KORE drills 25.7m of 1.3 g/t gold and 11.1m of 2.0 g/t gold in initial drill hole of Phase 1 drilling at Gold Creek TSXV – KORE Initial Drill hole (CG18-036) intercepts over 125 metres of gold mineralization
KORE drills 25.7m of 1.3 g/t gold and 11.1m of 2.0 g/t gold in initial drill hole
of Phase 1 drilling at Gold Creek
TSXV – KORE
Initial Drill hole (CG18-036) intercepts over 125 metres of gold mineralization
VANCOUVER
,
Nov. 13, 2018
/CNW/ - KORE Mining Ltd. (TSX VENTURE: KORE - "
KORE
" or the "
Company
") is pleased to announce completion of Phase 1
drilling on the Gold Creek gold exploration project, extension of the Camp Zone of over
300m
, and the discovery of visible gold in 2 of 4 drill holes
1
.
Highlights
First hole GC18-36 intercepts
25.7m
of 1.3g/t, including 3 metres of 8.6g/t gold near surface.
Confirms extension of potential for a large resource within an 8.5km long arsenic-in-soils anomaly.
Visible gold was observed in the 3rd (GC18-038) and 4th (GC18-039) hole of the campaign, with visible gold in 2 locations within GC18-039, with assays
pending on both holes
2
.
Drilling extends the Camp Zone
300m
along strike and is open ended along strike and at depth.
"These results demonstrate broad zones of gold mineralization with higher grade in step out drilling. This confirms the association of gold with a recently
interpreted 8.5km long trend and the potential for discovery of a significant resource,"
said
James Hynes
, KORE Director and COO.
Geology & Interpretation
A total of 4 HQ drill holes for 940 meters were completed within the Camp Zone to test strike length extension of the successful discovery drill program completed
in 2017. These holes step out approximately
300m
from previous drilling. The 2018 drill program followed up on sedimentary hosted near surface and higher
grade vertical stockwork, veins and veinlets within the lower grade halos.
All 4 of the holes encountered broad zones of alteration and mineralization within a Triassic Upper Nicola greywacke, interbedded with argillites, mudstones, and
conglomerates.
Mineralization consists of quartz-pyrite-carbonate veins and veinlets with variable amounts of arsenopyrite, chalcopyrite, galena, sphalerite, pyrrhotite, and native
gold. Where observed, native gold occurs as ≤1 mm fine-grained, free individual crystalline grains along the walls of quartz veins, on the edges of cubic pyrite
crystals, with limonitic pyrite, and occasionally with galena. Pyrite is the principal sulfide mineral in the mineralization, occurring within quartz veins, in envelopes of
5-10% pyrite adjacent to quartz veins, and disseminated 1-3% in the host rock. The quartz-sulfide veins strike southeast, dip steeply or vertically, are generally
sub-parallel, and occur as individual veins and as zones of stockwork. Veining and mineralization are accompanied by quartz-sericite alteration, carbonate
alteration, bleaching, and silicification in the wall rocks surrounding veins and stockwork. Host rocks consist of interbedded greywacke and argillite with minor
conglomerate and mudstone beds.
GC18-036 Significant Intercepts (FA = Fire Assay)
3
:
GC18-36
From (m)
To (m)
Interval (m)
FA Au g/t
27.94
53.65
25.71
1.3
including
27.94
31.00
3.06
8.6
and
98.64
148.85
50.21
0.7
including
98.64
109.70
11.06
2.0
including
142.70
148.85
6.15
0.8
Maps, sections and a table of drill holes completed this year with notes on targets tested are attached to this news release and posted on
www.koremining.com
.
Gold Creek Project Description and Location
The Gold Creek project is located 2km NE of the town of Likely in the Cariboo – the heart of
British Columbia's
historic "Gold Rush" district. The Gold Creek
project consists of 34 claims totalling 9,673 ha located approximately 8km to the NW of the Spanish Mountain gold deposit. Access is from Likely by all-weather
gravel road. The site has well developed infrastructure and is just 70km NE of
Williams Lake
, a major regional centre serviced by an airport and railway. The
property has several small roads that will provide easy access for drilling the claims.
Kore 2018 Work Program
Compilation of historical drilling, soil sampling, and geophysics were completed by KORE to determine a positive correlation between gold mineralization and
either pathfinder elements, geophysical anomalies, or both.
Historic drilling in 2011 and 2017 confirmed large widths of mineralization in silicified greywacke from surface with multiple higher grade vein intercepts within a
lower-grade halo. Intercepts included
1.5m
of 13.4gpt (GC11-27
10.7m
to
12.2m
),
9m
of 5.5gpt (GC17-34
16.0m
to
25.0m
), including
1.5m
of 18.0gpt, and
84.65m
of 1.0gpt (GC17-35
85.85m
to
170.50m
), including higher grade intercepts. See appendix for historic results.
The Company has observed gold mineralization to be closely correlated with elevated arsenic and contained within a greywacke unit of high resistivity and low
chargeability relative to the adjacent argillite unit.
Review of the 3 HQ core drill holes from 2017 performed by Eureka Resources confirms that broad zones of gold mineralization are closely accompanied by
elevated arsenic levels. Previous drilling had targeted gold in soil anomalies on the property. While these gold in soil anomalies exhibit quite high gold in soils (as
high as 89,000 ppb), these anomalies appear to be discontinuous due to varying thickness of glacial till which covers the majority of the property (see compilation
map of historic gold in soils). Arsenic in soils show more coherent anomalies, and appear to be the best pathfinder element for the mineralized greywacke unit.
Compilation of historic arsenic in soils (see compilation map of historic arsenic on soils) highlights an 8.5km long NW-SE trend that is coincident with the NW-SE
trending Camp Zone and the recent drilling. This 8.5km long anomaly provides numerous additional drill targets for evaluation.
QA/QC and Qualified Person
Once the drill core was received from the drill site, individual samples were determined, logged for geological attributes, sawn in half, labelled, and bagged for
assay submittal. The remaining drill core was then stored at a secure site in
Horsefly, BC
. The Company inserted quality control samples at regular intervals within
the sample stream which included blanks, preparation duplicates, and standard reference materials with all sample shipments intended to monitor laboratory
performance. Sample shipment was conducted under a chain of custody procedure. The QAQC program was designed, approved, and overseen by
Kristian
Whitehead
, P.Geo.
Drill core samples were submitted to ALS Minerals' analytical facility in
North Vancouver, British Columbia
for preparation and analysis. Sample preparation
included drying and weighing the samples, crushing the entire sample, and pulverizing 250 grams. Analysis for gold was by method Au-AA26: 50g fire assay fusion
with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples were analyzed for 33 additional elements with method ME-
ICP61 (four-acid digestion). Overlimit values other than gold were re-analyzed by methods ME-OG62 (four-acid digestion) and Cu-OG62 (ore-grade copper with
four-acid digestion).
ALS Minerals is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with
established data acceptance criteria. Parameters for ALS Minerals' internal and Kore's external blind quality control samples were acceptable for the analyses
returned.
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 this news release.
Gallery:
https://www.koremining.com/pr111318
Appendix:
Table: Historic Drill Results at Gold Creek, 2011 and 2017
GC11-27
From (m)
To (m)
Interval (m)
FA Au g/t
3.1
44.2
41.2
0.9
including
3.1
32.0
29.0
1.1
including
10.7
12.2
1.5
13.4
GC17-33
From (m)
To (m)
Interval (m)
FA Au g/t
13.00
28.00
15.00
0.7
including
21.20
25.00
3.80
1.7
and
42.30
85.00
42.7
0.7
GC17-34
From (m)
To (m)
Interval (m)
FA Au g/t
10.00
28.30
18.30
2.9
including
16.00
25.00
9.00
5.5
including
17.50
19.00
1.50
18.0
GC17-35
From (m)
To (m)
Interval (m)
FA Au g/t
85.85
170.50
84.65
1.0
including
88.70
149.50
60.80
1.3
including
136.25
149.50
13.25
4.7
including
136.25
145.00
8.75
6.5
including
136.25
137.50
1.25
33.2
including
143.50
145.0
1.50
8.1
Table:
Drill Collar Information of 2018 drill holes
Hole #
Northing
WGS84
Easting
WGS84
Elev. (m)
Azimuth
Dip
E.O.H. (m)
Assays
GC18-36
599405
5831103
892
225.2
-47.0
263.0
Available
GC18-37
599465
5831031
899
225.8
-43.5
223.0
Pending
GC18-38
599465
5831031
899
228.1
-67.0
247.0
Pending
GC18-39
599536
5830955
920
231.7
-50.7
207.0
Pending
About
KORE
KORE Mining is a development stage company that offers exposure to precious metals exploration and development in
North America
, with a corporate strategy
focused on advancing its
California
development and
British Columbia
advanced exploration stage projects.
California, USA
KORE owns 100% interests in the Imperial and Long Valley gold development projects, located in
California, USA
(together, the "Projects"). Most recent current
resources specify a total of 1,247,000 measured and indicated and 486,000 inferred gold ounces on the Long Valley project. An historic proven and probable
reserve, feasibility study and environmental impact statement and report exists on the Imperial Project. 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.
British Columbia, Canada
KORE's 100% owned FG Gold property is an advanced-stage gold project located in the Cariboo Mining Division. Historical exploration has established 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.
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 the Company's 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.
_______________________________
1
Assays and interpretation from holes GC18-037, GC18-038, and GC18-039 are pending
2
Readers are cautioned that assays have not yet been received and the presence of visible gold in these holes may not be indicative of
actual results from the drill program
3
Width reported are drill widths. True thicknesses are unknown
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SOURCE
Kore Mining
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%SEDAR: 00005837E
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 13-NOV-18