Since starting to trade publicly just over one year ago, K92 Mining Inc. (K92) (TSX.V: KNT) has refurbished and enhanced processing facilities and underground infrastructure, restarted production at the gold-centric Irumafimpa deposit and has released multiple drill holes from that particular area of the 400 sq km property that have attracted positive attention from gold enthusiasts.
Recent news that the company has intersected what it interprets as the Kora Vein system, in a crosscut from the modified Kora exploration drive, has people talking about not only gold mineralization, but high-grade copper also.
While the gold price has been strong as of late, copper has quietly moved to multi-year highs, and the resurging interest in copper companies is an emerging market theme.
This changing sentiment towards copper, occurring alongside of the recent uptick in the gold environment, bodes well for K92, who just announced an intersection comprising a strongly sulphide (bornite, chalcopyrite and pyrite) mineralized quartz vein approximately 2.7 metres wide. Channel sampling of the north and south faces of the vein system exposed in the crosscut has returned an average of 9.89 g/t Au, 46 g/t Ag and 2.44% Cu over a true width of 2.7 metres.
K92 President, Bryan Slusarchuk explains, “Kora is a deposit with high grades of both copper and gold. Given the general market sentiment towards the metals during the past year, and the fact that we re-started production at the Irumafimpa deposit, most people have solely focussed on the gold aspect of K92. We purchased this project from Barrick Gold and there is no doubt that gold is a key focus, but as of late, we are starting to see a bit more interest in the copper component to the K92 situation. Exploration drilling is now starting to follow up on the Kora extension discovery, and we anticipate a fair bit of news flow in the very near future.”
The K92 intersection described above is approximately 10 to 15 metres along strike and to the north of the Kora extension intersection reported in hole KMDD0009 (see K92 News Release “K92 Mining Discovers High Grade Extension of Kora Deposit in First Completed Exploration Hole” May 24, 2017 for details including true thicknesses). This hole recorded an intersection of 5.4 metres at 11.68 g/t gold, 25.5 g/t silver and 1.33 per cent copper from 154 metres downhole, interpreted to be the discovery of an extension of the Kora deposit.
Additionally, and indicative of their enthusiasm for this Kora extension discovery, the company has commenced mining an initial 2,000 tonne bulk sample from the interpreted Kora Vein, mining along strike in a northerly and southerly direction from the crosscut. The bulk sample is being mined from a 4 metre x 4 metre horizontal development designed to reflect the stoping width envisaged in the Preliminary Economic Assessment ("PEA"). It is anticipated that this material will be treated through the process plant during September, generating important information on metallurgical performance and providing a bulk concentrate for evaluation by potential offtakers.
With current production, a plan to target production and resource expansion in the near term, and an exploration land package with numerous vein and porphyry targets, K92 will be an exciting situation to follow in the coming months.