WORK on the underground incline drive from the Irumafimpa mine towards the Kora deposit is under way at K92 Mining’s Kainantu Gold Project in Papua New Guinea. The drive is designed to provide access to the Kora deposit, where K92 intends to start production in the first half of 2018.
|K92 Mining chief executive officer Ian Stalker inspects work at the Kora incline.|
The 5 metre x 5 metre drive will also provide K92 with the ability to drill test from underground set ups between Irumafimpa and Kora.
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 vein structure.
K92’s chief executive officer Ian Stalker says, “Kora is already a large and high grade deposit and the drill program is designed to test our belief that this high grade deposit has significant expansion potential.
“While accessing Kora as part of our production strategy is important, equally exciting is the ability to use underground set ups to drill test the area between Irumafimpa and Kora, and Kora at depth. Also, while the gold and silver grades at Kora are exceptional, it is important to point out that this is a high grade copper deposit which bodes well should the macro environment for copper continue strengthening.”
The drive to Kora will represent a continuation, from the switchback point, of the current Irumafimpa incline drive that is accessed from the 840 Portal. It is estimated that the Kora deposit is approximately 700 metres from the switchback point.
The company estimates that it will take about nine months from the start date to complete the drive and the drive is planned to extend to the Mining Lease 150 boundary, which is the current known limit of Kora mineralisation.
K92 is also considering extending the drive beyond Mining Lease 150 into the adjacent Exploration Lease which it also holds, to allow exploration drilling to be undertaken to potentially extend the known limit of mineralisation to the north.
The company has recently closed a non-brokered private placement for gross proceeds of $10 million. Proceeds will be used for grade control, expansion and exploration drilling along with the incline drive.