K92 Mining intersects 24.76 g/t AuEq over 7.2 metres at Kainantu, Papua New Guinea

K92 Mining Inc. [TSX-KNT; OTCQX-KNTNF] reported results of the first two drill holes completed from its maiden drill program at Arakompa at the Kainantu gold mine in Papua New Guinea.

Arakompa is near infrastructure, located approximately 4.5 km southeast of the Kainantu gold mine’s processing plant and closer to the process plant than the producing Kora and Judd vein systems, located approximately three km southwest of Arakompa.

Highlights: First two holes from K92’s maiden drill program at the Arakompa project, located approximately 4.5 km from the Kainantu process plant, recorded significant mineralization, with 4 high-grade lodes intersected in hole KARDD0002 recording 7.20 metres at 24.76 g/t AuEq, 5.70 metres at 9.94 g/t AuEq, 5.30 metres at 6.06 g/t AuEq and 3.60 metres at 3.38 g/t AuEq, and similar mineralization to the producing high grade Kora and Judd vein systems. Significant chalcopyrite, and also bornite observed in the 5.7 metres at 9.94 g/t AuEq intersection, with the copper component grading 1.71%.

The target size of Arakompa is very large, with mineralization demonstrated from drill holes, rock samples and surface workings for at least 1.7 km of strike, hosted within an approximately 150-225 metres wide mineralized intense phyllic altered package, and exhibits a vertical extent of +500 metres.

Between the high grade lodes, the tonalite to dioritic host rock is overprinted with porphyry style mineralization increasing the potential for bulk mining. Hole KARDD0002 recorded a bulk intersection of 219.8 metres at 1.59 g/t AuEq with a higher grade core of 149.4 metres at 2.12 g/t AuEq, starting at 5.2 metres from surface. Importantly, hole KARDD0002 drilled only approximately two-thirds of the width of the mineralized corridor, with the eastern one-third untested.

Arakompa is sparsely drilled, open along strike, at depth and along its width. K92’s maiden drill results represent the first drilling on the project completed in 32 years. A total of 18 holes were drilled historically, with the vast majority shallow, recording significant high grade, including 15 intersections above 5 g/t AuEq, 8 intersections above 10 g/t AuEq and 3 intersections above 20 g/t AuEq, with highlights including: 4.00 m at 32.03 g/t AuEq, 4.00 m at 20.21 g/t AuEq, 2.00 m at 32.01 g/t AuEq, 2.80 m at 16.18 g/t AuEq and 9.20 m at 10.67 g/t AuEq. K92’s hole KARDD0002 is the longest hole drilled to date at Arakompa and plans are already in place to expand exploration activities near-term.

John Lewins, CEO and director, stated: “We are very excited to be announcing the first two drill hole results from Arakompa, demonstrating very high potential from both the multiple intersections and significant size potential from surface sampling, drill holes and local workings covering a strike of 1.7 km, a mineralized corridor of approximately 150 to 225 metres wide, and a demonstrated vertical extent of over 500 metres.

“Arakompa is also near infrastructure, located closer to the process plant than Kora and Judd, with relatively gradual terrain for road access up from the Markham Valley, and importantly, represents a highly prospective opportunity to potentially grow production at Kainantu beyond the Stage 4 Expansion.

“Plans have already been actioned to expand the program at Arakompa in the near-term.”

Chris Muller, K92 executive vice-president of exploration, stated: “The Arakompa project represents another vein system analogous to the Kora-Judd consolidated corridor, with just as much potential. In addition to the high grade massive sulphide veins, the intervening gold mineralization at Arakompa is well developed and intimately associated with widespread phyllic alteration likely representing the upper expressions of a fertile porphyry at depth.

“Almost all of the 18 holes drilled by former operators, Renison Goldfields Consolidated Limited and Highlands Gold Limited, intersected excellent gold-rich intercepts, even with only 1,766 metres drilled historically. Though drill tested over a substantial strike length, drilling by these companies only tested the very shallow parts of the veins. Clear indications of the vein system at surface, around 1000m RL, are a testament to even greater strike potential to the north and exceptional depth extent as well.

“The proximity of the Arakompa mineralized corridor to the Kainantu Gold Mine infrastructure, even closer to the Lae-Madang Highway than Kora, is a significant attribute and will enable a major drilling campaign to be carried out cost effectively. We look forward to working with our stakeholders to delineate potentially the next major resource for Papua New Guinea.”

K92’s recently completed hole KARDD0002 is the longest hole drilled in the history of the project, intersecting significant mineralization including 4 lodes recording 7.20 m at 24.76 g/t AuEq (3.46 m true thickness), 5.70 m at 9.94 g/t AuEq (2.74 m true thickness), 5.30 m at 6.06 g/t AuEq (2.92 m true thickness) and 3.60 m at 3.37 g/t AuEq (1.73 m true thickness). One of the lodes, intersecting 5.70 m at 9.94 g/t AuEq, recorded significant chalcopyrite and bornite mineralization, with the copper component grading 1.7%. High grade lode mineralization appears to have significant similarities to Kora and Judd.

Additionally, results from hole KARDD0002 demonstrate potential for bulk mining at Arakompa. Between the lodes, the tonalite to dioritic host rock is mineralized, overprinted with porphyry style gold-copper mineralization. Hole KARDD0002 recorded a bulk intersection of 219.8 m at 1.59 g/t AuEq (112.1 m true thickness) with a higher grade core of 149.4m at 2.12 g/t AuEq (78.4 m true thickness), starting at 5.2 m from surface. Importantly, hole KARDD0002 drilled approximately only two-thirds of the width of the mineralized corridor, with the eastern one-third untested and prospective as shown via rock samples, including 5.8 g/t Au and 11.6 g/t Au.

Surface fieldwork completed historically and by K92 has demonstrated that the target size of Arakompa is significant, with mineralization observed from drill holes, rock samples and surface workings for at least 1.7 km of strike, hosted within an approximately 150 to 225 m wide mineralized intense phyllic altered package, and a vertical extent of over 500 metres.

Plans are already in place to expand exploration activities in the near term.

K92 Mining declared commercial production from Kainantu in February 2018 and is in a strong financial position.