KORE Mining Announces Further $7.5 Million Strategic Investment by Eric Sprott to Accelerate Growth
https://finance.yahoo.com/news/kore-mining-announces-further-7-131000455.html
VANCOUVER, BC , June 29, 2020 /CNW/ - KORE Mining Ltd. (KORE.V) (KOREF) ("KORE" or the "Company") is pleased to announce it intends to complete a non-brokered private placement to raise gross proceeds of up to $7,500,000 consisting of 6,000,000 subscription receipts at a price of $1.00 per unit ("Non-FT Units") and 1,000,000 subscription receipts for flow through units at $1.50 ("FT Units") (collectively the "Private Placement"), subject to the approval of the TSX Venture Exchange and required shareholder approval.
The Non-FT Units are being fully subscribed and invested into by Mr. Eric Sprott , through 2176423 Ontario Ltd., a corporation beneficially controlled by him. Assuming full conversion of the entirety of the subscription receipts in the Private Placement, Mr. Sprott's ownership will be approximately 22.53% on a non-diluted basis.
Mr. Eric Sprott commented, "I believe KORE is extremely under-valued and have positioned myself as their largest shareholder with over $12 million invested over the last ten months. KORE owns 100% of three district scale exploration opportunities, all with shallow high-quality drill targets. Add to that the Imperial PEA and the resources in the ground to back-stop value, KORE is setup to deliver out-sized returns."
Scott Trebilcock , President and CEO stated, "Mr. Sprott is a cornerstone investor in KORE and supports our vision to deliver value through exploration and development. KORE will use the new capital to aggressively pursue our highest priority drill targets and accelerate Imperial into permitting."
Proceeds from the Private Placement will be placed in escrow on the closing, to be released to KORE on the receipt of all necessary shareholder and regulatory approvals (the "Approvals") to the creation of a new "Control Person" (as defined in the policies of the TSX Venture Exchange). On conversion, each subscription receipt will automatically convert into one Non-FT Unit and FT Unit, for no additional consideration. In the event that the Approvals are not obtained by October 31, 2020 , each Subscription Receipt will be cancelled, and the subscription funds will be returned. Mr. Sprott currently owns 16,318,444 common shares of KORE, representing 16.91% of the issued common shares on a non-diluted and on a fully diluted basis and is not a specified person in relation to KORE within the meaning of the Income Tax Act ( Canada ). The Private Placement, if converted and subject to the Approvals, will result in Mr. Sprott becoming a "control person" and will bring the balance of his interest in the Company to approximately 22.53% on a non-diluted basis and 25.07% on a partially diluted basis, assuming the full exercise of Mr. Sprott's Warrants.
Each Non-FT Unit will be comprised of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit will be comprised of one flow through common share of the Company and one-half of one Warrant. Each Warrant shall be exercisable to acquire one Common Share (a "Warrant Share") at a price of $1.50 per Warrant Share for a period of 24 months from the closing of the Private Placement.
Net proceeds of the Private Placement are expected to advance KORE's 100% owned gold portfolio including Imperial ( California ), FG Gold (BC) and Long Valley ( California ) as well as for general corporate and working capital purposes.
The gross proceeds from the sale of the FT Shares will be used for expenditures which qualify as "Canadian exploration expenses" and "flow-through mining expenditures" both within the meaning of the Income Tax Act ( Canada ).
The securities to be acquired by Mr. Sprott in the Private Placement are for investment purposes only. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company, including on the open market or through private acquisitions, or sell securities of the Company, including through the open market or through private dispositions, in the future, depending on market conditions, reformation of plans, and/or other relevant factors.
All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date under applicable securities laws in Canada and among other things, receipt by KORE of all necessary regulatory approvals, including the TSX Venture Exchange and required shareholder approval.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia. KORE is supported by strategic investors Eric Sprott and Macquarie, who, together with the management and Board currently 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 info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
"Scott Trebilcock"
Chief Executive Officer
(888) 407-5450
The securities to be issued under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of KORE's securities in the United States .
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, the successful closing of the Private Placement (including the receipt of TSX Venture Exchange approval and obtaining the required shareholder approval for the Private Placement) and the final proceeds received, 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. For further information on the Company's Imperial Project, please see the Company's NI 43-101 Technical Report report titled "Preliminary Economic Assessment – Technical Report Imperial Gold Project" effective as of April 6, 2020 and issued on May 19, 2020 , filed on the Company's website and also available under the Company's issuer profile on www.sedar.com.
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, 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, the ability of the Company to access necessary resources, 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, 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 described in the "Risks" section of the Company's management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company's issuer profile on www.sedar.com.
Forward-looking statements contained 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 securities 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.
SOURCE Kore Mining
Cision
Cision
View original content: http://www.newswire.ca/en/releases/archive/June2020/29/c4779.html
Sign in again to post a message.
KORE Mining Mobilizes New Exploration Program at Mesquite East and Imperial West
[PR Newswire]
PR Newswire•June 23, 2020
District Scale Exploration Targeting High-Priority Structures for Near Surface Gold Discoveries
VANCOUVER, BC, June 23, 2020 /PRNewswire/ - KORE Mining Ltd. (TSXV: KORE) (OTCQB: KOREF) ("KORE" or the "Company") is pleased to announce is mobilizing a ground geophysics and surface sampling program ("New Exploration Program") on the Mesquite East and Imperial West areas of the Mesquite-Imperial-Picacho District exploration project ("District") to generate further drill targets. KORE is also permitting the highest priority drill pads for District targets towards the Mesquite Mine (Equinox Gold | TSX:EQX) and in and around the current Imperial resource.
Highlights
Previous rounds of geophysics confirmed district scale with 19 km of anomalies
New Exploration Program will further define specific drill targets
Drill pad permitting in progress to test highest priority current targets at the following areas:
Eastern 9 km of District to Picacho and the Ogilby area remains unexplored and a future opportunity
Next Steps
New Exploration Program results expected in July and August 2020
Drill permits expected in the fall 2020 could accommodate a multi-phased drill program
Initial drill program a minimum of 5,000 meters (mix RC and core drilling)
Scott Trebilcock, President and CEO of KORE, stated, "Imperial County is a prolific mining District with almost 150 years of modern gold mining history. The Mesquite-Imperial-Picacho District trend is a high priority to expand KORE's already large resource base. KORE will be targeting both near surface resources to enhance the Imperial project PEA while targeting blue-sky new discoveries on our 26,000 acres of claims. The work kicked off today will help us prioritise the large array of District targets and we are excited to explore this district with modern exploration methods, never used before in this district."
Figure 1 shows the Mesquite-Imperial-Picacho District claims in relation to KORE's Imperial project, the operating Mesquite mine and the closed Picacho mine. Figure 2 depicts the western half of the District (Mesquite-Imperial) with the three newly defined target areas with main interpreted target structures.
KORE owns 100% of the District which consists of 26,323 acres on 1,007 claims captures the entire 28-kilometer trend from the operating Mesquite mine (Equinox Gold | TSX:EQX) to the closed Picacho mine and including KORE's Imperial project. In the District, gold is hosted in local fault structures related to a series of regional faults connecting the known District deposits. Those three District deposits (Mesquite-Imperial-Picacho) were discovered in exposed outcrops and from placer workings. The rest of the District is covered by alluvium and has never been systematically explored. Having the intact Imperial deposit to "tune" or "fingerprint" geophysical signatures, greatly enhances the ability to explore and target deposits under the alluvium and make new discoveries along the trend.
Previously, KORE completed two rounds of ground geophysics, the first to "tune" the system over its Imperial deposit and the second to define exploration targets on the western half of the District exploration project. Details of previous targeting work were released January 7, 2020 and April 29, 2020.
Click here to for a video walk-through of District exploration interpretation.
Drill permits at Imperial are with the US Federal agency, the Bureau of Land Management ("BLM"). KORE is completing a Plan of Operations process for the permits which is expected to take three to six months. KORE is committed to operate to the stringent environmental and labour standards of California. KORE plans to concurrently reclaim drill pad locations and ensure measures are taken to mitigate any impacts to biological and cultural resources.
About Imperial Project
The Mesquite-Imperial-Picacho District centers on KORE's Imperial project. Imperial is a structurally controlled intermediate sulfidation epithermal gold deposit. The 100% oxide gold deposit is currently defined at 2.44 kilometer long and up to 0.75 kilometer wide and is open both along strike and downdip. It is hosted in a shallowly southwest dipping, amphibolite grade metamorphic rock suite along a west-northwest trending low-angle regional thrust fault system. The thrust fault system controls the regional geometry of mineralization. East-west striking, post-mineralization normal faults control the property scale geometry of mineralization. Geophysical characterization of the deposit and regional controlling structures is an essential component of exploration for additional resources.
Imperial has a mineral resource estimate and a positive preliminary economic assessment effective April 6, 2020 with the following highlights (see also Figure 3):
Robust economics: US$ 343 million NPV5% post-tax with 44% IRR at US$1,450 per ounce gold
Low capital intensity project with only US$ 143 million pre-production capital cost
146,000 ounces gold per year over 8 years for 1.2 million ounces total production
Technically simple project: shallow open pit, run-of-mine heap leach with existing infrastructure
Value enhancement through Mesquite-Imperial-Picacho District exploration and resource expansion
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration and development 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 approximately 65% of the basic shares outstanding.
Further information on KORE and its assets can be found on the Company's updated website at www.koremining.com and at www.sedar.com, or by contacting us as info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
"Scott Trebilcock"
Chief Executive Officer
(888) 407-5450
Qualified Person
Technical information with respect to the Project contained in this news release has been reviewed and approved by Marc Leduc, P.Eng, who is KORE's COO and is the qualified person under National Instrument 43-101 responsible for the technical matters of this news release.
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 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.
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, including risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance; exposure to litigation 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 described in the "Risks" section of the Company's management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company's issuer profile on www.sedar.com.
Forward-looking statements contained 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 securities 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.
Cautionary Note Regarding Mineral Resource Estimates: Information regarding mineral resource estimates has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States Securities and Exchange Commission ("SEC") Industry Guide 7. In October 2018, the SEC approved final rules requiring comprehensive and detailed disclosure requirements for issuers with material mining operations. The provisions in Industry Guide 7 and Item 102 of Regulation S-K, have been replaced with a new subpart 1300 of Regulation S-K under the United States Securities Act and will become mandatory for SEC registrants after January 1, 2021. The changes adopted are intended to align the SEC's disclosure requirements more closely with global standards as embodied by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), including Canada's NI 43-101 and CIM Definition Standards. Under the new SEC rules, SEC registrants will be permitted to disclose "mineral resources" even though they reflect a lower level of certainty than mineral reserves. Additionally, under the New Rules, mineral resources must be classified as "measured", "indicated", or "inferred", terms which are defined in and required to be disclosed by NI 43-101 for Canadian issuers and are not recognized under SEC Industry Guide 7. An "Inferred Mineral Resource" has a lower level of confidence than that applying to an "Indicated Mineral Resource" and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of "Inferred Mineral Resources" could be upgraded to "Indicated Mineral Resources" with continued exploration. Accordingly, the mineral resource estimates and related information may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Industry Guide 7.
Cision
Cision
View original content to download multimedia:http://www.prnewswire.com/news-releases/kore-mining-mobilizes-new-exploration-program-at-mesquite-east-and-imperial-west-301081611.html
SOURCE Kore Mining
Sign in again to post a message.
KORE Mining Drills 32 Meters of 3.0 g/t Gold Near Surface and Discovers New Zone with 10 Meters of 3.9 g/t Gold Below Existing FG Gold Resource
[PR Newswire]
PR Newswire•June 10, 2020
Metallic Screen Assays Pending on Six Holes with Drilling Re-start In Coming Weeks
VANCOUVER, BC, June 10, 2020 /PRNewswire/ - KORE Mining Ltd. (TSXV: KORE) (OTCQB: KOREF) ("KORE" or the "Company") is pleased to announce drill hole FG-20-369 intercepted 32 meters of 3.0 g/t gold starting at 22 meters and discovered a new zone with 10 meters of 3.9 g/t gold starting at 237 meters at the FG Gold Project ("Project" or "FG Gold") in the Cariboo Region of British Columbia.
Due to the results to date, the Company is preparing to commence an extended drilling program to further delineate the existing resource and test on-strike and downdip extensions.
Highlights
Lower Zone discovery: 10 meters of 3.9 g/t gold starting at 237 meters in FG-20-369 including:
Upper Zone intercept: 32.0 meters of 3.0 g/t gold starting at 22.0 meters in FG-20-369 including:
Large diameter, oriented core and metallic screen assays have upgraded past drilling
Mineralization remains open at depth and along almost the entire 20-kilometer trend representing a district scale exploration opportunity for further discovery and resource expansion
Eight large diameter (HQ) oriented core drill holes for a total of 1,577 meters were completed in April 2020. Assays from the first two holes are included in this news release. The remaining holes FG-20-370 to FG-20-375 (metallic screen assays pending) all intercepted zones of quartz veining, within the existing resource and newly identified quartz veins below the existing resource. The remaining holes assess both the "upper zone" and newly discovered "lower zone" in a similar manner as FG-368/69 assessed the section discussed in this release.
The full table of results are included below. Detailed core logs and photos are available at: www.koremining.com/exploration-highlights.
KORE CEO Scott Trebilcock commented, "Seeing high grade intercepts associated with visible gold in the core, validates our excitement about the FG Gold project. With the discovery in the Lower Zone, high core recovery to define structure and metallic screens upgrading assays, we are hitting all our objectives and will continue drilling after spring breakup later in June."
The 20-kilometer trend is defined by gold in soils and geophysics that traces the mineralized rock group around the regional syncline. The Project has only been shallowly drilled where the mineralized rock group comes to surface. Past drilling averages only 93 meters deep into a low to moderately plunging sedimentary host rock. Mineralization is open at depth and along almost the entire trend. Figure 2 is a regional cross-section that shows the host rock potential at depth and connection to a potential porphyritic intrusion.
Due to coarse visible gold, metallic screening assays provide a much more representative sample versus conventional fire assays. Historical drilling and assays had limited and sporadic metallic screen analyses which may have underestimated historical gold grades.
Details of Core Holes FG-20-368 and FG-20-369
Hole FG-20-368 was targeting the structural controls for known mineralization, and looking to extend the mineralization down the host rock structure. Hole FG-20-368 encountered seven quartz vein intervals with assays compiled in tables below.
Hole FG-20-369 was drilled as a scissor hole from the same pad and also encountered quartz veining and two incidences of coarse visible gold (see Figure 4). A cross section of the two holes is presented as Figure 3. FG-20-369 intercepted 13 quartz veins between 5.5 and 250 meters down-hole which tested an additional 100 meters below the previous resource. A total of ten quartz vein intercepts in FG-20-368 and FG-20-369 were encountered below the depth of historic drilling.
Holes 368 and 369 were started below the hanging wall of the "upper zone". As additional holes are drilled in this section, they will be drilled through the entirety of the "upper zone" while exploring both the thickness of the "lower zone" and downdip extension of both zones.
As more assay data comes in KORE will be conducting structural analysis and interpretation.
Hole FG-20-368
Top 110 meters of assays previously released May 19, 2020 and set again below including the latest data:
From
(meters)
To
(meters)
Width*
(meters)
Gold (g/t)
Zone
Intercept
5.5
82.0
76.5
1.1
Upper
including
5.5
18.0
12.5
1.2
including
27.0
35.0
8.0
1.6
including
56.0
82.0
26.0
2.0
and including
81.0
82.0
1.0
28.4
and
106.0
110.0
4.0
0.6
Upper
and (new)
185.0
195.0
10.0
0.8
Lower
Hole FG-20-369
From
(meters)
To
(meters)
Width*
(meters)
Gold (g/t)
Zone
Intercept
22.0
54.0
32.0
3.0
Upper
including
29.0
51.5
22.5
4.0
including
29.0
30.0
1.0
42.5
and
102.5
118.0
15.5
0.7
Upper
and
192.5
213.5
21.0
0.9
Lower
and
237.0
247.0
10.0
3.9
Lower
including
239.0
240.0
1.0
33.9
* True widths are unknown at this time and will be updated when full review and interpretation of oriented core measurements has been completed
Details of Metallic Screen Assaying
Metallic screen assays are often used in exploration when coarse or visible gold is present in the core as we have here at the FG Gold Project. Traditionally, fire assays are undertaken on 30-50 grams of pulverised sample. The metallic screen fire assay uses a larger sample (1 kilogram in our case), with screening (to -106 micron) to separate coarse gold particles from fine material. After screening, two samples of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous. The entire coarse fraction is assayed to determine the contribution of the coarse gold. This method helps reduce the erratic assay results often seen in the higher-grade zones found in "nuggety" gold deposits such as the FG Gold Project. All assays are performed at accredited independent commercial assay labs.
At the FG Gold Project, the results demonstrate an increase in gold grade using metallic screen assays in all grade ranges, especially above 1.0 g/t. Of the 9 samples traditional fire assaying higher than 5.0 g/t, metallic screening increased the grade of these assays by 48%, on average. Of the 31 samples traditional fire assaying between 1.0 g/t and 5.0 g/t, metallic screening increased the grade of these assays by 16% on average. Of the 42 samples assaying between 0.5 g/t and 1.0 g/t, metallic screening increased the grade of these assays by 10% on average. Of the 45 samples assaying between 0.3 g/t and 0.5 g/t, metallic screening increased the grade of these assays by 1% on average. These initial results indicate that upgrading of the fire assay results by metallic screen is an effective tool for assaying intervals above the currently used cut-off grade of the deposit (0.5 g/t).
Regional Geology
The FG Gold property straddles the boundary between the Omineca and Intermontane tectonics belts of the Canadian Cordillera. The eastward emplacement of the Intermontane Belt onto the Omineca Belt along the Eureka Thrust Fault caused widespread regional metamorphism and structural deformation of both Belts. The regional scale, northwest trending, shallowly plunging, Eureka Syncline is the dominant resulting structure in the project area. Rocks in the core of the Eureka Syncline are comprised of basalt, augite porphyry flows, tuffs and volcanic breccias metamorphosed to a low grade; they are structurally emplaced onto metavolcanic and sedimentary rocks of the Quesnel Terrane. The Quesnel Terrane is recognized for its prevalence of copper, gold and molybdenum mines and showings such as those at Highland Valley, Boss Mountain, QR and Mount Polley.
Property Geology
The FG Gold property is centrally located over the Eureka Syncline, strategically encompassing two limbs and the hinge zone of a gold-bearing meta-sedimentary rock unit of the Quesnel Terrane. The gold-bearing rock, a 'knotted' phyllite, is the host rock for gold mineralization over the 3 km strike length of the Resource Area (see Figure 1). Surface mapping and geophysical inversion of airborne electromagnetic (EM) data suggests the knotted phyllite has a strike length of over 20 km with potentially thickened regions occurring in the Eureka Syncline hinge zone (Kusk Zone Target) (see Figure 1).
Gold mineralization occurs in and is associated with development of quartz – Fe carbonate – muscovite – pyrite vein stockwork. The stockwork is best developed in the knotted phyllite unit. Stockwork zones locally concentrate in zones greater than 10 meters wide and are dominantly stratabound. Fe-carbonate alteration and carbonate porphyroblasts development within the knotted phyllite unit is observed to extend well outside immediate areas of veining.
About the FG Gold Project
The FG Gold project consists of 35 claims, totaling 13,008 ha, in the eastern Cariboo region of central British Columbia, approximately 100 km east of Williams Lake. The project is at low elevation and accessible by forestry roads. FG Gold hosts an orogenic gold deposit on the northeast limb of the Eureka syncline. The southwest limb and hinge zone are underexplored. The Project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered by KORE in 2018. Figure 1 highlights the 20km trend of host rock expression at surface.
The 20-kilometer trend is defined by gold in soils and geophysics that traces the mineralized rock group around the regional syncline. The Project has only been shallowly drilled where the mineralized rock group comes to surface. Past drilling averages only 93 meters deep into a steeply plunging sedimentary host rock. Mineralization is open at depth and along almost the entire trend. Figure 2 is a regional cross-section that shows the host rock potential at depth and potential connection to the Project's porphyritic intrusion.
The previous drilling targeted stratigraphic controls on mineralization and did not penetrate into the bulk of the host-rock structure. Drilling was largely done with RC and narrow core to generate shallow bulk-disseminated gold intercept models. Within the current resource there appear to be mineralized corridors or chutes that are open at depth in the host rock.
The current resource at the FG Gold project is as follows:
Classification
Size (tonnes)
Grade (g/t)
Au (oz)
Au Cutoff (g/t)
Measured
5,600,000
0.812
145,000
0.50
Indicated
9,570,000
0.755
231,000
0.50
Inferred
27,493,000
0.718
634,900
0.50
More information on the FG Gold Project and resource is available in the "NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, BC" dated July 20, 2015 by K.V. Campbell of ERSi Earth Resource Surveys Inc. and G.H. Giroux of Giroux Consultants Ltd. technical report ("2015 Technical Report") filed on www.sedar.com and on KORE's website at www.koremining.com.
About KORE
KORE is 100% owner of a portfolio of advanced gold exploration and development 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 approximately 65% of the basic shares outstanding.
Further information on KORE and its assets can be found on the Company's updated website at www.koremining.com and at www.sedar.com, or by contacting us as info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
"Scott Trebilcock"
Chief Executive Officer
(888) 407-5450
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.
Drill core samples were submitted to Bureau Veritas' analytical facility in 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 FA450: 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and upper limit of 10 ppm. Gold assays greater than 10ppm are automatically analysed by method FA550: 50g fire assay fusion with a gravimetric fusion. Metallic screen techniques were employed to assay gold mineralized zones thought to contain coarse gold. Approximately 1000 grams of coarse reject material are pulverized and screened. Two splits of the fine fraction are assayed, as well as all material that does not pass through the screen (the coarse fraction). The final gold assay reported is a weighted average of the coarse and fine fractions.
Bureau Veritas 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 Bureau Veritas' internal and Kore's external blind quality control samples were acceptable for the analyses returned.
Technical information with respect to the Project contained in this news release has been reviewed and approved by Marc Leduc, P.Eng, who is KORE's COO and is the qualified person under National Instrument 43-101 responsible for the technical matters of this news release.
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 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.
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, including risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance; exposure to litigation 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 described in the "Risks" section of the Company's management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company's issuer profile on www.sedar.com.
Forward-looking statements contained 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 securities 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.
Cautionary Note Regarding Mineral Resource Estimates: Information regarding mineral resource estimates has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States Securities and Exchange Commission ("SEC") Industry Guide 7. In October 2018, the SEC approved final rules requiring comprehensive and detailed disclosure requirements for issuers with material mining operations. The provisions in Industry Guide 7 and Item 102 of Regulation S-K, have been replaced with a new subpart 1300 of Regulation S-K under the United States Securities Act and will become mandatory for SEC registrants after January 1, 2021. The changes adopted are intended to align the SEC's disclosure requirements more closely with global standards as embodied by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), including Canada's NI 43-101 and CIM Definition Standards. Under the new SEC rules, SEC registrants will be permitted to disclose "mineral resources" even though they reflect a lower level of certainty than mineral reserves. Additionally, under the New Rules, mineral resources must be classified as "measured", "indicated", or "inferred", terms which are defined in and required to be disclosed by NI 43-101 for Canadian issuers and are not recognized under SEC Industry Guide 7. An "Inferred Mineral Resource" has a lower level of confidence than that applying to an "Indicated Mineral Resource" and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of "Inferred Mineral Resources" could be upgraded to "Indicated Mineral Resources" with continued exploration. Accordingly, the mineral resource estimates and related information may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Industry Guide 7.
Figure 1 – Property Map with Exploration Zones and Projected Trend (CNW Group/Kore Mining)
Figure 1 – Property Map with Exploration Zones and Projected Trend (CNW Group/Kore Mining)
Figure 2 – Conceptual Regional Cross Section R - R’ (CNW Group/Kore Mining)
Figure 2 – Conceptual Regional Cross Section R - R’ (CNW Group/Kore Mining)
Figure 3 – Cross Section Showing Hole FG-20-368 and -369 (CNW Group/Kore Mining)
Figure 3 – Cross Section Showing Hole FG-20-368 and -369 (CNW Group/Kore Mining)
Figure 4 – Sample Visible Gold from Core Logs (CNW Group/Kore Mining)
Figure 4 – Sample Visible Gold from Core Logs (CNW Group/Kore Mining)
Cision
Cision
View original content to download multimedia:http://www.prnewswire.com/news-releases/kore-mining-drills-32-meters-of-3-0-gt-gold-near-surface-and-discovers-new-zone-with-10-meters-of-3-9-gt-gold-below-existing-fg-gold-resource-301073687.html
News 
Market Data 
Discover 
