K92 Mining Inc.
TSX VENTURE : KNT
OTCQB : KNTNF

K92 Mining Inc.

May 17, 2017 07:30 ET

K92 Is Pleased to Provide an Update on the Latest Grade Control Drilling on the Irumafimpa Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 17, 2017) -

Intercepts include:

  • 4.1m at 6.01 g/t AuEq plus 1m at 4.33 g/t AuEq in hole GCDD0038
  • 3.2m at 29.6 g/t AuEq, including 0.6m at 130.94 g/t AuEq in hole GCDD0045
  • 1.4m at 174.78 g/t AuEq, including 1m at 244.09 g/t AuEq, plus 3.2m at 6.88 g/t AuEq in hole GCDD0046
  • 2.75m at 21.38 g/t AuEq, including 1.05m at 51.22 g/t AuEq in hole GCDC0052
  • 4.3m at 27.93 g/t AuEq in hole GCDD0053
  • 1.3m at 22.22 g/t AuEq, plus 1.6m at 4.13 g/t AuEq in hole GCDD0059

K92 Mining Inc. ("K92") (TSX VENTURE:KNT)(OTCQB:KNTNF) is pleased to announce recent results from 23 diamond drill holes completed in the ongoing underground grade control drilling program at its high grade Kainantu Gold Mine, which continues a production ramp-up.

The latest results are from the ongoing campaign of close spaced underground diamond drilling which is part of a comprehensive grade control strategy commenced in September 2016. The current grade control results are from an area of the Irumafimpa deposit which will be mined in the coming six months to nine months and is designed to bring a high degree of confidence to the production planning and scheduling. The closed space drilling pattern of approximately 15 metres by 15 metres has significantly increased the confidence in this previously sparsely drilled area and has confirmed the continuity of mineralization within this area.

Table 1 and 2 below provides a summary of the results from twenty-three diamond grade control which have been drilled into the stope areas it is planned to be mined underground. Table 1 provides a summary of the significant intercepts from the holes, while Table 2 provides details of collar location and hole orientation.

Table 1 Kainantu Gold Mine - Significant Intercepts from Irumafimpa Grade Control


Hole_id

From
(m)

To
(m)

Interval
(m)
True
width
(m)

Gold
g/t

Copper
%
Silver
g/t

Gold
Eq
GCDD0037 70.00 72.00 2.00 1.54 2.38 0.29 3.85 2.85
including 70.00 71.00 1.00 0.77 5.25 0.04 4.60 5.36
GCDD0037 88.00 89.00 1.00 0.77 6.69 0.03 4.10 6.79
GCDD0038 39.00 44.00 4.10 2.26 5.95 0.03 0.98 6.01
including 40.60 43.10 2.50 1.38 9.04 0.04 0.90 9.11
GCDD0038 52.00 54.00 2.00 1.10 2.91 0.96 3.40 4.33
including 53.00 54.00 1.00 0.55 4.56 0.20 2.60 4.89
GCDD0039 26.30 29.40 3.10 2.48 3.03 0.02 0.40 3.06
GCDD0039 34.00 35.00 1.00 0.80 14.46 0.01 2.40 14.51
GCDD0039 53.00 54.00 1.00 0.80 4.87 0.02 10.80 5.04
GCDD0039 55.00 56.00 1.00 0.80 3.30 0.04 2.70 3.39
GCDD0040 40.00 40.65 0.65 0.49 5.91 0.13 2.00 6.12
GCDD0040 54.00 54.60 0.60 0.46 33.56 0.03 6.00 33.68
GCDD0041 76.15 77.00 0.85 0.63 5.53 0.12 35.90 6.18
GCDD0041 81.74 82.50 0.76 0.56 10.54 0.04 10.26 10.72
including 81.74 82.10 0.36 0.27 20.92 0.01 10.00 21.07
GCDD0041 120.00 122.00 2.00 1.47 1.97 0.01 7.00 2.07
GCDD0041 124.63 125.80 1.17 0.89 3.87 0.13 10.20 4.19
GCDD0042 49.20 49.50 0.30 0.21 17.28 0.11 159.50 19.56
GCDD0042 82.00 82.70 0.70 0.50 7.84 0.03 0.00 7.88
GCDD0042 133.90 134.80 0.90 0.65 4.80 0.20 6.00 5.17
GCDD0043 54.40 55.00 0.60 0.43 6.05 0.14 7.00 6.34
GCDD0043 78.50 79.30 0.80 5.80 6.51 0.02 1.00 6.55
GCDD0043 90.90 91.20 0.30 0.21 4.36 0.06 2.00 4.47
GCDD0043 93.00 94.00 1.00 0.73 3.66 0.03 0.00 3.70
GCDD0043 124.40 126.00 1.60 1.19 3.51 0.11 0.00 3.67
GCDD0043 129.10 130.80 1.70 1.27 4.91 0.11 14.91 5.27
including 129.10 129.70 0.60 0.45 9.88 0.09 14.00 10.20
GCDD0044 96.70 98.45 1.75 1.24 4.59 0.02 0.00 4.62
including 96.70 97.90 1.20 0.85 6.14 0.02 0.00 6.17
GCDD0044 132.80 133.60 0.80 0.57 3.00 5.89 3.00 11.45
GCDD0045 79.80 83.60 3.20 2.41 28.00 0.07 113.16 29.60
including 79.80 81.90 2.10 1.34 6.82 0.03 49.00 7.52
including 83.00 83.60 0.60 0.38 125.00 0.13 432.00 130.94
GCDD0045 92.70 94.90 2.20 1.38 2.78 0.04 0.00 2.83
including 92.70 93.90 1.20 0.76 3.80 0.03 0.00 3.84
GCDD0045 121.20 121.80 0.60 0.40 5.78 0.47 32.00 6.88
GCDD0046 35.00 36.40 1.40 1.37 174.53 0.10 7.97 174.78
including 35.00 36.00 1.00 0.98 243.80 0.13 8.00 244.09
GCDD0046 48.20 48.90 0.70 0.68 11.80 0.52 3.00 12.58
GCDD0046 53.50 56.70 3.20 3.10 6.81 0.03 2.69 6.88
including 53.50 54.00 0.50 0.49 5.66 0.05 7.00 5.82
including 54.00 55.00 1.00 0.97 3.01 0.02 7.00 3.13
including 56.00 56.70 0.70 0.68 21.94 0.04 3.00 22.04
GCDD0046 67.40 68.00 0.60 0.58 8.30 0.05 4.00 8.42
GCDD0046 70.70 71.50 0.80 0.77 6.37 0.26 7.00 6.83
GCDD0047 62.70 63.20 0.50 0.36 3.34 0.04 2.00 3.42
GCDD0047 95.20 95.70 0.50 0.36 2.44 0.01 5.00 2.53
GCDD0047 103.40 103.80 0.40 0.28 2.70 0.72 30.00 4.13

Hole_id

From
(m)

To
(m)

Interval
(m)
True
width
(m)

Gold
g/t

Copper
%

Silver
g/t

Gold
Eq
GCDD0048 41.20 43.00 1.80 1.64 9.20 0.02 2.00 9.26
including 41.20 42.00 0.80 0.75 10.93 0.02 2.00 10.99
including 42.00 43.00 1.00 0.94 7.83 0.02 2.00 7.89
GCDD0048 56.10 56.80 0.70 0.65 9.48 0.55 4.00 10.32
GCDD0048 58.55 59.00 0.45 0.42 4.87 0.06 3.00 5.00
GCDD0048 78.50 79.50 1.00 0.94 4.44 0.09 2.00 4.60
GCDD0048 80.26 82.50 2.24 1.78 2.75 0.77 18.26 4.09
including 80.60 82.50 1.90 1.51 2.96 0.85 21.00 4.46
GCDD0048 83.50 84.30 0.80 0.75 6.28 0.14 14.00 6.67
GCDD0049 29.24 31.75 2.51 2.50 2.23 0.09 7.32 2.45
including 29.24 29.80 0.56 0.60 3.85 0.32 17.00 4.53
GCDD0049 46.40 47.00 0.60 0.60 3.04 0.01 2.00 3.07
GCDD0050 97.40 98.40 1.00 0.74 8.76 0.12 23.90 9.25
GCDD0051 56.70 56.90 0.20 0.19 1.74 0.01 1.20 1.77
GCDD0052 82.45 85.20 2.75 2.03 21.27 0.03 5.80 21.38
including 82.50 83.50 1.05 0.78 51.05 0.03 9.30 51.22
including 84.10 85.20 1.10 0.80 4.01 0.02 3.00 4.08
GCDD0052 93.80 94.20 0.40 0.30 2.63 0.21 6.20 3.01
GCDD0053 40.20 40.60 0.40 0.31 2.90 0.20 10.70 3.33
GCDD0053 74.70 79.00 4.30 3.44 27.87 0.02 2.23 27.93
including 74.70 75.50 0.80 0.63 131.01 0.04 1.60 131.09
including 76.00 77.00 1.00 0.80 1.74 0.04 6.10 1.88
including 78.00 79.00 1.00 0.80 13.31 0.01 2.20 13.35
GCDD0054 31.20 32.70 1.50 0.98 4.45 0.14 14.80 4.85
GCDD0054 61.00 63.90 2.90 2.42 5.43 0.17 3.14 5.72
including 61.00 62.00 1.00 0.84 6.56 0.10 1.20 6.72
including 63.40 63.90 0.50 0.42 17.21 0.67 12.20 18.33
GCDD0054 65.90 67.00 1.10 0.92 3.72 0.06 2.90 3.84
GCDD0055 36.80 37.10 0.30 0.27 2.72 0.19 5.60 3.07
GCDD0055 39.70 40.40 0.70 0.62 63.72 0.02 4.40 63.81
GCDD0056 73.20 74.00 0.80 0.64 30.76 0.16 3.62 31.04
including 73.20 73.62 0.40 0.33 51.34 0.11 3.10 51.54
including 73.62 74.00 0.40 0.30 8.01 0.22 4.20 8.38
GCDD056 82.00 83.65 1.65 1.31 10.57 0.02 1.25 10.62
including 82.00 83.00 1.00 0.80 3.31 0.01 0.90 3.34
including 83.00 83.65 0.65 0.52 21.73 0.03 1.80 21.80
GCDD0057 75.00 75.80 0.80 0.63 10.06 0.04 6.90 10.21
GCDD0059 77.60 78.10 0.50 0.38 2.85 0.02 4.40 2.94
GCDD0059 80.60 82.20 1.60 1.21 4.07 0.02 2.30 4.13
GCDD0059 84.20 85.50 1.30 0.99 22.20 0.01 0.30 22.22
Notes
Gold Equivalent uses Copper price - US$2.50/lb; Silver price US$16/oz and Gold price of US$1200/oz

Table 2 Kainantu Gold Mine - Collar Locations for Irumafimpa Grade Control Drilling

Collar location Collar orientation EOH depth
(m)
Hole_id Local
north
Local
East
mRL Dip Local
azimuth
GCDD0037 59648.63 29946.27 1234.44 5.54 312.43 100.1
GCDD0038 59659.41 29923.48 1249.44 10.35 328.20 64.8
GCDD0039 59656.51 29923.47 1249.47 13.92 309.79 88.2
GCDD0040 59656.96 29922.98 1248.57 -4.78 311.20 90
GCDD0041 59648.50 29946.33 1233.91 -21.61 311.69 127
GCDD0042 59648.89 29947.34 1233.74 -12.15 320.11 138
GCDD0043 59649.04 29947.28 1234.01 -5.31 319.71 133.7
GCDD0044 59648.84 29947.31 1233.57 -20.20 318.88 148.1
GCDD0045 59648.81 29947.35 1233.35 -31.54 318.13 126.2
GCDD0046 59729.95 29938.76 1262.15 -2.44 262.42 80
GCDD0047 59643.35 29950.65 1233.22 -33.91 233.45 124.6
GCDD0048 59730.14 29939.80 1261.45 -18.34 262.57 96
GCDD0049 59730.10 29939.91 1260.94 -29.90 261.53 70
GCDD0050 59643.73 29950.34 1233.03 -36.24 243.07 120
GCDD0051 59729.52 29939.60 1262.14 -2.36 292.33 80.2
GCDD0052 59644.91 29946.86 1233.37 -39.02 250.51 104.3
GCDD0053 59646.93 29945.96 1233.16 -39.61 270.00 101.5
GCDD0054 59729.51 29939.63 1262.14 -0.94 292.51 89.3
GCDD0055 59730.51 29939.61 1262.09 -2.77 303.03 90.2
GCDD0056 59647.14 29945.93 1233.16 -38.91 278.87 102.2
GCDD0057 59648.16 29943.65 1231.40 -37.04 289.37 102
GCDD0058 59730.36 29939.87 1261.13 -24.12 303.22 102
GCDD0059 59647.33 29945.99 1233.27 -37.04 289.37 114

Ian Stalker, K92 Chief Executive Officer and Director, states, "The latest grade control drilling results include the highest grade intersection we have seen to date at Irumafimpa, with one metre at 244.09 g/t AuEq recorded in hole GCDD0046. This and other results reported here continue to provide support for the continuity and high grade nature of the Irumafimpa system. Importantly, with these latest results, we have now drilled out the next six months of our projected production. We will however continue to undertake the grade control drilling program at the current accelerated rate, with a target of having completed the grade control drilling for our entire 2018 production by the end of 2017."

K92 Advisor, Brian Lueck, P.Geo, a qualified person under the meaning of Canadian National Instrument 43-101, has reviewed and is responsible for the technical content of this news release.

On behalf of the company,

Ian Stalker, Chief Executive Officer and Director

The TSX Venture Exchange has neither approved nor disapproved the contents of this News Release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, production, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding potential ongoing production which may or may not occur and the generation of further production assessment work at deposits, which may or may not occur. While commercial production is targeted, there is no assurance it will be achieved. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company's securities, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters. There can be no assurance that such statements 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 statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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