Karora Resources estimates Beta Hunt at 745,000 tonnes of 2.8% nickel M&I, Australia

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Karora Resources Inc.’s [KRR-TSX; KRRGF-OTCQX] Beta Hunt nickel measured and indicated mineral resources increased by 8% to 21,100 nickel tonnes; the inferred mineral resources increased by 2% to 13,400 nickel tonnes, net of mining depletions, Western Australia.

Paul Andre Huet, chairman and CEO, commented: “We continued to build our nickel inventory with an 8% increase to the measured and indicated mineral resource to 21,100 nickel tonnes. This increase as of September 30, 2022, is a strong result, being just eight months since the last update in January, 2022, with only remnant mining completed over the course of 2022 as we await scheduled increased ventilation capacity later this year underground at Beta Hunt. The resource additions were all from the Beta block area north of the Gamma fault, primarily in the Beta West zone.

“Over the balance of 2023, our nickel resource development drilling at Beta Hunt will be focused on upgrading and extending the East Alpha and 40C mineral resources in the Beta zone, and the 50C and 10C mineral resources in the Gamma zone. As we have stated several times before, we are just beginning to unlock the potential for nickel mineralization south of the Gamma fault, where we have delineated only 800 metres in strike length of 2.6 km from the fault to our property boundary. Upon expansion of our ventilation capacity via the addition of three vent raises this year, we will be able to increase both our drilling and development efforts in this area at the southern extent of our operation.”

At September 30, 2022, measured and indicated mineral resources totalled 745,000 tonnes grading 2.8% for 21,100 nickel tonnes. This marks an increase of 1,500 nickel tonnes, or 8%, compared with the January 31, 2022, measured and indicated mineral resource estimate. The September 30, 2022, inferred mineral resources totalled 500,000 tonnes grading 2.7% for 13,400 nickel tonnes. The represents an increase of 200 nickel tonnes, or 2%, compared with the January 31, 2022, inferred mineral resource estimate.

The new nickel mineral resource incorporates the addition of the Beta West resource and updates to the Beta Central resource. Beta West covers remnant nickel mineralization west of the main Beta workings and comprises a measured and indicated mineral resource of 50,000 tonnes grading 2.3% for 1,160 nickel tonnes and an inferred mineral resource of 5,000 tonnes grading 3.3% for 150 nickel tonnes.

The Beta Hunt mineral resource estimate is net of mostly remnant mine production depletion of 17,300 tonnes grading 1.6% for 275 nickel tonnes over the period February 1, 2022, to September 30, 2022. Mining over this period was from the 25C, 30C, 40C and 4C positions. The recently discovered 4C deposit is not yet part of the nickel mineral resource inventory.

Drilling for nickel in 2023 is planned to upgrade and extend the East Alpha and 40C resources in the Beta Block and the 50C/10C resources in the Gamma Block.

Karora is focused on increasing gold production to a targeted range of 185,000 to 205,000 ounces by 2024 at its integrated Beta Hunt gold mine and Higginsville gold operations (HGO) in Western Australia. The Higginsville treatment facility is a low-cost, 1.6-million-tonne-per-year (Mtpa) processing plant which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines. In July, 2022, Karora acquired the one-million-tonne-per-year Lakewood Mill in Western Australia.

At Beta Hunt, a robust gold mineral resource and reserve are hosted in multiple gold shears, with gold intersections along a 4-km strike length remaining open in multiple directions. HGO has a substantial mineral gold resource and reserve, as well as prospective land package totalling approximately 1,900 km2. The corporation also owns the high-grade Spargos Reward project which came into production in 2021.

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