K92 Mining shares were up Monday morning as the company released results from the ongoing diamond drilling of the Kora deposit at the Kainantu gold mine in Papua New Guinea.
The drilling results are highlighted by hole KMDD0261 which recorded multiple high-grade intersections including 9.8 metres of 83.27 g/t gold, 10 g/t silver and 1.03% copper (84.92 g/t gold-equivalent over 6.6 metres true width) at the K1 Vein.
Drilling to the south continued to intersect significant mineralization, highlighted by KMDD0229 recording multiple intersections including 1.7 metres of 29.76 g/t gold, 8 g/t silver and 0.87% copper (31.15 g/t gold-equivalent over 1.1 metres true width) at the K1 Vein, the company said in a press release.
“All twenty-eight holes intersected mineralization, with 18 intersections exceeding 10 g/t gold-equivalent and 29 intersections exceeding 5 g/t gold-equivalent,” said John Lewins, K92 CEO and director.
“We are pleased to announce the arrival of our tenth drill rig on site. Over the last twelve months, our drill rig fleet has doubled. We intend to continue to add drill rigs through 2021, with our eleventh drill rig scheduled to arrive in Q1. Drilling is underway at Kora, Karempe and Judd epithermal vein systems and the Blue Lake porphyry.”
The Kora deposit comprises two parallel, steeply west dipping, north-south striking quartz-sulphide vein systems, K1 and K2, within an encompassing dilatant structural zone hosted by phyllite. An additional structure, the Kora Link, has also been defined between K1 and K2.
The current resource estimate area covers an area of approximately 1,250 metres along strike by 1,050 to 1,150 metres vertically, representing roughly 75% of the drill target area.
The Kainantu property covers a total area of approximately 725 sq. km and was previously mined by Highlands Pacific and Barrick Gold from 2006 to 2009.
Midday Monday, K92’s stock was up 3% on the TSXV. The company has a $1.6-billion market capitalization.