KORE MINING DISCOVERS ANOTHER NEW PROSPECT AND NOW HAS EIGHT KM OF POTENTIAL STRIKE IN FOUR TARGETS EAST OF THE IMPERIAL GOLD PROJECT
More Regional Exploration Assays and Analyses Pending
With Galaxy, KORE now has an inventory of four prospect areas totalling 802 acres and containing 8 kilometers of total strike (Figure 1) east of Imperial towards Picacho. This release summarizes these four eastern targets and demonstrates their potential to host additional discoveries in this prolific gold mining jurisdiction. Additional analyses and assays are pending from across the District.
Eastern Area Target Highlights:
Target Area |
Strike Length |
Width |
Area (acres) |
Assay Highlights |
Acacia |
1.3 km |
0.5 km |
278 |
3.7 g/t ss, 0.6 g/t rc |
Sandwich |
0.6 km |
0.7 km |
260 |
0.2 g/t rc |
Galaxy |
1.0 km |
0.6 km |
108 |
30 assays pending |
|
1.8 km |
0.6 km |
170 |
14 assays pending |
ss = stream sediment sample rc = rock chip sample |
KORE's CEO
In 2021, KORE commissioned a property-wide multispectral WorldView-3 alteration mapping survey which provided imagery that, in addition to boots-on-the-ground field work, has greatly accelerated the rate of new discoveries by highlighting prospective areas. The massive 31,000 acre District claim area has taken hundreds of person-days to follow-up anomalies with mapping and sampling. From the hard work of our exploration team, the Company is starting to define some of the District potential. Additionally, having the intact Imperial deposit and the exposed Mesquite deposits to "tune" or "fingerprint" exploration targeting methods greatly enhances the Company's confidence to target new discoveries along the 28 km District trend.
Galaxy Target Area
The newly identified Galaxy prospect is KORE's newest find was discovered
Galaxy is intersected by the Gatuna-Sortan fault, which yielded outcrop assays as high as 0.6 g/t in the Acacia target area. This fault juxtaposes the relatively impermeable Winterhaven formation above the Jurassic gneiss, which likely acted as a lithocap to ascending gold-bearing hydrothermal fluids. Observed alteration styles include fracture hosted to pervasive iron oxides, silica, sericite, chlorite, kaolinite, and quartz+carbonate veining. Sampling is ongoing and is expected to be completed
Wolverines Target Area
Since its initial discovery in
The
Multiple anomalies from SWIR Geo Enhanced satellite imagery and spectral alteration mapping remain to be tested. Additional sampling is ongoing.
Sandwich Target Area
The Sandwich zone prospect displays numerous large slot canyons and cliffy exposures of mineralized gneiss outcrop (Figure 4). This target area has a strike length of 1.4 km and mineralization is structurally controlled by regionally extensive WNW trending thrust faults. The intensity of the alteration correlates with the degree of brecciation of the host rock, with more rheologically brittle rocks serving as better hosts. Mineralized veins are observed in the stratigraphically overlying Winterhaven Formation.
This prospect area is dismembered by a large-offset strike slip fault, which transported a sliver of mineralized basement 1.5km to the south creating the "Acacia" target area.
The Acacia target area is characterized by the prevalence of gold flakes and nuggets. Sampling in this prospect has yielded assays as high as 3.7 g/t, which are among the highest on the property. Mapping efforts have delineated a 1.8km intensely brecciated and altered gneiss outcrop (Figure 5).
The Acacia target is a faulted sliver of the Sandwich zone transported via the dextral Gatuna Wash fault. The mineralization in both zones is controlled by E-W trending regionally extensive thrust faults, namely the Gatuna-Sortan,
KORE is committed to operating within the stringent environmental and labour standards of
About the Imperial Gold Project
KORE owns 100% of the Mesquite-Imperial-Picacho District which consists approximately 31,000 acres of claims capturing the entire 28-kilometer trend from the operating Mesquite mine (Equinox Gold - TSX:EQX) to the closed Picacho mine and including KORE's Imperial project as depicted on Figure 3. In the District, gold is hosted in local fault structures related to a series of regional faults connecting the known District deposits. Those three District deposits (Mesquite, Imperial and Picacho) were discovered in exposed outcrops and from placer workings. The rest of the District is covered by alluvium and has never been systematically explored.
Imperial has a mineral resource estimate and a positive preliminary economic assessment effective April 6, 2020 with the following highlights:
- Robust economics:
US$ 343 million NPV5% post-tax with 44% IRR at US$ 1,450 per ounce gold - Low capital intensity project with only
US$ 143 million pre-production capital cost - Average 146,000 ounces gold per year over 8 years for 1.2 million ounces total production
- Technically simple project: shallow open pit, run-of-mine heap leach with existing infrastructure
- Value enhancement through Mesquite-Imperial-Picacho District exploration and resource expansion
The Company's NI 43-101 compliant resource and preliminary economic assessment is titled "Preliminary Economic Assessment –
About KORE Mining
On behalf of KORE Mining Ltd
"Scott Trebilcock"
Chief Executive Officer
(888) 407-5450
Investor Relations
1-888-407-5450
Technical information with respect to the District and Imperial Gold Project contained in this news release has been reviewed and approved by
Neither the
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward- looking statements.
Forward–looking statements in this news release include, but are not limited to, statements with respect to: the strategy, timing and implementation of permit regional exploration drilling in the 28-kilometer Mesquite-Imperial-Picacho District ("Regional Exploration Drilling"); the timing of submitting Environmental Assessment report(s) for one or more areas of the Imperial project; potential actions, behavior or position of the Bureau of Land Management (the "BLM"); the underexplored and prospective nature of the Imperial Regional Exploration Drilling area; the results of the preliminary economic assessments for the
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward–looking information. Known risk factors include, among others: the outcome of BLM's review processes for permitting, including the final outcome(s) of BLM's mineral claim validity examination(s) and administrative review process(es) with respect to the
Additional risks and uncertainties are described in the "Risks" sections of (i) the Company's Annual Information Form for the year ended
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
FIGURE 1: Geologic Map of Eastern Area Prospects
FIGURES 2-5: Prospect Area Photos
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