• Kora South underground drill hole KMDD0495 intersects potential dilatant zone, recording multiple intersections including 30.55 m at 12.82 g/t gold equivalent (“AuEq”) ⁽¹⁾ or 4.15 g/t Au, 78 g/t Ag and 4.79% Cu from the K2 Vein. The hole ended in mineralization as it was terminated early due to ground conditions and is situated +400 metres down-dip from the previously reported hole KUDD0002, which intersected a dilatant zone, recording 35.90 m at 5.98 g/t AuEq.

• Judd South surface drill hole KUDD0017 intersects dilatant zone recording multiple intersections including 25.00 m at 20.89 g/t AuEq or 18.53 g/t Au, 27 g/t Ag and 0.64% Cu from the J1 Vein, located ~100 metres from previously reported hole KUDD0001, which intersected a dilatant zone, recording 66.55 m at 5.02 g/t AuEq.

• Kora South surface drill hole KUDD0003 records multiple intersections including 7.35 m at 10.41 g/t AuEq or 4.83 g/t Au, 155 g/t Ag and 2.27% Cu from the K2 Vein.

• Underground Kora drill hole KMDD0481 records multiple intersections including 6.23 m at 43.40 g/t AuEq or 43.12 g/t Au, 8 g/t Ag and 0.11% Cu from the K1 Vein and 3.27 m at 13.00 g/t AuEq or 10.42 g/t Au, 16 g/t Ag and 1.48% Cu from the K2 Vein.

• Underground Judd drill hole JDD0079 records multiple intersections including 6.18 m at 37.45 g/t AuEq or 35.12 g/t Au, 26 g/t Ag and 1.24% Cu from the J1 Vein.

• Underground drill hole KMDD0488 records multiple intersections including 18.00 m at 20.24 g/t AuEq or 15.45 g/t Au, 41 g/t Ag and 2.66% Cu from the K2 Vein.

• Second step-out underground hole drilled at Kora Northern Deeps, K92DD0002 records multiple intersections including 3.08 m at 7.18 g/t AuEq or 6.93 g/t Au, 6 g/t Ag and 0.11% Cu from the K1/M6 Vein, located ~700 m North of the Kora Resource and ~300 m below the Irumafimpa Resource.

Note: Drill highlights presented above are core lengths (not true widths).
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, Oct. 18, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc . (“ K92 ” or the “ Company ”) (TSX : KNT; OTCQX : KNTNF) is pleased to announce results from the ongoing surface and underground diamond drilling of the Kora, Kora South, Judd and Judd South deposits in addition to maiden results from the Kora Northern Deeps target at the Kainantu gold mine in Papua New Guinea.

The results for the latest 93 diamond drill holes completed from surface and underground are summarized in Table 1 and Table 2 below. The results continue to demonstrate the high-grade, continuity of the Kora-Kora South and Judd-Judd South vein systems, while also significantly extending the known drilled strike length by ~600 m to the South for both systems.

Surface drilling focused on southern strike extensions, while underground drilling focused on expanding the known Judd mineralization, increasing drill density up-dip, down-dip, as well as drilling to the north and to the south of the known Kora and Judd resources. Importantly, all drill holes at Kora-Kora South intersected mineralization, with 4 intersections exceeding 20 g/t AuEq, 16 intersections exceeding 10 g/t AuEq and 44 intersections exceeding 5 g/t AuEq. At Judd-Judd South, all drill holes intersected mineralization, with 5 intersections exceeding 15 g/t AuEq, 20 intersections exceeding 10 g/t AuEq and 45 intersections exceeding 5 g/t AuEq intersections.

Kora South Drilling Results

At Kora South, the results are highlighted by hole KMDD0495, our southern-most hole drilled at depth from underground, recording 30.55 m at 4.15 g/t Au, 78 g/t Ag and 4.79% Cu (12.82 g/t AuEq, 11.80 m true width) from the K2 Vein. The intersection featured massive chalcopyrite mineralization in addition to bornite and was terminated early in mineralization due to ground conditions. KMDD0495 is especially significant as it represents a potential +400 m dilatant zone vertical depth extension from previously reported hole KUDD0002, which recorded 35.90 m at 1.42 g/t Au, 47 g/t Ag and 2.48% Cu (5.98 g/t AuEq, 23.34 m estimated thickness; see February 16, 2022 press release - K92 Mining Announces High Grades, Record Thicknesses From Maiden Surface Step-Out Drilling Results at Kora South and Judd South, Airborne Geophysics Defines Extensive New Targets ).

The latest surface step-out drilling at Kora South has also extended the known deposit strike by ~600m to the South with all holes intersecting mineralization and the structure. Since the latest Kora Resource (October 31, 2021 effective date) the drilled deposit strike length has increased by +60% to the South. Step-out drill highlights include KUDD0003 recording multiple intersections including 7.35m at 4.83 g/t Au, 2.27% Cu and 155 g/t Ag (10.41 g/t AuEq, 3.87 m true width) at the K2 Vein and KUDD0014 recording multiple intersections including 10.10 m at 3.56 g/t Au, 269 g/t Ag and 1.38% Cu (9.14 g/t AuEq, 3.16 m true width) from the K2 Vein. We note that within the existing Kora deposit, grade tenor is higher at depth, and plans are underway to target this area through advancement of a drill drive to the south to test from underground plus deeper surface drilling.

Judd South Drilling Results

At Judd South, the results are highlighted by hole KUDD0017 recording multiple intersections and a dilatant zone, including 25.00 m at 18.53 g/t Au, 27 g/t Ag and 0.64% Cu (20.89 g/t AuEq, 17.69 m true width) from the J1 Vein. KUDD0017 is located ~100 m up-dip and to the South from hole KUDD0001, which also recorded a dilatant zone of 66.55 m at 3.65 g/t Au, 9 g/t Ag and 0.78% Cu (5.02 g/t AuEq, 43.26 m estimated thickness). Proximal to KUDD0017, KUDD0023 recorded multiple intersections including 4.60 m at 10.06 g/t Au, 53 g/t Ag and 1.13% Cu (12.54 g/t AuEq, 3.26 m true width) from the J1 Vein within a dilatant zone of 19.90 m at 2.69 g/t Au, 22 g/t Ag and 0.58% (3.89 g/t AuEq, 14.1 m true width).

The latest surface drill results at Judd South have also extended the known strike length by ~600 m to the South, with all holes intersecting mineralization and the structure. Drilling since the Judd resource estimate (December 31, 2021 effective date) has extended the known strike length of the Judd-Judd South Vein system by +130% or approximately 1 km. The system remains strong to the South recording solid thicknesses and 61% of Judd South J1 Vein surface holes have recorded grades exceeding 5 g/t AuEq to date.

Kora Drilling Results

At Kora, drilling towards the south and at depth are highlighted by holes KMDD0488 recording multiple intersections including 18.00 m at 15.45 g/t Au, 41 g/t Ag and 2.66% Cu (20.24 g/t AuEq, 8.05 m true width) from the K2 Vein, KMDD0462 recording multiple intersections including 1.50 m at 0.99 g/t Au, 178 g/t Ag and 17.53% Cu (31.39 g/t AuEq, 0.71 m true width) from the K2 vein and 6.50 m at 4.01 g/t Au, 52 g/t Ag and 4.42% Cu (11.76 g/t AuEq, 3.07 m true width) from the K1 Vein, and; KMDD0489 recording multiple intersections including 20.61 m at 6.34 g/t Au, 32 g/t Ag and 3.30% Cu (12.04 g/t AuEq, 6.72 m true width) from the K2 Vein.

These holes extended high-grade mineralization at depth and towards the south and notably, the holes continue to demonstrate increasing copper grade tenor towards those directions. This has also been observed in Kora South underground hole KMDD0495 recording multiple intersections including 30.55 m at 4.15 g/t Au, 78 g/t Ag and 4.79% Cu (12.82 g/t AuEq, 11.80 m true width) from the K2 Vein. Mineralization remains open at depth and along strike to the South, with a significant ramp-up in drilling at depth planned once the twin incline development progresses closer to the updated Kora resource estimate, targeting 2Q 2023.

The drilling results are also highlighted by the extension of multiple high-grade areas up-dip. Highlights include: KMDD0484 recording multiple intersections including 8.70 m at 14.11 g/t Au, 24 g/t Ag and 2.79% Cu (18.89 g/t AuEq, 4.13 m true width) from the K2 Vein; KMDD0472 recording multiple intersections including 11.50 m at 16.15 g/t Au, 57 g/t Ag and 0.27% Cu (17.30 g/t AuEq, 4.29 m true width) from the K1 Vein; KMDD0477 recording multiple intersections including 6.65 m at 8.33 g/t Au, 29 g/t Ag and 2.88% Cu (13.32 g/t AuEq, 3.42 m true width) from the K2 Vein, and; KMDD0482 recording multiple intersections including 5.90 m at 8.27 g/t Au, 28 g/t Ag and 2.20% Cu (12.16 g/t AuEq, 2.81 m true width) from the K2 Vein.

Drilling to the North at Kora, continued to record high-grade intersections, highlighted by holes KMDD0481 recording multiple intersections including 6.23 m at 43.12 g/t Au, 8 g/t Ag and 0.11% Cu (43.40 g/t AuEq, 4.70 m true width) from the K1 Vein and 3.27 m at 10.42 g/t Au, 16 g/t Ag and 1.48% Cu (13.00 g/t AuEq, 1.67 m true width) from the K2 Vein, and; KMDD0444 recording multiple intersections including 5.10 m at 11.46 g/t Au, 13 g/t Ag and 0.12% Cu (11.82 g/t AuEq, 2.54 m true width) from the K1 Vein.

Judd 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, the J1 Vein the most productive, and similar vein orientation and quartz-sulphide Au-Cu-Ag mineralization as Kora. The vein system remains open at depth, to surface and along strike.

The results are highlighted by holes: JDD0079 recording multiple intersections including 6.18 m at 35.12 g/t Au, 26 g/t Ag and 1.24% Cu (37.45 g/t AuEq, 3.38 m true width) from the J1 Vein; JDD0104 recording multiple intersections including 3.23 m at 8.72 g/t Au, 20 g/t Ag and 0.75% Cu (10.18 g/t AuEq, 2.95 m true width) from the J1 Vein; JDD0120 recording multiple intersections including 0.80 m at 53.16 g/t Au, 135 g/t Ag and 2.34% Cu (58.61 g/t AuEq, 0.54 m true width) from the J1 Vein, and; JDD0128 recording multiple intersections including 0.46 m at 31.55 g/t Au, 49 g/t Ag and 7.61% Cu (44.39 g/t AuEq, 0.31 m true width) from the J2 Vein.

Other drill highlights include: JDD0126 recording multiple intersections including 1.94 m at 4.43 g/t Au, 876 g/t Ag and 0.55% Cu (16.26 g/t AuEq, 0.78 m true width) from the J1 Hanging Wall; JDD0097 recording multiple intersections including 2.00 m at 15.48 g/t Au, 19 g/t Ag and 0.28% Cu (16.17 g/t AuEq, 1.01 m true width) from the J1 Vein, and; JDD0110 recording multiple intersections including 0.94 m at 35.30 g/t Au, 11 g/t Ag and 0.18% Cu (35.73 g/t AuEq, 0.67 m true width) from the J2 Vein.

Northern Deeps Maiden Results

The Northern Deeps target is testing a potential northern extension to the Kora Vein System or the Irumafimpa Vein system as well as the Judd Vein system at depth to the north of the known Kora Resource. Drilling recently commenced from the twin incline, and on the second drill hole completed, K92DD0002 recorded multiple intersections interpreted as the Judd and Kora Vein systems, including 3.08 m at 6.93 g/t Au, 6 g/t Ag and 0.11% Cu (7.18 g/t AuEq, 2.15 m true width) from the K1/M6 Vein. The intersection is potentially significant as it occurred ~700 m North of the Kora Resource and ~300 m below the Irumafimpa Resource. Drilling is underway and will progress towards the Kora Resource as the twin incline advances South.

Figures

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. Core photographs of drill hole KMDD0495 is provided in figure 6 and JDD0079 is provided in figure 7.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest drilling results have highlighted the significant resource growth potential of the Kora-Kora South and Judd-Judd South Vein systems.

Firstly, the results extended the known drilled deposit strike length of each of the Kora-Kora South and Judd-Judd South vein systems by ~600 metres to the south. At Kora-Kora South, since the latest resource estimate (October 31, 2021 effective date) the known drilled strike length has been extended by +60%, while at Judd-Judd South, since its maiden resource estimate (December 31, 2021 effective date) the known drilled strike length has extended +130%.

It is important to highlight that at Kora we have observed a higher grade tenor as we explore deeper, making the next phase of drilling at Kora South targeting deeper surface holes and underground drilling at depth particularly exciting. One of our first holes drilled at Kora South from our southernmost underground drill cuddy, hole KMDD0495 recorded multiple intersections including 30.55 m at 12.82 g/t AuEq from the K2 Vein, with the hole terminating early due to ground conditions. KMDD0495 is also significant, as it intersected a potential dilatant zone, possibly extending the dilatant zone observed in surface drill hole KUDD0002 to depth by +400 metres.

Drilling at Judd also intersected dilatant zone mineralization, highlighted by hole KUDD0017 recording 25.00 m at 20.89 g/t AuEq from the J1 Vein. KUDD0017 is located ~100 metres from KUDD0001, which recorded a dilatant zone of 66.55 m at 5.02 g/t AuEq. Dilatant zones have the potential to deliver significant endowment at even moderate strike lengths.

Within Kora and Judd, underground drilling continues to demonstrate the high-grade and continuity of the system. The hit rate was once again very strong, with all holes intersecting mineralization, 8 intersections exceeding 20 g/t AuEq and 27 intersections exceeding 10 g/t AuEq. The results delivered multiple highlight intersections, expanding high-grade mineralization at multiple-areas including: KMDD0488 recording 18.00 m at 20.24 g/t AuEq from the K2 Vein; JDD0079 recording 6.18 m at 37.45 g/t AuEq from the J1 Vein, and; KMDD0481 recording 6.23 m at 43.40 g/t AuEq from the K1 Vein and 3.27 m at 13.00 g/t AuEq from the K2 Vein.

In addition, we have now commenced our first drilling program into our Northern Deeps target from drill cuddies located in the twin incline. The second hole drilled in this program recorded an intersection of 3.08 m at 7.18 g/t AuEq which we have interpreted as the K1/M6 Vein. This is one of the deepest holes drilled being over 300 metres below the Irumafimpa Resource at RL840m and importantly is ~700 m north of the Kora Resource.

With drilling currently underway at Kora, Kora South, Judd, Judd South and Kora/Judd Northern Deeps, this is a very exciting time for exploration at Kainantu.”

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