K92 Mining in PNG increases resources

THE K92 Mining Inc has significantly increased its resource at Kora at a very low discovery cost, an official says.
Chief executive John Lewins made the statement when providing an update on the production of the Kainantu gold mine in Eastern Highlands, Papua New Guinea.
“In 18 months of underground and surface drilling, K92 Mining has significantly increased our resource at Kora and at a very low discovery cost of less than US$5 (K16.92) per oz (ounce),” he said.
“The measured and indicated resource now stands at 3.1 million tonnes at 10.45 g/t AuEq (gold equivalent) for 1.1 million ounces AuEq and inferred at 12.7 million tonnes at 9.01 g/t AuEq for 3.7 million ounces, confirming that Kora is a very large system.
“The resource estimate has also demonstrated Kora’s significant high-grade operational flexibility going forward, with moderate reductions in overall ounces, and significant increases in grade at increasing cut-off grades.
“Going forward, there remains tremendous potential to increase resources at Kainantu.
“At Kora, approximately 75 per cent of the originally planned 1,000m by 1,000m target area was drilled for this resource.
“The remaining drill target area is highly prospective and continuing exploration drilling from underground has already shown continuity of mineralisation into this area.
“In addition, there are also multiple high priority near-mine targets that are planned to be drilled this year.”
“With the resource significantly increased, we are working on a preliminary economic assessment (PEA) for the next potential production expansion phase – stage 3.
“This work had commenced prior to the completion of the updated Kora resource estimate.”

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