K92 Mining (TSXV: KNT) this morning released results from drilling that is ongoing at its Kora deposit at the Kainantu gold mine, located in Papua New Guinea. The results published today were for twelve diamond drill holes recently conducted on site, with the highlight being an intersection of 6.21 metres of 48.11 grams per tonne gold, 12 grams per tonne silver, and 105% copper. In combination with two other lodes, the hole represents a bulk intersection of 19.15 metres true width of 15.02 grams per tonne gold equivalent.
The data released in this mornings news release quite frankly results in information overload, with the company providing details on any mineralization that was found within the drill core, down to true widths as little as 0.11 metres. Drilling of the Kora deposit was largely focused on increasing drill density within the deposit towards the south, with all holes hitting mineralization. The current deposit as a whole contains 1,250 metres of strike by 1,050 metres to 1,150 metres vertically.
The highlight of these results was again the potentially bulk mineable zone, with 15.02 grams per tonne of gold equivalent over a true width of 19.15 metres. To the south, the company found 10.21 grams per tonne gold equivalent over 4.57 metres true width on the K2 vein.
Other highlights from the recent drilling include:
- Hole KMDD0227 recorded 133.82 g/t gold equivalent at 4.21 metres true width on the K1 Vein
- Hole KMDD0238 recorded 13.59 g/t gold equivalent over 3.02 metres true width on the K1 Vein
- Hole KMDD0234 recorded 10.64 g/t gold equivalent over 7.95 metres true width on the K2 Vein
A total of five intersections exceed 10 grams per tonne of gold equivalent within the latest results, while fifteen intersections exceeded 5 grams per tonne gold equivalent.
Exploration on site is said to be increasing as well, with two new drill rigs expected to arrive on site shortly, bringing the total to nine. Ten drill rigs are to be on site by year end, which are being self funded from mine cash flow. Full results from todays release can be found here.
K92 Mining last traded at $7.00 on the TSX Venture.
Information for this briefing was found via Sedar and K92 Mining. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
