Intersects 7.20m At 64.88g/t AuEq In PNG
K92 Mining Inc. (TSX: KNT) has received further positive results from the ongoing diamond drilling of the Kora deposit at the Kainantu gold mine in Papua New Guinea.
The results for the latest 35 diamond drill holes continue to demonstrate the high-grade and continuity of Kora with intersections largely focused on increasing drill density up-dip, down-dip and to the south to upgrade resources for the Stage 3 Expansion Feasibility Study. In addition, some step-out drilling and testing of veins that are outside the resource, including the K2 Hanging Wall and the K3 veins, is also being undertaken.
From the drilling results, all drill holes intersected mineralisation and 25 intersections exceeded 10 g/t AuEq with 45 intersections exceeding 5 g/t AuEq. Exploration has continued to observe an escalation of grade as drill density has progressively increased from a ~100 m x ~100 m spacing to a ~25 m x ~25 m spacing up-dip, down-dip and to the south.
The drilling results are highlighted by hole KMDD0266 recording multiple intersections including 7.20 m at 59.00 g/t Au, 56 g/t Ag and 3.89% Cu (64.88 g/t AuEq, 4.69 m true width) and, ~25 m to the South, hole KMDD0270 intersecting 11.27 m at 15.46 g/t Au, 13 g/t Ag and 1.10% Cu (17.09 g/t AuEq, 6.67 m true width) both at the K1 Vein. These results expanded a known area of high-grade mineralisation.
Results of increasing drill density up-dip and down-dip continue to show intersections of significant mineralisation, highlighted by KMDD0280 recording multiple intersections including 6.82 m at 34.80 g/t Au, 22 g/t Ag and 1.59% Cu (37.19 g/t AuEq, 5.05 m true width) at the K2 Vein and 12.65 m at 12.86 g/t Au, 6 g/t Ag and 0.39% Cu (13.45 g/t AuEq, 8.19 m true width) at the K1 Vein. KMDD0299 also intersected 12.26 m at 19.38 g/t Au, 32 g/t Ag and 1.14% Cu (21.31 g/t AuEq, 8.06 m true width) at the K2 Vein.
Drilling to the south recorded numerous high-grade intersections. Highlights include: KMDD0283 recording 10.00 m at 5.53 g/t Au, 41 g/t Ag and 2.86% Cu (9.85 g/t AuEq, 8.62 m true width); KMDD0277 recording 8.70 m at 6.98 g/t Au, 74 g/t Ag and 3.78% Cu (12.94 g/t AuEq, 8.67 m true width), and; KMDD0291, located outside the mineral resource envelope, recording 9.60 m at 1.84 g/t Au, 38 g/t Ag and 5.20% Cu (9.25 g/t AuEq, 6.58 m true width).
Drilling also recorded multiple intersections along the underexplored K2 Hanging Wall and K3 veins, highlighted by KMDD0263 recording 7.84 m at 17.52 g/t Au, 23 g/t Ag and 2.44% Cu (21.04 g/t AuEq, 5.09 m true width) at the K2 Hanging Wall vein and KMDD0289 recording 3.05 m at 12.47 g/t Au, 28 g/t Ag and 1.63% Cu (14.98 g/t AuEq, 2.44 m true width) at the K3 vein. As the number of drill rigs significantly increased during 2020, there is now more capacity to test these veins, which are beyond the western extent of the K2 vein. The K2 Hanging Wall and K3 veins were not part of the April 2020 NI 43-101 resource estimate.
“The recent drilling results from Kora continue to demonstrate the continuity and high-grade nature of the vein system, with all 35 holes intersecting mineralization, 25 intersections above 10 g/t AuEq and 45 intersections above 5 g/t AuEq,” CEO, John Lewins, said.
These intersections also recorded solid thickness, averaging 3.16 metres and 4.78 metres true thickness for the K1 and K2 veins, respectively. Most importantly, as demonstrated by the long-sections, drilling density often increases average localized grade, and step-out drilling continues to intersect mineralisation outside of the mineral resource.
“We are also encouraged by the results from the underexplored K2 Hanging Wall vein and the K3 vein, with KMDD0263 recording 7.84 metres at 21.04 g/t AuEq at the K2 Hanging Wall vein and KMDD0289 recording 3.05 metres at 14.98 g/t AuEq at the K3 vein.
“Neither of these veins are included in any of our mineral resource estimates and to date our drill capacity has limited our ability to allocate drill metres beyond the K2 vein to the west. With the drill fleet expanding considerably, our ability to test these veins in addition to other vein systems and porphyries concurrently has significantly increased.”