https://k92mining.com/news/k92…resource-upgrade-at-4076/
K92 Mining Reports Significant Resource Upgrade at High-Grade Kora Deposit and Maiden Judd Resource Estimate
VANCOUVER, British Columbia, Feb. 23, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“ K92 ” or the “ Company ”) (TSX: KNT ; OTCQB: KNTNF ) is pleased to announce results from the updated resource estimate completed on the Kora deposit and the maiden resource for the Judd deposit, at its producing Kainantu Gold Mine in Papua New Guinea. The resource estimate is based on surface and underground exploration diamond drilling and underground face sampling. The focus of exploration at Kora since the previous resource estimate from April 2020 was on upgrading Inferred Resources to Measured and Indicated through infill drilling for the Stage 3 Definitive Feasibility Study (“Stage 3 DFS”). The maiden resource estimate at Judd follows the discovery of high-grade underground mineralization in Q4 of 2020.
Kora Deposit Mineral Resource Estimate Highlights
- Kora Measured and Indicated Resource of 2.1 million ounces at 9.20 g/t gold equivalent (“AuEq”) (for a gold cut-off grade of 1.75 g/t) representing a 91% increase from the previous resource estimate of 1.1 million ounces AuEq in April 2020. The large increase was achieved after net mining depletion of 348 kt at 16.33 g/t AuEq or 182 koz AuEq from the previous resource estimate.
- Kora Inferred Resource remains substantial at 2.5 million ounces at 9.48 g/t AuEq.
- Significant component of the updated Kora Mineral Resource is high grade, with only moderate reductions in overall ounces as cut-off grade increases (see Tables 2 and 3 for grade sensitivity table).
- Measured and Indicated Resource of 1.88 million ounces at 11.65 g/t AuEq at 3 g/t gold cut-off and 1.53 million ounces at 15.68 g/t AuEq at 5 g/t gold cut off.
- Inferred Resource of 2.03 million ounces at 12.91 g/t AuEq at 3 g/t gold cut-off and 1.62 million ounces at 17.12 g/t AuEq at 5 g/t gold cut off.
- Positive gold reconciliation compared to updated resource model. Mill production actuals (based on ounces recovered) exceeded the depleted updated resource estimate by ~7%.
Judd Deposit Maiden Mineral Resource Estimate highlights:
- Measured and Indicated Resource of 0.13 million ounces at 11.00 g/t AuEq and Inferred Resource of 0.18 million ounces at 5.66 g/t AuEq (for a gold cut-off grade of 1.75g/t). The resource is net of mining depletion of 64 kt at 12.2 g/t AuEq or 25 koz AuEq.
- Similar to Kora, a large portion of the Judd Mineral Resource is high grade, particularly for Measured and Indicated Resources, with moderate reductions in overall ounces as cut-off grade increases (see Tables 4 and 5 for grade sensitivity table).
- Measured and Indicated Resource of 0.12 million ounces at 13.98 g/t AuEq at 3 g/t gold cut-off and 0.11 million ounces at 18.35 g/t AuEq at 5 g/t gold cut off.
- Inferred Resource of 0.13 million ounces at 8.28 g/t AuEq at 3 g/t gold cut-off and 0.08 million ounces at 10.83 g/t AuEq at 5 g/t gold cut off.
Resource Growth Opportunities and Exploration Targets
- The Kainantu vein field has numerous opportunities to expand Mineral Resources from near-mine high-priority exploration areas including: Kora, Kora Deeps, Kora South, Judd, Judd South, Karempe, and Arakompa and Maniape (see Figure 10).
- Kora remains open along strike and at depth, while Judd remains open in all directions.
- After completing an extensive infill drilling program focused on upgrading Mineral Resources at Kora, exploration is now almost entirely focused on resource growth, with drilling underway at Kora, Kora South, Judd South, in addition to the Blue Lake Porphyry.
- Plans are in place to drill Kora Deeps and test northern extensions to Kora in H2 2022.
- Currently up to 11 drill rigs operating.
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