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.
Table 1 – Global Kora and Judd Mineral
Resource (Effective Date October 31, 2021 for Kora and December 31,
2021 for Judd, 1.75 g/t gold cut-off)
|
Tonnes |
Gold |
Silver |
Copper |
AuEq |
|
Mt |
g/t |
moz |
g/t |
moz |
% |
kt |
g/t |
moz |
Kora |
|
|
|
|
|
|
|
|
|
Measured |
2.8 |
9.07 |
0.8 |
15.7 |
1.4 |
0.85 |
24.1 |
10.51 |
1.0 |
Indicated |
4.4 |
6.68 |
0.9 |
20.2 |
2.8 |
0.97 |
42.4 |
8.35 |
1.2 |
Total M&I |
7.2 |
7.62 |
1.8 |
18.4 |
4.3 |
0.92 |
66.4 |
9.20 |
2.1 |
Inferred |
8.1 |
7.12 |
1.8 |
27.3 |
7.1 |
1.38 |
111.1 |
9.48 |
2.5 |
|
|
|
|
|
|
|
|
|
|
Judd |
|
|
|
|
|
|
|
|
|
Measured |
0.22 |
11.26 |
0.08 |
19.9 |
0.14 |
0.72 |
1.59 |
12.56 |
0.09 |
Indicated |
0.15 |
7.46 |
0.04 |
13.9 |
0.07 |
0.77 |
1.20 |
8.76 |
0.04 |
Total M&I |
0.38 |
9.70 |
0.12 |
17.5 |
0.21 |
0.74 |
2.79 |
11.00 |
0.13 |
Inferred |
1.01 |
4.24 |
0.14 |
11.0 |
0.36 |
0.87 |
8.82 |
5.66 |
0.18 |
|
|
|
|
|
|
|
|
|
|
Kora and Judd |
|
|
|
|
|
|
|
|
|
Measured |
3.1 |
9.23 |
0.9 |
16.0 |
1.6 |
0.84 |
25.7 |
10.66 |
1.0 |
Indicated |
4.5 |
6.70 |
1.0 |
20.0 |
2.9 |
0.97 |
43.6 |
8.36 |
1.2 |
Total M&I |
7.6 |
7.72 |
1.9 |
18.3 |
4.5 |
0.91 |
69.2 |
9.29 |
2.3 |
Inferred |
9.1 |
6.80 |
2.0 |
25.5 |
7.4 |
1.32 |
0.1 |
9.05 |
2.6 |
- Estimates are in Technical Report
titled, “Independent Technical Report, Mineral Resources Estimate
Update Kora and Judd Gold Deposit, Kainantu Project, Papua New
Guinea”.
- The Independent and Qualified
Person responsible for the Mineral Resource estimate is Simon Tear,
P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia, and
the effective date of the estimate is October 31, 2021 for Kora and
December 31, 2021 for Judd.
- Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability.
- Resources were compiled at
1.75,2.5,3,4,5,6,7,8,9 and 10 g/t gold cut-off grades for Kora and
1.75,2.5,3,4,5 for Judd.
- Density (t/m3) is on a per zone
basis, K1, K2: 2.84 t/m3; Kora Link: 2.74 t/m3; Judd: 2.71 t/m3;
Waste: 2.67 t/m3
- Minimun mining width for
wireframes: Kora: 5.2 m; Judd: 5.2 m.
- Reported tonnage and grade figures
are rounded from raw estimates to reflect the order of accuracy of
the estimate.
- Minor variations may occur during
the addition of rounded numbers.
- Estimations used metric units
(metres, tonnes and g/t).
- Gold equivalents are calculated as
AuEq = Au g/t + Cu%*1.607*92.8% + Ag g/t*0.0125*89%. Gold price
US$1,600/oz; Silver US$20/oz; Copper US$3.75/lb. Metal payabilities
and recoveries are incorporated into the AuEq formula. Recoveries
of 92.8% for copper and 89% for silver.
Table 2 – Sensitivity to Au Cut-off
grade for Kora Measured and Indicated Resource Block Model (see Fig
5 for Grade Tonnage Curve)
(Resource Statement is for 1.75 g/t Au cut-off;
tabulation of other cut-off values for information only)
Measured and Indicated Resources |
Au Cut-Off Grade |
Tonnes |
Gold |
Silver |
Copper |
AuEq |
g/t |
mt |
g/t |
moz |
g/t |
moz |
% |
kt |
g/t |
moz |
1.75 |
7.19 |
7.62 |
1.76 |
18.4 |
4.25 |
0.92 |
66.4 |
9.20 |
2.13 |
2.5 |
5.76 |
8.99 |
1.66 |
19.7 |
3.64 |
0.98 |
56.3 |
10.67 |
1.98 |
3 |
5.01 |
9.92 |
1.60 |
20.4 |
3.29 |
1.01 |
50.5 |
11.65 |
1.88 |
4 |
3.87 |
11.84 |
1.47 |
21.3 |
2.65 |
1.04 |
40.3 |
13.63 |
1.69 |
5 |
3.03 |
13.86 |
1.35 |
21.8 |
2.13 |
1.06 |
32.1 |
15.68 |
1.53 |
6 |
2.44 |
15.91 |
1.25 |
22.1 |
1.73 |
1.05 |
25.7 |
17.73 |
1.39 |
7 |
2.00 |
17.96 |
1.16 |
22.4 |
1.44 |
1.04 |
20.8 |
19.76 |
1.27 |
8 |
1.69 |
19.89 |
1.08 |
23.7 |
1.23 |
1.02 |
17.3 |
21.67 |
1.18 |
9 |
1.36 |
21.60 |
0.94 |
29.2 |
1.28 |
1.17 |
15.9 |
23.67 |
1.04 |
10 |
1.26 |
23.63 |
0.96 |
23.0 |
0.93 |
0.98 |
12.3 |
25.34 |
1.03 |
Table 3 – Sensitivity to Au Cut-off for
Kora Inferred Resource Block Model (see Fig 5 for Grade Tonnage
Curve)
(Resource Statement is for 1.75 g/t Au Cut-off;
tabulation of other cut-off values for information only)
Inferred Resources |
Au Cut-Off Grade |
Tonnes |
Gold |
Silver |
Copper |
AuEq |
g/t |
mt |
g/t |
moz |
g/t |
moz |
% |
kt |
g/t |
moz |
1.75 |
8.08 |
7.12 |
1.85 |
27.3 |
1.85 |
1.38 |
111.1 |
9.48 |
2.46 |
2.5 |
5.79 |
9.11 |
1.70 |
31.0 |
1.70 |
1.50 |
86.6 |
11.68 |
2.18 |
3 |
4.89 |
10.28 |
1.62 |
32.0 |
1.62 |
1.52 |
74.5 |
12.91 |
2.03 |
4 |
3.66 |
12.58 |
1.48 |
31.9 |
1.48 |
1.53 |
56.1 |
15.23 |
1.79 |
5 |
2.94 |
14.58 |
1.38 |
30.2 |
1.38 |
1.48 |
43.4 |
17.12 |
1.62 |
6 |
2.39 |
16.67 |
1.28 |
29.3 |
2.25 |
1.41 |
33.7 |
19.10 |
1.47 |
7 |
2.00 |
18.63 |
1.20 |
29.8 |
1.92 |
1.37 |
27.5 |
21.00 |
1.35 |
8 |
1.69 |
20.71 |
1.12 |
30.7 |
1.67 |
1.34 |
22.6 |
23.05 |
1.25 |
9 |
1.43 |
22.91 |
1.05 |
31.9 |
1.47 |
1.31 |
18.7 |
25.21 |
1.16 |
10 |
1.22 |
25.22 |
0.99 |
33.2 |
0.99 |
1.30 |
15.9 |
27.53 |
1.08 |
Table 4 – Sensitivity to Au Cut-off
grade for Judd Measured and Indicated Resource Block Model (see Fig
8 for Grade Tonnage Curve)
(Resource Statement is for 1.75 g/t Au cut-off;
tabulation of other cut-off values for information only)
Measured and Indicated Resources |
Au Cut-Off Grade |
Tonnes |
Gold |
Silver |
Copper |
AuEq |
g/t |
mt |
g/t |
moz |
g/t |
moz |
% |
kt |
g/t |
moz |
1.75 |
0.38 |
9.70 |
0.12 |
17.5 |
0.21 |
0.74 |
2.8 |
11.00 |
0.13 |
2.5 |
0.31 |
11.29 |
0.11 |
19.2 |
0.19 |
0.80 |
2.5 |
12.69 |
0.13 |
3 |
0.27 |
12.53 |
0.11 |
20.5 |
0.18 |
0.82 |
2.2 |
13.98 |
0.12 |
4 |
0.22 |
14.87 |
0.10 |
22.6 |
0.16 |
0.83 |
1.8 |
16.37 |
0.11 |
5 |
0.18 |
16.82 |
0.10 |
24.4 |
0.14 |
0.84 |
1.5 |
18.35 |
0.11 |
Table 5 – Sensitivity to Au Cut-off for
Judd Inferred Resource Block Model (see Fig 8 for Grade Tonnage
Curve)
(Resource Statement is for 1.75 g/t Au Cut-off;
tabulation of other cut-off values for information only)
Inferred Resources |
Au Cut-Off Grade |
Tonnes |
Gold |
Silver |
Copper |
AuEq |
g/t |
mt |
g/t |
moz |
g/t |
moz |
% |
kt |
g/t |
moz |
1.75 |
1.01 |
4.24 |
0.14 |
11.0 |
0.36 |
0.87 |
8.8 |
5.66 |
0.18 |
2.5 |
0.63 |
5.57 |
0.11 |
12.4 |
0.25 |
1.00 |
6.3 |
7.20 |
0.15 |
3 |
0.47 |
6.51 |
0.10 |
12.8 |
0.19 |
1.09 |
5.1 |
8.28 |
0.13 |
4 |
0.32 |
8.02 |
0.08 |
12.6 |
0.13 |
1.09 |
3.5 |
9.79 |
0.10 |
5 |
0.24 |
9.17 |
0.07 |
12.1 |
0.09 |
1.03 |
2.5 |
10.83 |
0.08 |
John Lewins, K92 Chief Executive Officer and
Director, stated, “The updated Kora Resource and maiden Judd
Resource has significantly exceeded our goal to increase Measured
and Indicated Resources to 2.0 million ounces AuEq after depletion
for the Stage 3 DFS, with a combined Kora and Judd Measured and
Indicated Resource of 7.6 million tonnes at 9.29 g/t AuEq for 2.3
million ounces AuEq. The Inferred Resource is also significant with
a total of 9.1 million tonnes at 9.05 g/t AuEq for 2.6 million
ounces. The increase in Measured and Indicated Resources is
especially significant when factoring in mining depletion, where
348kt at 16.33 g/t AuEq or 182 koz AuEq was depleted from Kora and
64kt at 12.2 g/t AuEq or 25 koz AuEq was depleted from Judd. When
comparing the updated resource model’s depletion to mill actuals,
Kainantu has delivered a positive reconciliation of ~7%.
The resource estimate at both Kora and Judd has
also demonstrated significant high-grade operational flexibility
going forward at both deposits, with moderate reductions in overall
ounces, and significant increases in grade at increasing cut-off
grades. This operational flexibility will be leveraged for the
upcoming Stage 3 DFS and also an updated Preliminary Economic
Assessment that will incorporate the Inferred Resource. Both
studies are well underway and we look forward to announcing the
results in Q2 2022.
Looking ahead, there remains tremendous
potential to increase resources at Kainantu on multiple fronts. The
limits of Kora have not been found, and it remains open along
strike and at depth. Judd, running sub-parallel to Kora, is open in
all directions and we believe exploration is only just beginning to
understand its potential after discovering high-grade
mineralization underground in Q4 2020. Last week, Kora South and
Judd South reported maiden drilling results from its first two
step-out holes, including 6.20 m at 17.26 g/t AuEq from K2 Vein,
15.25 m at 15.87 g/t AuEq in the J1 Vein. Those intersections were
within dilatant zones discovered, which recorded 66.55 m at 5.02
g/t AuEq at Judd South and Kora South at 35.90 m at 5.98 g/t AuEq.
This is the first time that K92 or any prior operator has drilled
Kora South or Judd South.
The results of our advanced geophysics also show
significant near-mine and regional exploration potential, including
the potential for vein mineralization continuing for kilometres
from Kora South and Judd South. Porphyry exploration also continues
to progress at Blue Lake with two drill rigs currently operating.
We look forward to announcing exploration results from multiple
areas near-term.”
Kora Deposit Background
The Kora Deposit comprises two parallel, steeply
west dipping, north-south striking quartz-sulphide vein systems, K1
and K2, within an encompassing dilatant structural zone hosted by
phyllite. An additional structure, the Kora Link, has also been
defined for part of the area between K1 and K2. The K3 vein,
encountered in several drill holes but was not a diamond drilling
focus, was not included in the resource and requires additional
drilling.
The current Kora resource estimate area covers
an area of approximately 1250 metres along strike by 1050 to 1150
metres vertically (see Fig 2 to 4), representing ~80% of the drill
target area. K92 plans to continue to drill the area not yet
drilled, and the deposit remains open to the south at depth and to
the north at depth. The updated resource estimate includes results
from 509 diamond drill holes in addition to face samples taken from
horizontal development and from cut and fill faces along the K1 and
K2 veins.
Judd Deposit Background
The Judd Deposit is subparallel to the Kora
deposit, located between 150 and 200 metres to the east. It
comprises a steeply west dipping, north-south striking
quartz-sulphide vein system, within an encompassing dilatant
structural zone hosted by phyllite. Underground drilling has
encountered the main J1 lode and two other veins J2 and J3 with the
latter two not a drilling focus, and were not included in the
resource. J2 and J3 require additional drilling.
The current Judd resource estimate area covers
an area of approximately 700 metres along strike by 100 to 700
metres vertically (see Fig 7 and 8). The high-grade mineralization
at the Judd deposit was discovered in Q4 2020, with development to
date completed on two sublevels, the 1235 level and 1265 level. The
maiden resource estimate includes results from 48 underground and 1
surface diamond drill holes in addition to face samples taken from
horizontal development along the J1 vein. A small amount of surface
drilling has intersected moderately mineralized zones in the
anticipated position for the J1 lode, but there is insufficient
confidence to include them in the resource estimate at present.
Key Assumptions and
Parameters
Underground drilling consists of diamond core
for a range of core sizes depending on the length of hole and
expected ground conditions. Sampling is sawn half core under
geological control and generally ranges between 0.5m to 1.0m.
Underground face sampling is completed for every fired round and is
to industry standard. QA/QC data indicated no significant issues
with the sampling or the accuracy of the on-site analysis. Current
core recovery of the mineral zone is +95%, with initial drilling
around the 90% mark.
Geological logging is consistent and is based on
a full set of logging codes covering lithology, alteration, and
mineralization. All sampling and analytical work for the mine
exploration program is performed by Intertek Testing Services (PNG)
LTD, an independent accredited laboratory that is located on site.
External check assays for QA/QC purposes are performed at SGS
Australia Pty Ltd in Townsville, Queensland, Australia.
The geological interpretation of the vein
systems is represented as 3D wireframe solids snapped to a
combination of diamond drillhole data and underground face sampling
(see Fig 1 and 6). Definition of the wireframes is based on
identified gold (and copper and silver) mineralization in drill
core nominally at a 0.1-0.2 g/t Au gold-off in conjunction with
geological control/sense and current mining widths. A minimum
mining width of 5.2m was applied for the wireframes for the K1, K2
and 5.2m for the J1 lode. The Kora Link is a broader zone of more
variably continuous mineralization and butts onto both the K1 and
K2 lodes in various places.
The wireframes were used to extract 1-metre
composites (minimum of 0.5m) from the drillhole & sampling
database for gold, copper and silver. A gold top cut of 1000 g/t
was applied to K2, a 400 g/t top cut for Kora Link and a 400 g/t
top cut for J1 composites. No top cuts were applied to silver or
copper. Variography was generally poor, as would likely be expected
for the style of mineralization, although K1 and J1 indicated
better along strike grade continuity as a result of the inclusion
of the face sampling data.
Grade interpolation of the composite data was
completed using Ordinary Kriging with a block size of 1m (X
direction) by 5m (Y direction) by 5m (Z direction). A larger block
size check model indicated no evidence of over-smoothing of gold
grade with the smaller block size.
Default average density values have been applied
to the different lodes. The defaults are based on limited core
measurements using the immersion in water Archimedes Method (weight
in air/weight in water). Density (t/m3) is on a per zone basis,
with K1 and K2: 2.84 t/m3; Kora Link 2.74 t/m3; J1: 2.71 t/m3;
Waste: 2.67 t/m3.
A three-pass search strategy was applied to the
grade interpolation. Search ellipse parameters are listed below.
Search ellipse orientations generally reflected the subtle changes
in dip and strike of the vein systems, with up to 8 search domains
used for the K1 and K2 lodes. The much smaller Kora Link Lode
required only 2 search domains. The J1 Lode required 6 search
domains.
Table 5 – Mineral Resource Search
Ellipse Pass Specifications
Pass No |
X radius(m) |
Y radius(m) |
Z radius(m) |
Min Data |
Min Octants |
Max Data |
1 |
2 |
25 |
25 |
12 |
4 |
32 |
2 |
4 |
50 |
50 |
12 |
4 |
32 |
3 |
12 |
125 |
125 |
6 |
2 |
32 |
Allocation of the classification of the Mineral
Resources is derived from the search pass numbers which essentially
is a function of the drillhole and face sample data point
distribution. Additional considerations were included in the
assessment of the classification; in particular, the geological
understanding and complexity of the deposit, sample recovery,
quality of the QAQC sampling and outcomes, density data and
reconciliation with production.
Table 6 – Resource Classification by
Pass Category
Pass Category |
Resource Classification |
1 |
Measured |
2 |
Indicated |
3 |
Inferred |
All material mined within the mineral wireframes
up to the effective date (of October 31, 2021 for Kora and December
31, 2021 for Judd) has been removed from the model. Gold
reconciliation of the resource model with the mill production up to
the effective date has been reasonably good in terms of recovered
ounces from the mill being 7% above that estimated by the
model.
The Inferred Mineral Resources in this estimate
have a lower level of confidence than that applied to an Indicated
Mineral Resource and must not be converted to a Mineral Reserve. It
is reasonably expected that the majority of the Inferred Mineral
Resource could be updated to an Indicated Mineral Resource with
continued exploration.
Gold Equivalent (AuEq) g/t was calculated using
the formula AuEq = Au g/t + Cu%*1.607*92.8% + Ag g/t*0.0125*89%.
Gold price US$1,600/oz; Silver US$20/oz; Copper US$3.75/lb. Metal
payabilities and recoveries are incorporated into the AuEq formula.
Recoveries of 92.8% for copper and 89% for silver.
The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
Mineral Resources, which are not Mineral
Reserves, do not have demonstrated economic viability.
The complete Technical Report prepared in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”) will be released
within 45 days of this news release.
The new resource estimate will be used for the
upcoming DFS and updated PEA, which is expected in Q2 2022.
Conference Call and Webcast to Present
Results
K92 Mining will host a conference call and
webcast to present the results of the updated Kora mineral resource
at 8:30am (Eastern Time) on Wednesday, February 23.
- Listeners may access the conference
call by dialing toll-free 1-800-319-4610 within North America or
+1-604-638-5340 from international locations.
- The conference call will also be
broadcast live (webcast) and may be accessed via the following
link:
-
http://services.choruscall.ca/links/k92mining20220223.html
Qualified Persons
K92 mine geology manager and mine exploration
manager, Andrew Kohler, PGeo, a qualified person under the meaning
of Canadian National Instrument 43-101 – Standards of Disclosure
for Mineral Projects, has reviewed and is responsible for the
technical content of this news release. Data verification by Mr.
Kohler includes significant time onsite reviewing drill core, face
sampling, underground workings, and discussing work programs and
results with geology and mining personnel.
Simon Tear, P.Geo of H & S Consultants Pty.
Ltd. of Sydney, Australia is a Qualified Person as defined under NI
43-101 for the Mineral Resource estimate discussed above. Mr. Tear
has reviewed and approved the contents of this press release.
About K92
K92 Mining Inc. is engaged in the production of
gold, copper and silver from the Kora and Judd deposits at the
Kainantu Gold Mine in the Eastern Highlands province of Papua New
Guinea, as well as exploration and development of mineral deposits
in the immediate vicinity of the mine. The Company declared
commercial production from Kainantu in February 2018 and is in a
strong financial position.
The Company commenced an expansion of the mine
based on an updated Preliminary Economic Assessment on the property
which was published in January 2019 and updated in July 2020. K92
is operated by a team of mining company professionals with
extensive international mine-building and operational
experience.
On Behalf of the Company,
John Lewins, Chief Executive Officer and
Director
For further information, please contact David
Medilek, P.Eng., CFA at +1-604-687-7130.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. All statements that address future
plans, activities, events, or developments that the Company
believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
realization of the preliminary economic analysis for the Kainantu
Mine, expectations of future cash flows, the planned plant
expansion, production results, cost of sales, sales of production,
potential expansion of resources and the generation of further
drilling results which may or may not occur. Forward-looking
statements and information contained herein are based on certain
factors and assumptions regarding, among other things, the market
price of the Company’s securities, metal prices, exchange rates,
taxation, the estimation, timing and amount of future exploration
and development, capital and operating costs, the availability of
financing, the receipt of regulatory approvals, environmental
risks, title disputes, failure of plant, equipment or processes to
operate as anticipated, accidents, labour disputes, claims and
limitations on insurance coverage and other risks of the mining
industry, changes in national and local government regulation of
mining operations in Papua New Guinea, mitigation of the Covid-19
pandemic, continuation of the lifted state of emergency, and
regulations and other matters. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. For information on risks, please refer
to the Company’s Management Discussion and Analysis and
Consolidated Financial Statements for the year ended December 31,
2020. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
CAUTIONARY NOTE TO U.S. READERS
CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL
RESOURCES
Information concerning the properties and
operations of K92 has been prepared in accordance with Canadian
standards under applicable Canadian securities laws and may not be
comparable to similar information for United States companies. The
terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated
Mineral Resource” and “Inferred Mineral Resource” used in this
presentation are Canadian mining terms as defined in the Definition
Standards for Mineral Resources and Mineral Reserves adopted by the
Canadian Institute of Mining, Metallurgy and Petroleum
(“CIM”) on May 10, 2014 and incorporated by
reference in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”). While the
terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated
Mineral Resource” and “Inferred Mineral Resource” are recognized
and required by Canadian securities regulations, they are not
defined terms under standards of the United States Securities and
Exchange Commission (“SEC”). As such, certain
information contained in this presentation concerning descriptions
of mineralization and resources under Canadian standards is not
comparable to similar information made public by United States
companies subject to the reporting and disclosure requirements of
the SEC. An “Inferred Mineral Resource” has a great amount of
uncertainty as to its existence and as to its economic and legal
feasibility. Under Canadian rules, estimates of Inferred Mineral
Resources may not form the basis of feasibility or pre-feasibility
studies. It cannot be assumed that all or any part of an “Inferred
Mineral Resource” will ever be upgraded to a higher confidence
category through additional exploration drilling and technical
evaluation. Readers are cautioned not to assume that all or any
part of an “Inferred Mineral Resource” exists or is economically or
legally mineable. Under United States standards, mineralization may
not be classified as a “Reserve” unless the determination has been
made that the mineralization could be economically and legally
produced or extracted at the time the Reserve estimation is made.
Readers are cautioned not to assume that all or any part of the
Measured or Indicated Mineral Resources will ever be converted into
Mineral Reserves. In addition, the definitions of “Proven Mineral
Reserves” and “Probable Mineral Reserves” under CIM standards
differ from the standards of the SEC. Historical results or
feasibility models presented herein are not guarantees or
expectations of future performance.
Figure 1 – Kora Resource Lode Wireframes
Long Section, Cross Section and Plan View. is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ba7ff5c-6757-4268-945e-440e11a06205
Note: Kora Link is sandwiched between the lower
halves of the K1 and K2 Lodes
Figure 2 – K1 and K2 Resource Long Section
by Resource Category is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1b9a39f-73af-4822-9391-23808a135220
Figure 3 – K1 Resource Long
Section is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0dca1073-df8f-4864-a5aa-c5b4a67b974c
(Resource Statement is for 1.75 g/t Au Cut-off
only)
Figure 4 – K2 Resource Long
Section is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7adf8a1d-365e-46af-b8e5-411f5452a6ab
(Resource Statement is for 1.75 g/t Au Cut-off
only)
Figure 5 – Kora Resource Cut-Grade vs
Ounces and Tonnage Curve is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a14550fd-213f-4a40-8095-f19115907684
(Resource Statement is for 1.75 g/t Au Cut-off;
other cut-off values for information only)
Figure 6 – Judd Resource Lode Wireframe
Long Section, Cross Section and Plan View is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/703a8da6-f2e3-40e3-b28e-798f153665f8
Figure 7 – J1 Resource Long Section by
Resource Category is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e97ca5e-ad0c-42a2-931b-0ec4e6fe458d
Figure 8 – J1 Vein Long
Section is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7c814c47-b991-44e2-8de4-e46c2f14572a
(Resource Statement is for 1.75 g/t Au Cut-off
only)
Figure 9 – Judd Resource Cut-Grade vs
Ounces and Tonnage Curve is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/af3cb515-9e22-4d59-adee-aca4f3d2b82c
(Resource Statement is for 1.75 g/t Au Cut-off;
other cut-off values for information only)
Figure 10 – Near Mine Exploration
Targets is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e231b1b8-f3b8-4657-90e0-76e388d5ced9
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