K92 Mining shares up on Papua New Guinea drill results
Pouring Fire Assay on the Kainantu property Site. Source: K92 Mining
K92 Mining Inc. [KNT-TSXV; KNTNF-OTCQX] has released results from the continuing diamond drilling of the Kora deposit at the Kainantu gold mine in Papua New Guinea.
Results are or the latest 12 diamond drill holes completed from surface and underground into the Kora deposit.
Highlights include Hole KMDD0230 that returned multiple intersections, including 6.21 metres at 48.11 g/t gold, 13 g/t silver and 1.05% copper (49.82 g/t AuEq, 5.06 m true width) at the K1 Vein. In combination with K1, Kora Link and K2, records a bulk intersection of 23.66 metres at 13.61 g/t gold, 13 g/t silver and 0.84% copper (15.02 g/t AuEq, 19.15 m true width).
Drill Hole KMDD0227 returned multiple intersections, including 4.32 metres at 133.40 g/t gold, 4 g/t silver and 0.25% copper (133.82 g/t AuEq, 4.21 m true width) at the K1 Vein.
Drill Hole KMDD0234 records multiple intersections, including 10.00 metres at 10.11 g/t gold, 10 g/t silver and 0.28% copper (10.64 g/t AuEq, 7.95 m true width) at the K2 Vein.
Refer to company press release for complete drill results.
The results continue to demonstrate the high-grade and continuity of Kora with intersections largely focused on increasing drill density toward the south. All drill holes intersected mineralization. The drill results once again intersected a potentially bulk minable zone.
John Lewins, CEO, stated: “We continue to be very pleased with the high-grade pedigree and continuity from the drilling results at Kora. All 12 holes intersected mineralization with five intersections exceeding plus 10 g/t AuEq and 15 intersections exceeding five g/t AuEq. To date, multiple bulk minable areas have been identified and studies to assess the optimal extraction approach will be part of the stage 3 expansion definitive feasibility study.”
K92 Mining produces gold, copper and silver from the Kora deposit at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity. The company declared commercial production from Kainantu in February, 2018, and is in a strong financial position.
In August 28 trading, shares of K92 Mining gained $0.23 to $7.53 on a volume of 971,800 shares traded.