- exploration has started at Exploration Leases EL 693 and EL 470
- new Kokomo vein system identified to northeast of Judd vein system
- high grade gold and silver assays from first float and channel samples
K92 Mining Inc. (“K92”) (TSXV – KNT) is pleased to announce that it has commenced a major exploration program on EL’s (Exploration Leases) 683 and 470 immediately to the north and west of the company’s ML (Mining Lease) 150. The program is designed to follow up previous work on anomalous drainage sampling results which indicated that the mineralised structures present in ML 150 continued to the north across the Baupa River towards the processing plant. The field work commenced in late January and the first phase of the work will include:
- Establishment of an exploration camp close to the Kokomo Village
- Prospecting, sampling, mapping and assessment of the mineralised veins on the northern side of Baupa River.
- Mapping of the geology within the drainage systems and surface exposures, and linking them with the prospected veins.
- Conducting a ridge and spur soil sample survey for indications of anomalous geochemical dispersion from the auriferous veins across a select number of ridges and spurs.
- Trenching along the length of identified veins to establish widths, grades and strike extent
- Conducting a Land Boundary Survey concurrent with the field exploration work in close collaboration with the Community Affairs Department and knowledgeable Pomasi elders.
Although the Exploration Program is in very early stages, numerous quartz veins have been identified, which are potentially extensions of the known mineralised vein systems (Irumafimpa/Kora, Judd & Karempa) encountered within ML 150.
In addition a new vein system termed the “Kokomo Vein” has been identified in the main access incline striking north into the current exploration area. Initial samples from the Kokomo Vein within ML 150 have been assayed and have high grades of gold and silver as do multiple samples from potential extensions of the vein swarm onto EL 693.
The initial results from sampling a number of these veins are summarised in Table 1.
Table 1 Initial Results for Surface Sampling from Exploration Program
|Licence||Prospect||Sample_ID||Easting||Northing||RL||Sample Type||Interval||Au (ppm)||Ag (ppm)||Cu (%)|
The Kokomo Vein has been sampled underground as well as in the Baupa River to the north striking into the exploration area. Results for the sampling of this vein system are provided in Table 2.
Table 2 Kokomo Vein System Results
|Licence||Prospect||Sample_ID||Easting||Northing||RL||Sample_Type||Interval||Au (ppm)||Ag (ppm)||Cu (%)|
Ian Stalker, K92 Chief Executive Officer and Director, states, “Much of this exploration area is situated between the existing Irumafimpa Mine and the Processing Plant, so any success in this area could have significant implications for the existing mining and processing operation. The initial results from the first two weeks of work are extremely encouraging and support the geological interpretation of the Exploration Team. The results are certainly impressive when one considers that despite its proximity to the mine and processing plant, no work has been carried out in this area previously. This really underlines the potential not only of the mine and known deposits but of all of the surrounding ground over which K92 holds Exploration Licenses covering some 400 km2.”
Chris Muller, BSc, Geo, a qualified person under the meaning of Canadian National Instrument 43-101, has reviewed and is responsible for the technical content of this news release.
ON BEHALF OF THE COMPANY,
Chief Executive Officer and Director
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 potential ongoing production which may or may not occur and the generation of further production assessment work at deposits, which may or may not occur. The Preliminary Economic Assessment (“PEA”) issued by K92 is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. 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, 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, 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. 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.