KORE Appoints Barry Brandon as Director KORE Announces Options Grant to New Directors
KORE Appoints Barry Brandon as Director
KORE Announces Options Grant to New Directors
Vancouver, British Columbia--(Newsfile Corp. - April 10, 2024) - KORE Mining Ltd. (TSXV: KORE)
("
KORE
" or the "
Company
") is pleased to announce the appointment of Barry Brandon as a director of
the Company, effective immediately.
Mr. Brandon is a graduate of the University of Washington School of Law, a member of the Washington
State Bar Association, the Washington D.C. Bar Association, the Oklahoma Bar Association, and a
former founding board member of the Native American Bar Association of Washington D.C., and former
board member of the Native American Bar Association. Mr. Brandon is currently the Commissioner of
the Muscogee Nation - Office of Public Gaming and consults with a diverse client base which includes
federally recognized Indian tribes, national developers, construction contractors, investors, and
manufacturers. Mr. Brandon has been a director of numerous companies, past and present, General
Counsel for the National Indian Gaming Commission, Seneca Gaming Corporation, and the Seneca
Development Corporation, and was a partner at both Akin, Gump, Strauss, Hauer & Feld, L.L.P. in
Washington, D.C., and Doerner Saunders Daniel & Anderson in Tulsa, Oklahoma, specializing in Native
American law. Mr. Brandon has also worked for the United States Department of the Interior, Office of
the Secretary, Washington, DC, Deputy Director - Secretary's Indian Water Rights Office, and United
States Department of Justice, Environment & Natural Resources Division, Indian Resources Section,
Washington, DC as a Senior Trial Attorney. Mr. Brandon is a citizen of the Muscogee (Creek) Nation.
Grant of Options
As part of the Company's long-term incentive plan, KORE has granted an aggregate of 1,500,000 stock
options ("
Stock Options
") to the new directors of the company in accordance with the Company's
Option Plan. The Stock Options are exercisable at $0.05 per share for a five-year term, and vest
immediately on the date of grant. All Stock Options remain subject to the approval of the TSX Venture
Exchange.
About the Imperial Gold Project
KORE owns 100% of the Mesquite-Imperial-Picacho District which captures the entire 28-kilometer
trend from the operating Mesquite mine (Equinox Gold) to the closed Picacho mine and including
KORE's Imperial project.
In the District, gold is hosted in local fault structures related to a series of
regional faults connecting the known District deposits.
Those three District deposits (Mesquite, Imperial,
and Picacho) were discovered in exposed outcrops and from placer workings.
The rest of the District is
covered by alluvium and has never been systematically explored.
The Mesquite-Imperial-Picacho District centers on KORE's Imperial project.
Imperial is a structurally
controlled intermediate sulfidation epithermal gold deposit. The 100% oxide gold deposit is currently
defined at 2.44 kilometers long and up to 0.75 kilometers wide and is open both along strike and
downdip. It is hosted in a shallowly southwest dipping, amphibolite grade metamorphic rock suite along
a west-northwest trending low-angle regional thrust fault system which controls the regional geometry of
mineralization. East-west striking, post-mineralization normal faults control the property scale geometry
of mineralization. Geophysical characterization of the deposit and regional controlling structures is an
essential component of exploration for additional resources.
Imperial has a mineral resource estimate and a positive preliminary economic
assessment effective
April 6, 2020,
with the following highlights:
US$ 590 million NPV5% post-tax with 64% IRR at US$ 1,800 per ounce gold
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
Economic Model Sensitivity to Gold Price
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5130/204917_b784755fb4829b1c_001full.jpg
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.
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 serves 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 strongly 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 1,217,000 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 $)
Go
ld 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%
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
.
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, and is a qualified person
under National Instrument 43-101 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
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
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 consistent 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 expressed 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 process(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 determination 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
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.
GalaxyThere 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 not mineral reserves and do not have demonstrated
economic viability.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/204917