KORE Mining to File Amended Technical Report at Long Valley GOLD Project
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KORE MINING TO FILE AMENDED TECHNICAL REPORT AT
LONG VALLEY GOLD PROJECT
Vancouver, British Columbia, December 18, 2019 – KORE Mining Ltd. (“ KORE” or the “ Company”) (TSX-V: KORE |
OTCQB: KOREF) announces that it will file an amended National Instrument 43 -101 Technical Report (“ Technical
Report”) and mineral resource estimate (“Resource Estimate”) for the Company’s 100% owned Long Valley Project
(“Long Valley” or “Project”). The revised Indicated resource of 1,247,000 ounces and I nferred resource of 486,000
ounces are from 66.8 million tonnes of 0. 58 grams per tonne and 23.6 million tonnes of 0. 65 grams per tonne
respectively.
The Technical Report, titled “ Amended Technical Report & Resource Estimate for the Long Valley Project, Mono
County, California, USA” was prepared by Mine Development Associates and authored by Neil Prenn, PE., and Steven
I Weiss, C.P.G., each of whom is independent of the Company. Th e effective date of the Technical Report is
November 15, 2019.
The tonnes, grade and total ounces in Measured plus Indicated, and Inferred mineral resources remains unchanged
from the previous estimate. The only change was in category, where all previous Measured resources were changed
to Indicated resources.
The Long Valley gold project is an epithermal gold project located in Mono County California.
KORE is currently undertaking geophysics and has been soil sampling and mapping through to the end of 2019. The
work is expected to generate drill targets in 2020 to test the “boiling zone” sulphides underlying the oxides.
KORE will file the full amended NI 43 -101 Long Valley Technical Report on SEDAR and the Company
website www.koremining.com within 45 days of this news release.
Amended Long Valley Mineral Resource Details
The Mineral Resource estimate presented herein amends and replaces the April 25, 2018 estimate by Mine
Development Associates.
Long Valley Mineral Resource Estimate – Imperial Units
Classification Cut-Off
(oz / ton)
Quantity
(‘000 tons)
Grade Gold
(oz / ton)
Contained
Gold (‘000 oz)
Indicated
Oxide 0.005 35,945 0.018 636
Transition 0.006 4,263 0.014 59
Sulphide 0.006 33,428 0.017 552
Total Indicated 73,635 0.017 1,247
Inferred
Oxide 0.005 9,192 0.020 185
Transition 0.006 1,314 0.016 21
Sulphide 0.006 15,464 0.018 280
Total Inferred 25,970 0.019 486
Gold resources that are contained in a US$1,500 per ounce optimized pit. Other pit optimization parameters summarised below in Note 1.
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Long Valley Mineral Resource Estimate – Metric Units
Classification Cut-Off
(g / tonne)
Quantity
(‘000 tonnes)
Grade Gold
(g / tonne)
Contained
Gold (‘000 oz)
Indicated
Oxide 0.17 32,609 0.61 636
Transition 0.21 3,867 0.47 59
Sulphide 0.21 30,325 0.57 552
Total Indicated 66,801 0.58 1,247
Inferred
Oxide 0.17 8,339 0.69 185
Transition 0.21 1,192 0.55 21
Sulphide 0.21 14,029 0.62 280
Total Inferred 23,560 0.65 486
Gold resources that are contained in a US$1,500 per ounce optimized pit. Other pit optimization parameters below in Note 1:
Note 1: Pit optimization parameters include:
• Pit Slope degrees 45 degrees
• Mining US$1.70 / ton mined
• Crushing US$1.40 / ton processed
• Heap Leach US$1.80 / ton processed
• Sulfide Mill US$8.60 / ton processed
• G&A US$0.63 / ton processed
• Refining Cost US$5 / oz Au produced
• Recovery (Oxide - Less than 150' below surface) 80% heap recovery
• Recovery (Transition - 150-200' below surface) 90% mill recovery
• Recovery (Sulfide - Below sulfide surface) 90% mill recovery
Qualified Persons
The authors of the Technical Report, Neil Prenn, P.E. and Steven I. Weiss, C.P.G. , of Mine Development Associates
are each a “qualified person” as defined in NI 43 -101 and independent of the Company and have prepared or
supervised the preparation of the technical information upon which this news release is based.
About KORE
KORE is 100% owner of a portfolio of gold exploration assets in California and British Columbia. KORE is supported
by strategic investors Eric Sprott and Macquarie Bank who, together with the management and Board own 66% of
the basic shares outstanding.
Further information on KORE and its assets can be found on the Company’s website at www.koremining.com and
at www.sedar.com, or by contacting us as [email protected] or by telephone at (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 Adjacent Properties and 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" 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. 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. Management believes that these assumptions are reasonable. 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.
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Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors
relating to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards
and risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected
geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of
materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations
governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances,
land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be
amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources,
which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating
metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices and the need to
reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered at the rates
estimated; risks related to title to the Company’s properties, including the risk that the Company’s title may be challenged or
impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a
timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from
other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other
things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified
employees and other personnel ; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the
Company’s properties; and risks related to the stage of the Company’s development, incl uding risks relating to limited financial
resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its mana gement
and key personnel; inability to obtain adequate or any insurance; exposure to lit igation or similar claims; currently unprofitable
operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest.
In addition to the above summary, additional risks and uncertainties are de scribed in the “Risks” section of the Company’s
management discussion and analysis for the interim period ended September 30, 2019 prepared as of November 28, 2019
available under the Company’s issuer profile on www.sedar.com.
Forward-looking statements c ontained 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 securi ties 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 not mineral
reserves and do not have demonstrated economic viability.