K92 Mining Announces Latest Drilling Results Extending Multiple High-Grade Zones and New Dilatant Zone Discovered

VANCOUVER, British Columbia, May 06, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce its latest high-grade results from the ongoing surface and underground diamond drilling of the Kora, Kora South, Judd and Judd South deposits in addition to the Kora and Judd Northern Deeps targets at the Kainantu Gold Mine in Papua New Guinea.

• Multiple dilatant zones intersected at Kora’s K2 Vein, including a new dilatant zone discovered outside of the Kora resource estimate at Kora South and the extension of an existing dilatant zone down-dip:
  • Kora South new dilatant zone intercepts:
    • KUDD0053: 78.50 m at 27.03 g/t gold equivalent (“AuEq”)⁽²⁾ (24.94 g/t Au, 116 g/t Ag, 0.38% Cu)
    • KUDD0056: 34.00 m at 8.14 g/t AuEq (5.45 g/t Au, 130 g/t Ag, 0.65% Cu)
  • Known Dilatant zone extended down-dip:
    • KUDD0058: 51.00 m at 7.04 g/t AuEq (0.82 g/t Au, 48 g/t Ag, 3.58% Cu)

• High-grade zones within Kora's K1 and K2 Veins extended in multiple directions, and at higher grades in multiple areas than the resource model, including:
  • K1 Vein high-grade extension up-dip from main underground mining area:
    • KMDD0590: 3.26 m at 86.92 g/t AuEq (86.40 g/t Au, 10 g/t Ag, 0.25% Cu)
    • KMDD0634: 12.09 m at 18.90 g/t AuEq (15.45 g/t Au, 34 g/t Ag, 1.92% Cu)
    • KMDD0591: 3.90 m at 49.78 g/t AuEq (49.14 g/t Au, 8 g/t Ag, 0.34% Cu)
    • KMDD0596: 8.74 m at 25.91 g/t AuEq (24.21 g/t Au, 14 g/t Ag, 0.97% Cu)
    • KMDD0635: 11.15 m at 16.27 g/t AuEq (8.40 g/t Au, 88 g/t Ag, 4.30% Cu)
    • KMDD0592: 5.50 m at 22.16 g/t AuEq (21.18 g/t Au, 15 g/t Ag, 0.50% Cu)
    • KMDD0617: 2.25 m at 32.64 g/t AuEq (27.85 g/t Au, 8 g/t Ag, 2.99% Cu)
  • K2 Vein high-grade extension up-dip from main underground mining area:
    • KMDD0662: 9.00 m at 40.36 g/t AuEq (32.47 g/t Au, 63 g/t Ag, 4.52% Cu)
    • KMDD0657: 6.05 m at 47.27 g/t AuEq (38.03 g/t Au, 94 g/t Ag, 5.13% Cu)
    • KMDD0624: 5.60 m at 23.16 g/t AuEq (14.31 g/t Au, 30 g/t Ag, 5.40% Cu)
    • KMDD0617: 5.10 m at 21.46 g/t AuEq (20.06 g/t Au, 11 g/t Ag, 0.80% Cu)
  • Step-out drilling to the south, outside of the current resource, at the K2 vein intersected multiple high-grade gold and high-grade copper intersections:
    • KMDD0654A: 17.45 m at 23.79 g/t AuEq (16.77 g/t Au, 72 g/t Ag, 3.89% Cu)
    • KMDD0632: 9.30 m at 15.30 g/t AuEq (7.87 g/t Au, 105 g/t Ag, 3.88% Cu)
      

• Judd’s J1 Vein saw an extension of the high-grade zone up-dip and in multiple areas significantly higher grade than the resource model, plus step-out intersecting significant near-surface mineralization approximately 300 m north:
  
  • J1 Vein high-grade extension up-dip from main underground mining area:
    • JDD0235: 4.13 m at 69.10 g/t AuEq (68.00 g/t Au, 13 g/t Ag, 0.60% Cu)
    • JDD0239: 2.70 m at 44.48 g/t AuEq (44.03 g/t Au, 11 g/t Ag, 0.19% Cu)
    • JDD0231: 3.67 m at 41.05 g/t AuEq (37.49 g/t Au, 59 g/t Ag, 1.79% Cu)
    • JDD0223: 6.53 m at 17.41 g/t AuEq (16.66 g/t Au, 19 g/t Ag, 0.31% Cu)
  • J1 Vein near-surface step-out approximately 300 m to the north:
    • KODD0055: 9.85 m at 7.58 g/t AuEq (7.37 g/t Au, 2 g/t Ag, 0.13% Cu)

Notes:
(1) Drill highlights presented above are core lengths (not true widths).
(2) Gold equivalent (AuEq) exploration results are calculated using longer-term commodity prices with a copper price of US$4.00/lb, a silver price of US$22.5/oz and a gold price of US$1,750/oz.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest set of drilling results continue to confirm our view that the resource expansion potential of Kora-Kora South and Judd-Judd South is very significant, in addition to significant opportunities to expand high-grade zones through increased drill density. The high-grade zones expanded vertically at K1, K2 and J1 are particularly important as they are immediately above our main mine workings, setting ourselves up well for the Stage 3 Expansion over the near and medium term in that area. To the south, the discovery of the new dilatant zone is very encouraging and the high-grade underground step-out intersections from the 1205 Level drill drive continue to support our view that like Kora, Kora South’s best grade potential is at depth, and we are just starting to scratch the surface there.

Beyond Kora-Kora South and Judd-Judd South, at Arakompa, exploration activities continue to ramp-up, with a third rig imminently commencing drilling. We look forward to providing an update in due course.”

The results for the latest 140 diamond drill holes completed from surface and underground are summarized in the tables below. The results continue to demonstrate the high-grade, continuity and expansion potential of the Kora-Kora South and Judd-Judd South vein systems. Intersections largely focused on increasing drill density vertically while also targeting resource extension along strike to the south and north.

All drill holes at Kora-Kora South (including Northern Deeps) intersected mineralization, with 31 intersections exceeding 10 g/t AuEq and 89 intersections exceeding 5 g/t AuEq. At Judd-Judd South (including Northern Deeps), all drill holes intersected mineralization, with 12 intersections exceeding 10 g/t AuEq and 27 intersections exceeding 5 g/t AuEq.

Figures

Long sections of K1, K2, J1 and J2 showing the location of the latest drill holes are provided in Figures 1, 2, 3 and 4, respectively.

A long section showing Kora drilling to date is provided in Figure 5.

A long section showing Judd drilling to date is provided in Figure 6.

Core photographs are provided of drill hole JDD0231 in Figure 7, KMDD0591 in Figure 8, KMDD0657 in Figure 9 and KMDD0662 in Figure 10.

Table 1
Kainantu Gold Mine – Significant Intercepts from Kora Underground Diamond Drilling

Table 2
Kainantu Gold Mine – Significant Intercepts from Judd Underground Diamond Drilling