/CNW/ - KORE Mining Ltd. is pleased to provide its first operational update on the Imperial and Long Valley Projects in California .
KORE Introduces Development Projects
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
. /
TSXV – KORE
WKN: 875742
ISIN : CA2986551018
VANCOUVER
,
Nov. 6, 2018
/CNW/ - KORE Mining Ltd. is pleased to provide its first operational
update on the
Imperial
and Long Valley Projects in
California
.
"Through a disciplined approach KORE has acquired quality projects, compiled extensive historic
data and has discovered prospective new targets,"
said
Adrian Rothwell
, KORE's President & CEO.
KORE is a development stage company that offers exposure to precious metals exploration and
development in
North America
. The Company is focused on the development of its Californian gold
projects and growth through discovery on its North American portfolio.
Highlights
Imperial Project
Advisors complete positive permitting feasibility analysis on the Imperial Project;
Imperial
is located 15km from Equinox Gold's (TSXV:EQX) operating Mesquite Mine;
Long Valley
Data compilation completed on historic results and drill targets;
Drill program planned targeting resource expansion. Potential for expansion laterally and at
depth with consistent grades in oxide;
New Website – Much more information on KORE's website at
www.koremining.com
.
Operational Update
Imperial
KORE owns a 100% interest in the
Imperial
gold development project ("Imperial"), located on
Bureau of Land Management (BLM) administered land in a current mining district of
Imperial County,
California
, USA.
Imperial
is approximately 15km SSE of the operating Mesquite Mine recently
acquired by Equinox Gold (TWXV: EQX) for
US$158 million
.
Imperial
boasts superb access and excellent infrastructure for potential mining operations. The
Company is working toward permitting of an open-pit, oxide precious metal mining operation using
heap-leach processes.
With an historic Environmental Impact Study/Report ("EIS/EIR") completed in compliance with then-
existing US Federal and
California
environmental regulations the project inherits the analysis and
design of a mine plan that meets Bureau of Land Management and California Surface Mining And
Reclamation Act ("SMARA") requirements. KORE is advancing and updating background permit
studies to meet current regulations and considers the project to have excellent prospects for near-
term success as a result of extensive and thorough consultation to date. Previously owned by
Glamis Gold
, the project underwent prior environmental review pursuant to the California
Environmental Quality Act (CEQA) and NEPA in 1998.
Through a permitting feasibility study completed by the Company's representatives in 2018,
management and their professional advisors have concluded that acquiring the required
permits is highly feasible.
KORE has adopted a collaborative, inclusive and mutual-benefit driven approach to engagement to
build and strengthen stakeholder relationships and looks forward to permitting success on this low-
impact, high-return project.
Long Valley
Our 100% owned Long Valley Project in
California, USA
, represents a gold development opportunity
with a current NI 43-101 resource. The project displays a large gold resource, with superb mining
access, and excellent metallurgical extraction. Long Valley is one of the few large development-
ready precious metals resources in
California
, a jurisdiction with clear permitting processes and
recent mine startups.
Table 1: Current Long Valley resources
1
Size
Grade
Au
Source
2
Au Cutoff
(tonnes)
(g/t)
(oz)
(g/t)
Measured
27,469,000
0.55
481,000
2018 43-101
0.17
Indicated
39,332,000
0.61
766,000
2018 43-101
0.17
TOTAL M&I
66,801,000
0.58
1,247,000
Inferred
3
23,560,000
0.58
486,000
2018 43-101
0.17
The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. Long Valley Mineral Resource Estimation
Parameters: a) Grade estimation is based on assay samples composited to 10ft intervals. Grade capping thresholds were determined following a detailed statistical analysis of the
data for the entire mineralized domains and varied from 0.029 to 0.452 ounces per ton (opt) gold (Au). Capped Au grade in the MDA model was 0.25opt. b) Resource model grade
blocks were estimated using Surpac® modeling software based on a traditional wireframe interpretation constructed from a sectional interpretation of drilling data. c) The database
for the Long Valley model consisted of 896 holes, including 20 core holes, totalling 268,275 feet of drilling. A total of 47,792 analyses were considered for use in the resource
estimate. d) The modelled gold mineralized zone is contained within the Hilton Creek South and Southeast zones with a total length of 7,748ft and widths ranging from 500ft to
1,500ft in a generally flat lying tabular body from 50 to 200ft thickness e) A bulk density value of 0.065 ton per cubic foot was used and derived from 7 core holes consisting of 12
samples collected by Royal Gold, 10 core holes consisting of 93 samples collected by Amax and 10 samples by MDA. f) Mineral resources were reported within an optimized pit
shell using a gold price of US$1,500/oz with a heap recovery of 80% less than 150ft from surface and 90% mill recovery between 150ft and 200ft. g) Crushing and heap leach
costs used were US$1.40/ton & US$1.80/ton, respectively for heap leach operations and US$8.60/ton processed for Sulfide Plant operations. G&A was US$0.63/ton. Open pit
mining costs were US$1.70/ton mined with open pit slopes of 45 degrees.
___________________________
1
Mineral Resources are not mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral Resource will be
converted into mineral Reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or
other relevant issues.
2
Long Valley Project: "Technical Report and Resource Estimate for the Long Valley Project, Mono County, California" with an effective date of April 25, 2018, prepared for the
Company by Neil Prenn, P.E. and Steven I. Weiss, C.P.G. of Mine Development Associates in accordance with NI 43-101. Cutoff grade 0.17gpt oxide, 0.21gpt transition and
sulfide.
3
The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources
as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
Long Valley hosts a shallow and large near-surface gold-silver deposit 2.5 km long that is exposed
on surface and provides excellent mining access. The gold deposit boasts a low strip ratio (1:1),
broadly disseminated zones, and excellent oxide metallurgy averaging 80%. Gold-silver
mineralization shows good continuity and includes zones of higher grade above 3.4 g/t Au.
Kore plans to upgrade and expand the resource through additional drilling, produce a geological
model of the deposit, and advance engineering and environmental studies toward production
permitting. Funds will be used to assess environmental impacts of a small-disturbance drill program.
Kore recently completed an updated, pit-optimized resource estimate that increased gold ounces in
the measured and indicated categories.
4
We anticipate further resource expansion from our
upcoming drill program. The deposit shows potential for expansion both laterally and at depth with
consistent grades. The potential for deeper higher-grade feeder zones along the mineralization-
controlling fault offers a compelling expansion target.
The Long Valley gold development project covers 728 ha in 95 contiguous unpatented mineral
claims. The project was acquired from Vista Gold Corp. and was explored by
Royal Gold
in the
1980s and 1990s.
In 2017 Kore completed a ground-based magnetotelluric (MT) survey to better understand the
characteristics of the epithermal mineralization at Long Valley. Interpretation of the MT survey
combined with mapping and historical drilling will aid in the precision of the drilling targets for our next
program.
The next drill program will provide infill assays, material for metallurgical testing, improved geologic
information, density data, and locations for groundwater monitoring wells. This information will result
in an expanded resource and geologic model of the deposit and a new Preliminary Economic
Assessment. These will facilitate advancing engineering and environmental studies towards
permitting.
We will continue exploration in 2019 when we anticipate completion of a PEA and updated
resource model.
"
Our
California
development projects boast simple production profiles with great access to
existing infrastructure,"
said
Adrian Rothwell
, KORE's President & CEO.
About
KORE
KORE is a development stage company that offers exposure to precious metals exploration and
development in
North America
, with a corporate strategy focused on the advancement of its
California
development and
British Columbia
advanced exploration stage projects.
California, USA
KORE, indirectly through wholly-owned subsidiaries, owns 100% interests in the
Imperial
and Long
Valley gold development projects, located in
California, USA
(together, the "
Projects
"). A Qualified
Person has not done sufficient work to classify the historical estimates as current resources and
KORE is not treating the historical estimates as current resources. Significant data compilation, re-
drilling, re-sampling and data verification may be required by a Qualified Person before the historical
estimates at the Projects can be classified as current resources.
Each of the Projects has the potential to host near-surface, open pit, heap leachable gold deposits.
The Projects combine low technical risk, high advancement potential and a low initial cost.
___________________________
4
Technical Report and Resource Estimated for the Long Valley Project, Mono County, California, USA: April 5, 2018, by Niel Prenn of Mine Development Associates. Mineral
resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into
mineral reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant
issues.
British Columbia, Canada
KORE's 100% owned FG Gold property is an advanced-stage gold project located in the Cariboo
Mining Division. The project has a Measured and Indicated (376,000 ounces) gold resource at an
average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t, and an Inferred gold resource
(634,900 ounces) at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t. Details of
the gold resource can be found in "
NI 43-101 Technical Report, Frasergold Exploration Project,
Cariboo Mining Division, dated
July 27, 2015
" available under the Company's profile on SEDAR or
on the Company's website.
KORE has a 100% interest in the Gold Creek property located in the Cariboo Mining Division. Gold
Creek is a grassroots gold project neighbouring, and with similar geology to the Spanish Mountain
deposit owned by Spanish Mountain Gold Ltd.
Yukon Territory, Canada
KORE's 100% owned Luxor property consists of three non-contiguous claim blocks totalling 360
mining claims. Luxor is located in the Dawson Range Gold Belt, a district of major porphyry, breccia
and vein occurrences. Containing the Company's HAV claims, the Luxor property is located adjacent
to the Vertigo discovery of White Gold Corp. (TSXV: WGO). KORE's 100% owned TAK property is
also located in the Dawson Range Gold Belt and consists of 82 mining claims.
Neighbouring projects include Goldcorp's Coffee project and White Gold's White Gold project.
Technical information with respect to the Projects contained in this news release has been
reviewed and approved by
David S. Smith
, CPG, who is KORE's designated independent
qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and
test data underlying the information or opinions contained herein.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any KORE
common shares in
the United States
. The KORE common shares to be issued in connection with the
Transaction have not been and will not be registered under
the United States
Securities Act of 1933
,
as amended (the "
U.S. Securities Act
"), or any state securities laws and may not be offered or sold
within
the United States
or to U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of
accuracy of this release.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
All information contained in this news release with respect to KORE and Kore was supplied by the
parties, respectively, for inclusion herein, and KORE and its directors and officers have relied on
KORE for any information concerning such party, including information concerning the Projects.
This news release contains forward-looking statements relating to the future operations of the
Company and other statements that are not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions.
All statements other than statements of historical fact, included in this release, including, without
limitation, statements regarding the future plans and objectives of the Company are forward-
looking statements that involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially
from those anticipated in such statements. Such factors include, but are not limited to:
uncertainties related exploration and development; the ability to raise sufficient capital to fund
exploration and development; changes in economic conditions or financial markets; increases in
input costs; litigation, legislative, environmental and other judicial, regulatory, political and
competitive developments; technological or operational difficulties or inability to obtain permits
encountered in connection with exploration activities; and labor relations matters. This list is not
exhaustive of the factors that may affect our forward-looking information.
Important factors that
could cause actual results to differ materially from the Company's expectations also include risks
detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and unknown risks, uncertainties,
and other factors, many of which are beyond the control of the Company. The reader is cautioned
not to place undue reliance on any forward-looking information. Such information, although
considered reasonable by management at the time of preparation, may prove to be incorrect and
actual results may differ materially from those anticipated. Forward-looking statements contained
in this news release are expressly qualified by this cautionary statement. The forward-looking
statements contained in this news release are made as of the date of this news release and the
Company will update or revise publicly any of the included forward-looking statements as
expressly required by Canadian securities law.
SOURCE
Kore Mining
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http://www.newswire.ca/en/releases/archive/November2018/06/c8346.html
%SEDAR: 00043581E
For further information:
on KORE can be found on the Company's website at
www.koremining.com and at www.sedar.com, or by contacting Adrian Rothwell, President and
CEO, by email at [email protected] or by telephone at (888) 406 5779
CO: Kore Mining
CNW 08:48e 06-NOV-18