K92 Mining Announces Second Set of Drill Results from Maiden Program at Arakompa; Significant Strike Expansion, Delineation of Large Near Surface Bulk Mineralized Zone and Multiple High- Grade Intersections
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Suite 488 - 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: +1 (604) 416-4445
Facsimile: +1 (604) 608-9110
www.k92mining.com
NEWS RELEASE
K92 MINING ANNOUNCES SECOND SET OF DRILL RESULTS FROM MAIDEN
PROGRAM AT ARAKOMPA; SIGNIFICANT STRIKE EXPANSION, DELINEATION
OF LARGE NEAR SURFACE BULK MINERALIZED ZONE AND MULTIPLE HIGH-
GRADE INTERSECTIONS
Vancouver, British Columbia, June 10, 2024 - K92 Mining Inc . (“K92” or the “ Company”)
(TSX: KNT; OTCQX: KNTNF) is pleased to announce its second set of drilling results consisting
of 9 holes for total results of 11 holes released to date from its maiden surface diamond drill
program at Arakompa, located approximately 4.5 km from the Kainantu Gold Mine Process Plant
in Papua New Guinea. K92’s maiden drill program at Arakompa represents the first drilling on the
target in 32 years, with limited historic drilling completed, comprising 18 holes totaling 1.8 km of
mostly shallow drilling.
o Significant bulk tonnage strike defined of +400 metres, with bulk intersections drilled
to date by K92 recording an average true thickness of 67 metres, and mineralization
recorded to a maximum vertical depth of ~350 metres to date . Bulk intersection
highlights include:
• KARDD0006: 94.40 m at 3.14 g/t gold equivalent (“AuEq”)(2) (3.06 g/t Au, 3 g/t Ag,
0.02% Cu)
• KARDD0011: 86.60 m at 2.12 g/t AuEq (2.03 g/t Au, 1 g/t Ag, 0.05% Cu)
• KARDD0010: 66.00 m at 2.10 g/t AuEq (1.86 g/t Au, 4 g/t Ag, 0.12% Cu) – hole
terminated prematurely and ended in mineralization
• KARDD0009: 107.10 m at 1.76 g/t AuEq (1.59 g/t Au, 3 g/t Ag, 0.09% Cu)
• KARDD0004: 117.00 m at 1.00 g/t AuEq (0.89 g/t Au, 3 g/t Ag, 0.04% Cu) and
46.50 m at 1.10 g/t AuEq (0.96 g/t Au, 7 g/t Ag, 0.03% Cu)
• KARDD0008: 60.00 m at 1.18 g/t AuEq (1.06 g/t Au, 6 g/t Ag, 0.03% Cu)
• KARDD0003: 80.50 m at 1.18 g/t AuEq (1.09 g/t Au, 3 g/t Ag, 0.03% Cu)
• KARDD0002: 219.80 m at 1.59 g/t AuEq (1.45 g/t Au, 3 g/t Ag, 0.07% Cu) including
149.40 m at 2.12 g/t AuEq (1.93 g/t Au, 3 g/t Ag, 0.09% Cu)
(previously reported)
o Multiple high-grade lodes intersected, often within bulk mineralized zones, with
highlights including:
• KARDD0006: 12.60 m at 19.87 g/t AuEq (19.79 g/t Au, 3 g/t Ag, 0.02% Cu)
• KARDD0011: 3.70 m at 42.35 g/t AuEq (40.84 g/t Au, 17 g/t Ag, 0.82% Cu)
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• KARDD0010: 1.80 m at 16.18 g/t AuEq (15.37 g/t Au, 21 g/t Ag, 0.35% Cu)
• KARDD0009: 6.70 m at 14.35 g/t AuEq (14.19 g/t Au, 9 g/t Ag, 0.03% Cu)
• KARDD0004: 11.20 m at 5.89 g/t AuEq (5.64 g/t Au, 6 g/t Ag, 0.11% Cu)
• KARDD0003: 8.50 m at 7.48 g/t AuEq (7.23 g/t Au, 12 g/t Ag, 0.06% Cu)
• KARDD0008: 11.40 m at 4.75 g/t AuEq (4.44 g/t Au, 21 g/t Ag, 0.03% Cu)
o Exploration expanded from one drill rig operating at the beginning of 2024, to three
drill rigs currently operating . Fourth drill rig plan ned to commence drilling
imminently. Mineralization open along strike, at depth and only approximately 20%
of the +1.7 km mineralized corridor strike length has been drill tested to date by K92,
defined from rock chips, historic drilling and local workings. Additionally, of the strike
drilled by K92 to date, the eastern side of the corridor has not yet been drill tested (see
Figure 1).
o K92 is targeting a maiden mineral resource estimate for Arakompa by Q1 2025.
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$4.00/lb, a silver price of US$22.5/oz and a gold price
of US$1,750/oz.
John Lewins, K92 Chief Executive Officer and Director, stated, “The results from our maiden drill
program to date represent a very exciting period for K92, Papua New Guinea and our various
stakeholders, as our regional exploration program is rapidly unlocking the potential of Arakompa,
a target that has not been drilled for 32 years and previously s een very limited historical work
completed. Importantly Arakompa is nearer to our process plant than our producing Kora and
Judd deposits.
There was one drill rig operating at the beginning of the year and driven by the outstanding results
to date we have now increased to three drill rigs operating. A fourth drill rig is planned to
commence drilling imminently and we are targeting a maiden resource by Q1 2025. We see the
potential for Arakompa to add another stage of organic growth beyond the Stage 3 and 4
Expansions at Kora and Judd that are currently under construction.
We look forward to providing further updates in due course.”
Chris Muller, K92 Executive Vice President Exploration, stated “ Most of the holes drilled in our
maiden program have intersected high-grade lodes amid long intervals of moderate grade gold in
phyllic alteration recording significant bulk intersections. What is exceptionally exciting is that,
while we understand the strike length of the Arakompa corridor is more than 1.7 km, the true width
is yet to be evaluated and is already shown to be substantial, with the eastern side of the corridor
yet to be drill tested. Importantly the depth potential is also very significant, with the deepest hole,
KARDD0010, effectively ending in mineralization at approximately 350m below surface.”
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Arakompa Vein System Background
The Arakompa project is interpreted to be an intrusive related gold -copper-silver epithermal vein
system with similarities to the producing Kora and Judd vein systems. A significant difference at
Arakompa is that it is hosted in tonalite to dioritic rock, whereas Kora and Judd are hosted
predominantly in metasediments (phyllite).
Mineralization at Arakompa is in pronounced vein lodes but is also widespread across a very broad
envelope, hosted in strongly altered tonalite and diorite. This has been interpreted to have resulted
from collapsing argillic and advanced argillic alteratio n and the propylitic alteration of the
basement tonalite are interpreted to originate from the intrusion of a large magmatic porphyry
body. Phyllic alternation appears to be associated with gold mineralization, providing a large halo
(at least 100 m wide) around the vein corridor. There has likely been an upwelling of phyllic
alteration from the porphyry into the high-grade veins. This has resulted in mineralization between
the veins, providing the potential for bulk mining.
Multi-stage mineralizing events with several phases of quartz -sulphide development is apparent
within the veins themselves. The sequence of early quartz deposited from a mesothermal dilute
fluid followed by pyrite -copper-gold ± Bi -Te-Pb-Zn-Sn mineralization at Arakompa has many
similarities to the same events encountered at Kora and Judd.
The main sulphides are pyrite, chalcopyrite, bornite and bismuthinite. As at Kora, chalcopyrite
forms late, overprinting early phases of pyrite. Gold is documented in petrological reports and
shown in photomicrographs as occurring in quartz, or often as inclusions overgrown by
chalcopyrite.
Porphyry evidence is widespread at Arakompa. Locali zed, high -level B veins (quartz with
centreline pyrite) are present, typical of the upper parts of a porphyry system. Magnetite -epidote
alteration represents classic prograde porphyry assemblages, indicative of the inner propylitic
shell. Chalcocite is also locally present, suggesting an underlying copper-enriched body.
The maiden drill program by K92 is the first drilling completed on the target in 32 years, with
limited and shallow drilling completed historically (18 holes, 1,766 m drilled). Of the 18 holes
drilled historically, there were 15 intersections above 5 g/t AuEq, 8 intersections above 10 g/t
AuEq and 3 intersections above 20 g/t AuEq, with highlights including:
004DA92 – 4.00 m at 32.03 g/t AuEq (3.32 m true thickness)
013AD92 – 4.00 m at 20.21 g/t AuEq (3.40 m true thickness)
001AD92 – 2.80 m at 16.18 g/t AuEq (2.41 m true thickness)
005AD92 – 2.00 m at 32.01 g/t AuEq (1.26 m true thickness)
016AD92 – 6.30 m at 14.96 g/t AuEq (2.39 m true thickness)
010AD92 – 9.20 m at 10.67 g/t AuEq (4.32 m true thickness)
Surface field work completed historically and by K92 has demonstrated that the target size of
Arakompa is significant, with mineralization observed from drill holes, rock samples and surface
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workings for at least 1.7 km of strike, hosted within an approximately 150 to 225 m wide
mineralized intense phyllic altered package, and a vertical extent of over 500 m.
Figures
A plan map for Arakompa is provided in Figure 1.
A cross section showing KARDD0009 and KARDD0010 at Arakompa is provided in Figure 2.
A cross section showing KARDD0002 and KARDD0004 at Arakompa is provided in Figure 3.
A long section showing Arakompa drilling to date is provided in Figure 4.
A location map is provided in Figure 5.
Core photographs are provided of drill hole KARDD0009 in Figure 6.
Core photographs are provided of drill hole KARDD0010 in Figure 7.
Core photographs are provided of drill hole KARDD0011 in Figure 8.
Note: Mine grid Northing and Easting updated from previous press release to reflect orientation
of lodes that is better understood after completion of additional drilling.
Table 1
Kainantu Gold Mine – Significant Intercepts from Arakompa Diamond Drilling
Hole ID From (m) To (m) Interval
(m)
True width
(m) Gold g/t Silver g/t Copper % Gold Eq
KARDD0003 0.00 169.50 169.50 108.48 0.66 3 0.04 0.75
(Bulk Intersection)
KARDD0003 89.00 169.50 80.50 51.52 1.09 3 0.03 1.18
(Bulk Intersection)
KARDD0003 32.50 33.50 1.00 0.64 4.52 36 0.05 5.06
KARDD0003 89.00 92.00 3.00 1.92 1.64 9 0.33 2.28
KARDD0003 99.10 102.00 2.90 1.86 1.97 9 0.02 2.12
KARDD0003 157.50 159.00 1.50 0.96 1.96 4 0.03 2.06
KARDD0003 161.00 169.50 8.50 5.44 7.23 12 0.06 7.48
KARDD0003 267.60 268.50 0.90 0.58 1.08 93 0.78 3.49
KARDD0004 0.00 46.50 46.50 29.76 0.96 7 0.03 1.10
(Bulk Intersection)
KARDD0004 4.00 5.00 1.00 0.64 6.93 8 0.04 7.10
KARDD0004 17.00 24.00 7.00 4.48 0.93 9 0.03 1.09
KARDD0004 33.00 42.20 9.20 5.89 2.36 21 0.04 2.70
KARDD0004 215.00 332.00 117.00 74.88 0.89 3 0.04 1.00
(Bulk Intersection)
KARDD0004 281.60 292.80 11.20 7.17 5.64 6 0.11 5.89
KARDD0004 295.70 298.60 2.90 1.86 2.98 6 0.12 3.23
KARDD0004 309.50 313.60 4.10 2.62 1.43 6 0.03 1.55
KARDD0005 184.80 354.00 169.20 78.85 0.44 3 0.04 0.54
(Bulk Intersection)
KARDD0005 207.00 248.00 41.00 26.24 0.96 4 0.07 1.12
(Bulk Intersection)
KARDD0005 13.00 15.20 2.20 1.41 1.41 4 0.01 1.49
KARDD0005 207.00 207.40 0.40 0.26 4.95 54 0.68 6.71
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Hole ID From (m) To (m) Interval
(m)
True width
(m) Gold g/t Silver g/t Copper % Gold Eq
KARDD0005 212.40 213.00 0.60 0.38 6.85 107 2.25 11.76
KARDD0005 219.70 222.10 2.40 1.54 3.57 5 0.23 4.01
KARDD0005 245.30 247.00 1.70 1.09 9.90 11 0.01 10.06
KARDD0006 0.00 94.40 94.40 60.42 3.06 3 0.02 3.14
(Bulk Intersection)
KARDD0006 5.00 17.60 12.60 8.06 19.79 3 0.02 19.87
KARDD0006 23.60 29.60 6.00 3.84 2.09 6 0.02 2.19
KARDD0006 39.70 40.70 1.00 0.64 6.22 70 0.16 7.38
KARDD0006 265.90 266.80 0.90 0.58 12.21 12 0.02 12.39
KARDD0007 138.10 230.70 92.60 44.45 0.31 2 0.02 0.36
(Bulk Intersection)
KARDD0007 177.40 230.70 53.30 25.58 0.44 2 0.02 0.50
(Bulk Intersection)
KARDD0007 208.60 209.40 0.80 0.38 2.70 18 0.07 3.04
KARDD0007 218.80 221.10 2.30 1.10 3.61 6 0.06 3.78
KARDD0007 225.30 225.60 0.30 0.14 2.85 4 0.05 2.99
KARDD0008 0.00 60.00 60.00 30.00 1.06 6 0.03 1.18
(Bulk Intersection)
KARDD0008 9.80 21.20 11.40 5.70 4.44 21 0.03 4.75
KARDD0008 253.00 254.00 1.00 0.50 0.29 20 0.69 1.63
KARDD0008 268.30 268.80 0.50 0.25 1.33 30 0.12 1.91
KARDD0008 453.70 454.90 1.20 0.60 0.60 9 0.24 1.09
KARDD0009 132.90 240.00 107.10 42.84 1.59 3 0.09 1.76
(Bulk Intersection)
KARDD0009 132.90 137.40 4.50 1.80 0.65 4 0.02 0.73
KARDD0009 144.40 148.70 4.30 1.72 2.12 3 0.01 2.17
KARDD0009 161.00 170.50 9.50 3.80 2.60 9 0.11 2.88
KARDD0009 210.50 217.20 6.70 2.68 14.19 9 0.03 14.35
KARDD0009 229.00 240.00 11.00 4.40 0.67 2 0.54 1.55
KARDD0010 320.00 386.00 66.00 40.26 1.86 4 0.12 2.10
(Bulk Intersection)
KARDD0010 325.70 346.00 20.30 12.38 2.90 3 0.07 3.06
(Bulk Intersection)
KARDD0010 253.00 254.10 1.10 0.67 2.55 16 0.12 2.94
KARDD0010 325.70 331.10 5.40 3.29 4.62 5 0.10 4.83
KARDD0010 337.60 339.40 1.80 1.10 1.96 2 0.01 2.00
KARDD0010 344.20 346.00 1.80 1.10 15.37 21 0.35 16.18
KARDD0010 357.50 384.30 26.80 16.35 2.17 7 0.21 2.59
KARDD0011 98.80 185.40 86.60 46.76 2.03 1 0.05 2.12
(Bulk Intersection)
KARDD0011 98.80 102.50 3.70 2.00 40.84 17 0.82 42.35
KARDD0011 177.60 185.40 7.80 4.21 1.82 6 0.11 2.06
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Table 2
Kainantu Gold Mine – Collar Locations for Arakompa Surface Drilling
Hole ID Collar location Collar orientation
Local
North Local East mRL Dip
Local
azimuth
EOH depth
(m)
KARDD0003 90217 70088 1429 -46 268 371
KARDD0004 90216 70088 1429 -57 228 382
KARDD0005 89938 70155 1468 -45 273 368
KARDD0006 90216 70088 1432 -59 246 316
KARDD0007 89940 70156 1475 -45 248 231
KARDD0008 90212 70092 1429 -60 267 464
KARDD0009 90161 70128 1435 -45 248 345
KARDD0010 90163 70124 1419 -63 250 400
KARDD0011 90212 70092 1429 -45 287 251
Drill Hole Sampling Methodology, QA/QC and Qualified Person
The diamond drill hole is first logged to determine the sampling intervals, which range from a
minimum of 0.1 metres to generally 1 metre. The drill core is sawn half core cut along a reference
line, with the remainder of the core returned to the core tray. Core samples are then placed in
numbered calico and plastic bags, with a numbered sample ticket for dispatch to the assay
laboratory. Samples are separately assayed for gold, copper and silver. K92’s procedure includes
the insertion standards, blanks and duplicates. Gold assays are by the fire assay method. Copper
and silver assays are by three-acid-digestion method (nitric, perchloric & hydrochloric mix).
K92 maintains an industry-standard analytical quality assurance and quality control (QA/QC) and
data verification program to monitor laboratory performance and ensure high quality assays.
Results from this program confirm reliability of the assay results. All sampling and analytical work
for the mine exploration program is performed by Intertek Testing Services (PNG) Ltd, an
independent accredited laboratory that is located on site. External check assays for QA/QC
purposes are performed at SGS Australia Pty Ltd in Townsville, Queensland, Australia.
K92 Executive Vice President Exploration, Mr. Chris Muller, PGeo, and K92 Mine Geology
Manager and Mine Exploration Manager, Andrew Kohler, MAIG, both Qualified Persons under
the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have
reviewed and are responsible for the technical content of this news release. In addition to the
analytical QA/QC program outlined above, data verification also includes significant time onsite
reviewing drill core, soil and outcrop sampling, artisanal workings, as well as discussing work
programs and results with geology personnel and external consultants.
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About K92
K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine
in the Eastern Highlands province of Papua New Guinea, as well as exploration and development
of mineral deposits in the immediate vicinity of the mine. The Company declared commercial
production from Kainantu in February 2018 and is in a strong financial position. A maiden resource
estimate on the Blue Lake copper -gold porphyry project was completed in August 2022. 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, President and Chief
Operating Officer at +1-604-416-4445
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: This news
release includes certain “forward-looking statements” under applicable Canadian securities legislation.
Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive
Feasibility Study, and the Kainantu 2022 Preliminary Economic Assess ment, including the Stage 3
Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements
regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4
Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs;
and (iv) the potential extended life of the Kainantu Mine.
All statements in this news release that address events or developments that we expect to occur in the future
are forward-looking statements. Forward-looking statements are statements that are not historical facts
and are generally, although not always, id entified by words such as “expect”, “plan”, “anticipate”,
“project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe”
and similar expressions or their negative connotations, or that events or conditions “will”, “wo uld”,
“may”, “could”, “should” or “might” occur. All such forward -looking statements are based on the
opinions and estimates of management as of the date such statements are made. Forward -looking
statements are necessarily based on estimates and assumption s that are inherently subject to known and
unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may
cause our actual results, level of activity, performance or achievements to be materially different from those
expressed or implied by such forward-looking information. Such factors include, without limitation, Public
Health Crises, including the COVID-19 virus; changes in the price of gold, silver, copper and other metals
in the world markets; fluctuations in the price and availability of infrastructure and energy and other
commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares;
inherent risks associated with the mining industry, including problems related to weat her and climate in
remote areas in which certain of the Company’s operations are located; failure to achieve production, cost
and other estimates; risks and uncertainties associated with exploration and development; uncertainties
relating to estimates of m ineral resources including uncertainty that mineral resources may never be
converted into mineral reserves; the Company’s ability to carry on current and future operations, including
development and exploration activities; the timing, extent, duration and economic viability of such
operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve
estimates, projectio ns and forecasts; the availability and cost of inputs; the availability and costs of
achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs
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the price and market for outputs, including gold, silver and copper; failures of information systems or
information security threats; political, economic and other risks associated with the Company’s foreign
operations; geopolitical events and other uncert ainties, such as the conflicts in Ukraine, Israel and
Palestine; compliance with various laws and regulatory requirements to which the Company is subject to,
including taxation; the ability to obtain timely financing on reasonable terms when required; the current
and future social, economic and political conditions, including relationship with the communities in Papua
New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with
the mining industry; and the risks, u ncertainties and other factors referred to in the Company’s Annual
Information Form under the heading “Risk Factors”.
Estimates of mineral resources are also forward -looking statements because they constitute projections,
based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in
the future and/or the anticipated economics of production. The estimation of mineral resources and mineral
reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral
resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any
such estimates is a function of the quantity and quality of available data, and of the assumptions made and
judgments used in engineering and geological interpretation, Forward -looking statements are not a
guarantee of future performance, and a ctual results and future events could materially differ from those
anticipated in such statements. Although we have attempted to identify important factors that could cause
actual results to differ materially from those contained in the forward -looking statements, there may be
other factors that cause actual results to differ materially from those that are anticipated, estimated, or
intended. 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 a s a result of new information,
future events or otherwise, except as required by law.