It was referring to assays from drill hole FG-20-377, which was part of a 15-hole, 5,746-metre summer drill program. It returned 31.3 metres of 3.2 g/t gold, including 14.3 metres of 6.4 g/t gold in a large 215-metre step-out.
KORE shares advanced on the news, rising 2.4% or $0.03 to $1.30 on volume of 220,687. The shares are trading in a 52-week range of $1.96 and $0.15.
Kore is 100% owner of a portfolio of gold exploration assets in California and British Columbia. The company owns the Imperial and Long Valley gold development projects in California and the FG Gold and Gold Creek exploration projects in the Cariboo region of British Columbia.
The FG Gold Project covers 13,000 hectares, about 100 km east of Williams Lake. The project is at low elevation and is accessible by forestry roads. FG Gold hosts an orogenic gold deposit on the northeast limb of the Eureka syncline. The current resource at the FG Project stands at 145,000 ounces of gold in the measured category, 231,000 ounces of gold in the indicated category and 634,900 ounces of gold in the inferred category.
The latest results are from a summer drill program that was designed to target large-scale step-outs from known mineralization at depth and to extend more drilling into the Lower Zone, a new mineralized rock unit, discovered in 2020.
“With 3.6 kilometres of shallow mineralized strike, all open at depth, this underground discovery could have a profound impact on the size and grade of the deposit,” said KORE CEO Scott Trebilcock. Assays are pending for 14 additional holes that were drilled over 1,780 metres of lateral strike length. The company said 10 of the 14 holes intersected the newly discovered Lower zone. Seven of the 14 holes intersected quartz veins containing visible gold.
To date, the results from the 2020 drilling program are very encouraging. “Early results indicate that the company is finding further high-grade mineralized zones well outside of historic drilling, providing greater confidence in the structural interpretation and geologic model of the FC gold deposit,” the company said.