exploration but also our capacity to test new targets, some of which we expect to drill in the near term.”