KNT:CC - K92 Mining Announces Discovery of High-Grade Zone at the J2 Vein to the South and High Grade Intersections at Kora-Kora South and Judd-Judd South Vein Systems

• At Judd South, step-out surface drill hole KUDD0040 recorded multiple intersections including 2.40 m at 345.36 g/t gold equivalent (“AuEq”) ⁽²⁾ or 344.40 g/t Au, 75 g/t Ag and 0.02% Cu from the J2 Vein. The intersection is part of a zone of high-grade discovered at the J2 Vein, with the latest drilling results also reporting: KUDD0045 recording multiple intersections including 11.20 m at 12.69 g/t AuEq or 11.60 g/t Au, 11 g/t Ag and 0.59% Cu and KUDD0043 recording multiple intersections including 3.80 m at 10.19 g/t AuEq or 0.50 g/t Au, 77 g/t Ag and 5.43% Cu. The J2 Vein is not part of the current resource estimate.
  
  
• Judd surface step-out drill hole KODD0036 recorded multiple intersections including 5.00 m at 161.57 g/t AuEq or 160.87 g/t Au, 14 g/t Ag and 0.33% Cu from the J1 Vein. The intersection is a step-out and is part of the drill program targeting the substantial undrilled target area between the Judd resource estimate at depth and surface within Mining Lease 150 (“ML 150”).
  
  
• Judd South surface drill hole KUDD0043 recorded, at the J1 Vein, multiple intersections including 6.20 m at 26.52 g/t AuEq or 23.80 g/t Au, 15 g/t Ag and 1.58% Cu.
  
  
• Judd underground drill hole JDD0178, stepping out to the north, recorded multiple intersections including 6.36 m at 23.07 g/t AuEq or 22.43 g/t Au, 19 g/t Ag and 0.25% Cu from the J1 Vein.
  
  
• At the Judd South J1 Vein, KUDD0040 intersected a dilatant zone, recording 22.00 m at 5.14 g/t AuEq or 2.05 g/t Au, 21 g/t Ag and 1.75% Cu within a substantial 57.80 m at 2.73 g/t AuEq or 1.16 g/t Au, 12 g/t Ag and 0.89% Cu intersection. The dilatant intersection is situated ~25 m down-dip from the previously reported hole KUDD0017, that intersected a dilatant zone, recording 25.00 m at 20.89 g/t AuEq.
  
  
• Kora South and Judd South surface drill hole KUDD0041 recorded multiple intersections including 3.20 m at 11.27 g/t AuEq or 2.98 g/t Au, 136 g/t Ag and 4.10% Cu from the K2 Vein and 1.80 m at 16.45 g/t AuEq or 16.34 g/t Au, 6 g/t Ag and 0.03% Cu from the J1 Vein.
  
  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$3.75/lb, a silver price of US$20/oz and a gold price of US$1,600/oz.

VANCOUVER, British Columbia, May 24, 2023 (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 Northern Deeps target at the Kainantu Gold Mine in Papua New Guinea.

The results for the latest 62 diamond drill holes completed from surface and underground are summarized in the tables below. Drilling results include the discovery of high-grade mineralization at the Judd J2 Vein to the South, while also continuing to demonstrate the high-grade, continuity and expansion potential of the Kora-Kora South and Judd-Judd South vein systems. The J2 Vein is not part of the current resource estimate.

Surface drilling focused on southern strike extensions, extending Judd mineralization towards surface within the mining lease and expanding the high-grade zone discovered at the J2 Vein. Underground drilling focused on expanding the known Judd mineralization, increasing drill density at Kora and extending mineralization at Kora to the South of the Kora resource. Importantly, all drill holes at Kora-Kora South intersected mineralization, with 10 intersections exceeding 10 g/t AuEq and 37 intersections exceeding 5 g/t AuEq. At Judd-Judd South, all drill holes intersected mineralization, with 11 intersections exceeding 10 g/t AuEq and 25 intersections exceeding 5 g/t AuEq.

Judd South Drilling Results

The results are highlighted by the discovery of a high-grade zone at the Judd J2 Vein to the South, with surface hole KUDD0040 recording multiple intersections including 2.40 m at 344.40 g/t Au, 75 g/t Ag and 0.02% Cu (345.36 g/t AuEq, 1.56 m true width). Within the zone of high-grade mineralization the latest results also include KUDD0045 recording multiple intersections including 11.20 m at 11.60 g/t Au, 11 g/t Ag and 0.59% Cu (12.69 g/t AuEq, 5.15 m true width) and KUDD0043 reporting multiple intersections including 3.80 m at 0.50 g/t Au, 77 g/t Ag and 5.43% Cu (10.19 g/t AuEq, 2.70 m true width). The discovery of the high-grade zone is particularly significant as the J2 Vein is not part of the current resource estimate, and until recently was not an exploration priority. The J2 Vein is open in multiple directions and presents yet another prospective target in addition to the K1, K2 and J1 Veins.

The results also feature a dilatant zone at the J1 Vein, with KUDD0040 recording multiple intersections including 22.00 m at 2.05 g/t Au, 21 g/t Ag and 1.75% Cu (5.14 g/t AuEq, 14.30 m true width) within a broader dilatant zone of 57.80 m at 1.16 g/t Au, 12 g/t Ag and 0.89% Cu (2.73 g/t AuEq, 37.57 m true width). Notably, hole KUDD0040 is situated ~25 m down-dip of the previously reported hole KUDD0017, which intersected a dilatant zone, recording 25.00 m at 20.89 g/t AuEq.

Other drill highlights include: KUDD0043 recording multiple intersections including 6.20 m at 23.80 g/t Au, 15 g/t Ag and 1.58% Cu (26.52 g/t AuEq, 4.40 m true width) from the J1 Vein and KUDD0041 recording multiple intersections including 1.80 m at 16.34 g/t Au, 6 g/t Ag and 0.03% Cu (16.45 g/t AuEq, 1.30 m true width) from the J1 Vein. The system remains strong to the south recording solid thicknesses and 52% of all Judd South J1 Vein surface holes have recorded grades exceeding 5 g/t AuEq to date.

Kora South Drilling Results

At Kora South, the step-out drill results are highlighted by surface hole KUDD0041 recording multiple intersections including 3.20 m at 2.98 g/t Au, 136 g/t Ag and 4.10% Cu (11.27 g/t AuEq, 2.30 m true width) from the K2 Vein and KUDD0042 recording multiple intersections including 3.35 m at 3.08 g/t Au, 129 g/t Ag and 4.02% Cu (11.15 g/t AuEq, 2.04 m true width) from the K1 Vein. We note that within the existing Kora deposit, grade tenor is higher at depth, and drilling is targeting this deeper area at Kora South from the 1205 Level underground drill drive.

Judd Drilling Results

At Judd, underground and surface drilling continue to demonstrate high-grade and expansion potential with the known deposit open along strike in both directions, up-dip and down-dip. To date, four known veins have been recorded at Judd, with the J1 Vein being the most productive, and similar vein orientation and quartz-sulphide Au-Cu-Ag mineralization as Kora.

The drill results are highlighted by surface hole KODD0036 recording multiple intersections including 5.00 m at 160.87 g/t Au, 14 g/t Ag and 0.33% Cu (161.57 g/t AuEq, 3.40 m true width) from the J1 Vein. KODD0036 demonstrates the strong potential for high-grade mineralization to extend up-dip from the Judd resource estimate towards surface. This substantial area within ML 150 is largely untested, and is a key focus of our surface drilling program that to date has yielded several high-grade results as we step-out into this area including previously reported KODD0026 recording multiple intersections including 5.40 m at 56.46 g/t Au, 2 g/t Ag and 0.17% Cu (56.76 g/t AuEq, 3.46 m true width) from the J1 Vein (see February 27, 2023 press release, K92 Mining Announces Latest High-Grade Gold & Copper Drill Results at Kora-Kora South and Judd-Judd South; Multiple Dilatant Zones Intersected ).

Underground drilling to the south, up-dip and down-dip encountered multiple high-grade intersections with highlights including: JDD0178 recording multiple intersections including 6.36 m at 22.43 g/t Au, 19 g/t Ag and 0.25% Cu (23.07 g/t AuEq, 2.21 m true width) from the J1 Vein, and; JDD0176 recording multiple intersections including 5.66 m at 9.01 g/t Au, 78 g/t Ag and 1.63% Cu (12.60 g/t AuEq, 4.22 m true width) from the J1 Vein. These results continue to demonstrate that the vein system remains open at depth, to surface and along strike.

Kora Drilling Results

At Kora, underground drilling towards the south is highlighted by holes KMDD0545 recording multiple intersections including 7.98 m at 5.87 g/t Au, 28 g/t Ag and 3.69% Cu (12.14 g/t AuEq, 6.18 m true width) from the K1 Vein; KMDD0535 recording multiple intersections including 10.30 m at 6.30 g/t Au, 25 g/t Ag and 3.36% Cu (12.00 g/t AuEq, 6.99 m true width) from the K2 Vein, and; KMDD0560 recording multiple intersections including 1.87 m at 10.71 g/t Au, 60 g/t Ag and 3.62% Cu (17.27 g/t AuEq, 1.60 m true width) from the K1 Vein. These holes extended high-grade mineralization and notably, the holes continue to demonstrate increasing copper grade tenor as drilling approaches the A1 Porphyry target. Increasing copper grade tenor has also been observed in Kora South surface holes KUDD0041 and KUDD0042 noted above. Mineralization remains open along strike to the south and at depth, and the Company is currently targeting southern strike extensions from underground via the 1205 Level southern drill drive that is being advanced to the south.

Underground drilling in the central area of Kora continues to record high-grade intersections, highlighted by holes KMDD0485 recording multiple intersections including 5.94 m at 15.71 g/t Au, 5 g/t Ag and 0.12% Cu (15.96 g/t AuEq, 4.51 m true width) from the K1 Vein; KMDD0527 recording multiple intersections including 1.49 m at 9.15 g/t Au, 19 g/t Ag and 0.99% Cu (10.98 g/t AuEq, 0.94 m true width) from the K2 Vein, and; KMDD0538 recording multiple intersections including 11.67 m at 7.31 g/t Au, 31 g/t Ag and 0.23% Cu (8.07 g/t AuEq, 7.90 m true width) from the K1 Vein. K92 plans to imminently start drilling the down-dip extension of Kora, known as Kora Deeps from the twin incline, which has now advanced to a suitable location for targeting.

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. This is the first time that a long section has been provided for the J2 Vein. 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 KUDD0040 in Figure 7, KODD0036 in Figure 8 and JDD0178 in Figure 9.

John Lewins, K92 Chief Executive Officer and Director, stated, “We are very pleased to be announcing the discovery of a high-grade zone at the J2 Vein from our drilling at Judd South, highlighted by KUDD0040 recording 2.40 m at 345.36 g/t AuEq, one of the highest grade intersections at the Kainantu Gold Mine reported to date. The discovery zone features multiple other high-grade intersections at the J2 Vein including KUDD0045 recording 11.20 m at 12.69 g/t AuEq and KUDD0043 recording 3.80 m at 10.19 g/t AuEq, and this zone is particularly significant as the J2 Vein is not part of our current resource, until recently was not an exploration priority and adds yet another prospective sub-parallel vein to target at the Kainantu Gold Mine.

The discovery is open in multiple directions and located approximately 800 metres north of the A1 Porphyry target. A1 is interpreted to be the heat source for the Kora-Kora South and Judd-Judd South vein systems. Exploration drilling to test for extensions of this zone is already underway.

The latest results also continue to demonstrate the high-grade, continuity and expansion potential of the Kora-Kora South and Judd-Judd South vein system. At the J1 Vein, multiple high-grade intersections were recorded including: KODD0036 recording 5.00 m at 161.57 g/t AuEq at Judd, KUDD0043 recording 6.20 m at 26.52 g/t AuEq at Judd South, JDD0178 recording 6.36 m at 23.07 g/t AuEq at Judd and JDD0176 recording 5.66 m at 12.60 g/t AuEq at Judd. Hole KODD0036 is particularly important as step-out drilling towards surface from the Judd resource at depth continues to define high-grade mineralization. Drilling at J1 also recorded a dilatant zone intersection with KUDD0040 recording 22.00 m at 5.14 g/t AuEq within a broader 57.80 m at 2.73 g/t AuEq intersection.

We are also pleased with the results from Kora-Kora South, where multiple high grade intersections were recorded including: KMDD0485 recording 5.94 m at 15.96 g/t AuEq at the K1 Vein, KMDD0535 recording 10.30 m at 12.00 g/t AuEq at the K2 Vein, KMDD0545 recording 7.98 m at 12.14 g/t AuEq at the K1 Vein, KUDD0041 recording 3.20 m at 11.27 g/t AuEq at the K2 Vein and KUDD0042 recording 3.35 m at 11.15 g/t AuEq at the K1 Vein.

Looking ahead, we are very excited to be imminently commencing drilling of Kora Deeps from the twin incline. Kora Deeps is a highly prospective target, drilling the lower portion and down-dip extension of the Kora resource. Underground drilling at Kora South and Judd South is also advancing at depth from the 1205 Level drill drive to test the down-dip extension of the mineralization defined by the surface drill program.

Lastly, porphyry exploration drilling at A1, our top copper-gold porphyry target, has recently commenced drilling its third hole. We plan to provide an update in due course.”

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