• Underground drill hole JDD0051 records multiple intersections including 8.80 m at 61.17 g/t gold equivalent (“AuEq”) ⁽¹⁾ or 59.52 g/t Au, 37 g/t Ag and 0.74% Cu from the J1 Vein.
• Underground drill hole KMDD0402 records multiple intersections including 4.20 m at 37.38 g/t AuEq or 33.85 g/t Au, 100 g/t Ag and 1.41% Cu from the K2 Vein and 8.50 m at 26.34 g/t AuEq or 24.77 g/t Au, 10 g/t Ag and 0.90% Cu from the K1 Vein.
  
• Underground drill hole KMDD0348 records multiple intersections including 8.70 m at 25.28 g/t AuEq or 8.71 g/t Au, 176 g/t Ag and 8.94% Cu from the K2 Vein.
  
• Underground drill hole JDD0084 records multiple intersections including 1.09 m at 37.96 g/t AuEq or 30.50 g/t Au, 73 g/t Ag and 4.07% Cu from the J1 Vein Hanging Wall.
  
• Underground drill hole KMDD0364 records multiple intersections including 4.92 m at 23.16 g/t AuEq or 18.15 g/t Au, 39 g/t Ag and 2.81% Cu from the K2 Vein and 4.27 m at 21.87 g/t AuEq or 20.55 g/t Au, 8 g/t Ag and 0.76% Cu from the K1 Vein.
  
• Underground drill hole KMDD0380 records multiple intersections including 6.10 m at 29.41 g/t AuEq or 29.32 g/t Au, 3 g/t Ag and 0.03% Cu from the K1 Vein.
  
• Underground drill hole KMDD0400 records multiple intersections including 10.05 m at 23.18 g/t AuEq or 22.07 g/t Au, 16 g/t Ag and 0.57% from the K1 Vein.
  

Note (1): Gold equivalent (AuEq) exploration results are calculated using longer-term commodity prices with a copper price of US$3.75/lb, a silver price of US$20/oz and a gold price of US$1,600/oz.

VANCOUVER, British Columbia., June 09, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc . (“ K92 ” or the “ Company ”) (TSX : KNT; OTCQX : KNTNF) is pleased to announce results from the ongoing underground diamond drilling of the Kora and Judd deposits at the Kainantu gold mine in Papua New Guinea.

The results for the latest 116 diamond drill holes completed from underground into the Kora and Judd deposits are summarized in Table 1 and Table 2 below. The results continue to demonstrate the high-grade and continuity of Kora and Judd, with intersections largely focused on increasing drill density up-dip, down-dip, to the north and to the south, particularly at Judd. From the drilling results, all drill holes at Kora intersected mineralization, with 10 intersections exceeding 20 g/t AuEq, 25 intersections exceeding 10 g/t AuEq and 51 intersections exceeding 5 g/t AuEq. At Judd, all drill holes intersected mineralization, with 5 intersections exceeding 20 g/t AuEq, 19 intersections exceeding 10 g/t AuEq and 43 intersections exceeding 5 g/t AuEq intersections.

Kora Underground Drilling Results

At Kora, the results are highlighted by holes KMDD0402 recording multiple intersections including 4.20 m at 33.85 g/t Au, 100 g/t Ag and 1.41% Cu (37.38 g/t AuEq, 2.63 m true width) from the K2 Vein and 8.50 m at 24.77 g/t Au, 10 g/t Ag and 0.90% Cu (26.34 g/t AuEq, 5.02 m true width) from the K1 Vein; KMDD0364 recording multiple intersections including 4.92 m at 18.15 g/t Au, 39 g/t Ag and 2.81% Cu (23.16 g/t AuEq, 2.74 m true width) from the K2 Vein and 4.27 m at 20.55 g/t Au, 8 g/t Ag and 0.76% Cu (21.87 g/t AuEq, 2.21 m true width) from the K1 Vein; KMDD0400 recording multiple intersections including 10.05 m at 22.07 g/t Au, 16 g/t Ag and 0.57% Cu (23.18 g/t AuEq, 5.90 m true width) from the K1 Vein, and; KMDD0438 recording multiple intersections including 7.37 m at 21.76 g/t Au, 11 g/t Ag and 0.78% Cu (23.17 g/t AuEq, 3.68 m true width) from the K1 Vein. These holes extended high-grade mineralization up-dip and along strike at both the K1 and K2 veins. Hole KMDD0364 was incorporated into the October 31, 2021 Kora Resource Estimate.

Drilling to the south at Kora, continued to record and extend high-grade intersections, highlighted by hole KMDD0448 recording multiple intersections including 1.68 m at 9.78 g/t Au, 103 g/t Ag and 12.83% Cu (31.69 g/t AuEq, 0.74 m true width) from the K1 Vein and 2.15 m at 4.63 g/t Au, 47 g/t Ag and 3.42% Cu (10.71 g/t AuEq, 0.90 m true width) from the K2 Vein. On the K2 Vein, KMDD0348 recorded 8.70 m at 8.71 g/t Au, 176 g/t Ag and 8.94% Cu (25.28 g/t AuEq, 5.79 m true width); KMDD0426 recorded 3.00 m at 5.89 g/t Au, 180 g/t Ag and 5.93% Cu (17.67 g/t AuEq, 1.09 m true width), and; KMDD0430 0.85 m at 5.65 g/t Au, 101 g/t Ag and 5.36% Cu (15.53 g/t AuEq, 0.87 m true width). Hole KMDD0348 was incorporated into the October 31, 2021 Kora Resource Estimate.

A significant amount of drilling to the north and northern portion of the deposit was completed as part of systematically executing our drill program and although the northern portion is generally lower grade, drilling delivered solid results. Highlights include: KMDD0470 recording multiple intersections including 7.10 m at 20.00 g/t Au, 4 g/t Ag and 0.08% Cu (20.18 g/t AuEq, 3.16 m true width) from the K1 Vein; KMDD0380 recording multiple intersections including 6.10 m at 29.32 g/t Au, 3 g/t Ag and 0.03% Cu (29.41 g/t AuEq, 3.49 m true width) from the K1 Vein, and; KMDD0396 recording multiple intersections including 6.71 m at 15.24 g/t Au, 6 g/t Ag and 0.07% Cu (15.43 g/t AuEq, 3.35 m true width) from the K1 Vein. The results continue to demonstrate the potential for higher-grade mineralization extending to the North, particularly at the K1 Vein. As the twin incline development advances towards the Kora Resource, there will be increased capability to target Kora Deeps and a potential northern strike extension to depth in the second half of 2022.

Judd Underground Drilling Results

At Judd, drilling continues to demonstrate high-grade and expansion potential with the known deposit open along strike in both directions, up-dip and down-dip. To date, four known veins have been recorded at Judd, with similar vein orientation and quartz-sulphide Au-Cu-Ag mineralization as Kora. The veins remain open at depth, to surface, and only a fraction of the over 2,500m strike length has been drilled.

The results are highlighted by holes JDD0051 recording multiple intersections including 8.80 m at 59.52 g/t Au, 37 g/t Ag and 0.74% Cu (61.17 g/t AuEq, 8.80 m true width) from the J1 Vein; JDD0084 recording multiple intersections including 1.09 m at 30.50 g/t Au, 73 g/t Ag and 4.07% Cu (37.96 g/t AuEq, 0.91 m true width) from the J1 Hanging Wall, and; JDD0039 recording multiple intersections including 2.93 m at 19.76 g/t Au, 3 g/t Ag and 0.05% Cu (19.88 g/t AuEq, 1.26 m true width) from the J1 Vein. Hole JDD0039 was incorporated into the December 31, 2021 Maiden Judd Resource Estimate.

Drilling up-dip of existing development encountered multiple high-grade intersections with highlights including: JDD0043 recording multiple intersections including 4.62 m at 19.57 g/t Au, 5 g/t Ag and 0.43% Cu (20.33 g/t AuEq, 2.86 m true width) from the J1 Vein; JDD0071 recording multiple intersections including 6.05 m at 12.68 g/t Au, 31 g/t Ag and 0.68% Cu (14.17 g/t AuEq, 5.20 m true width) from the J1 Vein; JDD0073 recording multiple intersections including 8.60 m at 11.57 g/t Au, 24 g/t Ag and 0.60% Cu (12.83 g/t AuEq, 6.23 m true width) from the J1 Vein, and; JDD0074 recording multiple intersections including 7.70 m at 17.97 g/t Au, 20 g/t Ag and 0.38% Cu (18.83 g/t AuEq, 5.17 m true width) from the J1 Vein. Hole JDD0043 was incorporated into the December 31, 2021 Maiden Judd Resource Estimate.

Long sections of K1, K2 and J1 showing the location of the latest drill holes are provided in figures 1, 2 and 3, respectively. A long section showing Kora drilling to date is provided in figure 4. A long section showing Judd drilling to date is provided in figure 5. A core photograph of drill hole KMDD0402 is provided in figure 6 and a core photograph of drill hole JDD0051 is provided in figure 7.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest underground drilling results at Kora and Judd continue to demonstrate high grades, solid thickness and continuity. The hit rate once again was very strong, with all holes intersecting mineralization, 15 intersections exceeding 20 g/t AuEq and 44 intersections exceeding 10 g/t AuEq, and featured multiple highlight intersections at both Kora and Judd, with JDD0051 recording multiple intersections including 8.80 m at 61.17 g/t AuEq on the J1 Vein and KMDD0402 recording multiple intersections including 4.20 m at 37.38 g/t AuEq on the K2 Vein and 8.50 m at 26.34 g/t AuEq on the K1 Vein.

The drill results also highlighted that both Kora and Judd have significant expansion potential - open along strike in both directions and down dip, with Judd also open up-dip towards surface. From underground, we continue to focus on expanding the extents of Kora and Judd in multiple directions and note that with the advancement of the twin incline in the second half of the year we plan to commence exploration of Kora deeps and a potential northern extension to Kora. Drilling at Kora South and Judd South is a major focus and rapidly expanding. From underground, we have recently commenced our first step-out drill program at Judd and Kora South from our most southerly drill cuddy. On surface, Kora South and Judd South now have three drill rigs operating, from one at the beginning of the year, and a fourth drill rig is expected to arrive near term. Field mapping and sampling is also advancing at Kora South and Judd South towards the A1 Porphyry to support these programs. Lastly the results of the airborne advanced geophysics have identified multiple highly prospective epithermal and porphyry targets within our approximately 830 km ² land package. It certainly is a very exciting time for exploration at Kainantu.”

Table 1 - Kainantu Gold Mine – Significant Intercepts from Kora Diamond Drilling