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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


K92 Mining discovers high-grade gold intercepts in Papua New Guinea

The latest results demonstrate the high-grade and expansion potential of the Kora-Kora South and Judd-Judd South vein system

K92 Mining discovers high-grade gold intercepts in Papua New Guinea
Miners working in Papua New Guinea. Image via K92 Mining.

K92 Mining (TSX: KNT) (OTCQX: KNTNF) discovered high-grade gold mineralization at the Kainantu Gold Mine in Papua New Guinea.

On Wednesday, the company released the results from its ongoing surface and underground drilling campaign at the Kora, Kora South, Judd and Judd South deposits detailing high grade mineralization intercepts.

Surface drilling focused on the southern extensions, aiming to stretch Judd mineralization closer to the surface within the mining lease, and to increase the size of the high-grade zone identified at the J2 Vein.

K92 directed underground drilling towards expanding the known Judd mineralization, intensifying the drill density at Kora, and lengthening the mineralization at Kora southward from the Kora resource. Every drill hole at Kora-Kora South intersected mineralization.

Among these, 10 intersections had a grade exceeding 10 grams per tonne (g/t) of gold equivalent (AuEq), and 37 intersections had a grade over 5 g/t AuEq. Likewise, all the drill holes at Judd-Judd South found mineralization, with 11 intersections surpassing 10 g/t AuEq and 25 intersections going beyond 5 g/t AuEq.

The results of the mineral exploration are particularly notable due to the discovery of a high-grade zone at the southern section of the Judd J2 Vein. The surface hole labelled KUDD0040 detected multiple intersections, one of which included 2.40 meters with 344.40 g/t of Au, 75 g/t silver (Ag) and 0.02 per cent copper (Cu). This translates to a gold equivalent of 345.36 g/t with a true width of 1.56 meters.

Within this high-grade mineralization zone, the latest results brought more significant intersections. For instance, KUDD0045 recorded several intersections with one of them featuring 11.20 meters at 11.60 g/t Au, 11 g/t Ag and 0.59 per cent Cu.

This results in a gold equivalent of 12.69 g/t with a true width of 5.15 meters. KUDD0043 also reported multiple intersections, one of which included 3.80 meters at 0.50 g/t Au, 77 g/t Ag and 5.43 per cent Cu, corresponding to a gold equivalent of 10.19 g/t with a true width of 2.70 meters.

The J2 Vein was not included in the current resource estimate, and until recently, was not prioritized in exploration efforts. The J2 Vein, which is open in several directions, presents another promising exploration target. This adds to the current potential targets which include the K1, K2 and J1 Veins.

Judd vein long section. Image via K92 Mining.

Read more: Calibre reports high-grade results from Talavera deposit in Nicaragua

Read more: Calibre Mining Nicaraguan operations thrive with hub-and-spoke model: Raymond James

Step out drilling at Kora South found intersections

At Kora South, the step-out drilling results are particularly marked by surface hole KUDD0041, which registered several intersections. One of these intersections includes 3.20 meters at 2.98 g/t AU, 136 g/t Ag, and 4.10 per cent Cu.

This equates to a gold equivalent of 11.27 g/t with a true width of 2.30 meters and it is from the K2 Vein. KUDD0042 also reported numerous intersections, including 3.35 meters at 3.08 g/t Au, 129 g/t Ag, and 4.02 per cent Cu, yielding a gold equivalent of 11.15 g/t with a true width of 2.04 meters, and this is from the K1 Vein.

At Judd, both underground and surface drilling continue to indicate the possibility of high-grade mineralization and expansion. The known deposit is open along strike in both directions as well as up-dip and down-dip. Up until now, four veins have been identified at Judd. The J1 Vein is the most productive, with vein orientation and quartz-sulphide gold-copper-silver (Au-Cu-Ag) mineralization that is similar to Kora.

Hole KODD0036 shows a strong possibility for the high-grade mineralization to extend upwards from the Judd resource estimate towards the surface. It recorded multiple intersections, one of which includes 5.00 meters at 160.87 g/t Au, 14 g/t Ag, and 0.33 per cent Cu. This corresponds to a gold equivalent of 161.57 g/t with a true width of 3.40 meters from the J1 Vein.

A large part of ML 150 is untested, and it is a primary focus of the K92 Mining’s surface drilling program.

Core samples. Image via K92 Mining.

Read more: Calibre Mining starts drilling high-grade gold at Eastern Borosi open pit

Read more: Calibre Mining reports record gold production in Q1 2023

Underground drilling towards the south produces results

Underground drilling towards the south, as well as up-dip and down-dip, has found multiple high-grade intersections such as the gold equivalent of 23.07 g/t with a true width of 2.21 meters from the J1 Vein. Another example is JDD0176 which reported multiple intersections, including 5.66 meters at 9.01 g/t Au, 78 g/t Ag, and 1.63 per cent Cu. This corresponds to a gold equivalent of 12.60 g/t with a true width of 4.22 meters from the J1 Vein. These results continuously show that the vein system remains open at depth, to the surface, and along strike.

In the Kora region, the underground drilling towards the south has yielded notable results including hole KMDD0545, which recorded multiple intersections. These translate to a gold equivalent of 12.14 g/t with a true width of 6.18 meters from the K1 Vein. Other standout results include hole KMDD0535, which recorded multiple intersections equating to a gold equivalent of 12.00 g/t with a true width of 6.99 meters from the K2 Vein.

These drill holes have expanded the high-grade mineralization. They continue to show an increase in copper grade tenor as drilling approaches the A1 Porphyry target. A similar increase in copper grade tenor has been observed in Kora South surface holes KUDD0041 and KUDD0042.

The mineralization remains open along the strike to the south and at depth. The company is currently focusing on southern strike extensions from underground, using the 1205 Level southern drill drive that is being advanced to the south.

K92 is a gold, copper and silver explorer and producer operating in Papua New Guinea. Other companies operating in the country include Newmont (NYSE: NEM), Barrick Gold (TSX: ABX) (NYSE: GOLD), and the Australian-owned St Barbara Limited (ASX: SBM).

K92 shares dipped 2.4 per cent to $6.01 on Wednesday on the Toronto Stock Exchange.


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