K92 Operations Update and Latest Drill Results Highlights include:
Suite 488 – 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: (604) 687-7130
Facsimile: (604) 608-9110
NEWS RELEASE
February 2, 2018 Vancouver, British Columbia
K92 MINING INC.
K92 Operations Update and Latest Drill Results
Highlights include:
• Drill intercept of 6.49 m at 23.66 g/t Au, 27 g/t Ag and 0.16% Cu (24.24 g/t AuEq)
• Face sampling taken while mining the K1 Kora vein reports value s of 0.6 m @ 1,126
g/t Au in one face and 0.3 m @ 2,171 g/t Au in another face
• Process plant feed grade in excess of 40 g/t Au over consecutive days, including a peak
of 82.98 g/t Au over a 12 hour period.
K92 (TSXV - KNT) is pleased to provide an update on operations at its Kainantu Gold Mine in
Papua New Guinea.
Mining operations are currently focused on mining from stopes 1 185 K2 0N and 1185 K2 0S as
well as from the development on 1185 K1 North and South from the second cross cut. All material
from the first cut on the stopes was extracted during the month , filling of 1185 K2 0N was
completed and drilling and blasting of the second cut commenced . Filling of 1185K2 0S has also
commenced. The second Kora North K1 vein has been mined for a strike extent of over 100 metres
and has averaged approximately 20 g/t. The 1185 K1 North in par ticular has returned some
extremely high grades including 0.3 m @ 2,171.8 g/t Au in one f ace and 0.6 me @ 1,126 g/t Au
in another face. The results from 10 faces are provided in Tabl e 3 below with the highest uncut
face value reported being 157.2 g/t Au and 0.96% Cu over 3.45 m width and the lowest being
12.42 g/t Au and 3.3% Cu over 3.15 m width. This high grade zone is still being mined so it’s full
extent along strike and vertically has yet to be determined.
Table 1 1185 K1 North Developme nt Face Sampling Results
Width
Metres
Uncut
Au g/t
Au Cut 60 g/t
Au g/t Cu % Comments
3.2 131.63 27.33 1.55 Includes 0.3m at 2,171.8 g/t Au
3 21.13 16.34 1.51
3.25 40.28 18.77 1.24
3 28.32 17.47 1.02
3.45 157.2 23.82 0.96 Incorporates the 1,126 g/t Au
3.15 12.42 12.08 3.3
3.03 68.04 25.83 1.9
3 69.94 27 0.92
3.1 24.61 19.73 1.6
2.75 43.4 28.29 0.9
Face sampling is carried out on every face and involves sampling two lines across the entire face
approximately one metre apart with between 4 and 8 samples taken per line after geological
interpretation.
Mining from Irumafimpa is also continuing, with operations focu sed on the 1235 S stope which
was partially drilled out and fired during the month.
The high grade material mined from the 1185 K1 South was blende d with lower grade material
from 1185 K1 South and the 1185 K2 0S stope, however despite this the plant reported daily feed
grades in excess of 40 g/t Au on a number of days, with a peak of 82.15 g/t Au reported over a 12
hour period. The plant throughput has been reduced to maximise recovery when treating these very
high grades.
Additional to mining, grade control drilling from the first dri ll cuddy, DDC1 is now complete,
with drilling from the second drill cuddy, DDC2 located 125 metres to the south, ongoing. Drilling
from a third cuddy, located 200 metres to the north of DDC1, has also commenced.
The latest results from DDC2 from hole KMDD0047 which include 3 .85 m at 2.83 g/t Au, 6 g/t
Ag and 1.01% Cu (4.46 g/t AuEq) plus 6.49 m at 23.66 g/t Au, 27 g/t Ag and 0.16% Cu (24.24 g/t
AuEq) plus 2.10 m at 9.42 g/t Au, 24 g/t Ag and 3.47 % Cu (15.0 44.46 g/t AuEq) plus 4.10 m at
2.36 g/t Au, 48 g/t Ag and 1.09 % Cu (4.64 g/t AuEq) confirm th e continuity of both the K1 and
K2 veins to the south over a strike length of almost 300 metres . The results from this hole have
also confirmed the continuity of a high grade third vein designated KL1 running between K1 and
K2. The intersection of one of the Kora lodes in KMDD0050, is considered important as it extends
the known Kora Vein system north to beyond 59375N.
Tables 2 and 3 below provide a summary of the results from the latest diamond grade control drill
holes drilled into the Kora North Vein system. Table 2 provides a summary of the significant
intercepts from the hole, while Table 3 provides details of collar location and hole orientation.
Table 2.0 Significant Intercepts from Kora Underground Diamond Drilling
Hole_id From (m) To (m) Interval
(m)
True
width (m) Gold g/t Silver g/t Copper % Gold
equivalent
KMDD0045 65.64 69.3 3.66 2.97 0.91 4 0.29 1.40
Including 65.64 66.35 0.71 0.58 1.05 1 0.40 1.68
Including 66.35 67.25 0.90 0.73 0.38 1 0.29 0.84
Including 67.25 68.05 0.80 0.65 0.56 1 0.04 0.63
Including 68.05 68.80 0.75 0.61 2.25 15 0.57 3.31
Including 68.80 69.30 0.50 0.41 0.2 1 0.15 0.44
KMDD0045 99 100 1.00 0.81 1.56 30 1.19 3.77
Including 99.00 99.45 0.45 0.37 3.09 60 2.42 7.57
Including 99.45 100.00 0.55 0.45 0.31 6 0.18 0.66
KMDD0046A 17.07 18.12 1.05 0.66 3.16 3 0.01 3.22
KMDD0046A 20.13 24.1 3.97 2.49 1.68 3 0.47 2.44
Including 20.13 21.07 0.94 0.59 0.69 1 0.05 0.78
Including 21.07 22.02 0.95 0.60 0.70 1 0.00 0.72
Including 22.02 22.24 0.22 0.14 0.63 1 0.01 0.66
Including 22.38 22.95 0.57 0.36 2.73 1 0.10 2.90
Including 22.95 24.10 1.15 0.72 3.17 11 1.53 5.65
KMDD0047 40.5 44.35 3.85 2.18 2.83 6 1.01 4.46
Including 40.5 41.1 0.6 0.34 12.19 16 2.36 16.01
Including 41.1 41.9 0.8 0.45 1.26 5 1.15 3.08
Including 41.9 42.9 1 0.57 0.18 2 0.3 0.67
Including 42.9 43.7 0.8 0.45 2.37 5 0.8 3.66
Including 43.7 44.35 0.65 0.37 0.77 4 0.98 2.32
KMDD0047 48.16 54.65 6.49 4.43 23.66 27 0.16 24.25
Including 48.16 49.11 0.95 0.65 44.01 9 0.19 44.42
Including 49.11 49.6 0.49 0.33 20.92 13 0.23 21.44
Including 49.6 50.2 0.6 0.41 44.84 3 0.07 44.99
Including 50.2 50.5 0.3 0.20 34.11 8 0.1 34.37
Including 50.5 50.8 0.3 0.20 11.07 4 0.04 11.18
Including 50.8 51.7 0.9 0.61 44.07 162 0.34 46.70
Including 51.7 52.9 1.2 0.82 6.43 2 0.06 6.55
Including 52.9 54 1.1 0.75 7.37 2 0.06 7.49
Including 54 54.65 0.65 0.44 8.49 6 0.31 9.04
KMDD0047 57.8 58 0.20 0.11 1.46 15 1.54 4.00
KMDD0047 83.5 85.6 2.10 1.69 9.42 24 3.47 15.05
Including 83.5 84.85 1.35 1.09 13.27 34.5 4.96 21.31
Including 84.85 85.1 0.25 0.20 1 4.6 0.56 1.92
Including 85.1 85.6 0.5 0.40 3.25 7.4 0.9 4.72
Hole_id From (m) To (m) Interval
(m)
True
width (m) Gold g/t Silver g/t Copper % Gold
equivalent
KMDD0047 110.6 114.7 4.10 3.30 2.36 48 1.09 4.66
including 110.6 110.85 0.25 0.20 1.04 9.2 0.05 1.24
including 110.85 111.4 0.55 0.44 2.49 10.9 0.14 2.85
including 111.4 112.2 0.8 0.64 3.01 25.3 0.16 3.58
including 112.2 112.6 0.4 0.32 4.45 162.6 2.87 10.95
including 112.6 113.2 0.6 0.48 0.73 18.8 0.21 1.30
including 113.2 113.7 0.5 0.40 3.02 37.6 1.06 5.13
including 113.7 114.7 1 0.80 1.93 75.1 2.44 6.64
KMDD0047 115.7 116.4 0.70 0.56 1.44 52 0.60 3.04
KMDD0047 117.7 118.3 0.60 0.48 1.05 6 0.03 1.18
KMDD0048 14.9 21.5 5.20 3.17 4.03 2 0.02 4.08
including 16.30 16.55 0.25 0.15 12.89 3 0.06 13.02
including 16.55 17.7 1.15 0.69 0.2 1 0.01 0.23
including 17.7 18.4 0.70 0.42 0.41 1 0.01 0.44
including 18.40 19.50 1.10 0.68 3.12 4 0.03 3.21
including 19.50 21.50 2.00 1.23 6.90 1 0.01 6.93
KMDD0048 83.9 86.4 2.50 1.20 2.70 52 3.06 8.05
including 83.90 84.27 0.37 0.18 7.90 34 4.95 15.92
including 84.27 85.00 0.73 0.35 0.21 4 0.15 0.50
including 85.00 86.40 1.40 0.67 2.62 81 4.08 9.92
KMDD0050 19.75 22.15 2.40 4.88 2.74 1 0.23 3.12
including 19.75 21.40 1.65 1.61 3.89 2 0.10 4.07
including 21.40 21.85 0.45 0.44 0.24 1 0.06 0.34
including 21.85 22.15 0.30 0.29 16.20 3 0.67 17.27
KMDD0050 24.00 24.76 0.76 0.74 1.99 3 0.07 2.14
KMDD0050 28.55 29 0.45 0.44 0.39 9 3.04 5.15
KMDD0050 32.3 32.55 0.25 0.24 4.49 6 2.48 8.37
KMDD0050 73.4 75.2 1.80 1.75 3.50 7 0.15 3.82
including 73.4 74.4 1.00 0.97 1.64 7 0.04 1.79
including 74.4 74.9 0.50 0.49 8.40 11 0.46 9.24
including 74.9 75.2 0.30 0.29 1.52 3 0.02 1.58
Notes
Gold Equivalent uses Copper price – US$2.90/lb; Silver price US$16.5/oz and Gold price of US$1300/oz
Table 3.0 Collar Locations for Kora Underground Diamond Drilling
Hole_id Collar location Collar orientation
Local
north
Local
East mRL Dip Local
azimuth
KMDD0045 59006.42 29876.09 1190.49 25.4 314.5
KMDD0046A 59123.71 29876.79 1187.25 -29.9 227.7
KMDD0047 59000.62 29876.01 1188.28 -12.3 223.6
KMDD0048 59128.02 29876.55 1187.41 -28.4 313.0
KMDD0050 59361.95 29897.80 1206.41 -6.4 281.7
John Lewins, K92 Chief Executive Officer and Director, states, “The results from our mining,
development and grade control drilling at Kora North over the last month have been outstanding
and continue to build our knowledge of the deposit and it’s potential. The grades currently being
mined from the 1185 K1 South vein are the highest that have ever been achieved from the Kainantu
Mine and further reinforces the c onfidence in our strategy of focusing on the development of the
Kora deposit”.
K92 has filed and made available for download on the company's SEDAR profile a technical report
titled "Independent Technical Re port, Mineral Resource Update a nd Preliminary Economic
Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project, Papua New Guinea," with
an effective date of March 2, 2017, that provides additional in formation on the geology of the
deposits, drilling and sampling procedures, lab analysis, and quality assurance/quality control for
the project, and additional details on resource estimates.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations ap plied to them that would enable
them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
The technical report contains a full description of all underlying assumptions relating to the PEA.
Mineral resources that are not mineral reserves and do not have demonstrated economic viability.
K92 Mine Geology Manager and Mine Exploration Manager, Mr Andre w Kohler, PGeo, a
qualified person under the meaning of Canadian National Instrument 43-101, has reviewed and is
responsible for the technical content of this news release. Data verification by Mr. Kohler includes
significant time onsite reviewing drill core, face sampling, un derground workings and discussing
work programs and results with geology and mining personnel.
On behalf of the company,
John Lewins
Chief Executive Officer and Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: Thi s
news release includes certain “forward-looking statements” under applicable Canadian securities
legislation. Forward-looking stat ements are necessarily based u pon a number of estimates and
assumptions that, while consider ed reasonable, are subject to k nown and unknown risks,
uncertainties, and other factors which may cause the actual res ults and future events to differ
materially from those expressed or implied by such forward-look ing statements. All statements
that address future plans, activities, events or developments that the Company believes, expects or
anticipates will or may occur are forward-looking information, including statements regarding the
realization of the preliminary economic analysis for the Project, expectations of future cash flows,
the proposed plant expansion, pote ntial expansion of resources and the generation of further
drilling results which may or may not occur. Forward-looking st atements and information
contained herein are based on certain factors and assumptions r egarding, among other things, the
market price of the Company’s securities, metal prices, exchang e rates, taxation, the estimation,
timing and amount of future exploration and development, capita l and operating costs, the
availability of financing, the r eceipt 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 mi ning industry, changes in national
and local government regulation of mining operations, and regul ations and other matters.. There
can be no assurance that such statements will prove to be accur ate, as actual results and future
events could differ materially from those anticipated in such s tatements. Accordingly, readers
should not place undue r eliance 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.