KNT:CC - K92 Mining Announces Latest High-Grade Gold & Copper Drill Results at Kora-Kora South and Judd-Judd South; Multiple Dilatant Zones Intersected

• Kora South surface drill hole KUDD0035 intersects dilatant zone, recording multiple intersections including 50.05 m at 5.25 g/t gold equivalent (“AuEq”) ^{( 2 )} or 1.60 g/t Au, 34 g/t Ag and 2.01% Cu from the K1 Vein, 6.35 m at 12.29 g/t AuEq or 1.81 g/t Au, 483 g/t Ag and 2.77% Cu from the K2 Vein and 6.40 m at 9.00 g/t AuEq or 0.83 g/t Au, 237 g/t Ag and 3.24% Cu from the Kora Link Structure. This represents the first dilatant zone intersected that includes the K1 Vein.

• Kora South surface drill hole KUDD0033 intersects dilatant zone, recording multiple intersections including 27.90 m at 10.48 g/t AuEq or 4.65 g/t Au, 76 g/t Ag and 3.03% Cu from the K2 Vein. It is situated ~100 m up-dip from the previously reported hole KUDD0002, which intersected a dilatant zone, recording 35.90 m at 5.98 g/t AuEq.

• Judd South surface drill hole KUDD0032 intersects dilatant zone, recording multiple intersections including 30.30 m at 6.13 g/t AuEq or 3.49 g/t Au, 27 g/t Ag and 1.43% Cu from the J1 Vein. KUDD0032 is located ~100 m to the north from the previously reported hole KUDD0001, which intersected a dilatant zone of 66.55 m at 5.02 g/t AuEq.

• Judd South surface drill hole KUDD0038 intersects dilatant zone, recording multiple intersections including 28.70 m at 4.53 g/t AuEq or 2.85 g/t Au, 25 g/t Ag and 0.85% Cu from the J1 Vein. It is located ~100 m up-dip from previously reported drill hole KUDD0001. KUDD0038 also intersected 6.90 m at 18.12 g/t AuEq or 5.86 g/t Au, 111 g/t Ag and 6.77% Cu from the K2 Vein and 14.00 m at 5.49 g/t AuEq or 0.91 g/t Au, 35 g/t Ag and 2.58% Cu from the K1 Vein.

• Judd surface drill hole KODD0026 records multiple intersections including 5.40 m at 56.76 g/t AuEq or 56.46 g/t Au, 2 g/t Ag and 0.17% 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 and surface within ML150.

• Kora underground drill hole KMDD0504 records multiple intersections including 6.12 m at 88.44 g/t AuEq or 88.12 g/t Au, 5 g/t Ag and 0.16% Cu from the K1 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, Feb. 21, 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 89 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.

Surface drilling focused on southern strike extensions and extending Judd mineralization towards surface, while 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 13 intersections exceeding 10 g/t AuEq and 36 intersections exceeding 5 g/t AuEq. At Judd-Judd South, all drill holes intersected mineralization, with 11 intersections exceeding 10 g/t AuEq and 29 intersections exceeding 5 g/t AuEq.

Kora South Drilling Results

At Kora South, the results are highlighted by surface hole KUDD0035 recording multiple intersections including 50.05 m at 1.60 g/t Au, 34 g/t Ag and 2.01% Cu (5.25 g/t AuEq, 31.53 m true width) from the K1 Vein, 6.35 m at 1.81 g/t Au, 483 g/t Ag and 2.77% Cu (12.29 g/t AuEq, 4.00 m true width) from the K2 Vein and 6.40 m at 0.83 g/t Au, 237 g/t Ag and 3.24% Cu (9.00 g/t AuEq, 4.03 m true width) from the Kora Link Structure. KUDD0035 is especially significant as it represents the first dilatant zone to be intersected from the K1 Vein. Previous dilatant zones at Kora South have only been intersected from and between the K2 and K3 Veins.

The latest surface step-out drilling at Kora South intersected mineralization in all holes and recorded multiple dilatant zone intersections. Step-out drill highlights include holes KUDD0033, which also intersected a dilatant zone, recording multiple intersections including: 27.90 m at 4.65 g/t Au, 76 g/t Ag and 3.03% Cu (10.48 g/t AuEq, 19.25 m true width) from the K2 Vein; KUDD0038 recording multiple intersections including 14.00 m at 0.91 g/t Au, 35 g/t Ag and 2.58% Cu (5.49 g/t AuEq, 8.82 m true width) from the K1 Vein and 6.90 m at 5.86 g/t Au, 111 g/t Ag and 6.77% Cu (18.12 g/t AuEq, 4.35 m true width) from the K2 Vein; KUDD0037 recording multiple intersections including: 6.70 m at 5.04 g/t Au, 135 g/t Ag and 6.99% Cu (17.96 g/t AuEq, 4.76 m true width) from the K1 Vein, and; KUDD0039 recording multiple intersections including 6.50 m at 3.32 g/t Au, 103 g/t Ag and 7.76% Cu (17.08 g/t AuEq, 4.81 m true width) from the K2 Vein. We note that within the existing Kora deposit, grade tenor is higher at depth, and drilling is underway to target this area from the southern 1205 Level underground drill drive plus deeper surface drilling.

Judd South Drilling Results

At Judd South, the results are highlighted by hole KUDD0032 recording multiple intersections and a dilatant zone, including 30.30 m at 3.49 g/t Au, 27 g/t Ag and 1.43% Cu (6.13 g/t AuEq, 16.06 m true width) from the J1 Vein. KUDD0032 is located in a cluster of J1 Vein dilatant zone intersections, including previously reported hole KUDD0001 located ~100 m to the north of KUDD0032, which recorded 66.55 m at 3.65 g/t Au, 9 g/t Ag and 0.78% Cu (5.02 g/t AuEq, 43.26 m true width) and KUDD0038, ~100 m up-dip and to the south from hole KUDD0032, which also recorded multiple intersections, including 28.70 m at 2.85 g/t Au, 25 g/t Ag and 0.85% Cu (4.53 g/t AuEq, 18.08 m true width) from the J1 Vein.

Other drill highlights include: KUDD0034 recording multiple intersections including 10.32 m at 9.20 g/t Au, 30 g/t Ag and 2.36% Cu (13.36 g/t AuEq, 5.68 m true width) from the J2 Vein; KUDD0033 recording multiple intersections including 1.50 m at 11.03 g/t Au, 18 g/t Ag and 0.03% Cu (11.30 g/t AuEq, 1.04 m true width) from the J2 Vein, and; KUDD0036 recording multiple intersections including 7.70 m at 3.98 g/t Au, 10 g/t Ag and 1.18% Cu (6.01 g/t AuEq, 4.93 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 Drilling Results

At Kora, underground drilling towards the south is highlighted by holes KMDD0503 recording multiple intersections including 6.63 m at 0.91 g/t Au, 91 g/t Ag and 6.34% Cu (12.21 g/t AuEq, 2.34 m true width) from the K2 Vein and KMDD0511 recording multiple intersections including 12.04 m at 7.20 g/t Au, 28 g/t Ag and 2.22% Cu (11.11 g/t AuEq, 7.34 m true width) from the K2 Vein. These holes extended high-grade mineralization to the south and notably, the holes continue to demonstrate increasing copper grade tenor as drilling approaches the A1 Porphyry target. This has also been observed in Kora South surface holes KUDD0033, KUDD0035, KUDD0037, KUDD0038 and KUDD0039 noted above. Mineralization remains open along strike to the south and at depth, and the Company plans to target both areas from underground via the 1205 Level southern drill drive (Kora South) and once the twin incline development progresses closer to the Kora resource (Kora Deeps, targeting 2Q 2023).

Underground drilling in the central and northern areas of Kora continue to record high-grade intersections, highlighted by holes KMDD0504 recording multiple intersections including: 6.12 m at 88.12 g/t Au, 5 g/t Ag and 0.16% Cu (88.44 g/t AuEq, 4.87 m true width) from the K1 Vein; KMDD0499 recording multiple intersections including 6.23 m at 13.93 g/t Au, 3 g/t Ag and 0.13% Cu (14.18 g/t AuEq, 4.60 m true width) from the K1 Vein, and; KMDD0506 recording multiple intersections including 3.45 m at 15.79 g/t Au, 3 g/t Ag and 0.41% Cu (16.48 g/t AuEq, 3.20 m true width) from the K1 Vein.

Other underground drill highlights include KMDD0519 recording multiple intersections including: 5.30 m at 13.49 g/t Au, 30 g/t Ag and 0.61% Cu (14.84 g/t AuEq, 4.65 m true width) from the K2 Vein; KMDD0516 recording multiple intersections including 4.15 m at 8.83 g/t Au, 39 g/t Ag and 1.82% Cu (12.24 g/t AuEq, 3.30 m true width) from the K2 Vein, and; KMDD0515 recording multiple intersections including 8.30 m at 8.61 g/t Au, 19 g/t Ag and 0.51% Cu (9.67 g/t AuEq, 7.83 m true width) from the K2 Vein.

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 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. KODD0026 demonstrates the strong potential for high grade mineralization to extend up-dip from the Judd resource estimate towards surface. This substantial area is largely untested and is a key focus of our surface drilling program.

Underground drilling to the south and down-dip encountered multiple high-grade intersections with highlights including: JDD0163 recording multiple intersections including 4.06 m at 14.27 g/t Au, 65 g/t Ag and 0.90% Cu (16.53 g/t AuEq, 2.80 m true width) from the J1 Vein; JDD0159 recording multiple intersections including 2.49 m at 6.62 g/t Au, 32 g/t Ag and 1.91% Cu (10.08 g/t AuEq, 1.40 m true width) from the J1 Vein, and; JDD0172 recording multiple intersections including 10.90 m at 6.06 g/t Au, 16 g/t Ag and 0.73% Cu (7.43 g/t AuEq, 4.74 m true width) from the J1 Vein.

Other drill highlights include KODD0020 recording multiple intersections including 16.65 m at 6.92 g/t Au, 4 g/t Ag and 0.33% Cu (7.49 g/t AuEq, 9.66 m true width) from the J1 Vein, and underground hole JDD0170 recording multiple intersections including 3.15 m at 10.10 g/t Au, 12 g/t Ag and 1.12% Cu (12.05 g/t AuEq, 2.09 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.

Figures

Long sections of K1, K2 and J1 showing the location of the latest drill holes are provided in Figures 1, 2 and 3, respectively. A long section showing Kora drilling to date is provided in Figure 4. A long section showing Judd drilling to date is provided in Figure 5. Core photographs of drill hole KMDD0504 is provided in Figure 6, KUDD0035 in Figure 7 and KUDD0032 in Figure 8.

John Lewins, K92 Chief Executive Officer and Director, stated, “The drill results continue to demonstrate the significant resource growth potential of the Kora-Kora South and Judd-Judd South vein systems as shown by multiple high-grade gold and copper intersections at significant thickness.

The most recent results have certainly enhanced our understanding of the dilatant zones with 5 dilatant intersections recorded from surface drilling, including KUDD0035 recording 50.05 m at 5.25 g/t AuEq from the K1 Vein and KUDD0033 recording 27.90 m at 10.48 g/t AuEq from the K2 Vein, and KUDD0038 recording 14.00 m at 5.49 g/t AuEq from the K1 Vein at Kora South, plus KUDD0032 recording 30.30 m at 6.13 g/t AuEq from the J1 Vein, and KUDD0038 recording 28.70 m at 4.53 g/t AuEq from the J1 Vein at Judd South. Dilatant zones have the potential to be a significant endowment multiplier due to their thickness being several times greater than the vein system thickness average.

The results have also significantly expanded the known deposit dimensions at Judd-Judd South, documenting multiple high-grade intersections. In addition to the highlights noted above, highlights include: KODD0026 recording 5.40 m at 56.76 g/t AuEq from the J1 Vein, JDD0163 recording 4.06 m at 16.53 g/t AuEq from the J1 Vein, JDD0172 recording 10.90 m at 7.43 g/t AuEq from the J1 Vein and KODD0020 recording 16.65 m at 7.49 g/t AuEq from the J1 Vein. Judd South has demonstrated a very strong hit rate to date, with 52% of surface holes drilled exceeding 5 g/t AuEq and at solid thickness. It is important to note that high-grade mineralization at Judd was encountered from underground development in 3Q 2020 and has only been a recent exploration focus. We see significant expansion potential along strike, at depth and towards surface.

Also, we are pleased with the results at Kora, highlighted by hole KMDD0504 recording 6.12 m at 88.44 g/t AuEq from the K1 Vein. Over the next few months, the twin incline, which is currently advancing ahead of budget, will be in position for drilling to target Kora Deeps, the down-dip extension of Kora, which we see as a high-potential target area.

We have almost completed a new drill cuddy at the southern extent of the 1205 level development, which is located in our Exploration Lease 470, approximately 125 metres to the south of the previously most southerly drill cuddy and almost 200 metres along strike from the Mining Lease 150 boundary. This will allow us to further ramp-up drilling to the south from underground. We plan to continue the development of 1205 to the south to allow additional drill cuddies to be developed, enabling us to further increase the number of underground drill rigs operating in EL 470 targeting Kora South and Judd South from underground.

Lastly, porphyry exploration drilling is planned to commence shortly at A1, our top porphyry target.”

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