K92 Mining has intersected what it interprets as the Kora Vein system in a cross cut from the modified Kora exploration drive at Kainantu Gold Project in Papua New Guinea. The intersection was predicted at this location and comprises a strongly sulphide mineralised quartz vein approximately 2.7 metres wide.
Channel sampling of the north and south faces of the vein system exposed in the cross cut has returned an average of 9.89 g/t gold, 46 g/t silver and 2.44% copper over a true width of 2.7 metres. The vein is typical of that seen in Kora drill intercepts and outcrop in displaying multi-phase brecciation and layered, bladed quartz as a matrix to clasts.
The intersection is approximately 10 to 15 metres along strike and to the north of the Kora extension intersection reported in a previous drill hole, which recorded an intersection of 5.4 metres at 11.68 g/t gold, 25.5 g/t silver and 1.33% copper from 154 metres downhole.
The company has commenced mining an initial 2000 tonne bulk sample from the interpreted Kora Vein, mining along strike in a northerly and southerly direction from the cross cut. The bulk sample is being mined from a 4 metre x 4 metre horizontal development designed to reflect the stoping width envisaged in the Preliminary Economic Assessment (PEA).
It is anticipated that this material will be treated through the process plant during September generating important information on metallurgical performance and providing a bulk concentrate for evaluation by potential offtakers.
The design of the Kora exploration drive has been enhanced to incorporate the development of a footwall drive approximately 50 metres from the projected strike of the Kora vein system, together with the cross cut to intersect the vein system to allow the bulk sample to be obtained.
This modification allows the development of drill cuddies approximately 100 metres closer to the interpreted position of the Kora vein system than previously planned. The first drill cuddy is being fitted out and it is anticipated that drilling will commence this week from this cuddy.
Kora is a large and high grade deposit, open for expansion in every direction and strongly mineralised at the extent of all drilling. The current Kora/Eutompi inferred resource, as defined by previous drilling, is 4.36 million tonnes at a grade of 7.3 g/t gold, 35 g/t silver and 2.23% copper, or 11.2 g/t gold equivalent.
K92 Mining