K92 is pleased to provide an update on the latest Grade Control Drilling on the Irumafimpa Deposit
- 4.1m at 6.01 g/t AuEq plus 1m at 4.33 g/t AuEq in hole GCDD0038
- 3.2m at 29.6 g/t AuEq, including 0.6m at 130.94 g/t AuEq in hole GCDD0045
- 1.4m at 174.78 g/t AuEq, including 1m at 244.09 g/t AuEq, plus 3.2m at 6.88 g/t AuEq in hole GCDD0046
- 2.75m at 21.38 g/t AuEq, including 1.05m at 51.22 g/t AuEq in hole GCDC0052
- 4.3m at 27.93 g/t AuEq in hole GCDD0053
- 1.3m at 22.22 g/t AuEq, plus 1.6m at 4.13 g/t AuEq in hole GCDD0059
K92 Mining Inc. (“K92”) (TSXV – KNT) is pleased to announce recent results from 23 diamond drill holes completed in the ongoing underground grade control drilling program at its high grade Kainantu Gold Mine, which continues a production ramp-up.
The latest results are from the ongoing campaign of close spaced underground diamond drilling which is part of a comprehensive grade control strategy commenced in September 2016. The current grade control results are from an area of the Irumafimpa deposit which will be mined in the coming six months to nine months and is designed to bring a high degree of confidence to the production planning and scheduling. The closed space drilling pattern of approximately 15 metres by 15 metres has significantly increased the confidence in this previously sparsely drilled area and has confirmed the continuity of mineralization within this area.
Table 1 and 2 below provides a summary of the results from twenty-three diamond grade control which have been drilled into the stope areas it is planned to be mined underground. Table 1 provides a summary of the significant intercepts from the holes, while Table 2 provides details of collar location and hole orientation.
TABLE 1 KAINANTU GOLD MINE – SIGNIFICANT INTERCEPTS FROM IRUMAFIMPA GRADE CONTROL
Notes: Gold Equivalent uses Copper price – US$2.50/lb; Silver price US$16/oz and Gold price of US$1200/oz
TABLE 2 KAINANTU GOLD MINE – COLLAR LOCATIONS FOR IRUMAFIMPA GRADE CONTROL DRILLING
Ian Stalker, K92 Chief Executive Officer and Director, states,
“The latest grade control drilling results include the highest grade intersection we have seen to date at Irumafimpa, with one metre at 244.09 g/t AuEq recorded in hole GCDD0046. This and other results reported here continue to provide support for the continuity and high grade nature of the Irumafimpa system. Importantly, with these latest results, we have now drilled out the next six months of our projected production. We will however continue to undertake the grade control drilling program at the current accelerated rate, with a target of having completed the grade control drilling for our entire 2018 production by the end of 2017.”
K92 Advisor, Brian Lueck, P.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
The TSX Venture Exchange has neither approved nor disapproved the contents of this News Release.
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, production, 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. While commercial production is targeted, there is no assurance it will be achieved. 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.