KORE Announces Appointment of New Director
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KORE ANNOUNCES APPOINTMENT OF NEW DIRECTOR
Vancouver, BC August 28, 2024 – KORE Mining Ltd. (TSXV: KORE) (“KORE” or the “Company”) announces
the appointment of Kevin Cornish to the Company’s board of directors, effective August 26, 2024, subject
to the final acceptance of the TSX Venture Exchange. Mr. Cornish is a Chartered Professional Accountant,
among other designations, with over 17 years of experience who has served as an officer of both private
and publicly traded companies in the Canadian capital markets.
Mr. Cornish is a well-rounded business leader who has worked on multiple start -ups and turnarounds in
both Canada and the United States. He prides himself on having overcome corporate challenges and
obstacles in numerous industries and markets. Mr. Cornish ’s knowledge of international business
practices and strategy implementation, paired with his ability to adapt and scale quickly, make him a
strong fit for the Company. He holds an MBA from Saint Mary’s University in Halifax, where he also earned
his CPA d esignation. With a skill set that is also complemented by a CPHR designation, Mr. Cornish
incorporates many facets of business to maximize his overall value to an enterprise.
Grant of Options
As part of the Company’s long -term incentive plan, KORE has granted an aggregate of 500,000 stock
options (the “ Stock Options”) to the new director of the Company in accordance with the Company’s
Option Plan. The Stock Options are exercisable at $0.05 per common share for a five-year term, and vest
immediately on the date of grant. All Stock Options remain subject to the approval of the TSX Venture
Exchange.
About the Imperial Gold Project
KORE owns 100% of the Mesquite-Imperial-Picacho District which captures the entire 28-kilometer trend
from the operating Mesquite mine (Equinox Gold - TSX:EQX) to the closed Picacho mine and including
KORE’s Imperial project. In the District, gold is hosted in local fault structures related to a series of regional
faults con necting the known District deposits. Those three District deposits (Mesquite, Imperial , and
Picacho) were discovered in exposed outcrops and from placer workings. The rest of the District is covered
by alluvium and has never been systematically explored.
The Mesquite- Imperial-Picacho District centers on KORE’s Imperial project. Imperial is a structurally
controlled intermediate sulfidation epithermal gold deposit. The 100% oxide gold deposit is currently
defined at 2.44 kilometers long and up to 0.75 kilometers wide and is open both along strike and downdip.
It is hosted in a shallowly southwest dipping, amphibolite grade metamorphic rock suite along a west -
northwest trending low -angle regional thrust fault system which controls the regional geometry of
mineralization. East-west striking, post-mineralization normal faults control the property scale geometry
of mineralization. Geophysical characterization of the deposit and regional controlling structures is an
essential component of exploration for additional resources.
Imperial has a mineral resource estimate and a positive preliminary economic assessment effective April
6, 2020, with the following highlights:
• US$ 590 million NPV5% post-tax with 64% IRR at US$ 1,800 per ounce gold
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• US$ 729 million NPV5% at post-tax with 75% IRR at US$ 2,000 per ounce gold;
• Low capital intensity project with only US$ 143 million pre-production capital cost
• Average 146,000 ounces of gold per year over 8 years for 1.2 million ounces of total production
• Technically simple project: shallow open pit, run-of-mine heap leach with existing infrastructure
• Value enhancement through Mesquite -Imperial-Picacho District exploration and resource
expansion
The Company’s NI 43-101 compliant resource and preliminary economic assessment is titled “Preliminary
Economic Assessment – Technical Report Imperial Gold Project” effective as of April 6, 2020, and revised
and amended on June 10, 2021, prepared by Terre Lane and Todd Harvey of Global Resource Engineering
and Glen Cole of SRK Consulting (Canada) Inc. can be found under the Company’s profile on SEDAR at
www.sedarplus.ca and on the Company’s website.
About Kore’s Long Valley Gold Project
Long Valley is a 100% owned epithermal gold and silver project located in Mono County , California. The
large land package is district in scale and covers all deep-rooted fault structures of similar genesis to the
Hilton Creek fault, the primary ‘conduit’ for the current Long Valley deposit.
The Long Valley deposit is an intact low sulphidation epithermal Au -Ag deposit with a large 2.5 km by 2
km oxide footprint , hosted within a melange of fine to coarse volcanogenic sedimentary lithologies.
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Mineralization at Long Valley has developed due to a combination of deep -rooted fault structures and a
resurgence of rhyolite within an active caldera. The Hilton Creek Fault structure transects and serve s as
a fluid conduit for interaction with the underlying hydrothermal system, while the rhyolite resurgence
caused brittle fracturing of sediments and created voids or traps for mineralization and gold deposition.
The combination of these factors yields str ongly altered kaolin and quartz -hematite zones that are the
primary host for gold mineralization.
The Hilton Creek Fault remains underexplored on-strike north and south and several parallel structures
have been defined using geophysics, the eastern one hosting some of the current mineral resources and
the western one being unexplored. Long Valley is therefore open to potential new oxide discoveries in all
directions. More details on the deposit geology and exploration potential can be found in KORE’s January
30, 2020, and March 24, 2020 news releases.
A total of 896 holes have been drilled on the Project, the majority being completed by reverse circulation
with lesser core, rotary , and air track. The current mineral resource estimate is 1,2 17,000 ounces of
Indicated gold and 456,000 ounces of Inferred gold from 63.7 million tonnes of 0.58 grams per tonne and
22.0 million tonnes of 0.65 grams per tonne, respectively. The mineral resource consists of oxide,
transition, and sulphides. The estimate was prepared by Neil Prenn, P.E. of Mine Development Associates
with an effective date of September 15, 2020.
A Preliminary Economic Assessment for a shallow, low-strip heap leach Au-Ag project was filed on October
27, 2020, with the following highlights:
• US $351.7 million NPV5% post-tax with IRR of 58% at US$ 1,800 per ounce gold ;
• US$ 437.8 million NPV5% post-tax with IRR of 67% at US$ 2,000 per ounce gold;
• 102,000 ounces of gold per year over 7 years of mine life;
• Technically simple: shallow open pit, heap leach with nearby infrastructure;
• Unmodelled silver potential from metallurgical test-work; and
• Shallow oxide and sulfide feeder exploration potential to further enhance the project.
After Tax NPV@5% and IRR Sensitivity to Gold Price (US $)
Gold Price $/tr oz NPV 5% (millions) IRR
1000 3.8 6%
1100 50.0 17%
1200 96.7 25%
1300 142.6 32%
1400 187.4 38%
1500 228.6 43%
1600 272.6 48%
1700 308.6 53%
1800 351.7 58%
1900 394.7 63%
2000 437.8 67%
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2100 480.9 72%
2200 523.9 76%
2300 567.0 81%
2400 610.0 85%
2500 653.1 90%
2600 696.1 94%
2700 739.2 98%
2800 782.2 102%
2900 825.3 107%
3000 868.4 111%
More information is available in the technical report filed on SEDAR at www.sedarplus.ca and on KORE’s
website at www.koremining.com.
Disclosure
Technical information with respect to the Imperial Gold Project and Long Valley Gold Project has been
reviewed and approved by Terre Lane, MMSA, registered member SME, an independent consultant to the
Company; Ms. Lane is a qualified person under National Instrument 43 -101 - – Standards of Disclosure
for Mineral Projects and is responsible for the technical matters of this news release.
About KORE Mining
KORE Mining is focused on responsibly creating value from its portfolio of gold assets in California, USA.
The Company is advancing the Imperial project towards development while continuing to explore across
both district-scale gold assets.
Further information on Imperial and KORE can be found on the Company’s website at
www.koremining.com or by contacting us as [email protected] or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd.
“James Hynes”
Executive Chairman and CEO
(888) 407-5450
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
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 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
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terms such as "will", "may", "should", "anticipate", "expects", “intends”, “indicates” 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.
Forward-looking statements in this news release include, but are not limited to, statements with respect
to: approval from the TSXV regarding the grant of Stock Options; the ability to advance exploration
activities at the Imperial gold deposit; potential actions, behavior or position of the BLM ; and the
underexplored and prospective nature of the Imperial Regional Exploration Drilling area. Such forward-
looking statements, and any assumptions upon which they are based, are made in good faith and reflect
our current judgment regarding the direction of our business . In connection with the forward -looking
information contained in this presentation, the Company has made numerous assumptions, including,
among others: there being no significant change to current geotechnical, metallurgical, hydrological and
other physical conditions at the Imperial Project; exploration, permitting, and development of the
Imperial Project being consistent with current expectations and planning; the geological, permitting and
economic advice that the Company has received is reliable and is based upon practices and methodologies
which are c onsistent with industry standards; and other planning assumptions. While the Company
considers these assumptions to be reasonable, these assumptions are inherently subject to significant
uncertainties and contingencies.
Forward looking information involves known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company to be materially different
from any future results, performance or achievements exp ressed or implied by the forward -looking
information. Known risk factors include, among others: the outcome of BLM’s review processes for
permitting, including the final outcome(s) of BLM’s mineral claim validity examination(s) and
administrative review p rocess(es) with respect to the Imperial Zone, including a change to the findings
from the mineral claim validity examination conducted in 2002 for the mill sites at the Imperial Zone,
resulting in the Company having to move its future Imperial Zone project support facilities to areas that
are not within the Indian Pass mineral withdrawal area; the possibility that BLM may require and/or
conduct further mineral claim validity examinations with respect to the Imperial project, and the outcome
and final determ ination of such examination could, among other things, invalidate one or more mining
claims; the possibility that BLM or other governmental authority review of the Regional Exploration
Drilling program, delays or changes the Company’s plan for Regional Exploration Drilling permitting, which
could result, among other things, in delays, additional project requirements, additional costs and
uncertainty of meeting anticipated program milestones; the exploration drill program may not be
completed as planned; the need to obtain additional financing; uncertainty as to the availability and terms
of future financing; the possibility of delay in exploration or development programs and uncertainty of
meeting anticipated program milestones; uncertainty as to timely availability of permits and other
government approvals.
In addition to the above summary, additional risks and uncertainties are described in the “Risks” sections
of the Company’s Management’s Discussion and Analysis for the year ended December 31, 2022 prepared
as of April 19, 2023 available under the Company’s issuer profile on SEDAR at www.sedarplus.ca.
Forward-looking statements contained herein are made as of the date of this news release and the
Company disclaims any obligation to update any forward-looking statements, whether as a result of new
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information, future events or results, except as may be required by applicable securities laws. There can
be no assurance that forward-looking information 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 information.
There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It
is uncertain if further exploration will allow improving the classification of the Indicated or Inferred
mineral resource. Mineral resources are n ot mineral reserves and do not have demonstrated economic
viability.