KNT.TO · 2019-02-25 12:00:00

K92 Receives More High-Grade Kora Drill Results from Kora North Extension

Drill Results

Suite 488 – 1090 West Georgia Street

Vancouver, British Columbia

Canada V6E 3V7

Telephone: +1 (604) 687-7130

Facsimile: +1 (604) 608-9110

NEWS RELEASE

February 25, 2019 Vancouver, British Columbia

K92 RECEIVES MORE HIGH-GRADE KORA DRILL RESULTS FROM

KORA NORTH EXTENSION

• Drill Hole KMDD0124 records multiple intersections including 7.45 m at 116.49 g/t

Au, 17 g/t Ag and 0.96% Cu (118.19 g/t Au Eq) plus 13.52 m at 7.64 g/t Au, 18 g/t Ag

and 0.31% Cu (8.35 g/t AuEq)

• Drill Hole KMDD0 118 records multiple intersections including 4.18 m at 28.15 g/t

Au, 10 g/t Ag and 0.10% Cu (28.43 g/t AuEq)

• Drill Hole KMDD0122 records 18.6 m at 10.38 g/t Au, 3 g/t Ag and 0.74% Cu (11.56

g/t AuEq) plus 4.60 m at 3.72 g/t Au, 38 g/t Ag and 1.62% Cu (6,67 g/t AuEq) plus

2.00 m at 0.91 g/t Au, 39 g/t Ag and 3.42% Cu (6.64 g/t AuEq)

• Drill Hole KMDD0126 records 7.42 m at 17.05 g/t Au, 2 g/t Ag and 0.24% Cu (17.44

g/t AuEq) plus 3.10 m at 8.43 g/t Au, 2 g/t Ag and 0.02% Cu (8.49 g/t AuEq)

K92 Mining Inc. (TSX-V: KNT; OTCQX: KNTNF) (“K92” or the “Company”) is pleased to

announce results from the continuing diamond drilling of the Kora North Extension of the

Kainantu gold mine in Papua New Guinea.

The results for the latest 7 diamond drill holes completed from diamond drill cuddies 3 and 4

(DDC3 and DDC4) into the Kora North deposit are summarized in Table 1 below. These results

continue to delineate and extend both the K1, K2 lodes as well as the KL structure between the

lodes. Long sections showing all holes drilled to date in both K1 and K2 are provided below. Table

2 provides details of collar location and hole orientation.

John Lewins, K92 Chief Executive Officer and Director, state d, “These latest results have once

again confirmed the remarkable continuity of the high -grade K1 and K2 vein systems within the

Kora deposit. The holes are primarily intended to upgrade the known resource and provide grade

control information for mine planning. The results include two exceptional holes : KMDD0126

with a K1 intersection of 7.45 metres at over 118 g/t AuEq (one of the highest grades recorded),

and KMDD0122 with a K1 intersection of 18.6 metres at 11.56 g/t AuEq (one of the widest

intersections recorded to date).

“It has also been extremely pleasing to see the rate of underground diamond drilling accelerate in

the last weeks as the first of the new more powerful underground diamond rigs has been

commissioned. With another new larger rig due to commence in the coming month, the rate of

drilling will accelerate further , with a focus on exploration drilling of extensions to the existing

resources between Kora, Kora North and Eutompi.”

Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drill Cuddies 3 & 4

Hole_id From

(m)

Interval

(m)

True

width

(m)

Gold

g/t

Silver

g/t

Copper

Gold

equivalent

KMDD0114 22.69 24.05 1.36 0.94 1.55 2 0.61 2.51

Including 22.69 23.10 0.41 0.28 0.36 4 1.03 1.98

Including 23.10 23.60 0.50 0.35 0.07 1 0.19 0.37

Including 23.60 24.05 0.45 0.31 4.27 2 0.70 5.36

KMDD0114 34.29 38.08 3.79 2.62 12.18 1 0.06 12.29

Including 34.29 35.85 1.56 1.08 20.30 3 0.07 20.44

Including 35.85 36.90 1.05 0.73 5.26 1 0.04 5.33

Including 36.90 37.73 0.83 0.57 10.10 1 0.07 10.22

Including 37.73 38.08 0.35 0.24 1.67 1 0.05 1.75

KMDD0114 70.07 73.18 3.11 2.66 1.81 6 0.34 2.39

Including 70.07 70.71 0.64 0.55 0.76 3 0.21 1.13

Including 70.71 70.96 0.25 0.21 0.33 9 0.46 1.15

Including 70.96 71.28 0.32 0.27 1.09 8 0.20 1.50

Including 71.28 71.63 0.35 0.30 0.32 6 0.38 0.98

Including 71.63 72.00 0.37 0.32 1.04 14 0.80 2.45

Including 72.00 72.30 0.30 0.26 0.67 1 0.16 0.92

Including 72.30 73.18 0.88 0.75 4.56 3 0.28 5.03

KMDD0116 26.38 28.88 2.50 1.96 11.76 4 0.48 12.53

Including 26.38 26.65 0.27 0.21 16.41 3 0.70 17.52

Including 26.65 27.26 0.61 0.48 0.22 1 0.05 0.32

Including 27.26 27.48 0.22 0.17 0.42 1 0.02 0.47

Including 27.48 28.28 0.80 0.63 30.10 9 1.20 32.05

Including 28.28 28.88 0.60 0.47 1.10 1 0.01 1.13

KMDD0116 31.73 35.50 3.77 2.96 5.29 6 0.43 6.03

Including 31.73 32.16 0.43 0.34 38.56 14 0.03 38.78

Including 32.16 32.88 0.72 0.56 0.36 1 0.02 0.40

Including 32.88 33.12 0.24 0.19 3.86 2 0.02 3.91

Including 33.12 33.40 0.28 0.22 0.15 1 0.09 0.30

Including 33.40 33.73 0.33 0.26 0.84 1 0.09 0.98

Including 33.73 34.43 0.70 0.55 0.18 5 0.46 0.94

Including 34.43 34.74 0.31 0.24 2.79 3 0.72 3.92

Including 34.74 35.07 0.33 0.26 0.28 1 0.02 0.32

Including 35.07 35.50 0.43 0.34 1.79 27 2.32 5.68

Hole_id From

(m)

Interval

(m)

True

width

(m)

Gold

g/t

Silver

g/t

Copper

Gold

equivalent

KMDD0116 38.60 39.53 0.93 0.73 1.41 26 1.59 4.17

KMDD0116 96.00 99.24 3.24 2.62 4.96 9 0.62 6.02

Including 96.00 96.67 0.67 0.54 0.94 6 0.17 1.28

Including 96.67 97.30 0.63 0.51 2.81 7 0.06 2.98

Including 97.30 97.98 0.68 0.55 17.76 12 2.01 20.99

Including 97.98 98.52 0.54 0.44 0.52 13 0.43 1.35

Including 98.52 99.24 0.72 0.58 1.82 6 0.37 2.46

KMDD0118 32.07 36.25 4.18 2.98 28.15 10 0.10 28.43

Including 32.07 32.63 0.56 0.40 52.25 4 0.15 52.53

Including 32.63 33.07 0.44 0.31 0.17 1 0.06 0.27

Including 33.07 33.45 0.38 0.27 0.26 1 0.03 0.32

Including 33.45 33.83 0.38 0.27 4.67 2 0.07 4.80

Including 33.83 34.45 0.62 0.44 15.04 1 0.08 15.17

Including 34.45 35.00 0.55 0.39 117.80 65 0.29 119.06

Including 35.00 35.57 0.57 0.41 17.50 2 0.06 17.62

Including 35.57 36.25 0.68 0.48 3.48 2 0.04 3.57

KMDD0118 48.10 50.20 2.10 1.79 1.46 17 0.42 2.32

Including 48.10 48.50 0.40 0.34 2.16 27 0.46 3.20

Including 48.50 48.60 0.10 0.09 0.48 3 0.04 0.58

Including 48.60 49.20 0.60 0.51 0.38 8 0.21 0.80

Including 49.20 50.20 1.00 0.85 1.92 20 0.57 3.05

KMDD0118 66.00 68.68 2.68 2.28 1.20 7 0.25 1.67

Including 66.00 67.18 1.18 1.00 0.15 7 0.35 0.78

Including 67.18 67.60 0.42 0.36 0.19 5 0.05 0.32

Including 67.60 68.00 0.40 0.34 0.95 5 0.05 1.09

Including 68.00 68.68 0.68 0.58 3.80 9 0.32 4.41

KMDD0118 81.00 81.80 0.80 0.68 1.53 6 0.07 1.72

Including 81.00 81.40 0.40 0.34 1.07 3 0.01 1.12

Including 81.40 81.80 0.40 0.34 2.00 9 0.14 2.33

KMDD0118 87.00 87.78 0.78 0.66 7.00 3 0.01 7.05

KMDD0120 31.00 39.85 8.85 5.65 15.86 5 0.48 16.66

Including 31.00 31.90 0.90 0.57 5.32 11 0.27 5.88

Including 31.90 32.80 0.90 0.57 0.25 3 0.61 1.22

Including 32.80 33.20 0.40 0.26 0.18 2 0.43 0.86

Including 33.20 34.00 0.80 0.51 1.51 12 2.78 5.92

Including 34.00 35.00 1.00 0.64 0.16 1 0.28 0.61

Including 35.00 35.55 0.55 0.35 0.11 1 0.16 0.37

Including 35.55 36.40 0.85 0.54 0.21 1 0.09 0.36

Including 36.40 36.70 0.30 0.19 2.18 4 0.69 3.29

Including 36.70 37.10 0.40 0.26 0.41 1 0.04 0.48

Including 37.10 37.85 0.75 0.48 7.14 6 0.09 7.35

Hole_id From

(m)

Interval

(m)

True

width

(m)

Gold

g/t

Silver

g/t

Copper

Gold

equivalent

Including 37.85 38.70 0.85 0.54 125.00 6 0.21 125.40

Including 38.70 39.20 0.50 0.32 10.17 3 0.19 10.50

Including 39.20 39.85 0.65 0.42 24.90 3 0.12 25.12

KMDD0120 39.85 42.80 2.95 1.88 1.06 3 0.34 1.62

Including 39.85 40.83 0.98 0.63 1.45 1 0.01 1.48

Including 40.83 41.83 1.00 0.64 0.42 1 0.01 0.45

Including 41.83 42.80 0.97 0.62 1.33 7 1.01 2.97

KMDD0120 47.60 49.60 2.00 1.28 1.70 32 1.00 3.64

Including 47.60 48.10 0.50 0.32 2.13 22 0.34 2.93

Including 48.10 48.80 0.70 0.45 1.89 54 2.61 6.57

Including 48.80 49.60 0.80 0.51 1.26 18 0.01 1.51

KMDD0120 101.70 104.55 2.85 1.71 2.05 18 1.17 4.06

Including 101.70 102.14 0.44 0.26 0.73 31 2.48 4.92

Including 102.14 103.12 0.98 0.59 2.71 34 2.02 6.23

Including 103.12 103.48 0.36 0.22 1.07 1 0.13 1.28

Including 103.48 104.55 1.07 0.64 2.31 3 0.19 2.64

KMDD0122 43.70 62.30 18.60 8.13 10.38 3 0.74 11.56

Including 43.70 44.36 0.66 0.29 1.65 14 3.73 7.53

Including 44.36 44.90 0.54 0.24 18.70 3 0.38 19.32

Including 44.90 45.50 0.60 0.26 1.61 3 0.75 2.79

Including 45.50 46.30 0.80 0.35 15.20 5 1.39 17.39

Including 46.30 46.75 0.45 0.20 3.15 6 2.31 6.76

Including 46.75 47.38 0.63 0.28 0.43 3 0.50 1.23

Including 47.38 47.88 0.50 0.22 0.71 5 0.73 1.88

Including 47.88 48.58 0.70 0.31 0.42 4 1.08 2.12

Including 48.58 49.32 0.74 0.32 0.19 2 0.31 0.69

Including 49.32 49.50 0.18 0.08 2.44 35 25.20 41.44

Including 49.50 50.15 0.65 0.28 0.26 3 0.40 0.90

Including 50.15 50.90 0.75 0.33 0.10 2 0.70 1.20

Including 50.90 51.90 1.00 0.44 0.17 2 0.21 0.52

Including 51.90 52.90 1.00 0.44 0.23 1 0.10 0.40

Including 52.90 53.63 0.73 0.32 0.16 1 0.02 0.20

Including 53.63 54.32 0.69 0.30 0.03 1 0.00 0.04

Including 54.32 55.15 0.83 0.36 0.02 1 0.03 0.08

Including 55.15 56.05 0.90 0.39 0.14 3 0.31 0.65

Including 56.05 56.87 0.82 0.36 0.23 3 0.31 0.75

Including 56.87 57.30 0.43 0.188 0.07 2 0.13 0.30

Including 57.30 57.95 0.65 0.284 0.15 1 0.02 0.19

Including 57.95 58.30 0.35 0.153 35.4 7 0.14 35.70

Including 58.30 58.90 0.60 0.262 2.73 1 0.023 2.78

Including 58.90 59.70 0.80 0.350 4.26 1 0.19 4.57

Hole_id From

(m)

Interval

(m)

True

width

(m)

Gold

g/t

Silver

g/t

Copper

Gold

equivalent

Including 59.70 60.40 0.70 0.306 21.5 3 0.029 21.58

Including 60.40 60.60 0.20 0.087 25.1 1 0.071 25.22

Including 60.60 61.06 0.46 0.201 5.04 1 0.03 5.10

Including 61.06 62.00 0.94 0.411 115 5 0.28 115.48

Including 62.00 62.30 0.30 0.131 55.8 5 0.16 56.11

KMDD0122 74.40 79.00 4.60 2.97 3.72 38 1.62 6.67

Including 74.40 75.30 0.90 0.58 13.30 1 0.02 13.34

Including 75.30 76.13 0.83 0.54 0.06 16 0.69 1.32

Including 76.13 77.10 0.97 0.63 1.74 41 1.36 4.35

Including 77.10 78.08 0.98 0.63 2.62 107 5.25 12.01

Including 78.08 79.00 0.92 0.59 0.90 16 0.41 1.73

KMDD0122 155.70 157.70 2.00 1.00 0.91 39 3.42 6.64

Including 155.70 155.96 0.26 0.13 1.75 37 0.75 3.36

Including 155.96 156.70 0.74 0.37 0.95 24 2.29 4.76

Including 156.70 157.30 0.60 0.30 0.55 33 3.29 6.00

Including 157.30 157.70 0.40 0.20 0.85 76 7.44 13.20

KMDD0124 63.55 71.00 7.45 4.63 116.49 17 0.96 118.19

Including 63.55 63.96 0.41 0.25 16.20 52 2.31 20.39

Including 63.96 64.62 0.66 0.41 1.39 1 0.23 1.75

Including 64.62 65.39 0.77 0.48 1020.00 35 1.37 1022.54

Including 65.39 66.00 0.61 0.38 2.59 1 0.09 2.74

Including 66.00 66.96 0.96 0.60 32.80 16 3.03 37.64

Including 66.96 67.68 0.72 0.45 0.91 6 0.51 1.77

Including 67.68 68.50 0.82 0.51 4.31 2 0.09 4.48

Including 68.50 69.43 0.93 0.58 4.36 1 0.06 4.45

Including 69.43 71.00 1.57 0.98 21.40 37 1.00 23.40

KMDD0124 78.00 79.10 1.10 0.68 1.46 39 2.27 5.43

KMDD0124 82.14 95.66 13.52 10.29 7.64 18 0.31 8.35

Including 82.14 83.00 0.86 0.65 10.70 11 0.46 11.54

Including 83.00 84.00 1.00 0.76 7.44 12 0.58 8.47

Including 84.00 85.00 1.00 0.76 17.30 72 1.34 20.27

Including 85.00 86.00 1.00 0.76 23.32 10 0.35 23.98

Including 86.00 87.00 1.00 0.76 12.66 16 0.44 13.53

Including 87.00 88.00 1.00 0.76 19.26 35 0.21 20.03

Including 88.00 89.00 1.00 0.76 1.87 23 0.24 2.53

Including 89.00 90.00 1.00 0.76 1.89 14 0.12 2.25

Including 90.00 91.00 1.00 0.76 2.14 7 0.06 2.32

Including 91.00 92.00 1.00 0.76 1.71 12 0.23 2.21

Including 92.00 93.00 1.00 0.76 2.60 16 0.07 2.90

Including 93.00 93.70 0.70 0.53 2.51 6 0.17 2.85

Including 93.70 94.40 0.70 0.53 0.45 5 0.07 0.62

Hole_id From

(m)

Interval

(m)

True

width

(m)

Gold

g/t

Silver

g/t

Copper

Gold

equivalent

Including 94.40 95.66 1.26 0.96 1.42 7 0.04 1.57

KMDD0126 63.08 70.50 7.42 5.44 17.05 2 0.24 17.44

Including 63.08 64.00 0.92 0.68 36.17 2 0.69 37.25

Including 64.00 65.30 1.30 0.95 42.87 4 0.33 43.42

Including 65.30 65.66 0.36 0.26 6.78 1 0.21 7.12

Including 65.66 66.38 0.72 0.53 0.35 1 0.03 0.40

Including 66.38 66.88 0.50 0.37 1.33 1 0.44 2.02

Including 66.88 67.90 1.02 0.75 16.69 1 0.09 16.83

Including 67.90 68.85 0.95 0.70 14.21 1 0.08 14.33

Including 68.85 69.90 1.05 0.77 2.67 2 0.22 3.04

Including 69.90 70.50 0.60 0.44 1.32 1 0.07 1.43

KMDD0126 73.50 76.60 3.10 2.27 8.43 2 0.02 8.49

Including 73.50 74.30 0.80 0.59 26.23 5 0.06 26.39

Including 74.30 75.60 1.30 0.95 0.56 1 0.01 0.58

Including 75.60 76.60 1.00 0.73 4.42 1 0.02 4.46

KMDD0126 79.15 95.00 15.85 11.63 3.16 7 0.46 3.96

Including 79.15 79.90 0.75 0.55 3.55 4 0.58 4.49

Including 79.90 80.90 1.00 0.73 1.76 7 0.85 3.14

Including 80.90 81.90 1.00 0.73 5.48 1 0.46 6.19

Including 81.90 83.10 1.20 0.88 9.75 3 0.46 10.50

Including 83.10 83.50 0.40 0.29 20.42 3 0.12 20.64

Including 83.50 84.60 1.10 0.81 0.39 1 0.04 0.45

Including 84.60 85.60 1.00 0.73 0.57 2 0.11 0.77

Including 85.60 86.33 0.73 0.54 3.52 1 0.09 3.68

Including 86.33 87.33 1.00 0.73 0.12 1 0.05 0.20

Including 87.33 87.90 0.57 0.42 1.05 12 0.37 1.78

Including 87.90 89.35 1.45 1.06 0.12 3 0.15 0.38

Including 89.35 90.70 1.35 0.99 0.95 2 0.40 1.58

Including 90.70 91.70 1.00 0.73 0.06 1 0.12 0.25

Including 91.70 92.70 1.00 0.73 0.14 1 0.05 0.22

Including 92.70 93.61 0.91 0.67 9.24 64 2.63 14.08

Including 93.61 94.18 0.57 0.42 10.18 26 0.11 10.68

Including 94.18 94.68 0.50 0.37 0.17 2 0.31 0.67

Including 94.68 95.00 0.32 0.23 0.42 16 3.05 5.29

KMDD0126 98.69 100.69 2.00 1.47 1.38 9 0.15 1.72

Including 98.69 99.80 1.11 0.81 1.12 10 0.07 1.35

Including 99.80 100.20 0.40 0.29 0.35 2 0.09 0.51

Including 100.20 100.69 0.49 0.36 2.79 12 0.40 3.55

KMDD0126 106.15 106.60 0.45 0.33 1.16 21 2.17 4.75

Note:

Gold Equivalent uses copper price of US$2.90/lb; silver price of US$16.5/oz and gold price of US$1,300/oz

Table 2 - Kainantu Gold Mine – Collar Locations for Kora Underground Diamond Drilling

Hole id

Collar Location

Collar Orientation EOH Depth

(m)

Lode

Local North

Local East

mRL

Dip

Local

Azimuth

KMDD0112 59005.87 29874.32 1188.05 -34.5 295.7 120.5 Kora North

KMDD0114 59005.58 29875.01 1191.65 45.9 296.7 103.7 Kora North

KMDD0116 59003.67 29873.51 1188.06 -38.6 269.3 113 Kora North

KMDD0118 59003.75 29874.22 1192.03 49.5 270.5 97.3 Kora North

KMDD0120 59001.47 29874.47 1188.06 -34.2 246.6 122 Kora North

KMDD0122 59000.82 29876.13 1188.19 -29.2 224.9 172.7 Kora North

KMDD0124 58900.45 29868.47 1192.21 29.5 229.6 113.1 Kora North

KMDD0126 58900.49 29868.53 1191.21 12.5 229.3 138.3 Kora North

The mineral resource estimate (shown in Table 3 and Table 4) for the Kora , Kora North and

Irumafimpa deposits is based on the technical report prepared in accordance with National

Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”), and titled,

“Independent Technical Report, Mineral Resources Estimate Update and Preliminary Economic

Assessment of Kora North and Kora Gold Deposits, Kainantu Project, Papua New Guinea” with an

effective date of September 30, 2018 (the “Technical Report”) prepared by Anthony Woodward

BSc (Hons.), M.Sc., MAIG, Simon Tear BSc (Hons), EurGeol, PGeo IGI, EurGeol , Christopher

Desoe BE (Min)(Hons), FAusIMM, RPEQ, MMICA, Lisa J. Park, BEng (Chem), GAICD,

FAusIMM. Refer to the Company’s news release dated January 8, 2018 for a summary of the results

of the PEA.

The Kora North resource estimate was defined after just twelve months of underground exploration

drilling.

Table 3 - Kora North Mineral Resource Estimate

Global Mineral Resources Kora North Gold-Copper Mine - October 2018

Category Tonnes Gold Silver Copper AuEq

Mt g/t Mozs g/t Mozs % Mlbs g/t Mozs

Measured 0.15 18.7 0.09 8.9 0.04 0.5 1.6 19.6 0.09

Indicated 0.69 11.6 0.26 14.1 0.31 0.8 11.8 12.9 0.29

Total M & I 0.85 12.9 0.35 13.1 0.36 0.7 13.3 14.1 0.39

Inferred Total 1.92 10.7 0.66 13.3 0.82 0.7 29.5 11.9 0.74

M in table is millions.

Key Assumptions and Parameters

Mineralization comprises two parallel, steeply west dipping, N -S striking quartz -sulphide vein

systems, K1 & K2, within an encompassing dilatant structural zone hosted by phyllite. An

additional structure, the Kora Link, has also been defined and provides a possible link between the

two main vein systems.

Underground drilling consists of diamond core for a range of core sizes depending on length of

hole and expected ground conditions. Sampling is sawn half core under geological control and

generally ranges between 0.5m and 1m. Underground face sampling is completed for every fired

round and is to industry standard.

QAQC data indicated no significant issues with the accuracy of the on-site analysis.

Core recovery of the mineral zone was initially 90%, this has improved to >95%. There is no

relationship between core recovery and gold grade.

Geological logging is consistent and is based on a full set of logging codes covering lithology,

alteration and mineralization.

The geological interpretation of the vein systems is represented as 3D wireframe solids snapped

to a combination of diamond drillhole data and underground face sampling. Definition of the

wireframes is based on identified gold mineralisation in drillcore nominally at a 0.2g/t Au cut off

in conjunction with geological control/sense and current mining widths.

Gold equivalent (AuEq) g/t was calculated using the formula Au g/t +(Cu% x 1.53) + Ag g/t x

0.0127. (No account of metal recoveries through the plant have been used in calculating the metal

equivalent grade. However, production is currently achieving 93% metal recovery for both gold

and copper and gold is currently providing 95% and copper 5% of the total revenue of the mine).

Gold price US$1,300/oz; silver US$16.5/oz; sopper US$2.90/lb.

Table 4 – Irumafimpa and Kora/Eutompi Resource Estimates

Resource by Deposit and Category

Deposit Resource