The first exploration hole drilled in a program designed to test for extensions of the Kora deposit at K92 Mining’s Kainantu Gold Project in Papua New Guinea has intersected high-grade mineralisation.
The hole returned 5.4 metres @ 11.68 g/t gold, 25.5 g/t silver and 1.33% copper, including 0.75 metres @ 71.94 g/t gold, 168.7 g/t silver and 8.51% copper.
This intersection above the average grade and thickness for the Kora deposit and is approximately 500 metres along strike and 150 metres down dip from the closest point of the currently defined deposit.
K92 says this is typical of the Kora/Eutompi mineralisation. The current Kora/Eutompi inferred resource 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.
The diamond drill hole intersected what the company interprets as the Kora/Eutompi Vein System 154.1 metres down hole or approximately 130 metres from the Kora drive. Given the results from this hole, the company is now accelerating exploration drilling and has nine holes planned from the initial drill cuddy, targeting an area of approximately 200 metres along strike by 200 metres on dip.
The interpreted strike length of the Kora/Eutompi Vein System is approximately 1,100 metres at surface, but potentially based on limited drill testing to date, this reduces at depths greater than 200 metres to 500 metres strike length, although it is open for expansion both at depth and along strike in both directions.
The Kora 5 metre x 5 metre drive is designed to provide access to the Kora deposit, where K92 is assessing the commencement of production in first half of 2018, while also providing the company with the ability to drill test between Irumafimpa and Kora from underground drill cuddies.
This area has not been previously tested due to topographical challenges associated with drilling from the surface and is considered highly prospective given the current interpretation of Irumafimpa and Kora being on the same structure.
K92’s chief executive officer Ian Stalker said, “The results from the first hole drilled by K92 on the Kora Vein System and first drilled from underground can only be described as outstanding.
“Based on the interpretation of our geological team we have an intersection of 5.4 metres at 14.1 g/t gold equivalent from some 500 metres along strike and 150 metres down dip from the known Kora inferred resource. The implication is that there is potential for this high-grade Kora deposit to become much larger.
“With these results in hand, we will push the Kora drive at an increased pace and with an expanded drilling program.”
In addition to drilling between the Irumafimpa and Kora deposits, K92 will also be drilling down dip from the known resource to infill between the known resource and the single deepest known hole drilled on the deposit, which was drilled by Barrick Gold. This recorded 30.6 metres @ 2.0 g/t gold, 4.8 g/t silver and 1.3% copper, including 6.4 metres @ 5.52 g/t gold and 8 metres @ 3.7% copper from 920.8 metres.
Consideration will be given to extending the drive beyond Mining Lease 150 into the adjacent Exploration Lease, which is also held by K92, to allow exploration drilling to be undertaken to potentially extend the known limit of mineralisation to the south.