K92 Mining Announces Initial Phase 1 High-Grade Judd Vein System Drilling Results, Including 7.25M at 258.01 G/T AuEq
Suite 488 – 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: +1 (604) 687-7130
Facsimile: +1 (604) 608-9110
www.k92mining.com
NEWS RELEASE
November 9, 2020 Vancouver, British Columbia
K92 MINING ANNOUNCES INITIAL PHASE 1 HIGH-GRADE JUDD VEIN SYSTEM
DRILLING RESULTS, INCLUDING 7.25M AT 258.01 G/T AUEQ
• Results reported for the first four holes of K92’s Phase 1 underground drill program
of the sparsely drill tested Judd vein system. Drilling has identified a well-mineralized
vein system , intersecting multiple parallel veins trending North -South, ~150-200 m
East and subparallel to the producing Kora deposit , near mine infrastructure and
within the mining lease.
• JDD0006 intersected multiple veins, including recording 7.25 m at 256.09 g/t Au, 113
g/t Ag and 0.42 % Cu (258.01 g/t AuEq) on Judd Vein 1 (“J1”), approximately 30 m to
the South and 50 m above the Judd bulk sample drive. This intersection is one of the
highest-grade holes drilled by K92 at the Kainantu Gold Mine.
• JDD0003 intersected multiple vein intersections, including 4.52 m at 10.81 g/t Au, 53
g/t Ag and 7.35% Cu ( 22.40 g/t AuEq) at the J1 vein , approximately 60m above the
Judd bulk sample drive and above a higher grade portion of development.
• Mineralization is similar to Kora , an intrusive related Au -Cu-Ag epithermal vein
system, and the J1 bulk sample. Judd is open both up -dip and to depth, along strike
and has been mapped over a 2.5km strike length.
Vancouver, B ritish Columbia, November 9, 2020 - K92 Mining Inc . (“ K92” or the
“Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce results of the first four
Phase 1 underground drill holes completed by K92 on the Judd vein system at the Kainantu Gold
Mine in Papua New Guinea. The holes are part of the Phase 1 drill program targeting strike
extensions of approximately 250 metres from the 1235 Level development drive in addition to up-
dip and down -dip step -out drilling . The Judd vein system is located near -mine i nfrastructure,
subparallel to and ~150-200 m East from the producing Kora deposit and within the mining lease.
To date, four known veins have been recorded at Judd, with similar vein orientation and quartz-
sulphide Au-Cu-Ag mineralization as Kora. Similarly, the veins are essentially quartz/sulphide
with brecciated country rock fragments or massive sulphide (dominated by chalcopyrite) , or
2
combinations of both styles. The veins remain open at depth and only a fraction of the over 2,500 m
strike length has been drilled, with significant gaps remaining to be tested.
A total of four diamond drill holes are reported at Judd from the Phase 1 underground drill
program, with significant intersections recorded from multiple veins. The results are highlighted
by the J1 vein, with JDD0006 recording 7.25 m at 256.09 g/t Au, 113 g/t Ag and 0.42% Cu (258.01
g/t AuEq, 5.30 m true width), approximately 50 m above and 30 m to the South of the existing J1
Vein bulk sample development drive. JDD0006 is also one of the highest-grade drill holes recorded
on the Kainantu property by K92. Approximately 150 m north of JDD0006 and 60m above the J1
vein development drive, JDD0003, along the J1 vein, recorded 4.52 m at 10.81 g/t Au, 53 g/t Ag
and 7.35% Cu (22.40 g/t AuEq, 2.81 m true width). There are currently two drill rigs testing the
Judd vein system, with drilling of hole JDD0005 underway by the second drill rig. The J1 vein
bulk sample on the 1235 Level also remains underway, with the plan to report results upon batch
processing the material.
(Gold equivalent (AuEq) is calculated using copper price of US$3.05/lb, silver price of
US$16.05/oz and gold price of US$1,400/oz.)
John Lewins, K92 Chief Executive Officer and Director, stated, “We are extremely pleased with
the first set of results from our Phase 1 underground drill program at Judd, delivering high-grade,
solid thickness es and similar mineralization to our producing Kora deposit . The results are
highlighted by JDD0006 recording 7.25 m at 256.09 g/t Au, 113 g/t Ag and 0.42 % Cu (258.01 g/t
AuEq, 5.30m true width) on the J1 vein. JDD0006 is one of the highest grade drill holes recorded
at the Kainantu Gold Mine by K92 . Additionally, JDD0003 recorded 4.52 m at 10.81 g/t Au, 53
g/t Ag and 7.35% Cu (22.40 g/t AuEq, 2.81 m true width) on the J1 vein. Importantly, these results
demonstrate the high -grade potential of the Judd vein system beyond results from the historical
drilling near surface to the South, which include BKDD0002 recording 3.0 m at 278.2 g/t Au and
0.21% Cu and 053BD02 recording 9.0 m at 8.32 g/t Au and 1.11% Cu. (see Figure 2)
With only a fraction of Judd’s 2.5 km known strike length sparsely drill tested, we are very excited
about its exploration potential. Exploration activities are ramping up, with nine drill rigs currently
operating at Kainantu, and increasing to ten by year -end. By year-end, we expect to be drilling
the Karempe, Kora, Kora South and Judd vein systems plus the Blue Lake porphyry concurrently.
Preparations to increase the number of drill rigs in 2021 are underway.”
See Figure 1 for Judd Vein 1 Drill Results Long-Section.
See Figure 2 for Judd Vein Long-Section with Current Judd Vein Interpretations.
See Figure 3 for Location Map of the Judd Vein Target. Surrounding Veins and Infrastructure.
See Figure 4 for drill core photograph of JDD0006, 138.5 – 145.7 m, with massive sulphide /
quartz veining; overall intersection downhole interval returned 7.25 m at 256.09 g/t Au, 113 g/t
Ag and 0.42 % Cu (258.01 g/t AuEq).
3
Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drilling at Judd
Hole_id From (m) To (m) Interval
(m)
True width
(m) Gold g/t Silver g/t Copper % Gold
equivalent Lode
JDD0002 71.5 73.8 2.26 2.02 2.06 3 0.02 2.12
JDD0002 103.9 107.2 3.30 2.93 0.18 2 0.07 0.31 J1
JDD0002 162.0 165.0 2.96 2.64 0.49 34 2.75 4.99 J2
JDD0003 168.2 172.7 4.52 2.81 10.81 53 7.35 22.40 J1
including 168.2 169.1 0.92 0.57 11.70 206 26.90 54.25 J1
including 169.1 170.1 1.00 0.62 20.60 35 3.21 25.80 J1
including 170.1 170.4 0.29 0.18 10.50 3 0.10 10.68 J1
including 170.4 170.8 0.40 0.25 3.89 1 0.01 3.92 J1
including 170.8 171.8 1.01 0.63 0.48 1 0.03 0.54 J1
including 171.8 172.7 0.90 0.56 13.80 16 5.76 22.59 J1
JDD0003 177.1 179.5 2.47 1.53 1.12 13 4.70 8.29 J1
including 177.1 178.3 1.23 0.76 0.93 12 7.19 11.81 J1
including 178.3 179.5 1.24 0.77 1.31 14 2.23 4.80 J1
JDD0003 189.6 190.0 0.36 0.22 1.01 31 4.13 7.54
JDD0003 200.4 208.4 8.00 5.70 1.09 19 0.54 2.11 J2
including 200.4 200.7 0.25 0.18 1.05 5 0.17 1.36 J2
including 200.7 200.8 0.11 0.08 1.66 50 6.97 12.65 J2
including 200.8 201.0 0.24 0.17 0.30 3 0.08 0.45 J2
including 201.0 201.2 0.19 0.14 3.99 28 2.26 7.69 J2
including 201.2 202.2 1.01 0.72 0.16 23 0.46 1.11 J2
including 202.2 203.3 1.08 0.77 0.13 2 0.01 0.17 J2
including 203.3 204.4 1.09 0.78 1.12 18 0.23 1.67 J2
including 204.4 205.2 0.86 0.61 1.52 18 0.17 1.98 J2
including 205.2 206.0 0.77 0.55 0.57 16 0.33 1.25 J2
including 206.0 207.0 1.00 0.71 2.47 24 0.36 3.28 J2
including 207.0 207.5 0.46 0.33 0.41 32 1.24 2.63 J2
including 207.5 208.4 0.94 0.67 1.63 26 1.04 3.48 J2
JDD0004 108.0 108.8 0.87 0.63 2.67 8 0.32 3.24
JDD0004 120.7 130.9 10.25 7.47 0.14 4 0.30 0.63 J1
Including 120.7 120.9 0.22 0.16 1.84 6 2.31 5.36 J1
Including 120.9 121.9 1.00 0.73 0.06 3 0.05 0.17 J1
Including 121.9 122.9 1.00 0.73 0.07 5 1.20 1.92 J1
Including 122.9 123.9 1.00 0.73 0.26 7 0.83 1.58 J1
Including 123.9 124.3 0.40 0.29 0.07 4 0.26 0.50 J1
Including 124.3 125.3 1.00 0.73 0.07 2 0.03 0.14 J1
Including 125.3 126.3 1.00 0.73 0.03 1 0.02 0.07 J1
Including 126.3 127.3 1.00 0.73 0.15 9 0.14 0.46 J1
Including 127.3 128.3 1.00 0.73 0.05 1 0.02 0.09 J1
Including 128.3 129.1 0.80 0.58 0.02 1 0.01 0.05 J1
Including 129.1 129.7 0.55 0.40 0.07 1 0.01 0.10 J1
Including 129.7 130.0 0.35 0.25 0.28 4 0.10 0.48 J1
Including 130.0 130.9 0.93 0.68 0.12 4 0.17 0.42 J1
including 130.9 133.0 2.07 1.50 6.98 7 0.43 7.70 J1
Including 130.9 131.7 0.75 0.54 15.84 9 0.43 16.59 J1
Including 131.7 132.4 0.70 0.51 0.34 8 0.48 1.15 J1
Including 132.4 132.6 0.17 0.12 11.11 3 0.21 11.46 J1
Including 132.6 133.0 0.45 0.33 0.98 4 0.43 1.67 J1
JDD0004 138.6 139.2 0.58 0.42 0.60 8 1.76 3.32 JL
Including 138.6 138.7 0.15 0.11 0.47 7 0.55 1.37 JL
Including 138.7 139.0 0.23 0.17 0.07 4 0.08 0.24 JL
Including 139.0 139.2 0.20 0.15 1.32 12 4.59 8.31 JL
JDD0004 163.8 165.8 2.00 1.42 1.24 6 0.36 1.85 J2
Including 163.8 164.0 0.24 0.17 0.44 18 0.44 1.30 J2
Including 164.0 164.7 0.64 0.46 0.37 4 0.26 0.80 J2
Including 164.7 165.1 0.39 0.28 1.34 8 0.67 2.43 J2
Including 165.1 165.6 0.51 0.36 0.99 3 0.35 1.55 J2
Including 165.6 165.8 0.22 0.16 5.06 3 0.04 5.15 J2
JDD0004 182.4 190.5 8.10 5.41 0.54 7 0.14 0.83 J3
Including 182.4 183.2 0.81 0.58 1.16 4 0.15 1.43 J3
Including 183.2 183.3 0.12 0.09 9.86 28 0.15 10.41 J3
Including 183.3 184.3 0.97 0.69 0.01 1 0.01 0.04 J3
Including 184.3 185.3 1.00 0.71 0.01 1 0.01 0.04 J3
Including 185.3 186.3 1.00 0.71 0.01 1 0.01 0.04 J3
Including 186.3 187.3 1.00 0.71 0.01 1 0.01 0.04 J3
Including 187.3 188.0 0.74 0.53 0.01 1 0.00 0.02 J3
Including 188.0 189.0 0.93 0.66 1.41 13 0.07 1.66 J3
Including 189.0 189.2 0.22 0.16 0.91 76 2.45 5.44 J3
Including 189.2 189.4 0.25 0.18 0.31 9 0.02 0.44 J3
Including 189.4 190.0 0.56 0.40 0.68 24 0.51 1.72 J3
Including 190.0 190.5 0.50 0.36 0.11 2 0.03 0.18 J3
JDD0006 138.5 145.7 7.25 5.30 256.09 113 0.42 258.01 J1
4
Hole_id From (m) To (m) Interval
(m)
True width
(m) Gold g/t Silver g/t Copper % Gold
equivalent Lode
including 138.5 138.8 0.33 0.24 42.50 38 0.50 43.68 J1
including 138.8 139.6 0.79 0.58 1.73 4 0.25 2.15 J1
including 139.6 140.0 0.41 0.30 1.63 2 0.19 1.94 J1
including 140.0 140.9 0.93 0.68 10.68 177 0.64 13.67 J1
including 140.9 141.5 0.61 0.45 45.20 370 1.04 51.00 J1
including 141.5 142.0 0.46 0.34 0.56 1 0.03 0.62 J1
including 142.0 142.4 0.44 0.32 23.90 6 0.08 24.09 J1
including 142.4 142.7 0.30 0.22 5874.30 1190 1.12 5889.62 J1
including 142.7 143.4 0.64 0.47 16.12 29 0.18 16.72 J1
including 143.4 143.7 0.27 0.20 16.57 47 2.14 20.31 J1
including 143.7 143.9 0.28 0.20 4.37 23 0.48 5.35 J1
including 143.9 144.7 0.73 0.53 0.51 6 0.10 0.73 J1
including 144.7 145.3 0.67 0.49 13.69 13 0.13 14.03 J1
including 145.3 145.7 0.39 0.28 11.43 2 0.03 11.50 J1
JDD0006 154.0 155.0 1.00 0.73 1.91 1 0.01 1.94
Table 2 - Kainantu Gold Mine – Collar Locations for Judd Diamond Drilling
Hole_id
Collar location Collar orientation
EOH depth (m) Lode
Local north Local East RL Inclination Local azimuth
JDD0001 29856 58775 1192 0.50 96.20 209.4 Judd
JDD0002 58691 29863 1214 15.10 109.86 221.1 Judd
JDD0003 58694 29863 1215 31.50 59.58 224.1 Judd
JDD0004 58534 29860 1219 37.60 100.33 200.4 Judd
JDD0006 58691 29863 1215 32.00 124.54 169.9 Judd
(1) Gold equivalent in Table 1 uses copper price of US$ 3.05/lb; silver price of US$16. 05/oz and gold price of
US$1,400/oz.
Table 3 – Global Kora Mineral Resource Estimate (effective date April 2, 2020)
Tonnes Gold Silver Copper AuEq
mt g/t moz g/t moz % kt g/t moz
Measured 0.66 13.34 0.28 11.6 0.25 0.51 3.4 14.14 0.3
Indicated 2.47 8.44 0.67 16.3 1.29 0.63 15.6 9.46 0.8
Total M&I 3.13 9.47 0.95 15.3 1.54 0.61 19 10.45 1.1
Inferred 12.67 7.32 2.98 19.9 8.11 1.1 139.4 9.01 3.7
• Mineral Resource Estimate is included in a technical report titled, “Independent Technical
Report, Mineral Resource Estimate Update and Preliminary Economic Assessment for
Expansion of the Kainan tu Mine to Treat 1 Mtpa from the Kora Gold Deposit, Kainantu
Project, Papua New Guinea” with an effective date of April 2, 2020.
• The Independent and Qualified Person responsible for the Mineral Resource Estimate is
Simon Tear, P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic
viability.
• Resources were compiled at 1,2,3,4,5,6,7,8,9 and 10 g/t gold cut-off grades.
• Density (t/m3) is on a per zone basis, K1 and Kora Link: 2.84 t/m3; K2: 2.93 t/m3; Waste:
2.8 t/m3
• Reported tonnage and grade figures are rounded from raw estimates to reflect the order
of accuracy of the estimate.
• Minor variations may occur during the addition of rounded numbers.
5
• Calculations used metric units (metres, tonnes and g/t)
• Gold equivalents are calculated as AuEq = Au g/t + ((0.923 x Cu%)*1.38)+ ((0.77 x Ag
g/t*0.0115). Gold price US$1,400/oz; Silver US$16.05/oz; Copper US$3.05/lb. Metal
payabilities and recoveries are incorporated into the AuEq formula. Recoveries of 92.3%
for copper and 77% for silver.
Qualified Person
K92 mine geology manager and mine exploration manager, Andrew Kohler, PGeo, a qualified
person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, has reviewed and is responsible for the technical content of this news release.
About K92
K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora deposit at
the Kainantu Gold Mine in the Eastern Highland s province of Papua New Guinea, as well as
exploration and development of mineral deposits in the immediate vicin ity of the mine. The
Company declared commercial production from Kainantu in February 2018 and is in a strong
financial position.
The Company commenced an expansion of the mine based on an updated Preliminary Economic
Assessment on the property which was published in January 2019 and updated in July 2020. K92
is operated by a team of mining company professionals with extensive international mine-building
and operational experience.
On Behalf of the Company,
John Lewins, Chief Executive Officer and Director
For further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news
release includes certain “forward -looking statements” under applicable Canadian securities
legislation. Forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known and unknown risks,
uncertainties, and o ther factors which may cause the actual results and future events to differ
materially from those expressed or implied by such forward -looking statements. All statements
that address future plans, activities, events, or developments that the Company believ es, expects
or anticipates will or may occur are forward-looking information, including statements regarding
the realization of the preliminary economic analysis for the Kainantu Project , expectations of
future cash flows, the planned plant expansion, production results, cost of sales, sales of
production, potential expansion of resources and the generation of further drilling results which
may or may not occur. Forward -looking statements and information contained herein are based
6
on certain factors and ass umptions regarding, among other things, the market price of the
Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount
of future exploration and development, capital and operating costs, the availability of financin g,
the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment
or processes to operate as anticipated, accidents, labour disputes, claims and limitations on
insurance coverage and other risks of the mining industry , changes in national and local
government regulation of mining operations in PNG , mitigation of the Covid -19 pandemic,
continuation of the lifted state of emergency, and regulations and other matters. There can be no
assurance that such statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
7
Figure 1 – Judd Vein 1 Long-Section
Figure 2 – Judd Vein System long-section including Judd Vein interpretations (“Interps”) based on sparse drilling