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, British Columbia, December 4, 2018 – 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.
· 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.
Table: Camp Zone Drill Results at Gold Creek, 2011 and 2017, and 2018 (FA = Fire Assay):
Table: Drill Collar Information of Camp Zone drill holes
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.
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@example.com or by telephone at (888) 406 5779.
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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