KNT:CC - K92 Mining Announces Latest High-Grade Drilling Results Including Potential High-Grade Zone at Northern Deeps Target ~50 Metres West of Twin Incline

• Multiple high grade areas expanded, up-dip and down-dip at Judd’s J1 Vein including:
  • JDD0185: 8.83 m at 38.08 g/t gold equivalent (“AuEq”) ⁽²⁾ (36.52 g/t Au, 21 g/t Ag, 0.81% Cu).
  • JDD0204: 7.50 m at 38.26 g/t AuEq (33.53 g/t Au, 58 g/t Ag, 2.50% Cu).
  • JDD0206: 7.67 m at 36.31 g/t AuEq (32.57 g/t Au, 45 g/t Ag, 1.98% Cu).
• Several high grade areas at Kora’s K1 and K2 Veins expanded up-dip, down-dip, and towards the South including:
  • K2 Vein high-grade bulge in thickness recorded from 3 holes over ~100 metre vertical:
    • KMDD0565: 28.05 m at 15.45 g/t AuEq (13.44 g/t Au, 13 g/t Ag, 1.15% Cu),
    • KMDD0576: 10.60 m at 15.67 g/t AuEq (9.62 g/t Au, 44 g/t Ag, 3.43% Cu), and;
    • KMDD0564: 15.07 m at 10.47 g/t AuEq (7.47 g/t Au, 26 g/t Ag, 1.67% Cu).
  • KMDD0570A: K1 Vein, 4.44 m at 21.42 g/t AuEq (19.97 g/t Au, 21 g/t Ag, 0.74% Cu),
  • KMDD0528: K2 Vein, 1.80 m at 61.66 g/t AuEq (52.79 g/t Au, 357 g/t Ag, 2.75% Cu).
    
• Potential high-grade zone at Northern Deeps along the Judd J1 Vein, located near-mine infrastructure, ~50 metres west of the twin incline and ~500 metres North of the current Judd underground mining area. Importantly, these are the first recorded clusters of high-grade mineralization in the sparsely drilled Northern Deeps target area, with underground drilling results including:
  
  • K92DD0018: J1 Vein, 5.05 m at 12.51 g/t AuEq (12.15 g/t Au, 7 g/t Ag, 0.17% Cu);
  • K92DD0019, ~200 metres south of K92DD0018, recorded multiple intersections including:
    • J1 Vein: 1.47 m at 11.70 g/t AuEq (9.46 g/t Au, 10 g/t Ag, 1.32% Cu), and;
    • K2 Vein: 4.10 m at 5.59 g/t AuEq (2.31 g/t Au, 60 g/t Ag, 1.58% Cu).
  • K92DD0021, ~25 metres below K92DD0019, underground drill hole recorded multiple intersections including:
    • J1 Vein: 2.00 m at 6.94 g/t AuEq (5.47 g/t Au, 71 g/t Ag, 0.36% Cu) within a broader mineralized zone of 7.40 m at 2.75 g/t AuEq (2.14 g/t Au, 26 g/t Ag, 0.18% Cu),
    • K1 Footwall Vein: 3.80 m at 15.64 g/t AuEq (15.52 g/t Au, 3 g/t Ag, 0.05% Cu), and;
    • K2 Vein: 1.80 m at 7.57 g/t AuEq (6.25 g/t Au, 86 g/t Ag, 0.15% Cu) within a broader mineralized zone of 3.80 m at 4.25 g/t AuEq (3.55 g/t Au, 42 g/t Ag, 0.11% 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$3.75/lb, a silver price of US$20/oz and a gold price of US$1,600/oz.

VANCOUVER, British Columbia, Aug. 15, 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 and Judd Northern Deeps targets at the Kainantu Gold Mine in Papua New Guinea.

The results for the latest 56 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, while also exhibiting high-grade potential at Northern Deeps.

Surface drilling focused on southern strike extensions and extending Judd mineralization towards surface within the mining lease. Underground drilling focused on expanding the known Judd mineralization, increasing drill density at Kora and Judd, extending mineralization at Kora to the South of the Kora resource and testing mineralization to the north of the Judd and Kora resources. Importantly, all drill holes at Kora-Kora South (including Northern Deeps) intersected mineralization, with 17 intersections exceeding 10 g/t AuEq and 36 intersections exceeding 5 g/t AuEq. At Judd-Judd South (including Northern Deeps), all drill holes intersected mineralization, with 10 intersections exceeding 10 g/t AuEq and 26 intersections exceeding 5 g/t AuEq.

Northern Deeps Drill Results

Drilling from the twin incline at the Northern Deeps target, recorded the first cluster of high-grade mineralization in the sparsely drilled target area, with a potential high-grade zone recorded at the J1 Vein. The potential high-grade zone is located near-mine infrastructure, approximately 50 metres west of the twin incline, approximately 500 metres north of the current Judd underground mining area, and has recorded three intersections to date, with multiple intersections recorded at:

K92DD0018 - 5.05 m at 12.15 g/t Au, 7 g/t Ag and 0.17% Cu (12.51 g/t AuEq, 2.98 m true width);
K92DD0019 - 1.47 m at 9.46 g/t Au, 10 g/t Ag and 1.32% Cu (11.70 g/t AuEq, 1.27 m true width);
K92DD0021 - 2.00 m at 5.47 g/t Au, 71 g/t Ag and 0.36% Cu (6.94 g/t AuEq, 1.78 m true width) within a broader mineralized zone of 7.40 m at 2.14 g/t Au, 26 g/t Ag and 0.18% Cu (2.75 g/t AuEq, 6.59 m true width).

K92DD0018 is approximately 200 metres north of K92DD0019 and K92DD0021, highlighting the large, and highly prospective near-mine infrastructure initial target area to follow-up with additional drilling.

Several other notable intersections were recorded at Northern Deeps, including multiple intersections at:

K92DD0019 - 4.10 m at 2.31 g/t Au, 60 g/t Ag and 1.58% Cu (5.59 g/t AuEq, 3.57 m true width) from the K2 Vein;
K92DD0021 - 1.80 m at 6.25 g/t Au, 86 g/t Ag and 0.15% Cu (7.57 g/t AuEq, 1.66 m true width) which was part of a broader zone of mineralization of 3.80 m at 3.55 g/t Au, 42 g/t Ag and 0.11% Cu (4.25 g/t AuEq, 3.50 m true width) from the K2 Vein; and 3.80 m at 15.52 g/t Au, 3 g/t Ag and 0.05% Cu (15.64 g/t AuEq, 3.43 m true width) from the K1 Footwall Vein.

These results are very encouraging and show the potential of the Northern Deeps area at both the Kora and Judd vein systems.

Kora-Kora South Drill Results

At Kora - Kora South, drilling continues to expand multiple known areas of high-grade mineralization in addition to recording areas of significant thickness. Within Kora, a high-grade bulge in thickness at the K2 Vein was recorded from three intersections over a 100-metre vertical, with KMDD0565 recording 28.05 m at 13.44 g/t Au, 13 g/t Ag and 1.15% Cu (15.45 g/t AuEq, 14.05 m true width); KMDD0576 recording multiple intersections including 10.60 m at 9.62 g/t Au, 44 g/t Ag and 3.43% Cu (15.67 g/t AuEq, 5.96 m true width), and; KMDD0564 recording 15.07 m at 7.47 g/t Au, 26 g/t Ag and 1.67% Cu (10.47 g/t AuEq, 8.77 m true width).

Underground drilling at Kora also expanded several areas of high-grade mineralization. Drilling focused on up-dip and down-dip extensions, with highlights including multiple intersections at:

KMDD0570A - 4.44 m at 19.97 g/t Au, 21 g/t Ag and 0.74% Cu (21.42 g/t AuEq, 3.13 m true width) from the K1 Vein;
KMDD0528 - 1.80 m at 52.79 g/t Au, 357 g/t Ag and 2.75% Cu (61.66 g/t AuEq, 0.97 m true width) from the K2 Vein and 4.15 m at 13.38 g/t Au, 3 g/t Ag and 0.15% Cu (13.66 g/t AuEq, 2.21 m true width) from the K1 Vein; and
KMDD0566 - 3.04 m at 14.00 g/t Au, 17 g/t Ag and 1.66% Cu (16.87 g/t AuEq, 2.30 m true width) from the K1 Vein.

At Kora South, surface drilling and underground drilling from the 1205 Level drill drive recorded strong thicknesses and an elevated frequency of high-grade copper intersections. Surface drilling highlights include multiple intersections recorded at:

KUDD0046 - 10.80 m at 1.85 g/t Au, 165 g/t Ag and 3.80% Cu (10.02 g/t AuEq, 4.00 m true width) from the K2 Vein and 8.50 m at 0.60 g/t Au, 124 g/t Ag and 6.43% Cu (12.50 g/t AuEq, 3.15 m true width) from Kora Link South;
KUDD0049 - 9.10 m at 5.61 g/t Au, 95 g/t Ag and 0.91% Cu (8.26 g/t AuEq, 6.73 m true width) from the K2 Vein and 7.40 m at 8.11 g/t Au, 45 g/t Ag and 0.49% Cu (9.46 g/t AuEq, 5.48 m true width) from Kora Link South.

Kora South underground drilling highlights include multiple intersections recorded at:

KMDD0569 - 8.00 m at 0.95 g/t Au, 37 g/t Ag and 2.70% Cu (5.74 g/t AuEq, 3.18 m true width) from the K2 Vein;
KMDD0551 - 18.50 m at 3.23 g/t Au, 22 g/t Ag and 2.05% Cu (6.79 g/t AuEq, 5.26 m true width) from the K2 Vein, and;
KMDD0552 - 13.80 m at 0.77 g/t Au, 42 g/t Ag and 2.68% Cu (5.59 g/t AuEq, 2.37 m true width) from the K2 Vein.

The strong thicknesses recorded demonstrate the system remains strong as step-out drilling advances to the South and continues to show a general trend of increasing copper grade tenor as drilling approaches the A1 Porphyry target ( See Figure 7 for the K2 Vein Copper Grade Long-Section ). Mineralization remains open at depth and along strike.

Judd-Judd South Drill Results

At Judd-Judd South, like Kora-Kora South, drilling continues to expand multiple high-grade areas. The Judd-Judd South Vein system consists of four identified veins that share a similar orientation, and feature quartz-sulphide Au-Cu-Ag mineralization similar to that found in the Kora deposit. To date, the J1 Vein has been the most productive, and recently, the J2 Vein has shown strong potential, with a high-grade zone to the South announced on May 24, 2023 (see press release, 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 ).

The results are highlighted by the J1 Vein, with drilling extending known-high grade areas up-dip and down-dip, including:

JDD0206 - 7.67 m at 32.57 g/t Au, 45 g/t Ag and 1.98% Cu (36.31 g/t AuEq, 3.36 m true width);
JDD0202 - 3.34 m at 9.51 g/t Au, 68 g/t Ag and 3.57% Cu (16.09 g/t AuEq, 1.97 m true width); JDD0204 - 7.50 m at 33.53 g/t Au, 58 g/t Ag and 2.50% Cu (38.26 g/t AuEq, 3.75 m true width);
JDD0185 - 8.83 m at 36.52 g/t Au, 21 g/t Ag and 0.81% Cu (38.08 g/t AuEq, 5.95 m true width);
JDD0189 - 17.55 m at 11.98 g/t Au, 29 g/t Ag and 0.13% Cu (12.55 g/t AuEq, 9.69 m true width);
JDD0195 - 6.20 m at 9.51 g/t Au, 32 g/t Ag and 2.63% Cu (14.13 g/t AuEq, 4.04 m true width); and
JDD0187 - 2.15 m at 11.21 g/t Au, 44 g/t Ag and 2.44% Cu (15.67 g/t AuEq, 2.04 m true width).

Judd South drilling from underground commenced from the 1205 Level drill drive in late July.

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 .

A long section showing copper grades for the K2 Vein and its high-grade copper zone from drilling to date is provided in Figure 7 .

Core photographs are provided of drill hole JDD0185 in Figure 8 , JDD0204 in Figure 9 and JDD0206 in Figure 10 .

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest drilling results at the Kora-Kora South and Judd-Judd South vein systems have continued to demonstrate strong continuity and high-grades, expanding a number of high-grade areas. From the results, 7 intersections were above 20 g/t AuEq and 27 intersections were above 10 g/t AuEq, with several holes exceeding 30 g/t AuEq, including JDD0185 recording 8.83 m at 38.08 g/t AuEq, JDD0204 recording 7.50 m at 38.26 g/t AuEq, JDD0206 recording 7.67 m at 36.31 g/t all on the J1 Vein, plus KMDD0528 recording 1.80 m at 61.66 g/t AuEq from the K2 Vein. Additionally, a high-grade bulge in thickness was reported at the K2 Vein by holes KMDD0565 recording 28.05 m at 15.45 g/t AuEq, KMDD0576 recording 10.60 m at 15.67 g/t AuEq and KMDD0564 recording 15.07 m at 10.47 g/t AuEq over a 100 metre vertical.

We are also very pleased to be announcing yet another potential high-grade zone well outside the current resource estimate, this time at the sparsely drilled Northern Deeps target at the J1 Vein. This is the first recorded cluster of high-grade mineralization in Northern Deeps, with highlights from the J1 Vein including holes K92DD0018 recording 5.05 m at 12.51 g/t AuEq, K92DD0019 recording 1.47 m at 11.70 g/t AuEq and K92DD0021 recording 2.00 m at 6.94 g/t AuEq within a broader mineralized zone of 7.40 m at 2.75 g/t AuEq. It is very important to note that the target area, is near-mine infrastructure, approximately 50 metres west of the twin incline and well within the Mining Lease Area, making it not only very efficient to drill but also efficient for possible underground access should exploration prove successful.

Towards the south, at Kora South, we remain very encouraged by the strong thickness and high copper grades documented, including holes KUDD0046 recording 10.80 m at 10.02 g/t AuEq (3.80% Cu, 1.85 g/t Au and 165 g/t Ag) from the K2 Vein and 8.50 m at 12.50 g/t AuEq (6.43% Cu, 0.60 g/t Au and 124 g/t Ag) from the Kora Link South, KMDD0569 recording 8.00 m at 5.74 g/t AuEq (2.70% Cu, 0.95 g/t Au and 37 g/t Ag) from the K2 Vein, KMDD0551 recording 18.50 m at 6.79 g/t AuEq (2.05% Cu, 3.23 g/t Au and 22 g/t Ag) from the K2 Vein and KMDD0552 13.80 m at 5.59 g/t AuEq (2.68% Cu, 0.77 g/t Au and 42 g/t Ag) from the K2 Vein. Holes KMDD0569, KMDD0551 and KMDD0552 were drilled from the 1205 Level underground drill drive, which is progressively being advanced to the South. Importantly, from the step-out drilling results, the system remains strong to the South, recording significant thickness, and we are also very encouraged by trend of elevated copper grades as drilling gets closer to the A1 Porphyry Target.

With exploration concurrently underway at Kora, Kora South, Judd, Judd South and Northern Deeps, plus the A1 Porphyry there is plenty to look forward to from our exploration program as we progress through the second half of 2023 and beyond.”

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