KORE drills 9.0m of 5.8 g/t gold including 1.5m of 32.2 g/t gold in final drill hole of Phase 1 drilling at Gold Creek KORE hits gold in all holes, confirms 400m+ strike length of gold mineralization
KORE drills 9.0m of 5.8
g/t gold including 1.5m of 32.2 g/t gold in final drill
hole of Phase 1 drilling at Gold Creek
KORE hits gold in all holes, confirms 400m+ strike length of gold mineralization
VANCOUVER
,
Dec. 4, 2018
/CNW/ - KORE Mining Ltd. (TSX VENTURE: KORE - "
KORE
" or the "
Company
") is pleased to announce fire assay results of all 4
holes of the Phase 1 drilling completed in 2018 on the Gold Creek gold exploration project located 2km NE of the town of Likely in the Cariboo – in the heart of
British Columbia's
historic "Gold Rush" district.
Highlights
Hole GC18-39 intercepted 1.5 metres of 32.2 g/t gold, within an overall intercept of 9.0 metres of 5.8 g/t gold.
Hole GC18-38 intercepted 10.3 metres of 0.9 g/t gold and 11.4 metres of 1.0 g/t gold.
Confirms positive correlation in drill holes between elevated arsenic (>100 ppm) and anomalous gold and potential for a large resource within an 8.5km long
arsenic-in-soils anomaly.
2018 Drilling results combined with 2017 results including GC17-35 which intercepted 84.65 metres of 1.0g/t gold including higher-grade intercepts, confirms
large widths of mineralization and the potential for a large resource.
Recent drilling combined with historical trenching extends the Camp Zone to 400m+ along strike and is open ended along both strike and at depth.
"Phase 1 drilling at Gold Creek has confirmed that this project has the potential for size. We aggressively stepped out from last year's drilling in order to assess
whether this project meets Kore's criteria. We are pleased that every hole so far in the Camp Zone has encountered gold mineralization and is open along
strike and at depth. Given that drilling to date encompasses less than 5% of the recently interpreted 8.5km long arsenic in soils trend, the potential for
additional discovery is high and we plan to continue forward on our path to unlock further value on the property"
said
James Hynes
, KORE Director and COO.
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. All 4 of the holes encountered long intercepts of gold mineralization, broad zones of
alteration and mineralization within a Triassic Upper Nicola greywacke, interbedded with argillites, mudstones, and conglomerates.
Geology & Interpretation
The higher grade gold intercepts in drill holes within the Camp Zone show similarities to the high-grade zone of the nearby Spanish Mountain Gold Deposit (TSX
Venture: SPA). A large portion of the resource and the highest grades at Spanish Mountain occur at the contact between the greywacke and argillites, similar to
mineralization at Gold Creek. This zone is contained within the same stratigraphic sequence (altered and silicified greywacke) and at a similar elevation.
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 recent drilling. For these reasons, KORE believes that Gold Creek has the potential to host a major gold deposit.
The recently compiled arsenic in soils geochemical anomaly follows this contact for the full 8.5km length. Arsenic in soils show more coherent anomalies, and
appear to be the best pathfinder element for the mineralized greywacke unit, providing numerous additional drill targets for evaluation.
The Camp Zone gold mineralization has been shown to both outcrop at surface and occur at shallow depths within drill holes. Early drilling suggests this deposit
has the potential for a bulk mineable open pit resource as well as high-grade underground development. The 2018 drill program followed up on sedimentary
hosted near-surface and higher-grade vertical stockwork, veins, and veinlets within the lower-grade halos.
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.
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 13.4g/t gold (GC11-27
10.7m
to
12.2m
),
9m
of 5.5g/t gold (GC17-34
16.0m
to
25.0m
), including
1.5m
of 18.0g/t
gold, and
84.65m
of 1.0g/t gold (GC17-35
85.85m
to
170.50m
), including higher grade intercepts. See appendix for historic and current significant intercepts.
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.
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.
Image Gallery:
https://www.koremining.com/pr120318-1
Appendix:
Table: Camp Zone Drill Results at Gold Creek, 2011 and 2017, and 2018
(FA = Fire Assay)[1]:
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
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
GC18-37
From (m)
To (m)
Interval (m)
FA Au g/t
124.00
127.23
3.23
0.7
and
137.95
147.09
9.14
0.4
and
157.00
171.62
14.62
0.4
GC18-38
From (m)
To (m)
Interval (m)
FA Au g/t
171.02
181.31
10.29
0.9
and
195.06
206.50
11.44
1.0
GC18-39
From (m)
To (m)
Interval (m)
FA Au g/t
171.00
180.00
9.00
5.8
including
174.00
175.00
1.50
32.2
Table:
Drill Collar Information of Camp Zone drill holes
Hole #
Northing
WGS84
Easting
WGS84
Elev. (m)
Azimuth
Dip
E.O.H. (m)
GC11-27
599278
5831143
903
225.0
-55.0
45.7
GC17-33
599282
5831149
903
229.4
-54.5
94.0
GC17-34
599254
5831103
903
224.5
-55.4
64.0
GC17-35
GC17-36
599388
5831166
923
238.3
-52.7
173.0
599405
5831103
892
225.2
-47.0
263.0
GC18-37
599465
5831031
899
225.8
-43.5
223.0
GC18-38
599465
5831031
899
228.1
-67.0
247.0
GC18-39
599536
5830955
920
231.7
-50.7
207.0
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.
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
Width reported are drill widths. True thicknesses are unknown.
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SOURCE
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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 04-DEC-18