KAINANTU area miner K92 Mining Inc. has announced an updated resource for the Kora North gold deposit based on results from underground grade control diamond drilling and face sampling.
The updated resource comprises a Measured Resource of 33,200 tonnes @ 10.3 g/t Au, 31 g/t Ag and 1.2% Cu; an Indicated Resource of 103,500 tonnes @ 12.7 g/t Au, 30 g/t Ag and 1.3% Cu and an Inferred Resources of 183,500 tonnes @ 14.4 g/t Au, 27 g/t Ag and 0.9% Cu. See Table 1 below.
This updated resource is based on results from 29 diamond drill holes drilled from Diamond Drill Cuddies 1 and 2 (DDC1 & DDC2) and 261 face samples taken from horizontal development along the K1, K2 and KL1 veins.
The resource covers an area approximately 300 metres along strike by 150 metres vertically and excludes all tonnages mined from within this area up until 31 January 2018. This area represents just 5% of the target area of 1,000 metres along strike by up to 1,000 metres vertically which the Company plans to drill from underground over the coming 12 months.
The updated resource has been defined after just four months of underground grade control drilling and represents, at the design production levels of 45-50,000 ozs per annum, almost three years of production.
K92 CEO John Lewin says the company commenced grade control drilling and the mining of a bulk sample from Kora North October 2017.
“Just over four months later, we have announced the achievement of commercial production and defined a Measure + Indicated + Inferred Resource of 320,000 tonnes at an AuEq grade of 15.4 g/t containing almost 160,000 ozs of AuEq, covering an area of just 300 metres along strike by 150 metres vertically – equivalent to less than 5% 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. This 160,000 ozs is equivalent to almost 3 years production at current design levels.
“The rate at which we have been able to progress our understanding of the Kora North vein system, and utilise this information to achieve commercial production is a testament to the skills, hard work and endeavour of all of our personnel at the Kainantu Gold Mine. We can rightly look forward with increasing confidence to achieving design production in the coming quarter and further developing our knowledge of the Kora system and unlocking its undoubted potential.”