K92 Mining Inc. has announced that an updated resource has been estimated in Kora North based on results from underground grade control and exploration diamond drilling and face sampling.
The updated resource comprises a Measured Resource of 242,900 tonnes @ 13.9 g/t Au, 19 g/t Ag and 1.0% Cu; an Indicated Resource of 442,800 tonnes @ 11.8 g/t Au, 21 g/t Ag and 1.2% Cu and an Inferred Resources of 1,084,400 tonnes @ 13.2 g/t Au, 15 g/t Ag and 1.0% Cu.
This new resource is based on results from 70 diamond drill holes drilled from Diamond Drill Cuddies 1, 2 and 3 (DDC1, DDC2 & DDC3) and over 250 face samples taken from horizontal development along the K1, K2 and KL1 veins. The resource covers an area of approximately 400mon strike by 200m to 300m vertically, representing approximately 10% of the target area of 1,000m along strike by up to 1,000m vertically which the company plans to drill from underground over the coming 12 months.
K92 CEO John Lewins said the updated resource has been defined after just eight months of underground grade control drilling and three months of exploration drilling and represents, at the design production levels of 45-50,000 ozs per annum; almost seventeen years of production.
“In March we announced a Measured and Indicated Resource for Kora North of 136,700 tonnes at 14.5 g/t AuEq containing 63,700 AuEq ozs. Now. three months later, we have grown the resource more than five- fold to 685,700 at 14.5 g/t AuEq containing 320,500 AuEq ozs,” Mr Lewins said.
“Likewise, the Inferred Resource has grown from 183,500 tonnes at 16.1 g/t AuEq containing 95,000 AuEq ozs to over one million tonnes at 15.2 g/t AuEq containing 571,000 AuEq ozs. This resource covers just 10% of the total area of 1,000 metres by 1,000 metres that we plan to drill out from underground over the coming 12 months. The Measured and Indicated Resources alone represent over six years of production at current design levels, with the Inferred Resource representing a further eleven years.”
Mr Lewins said the Company anticipates completing the current initial exploration program on Kora North in the September 2018 quarter, at which point a further resource estimate will be undertaken and used to update the existing Preliminary Economic Assessment (PEA).