VANCOUVER, Jan. 7, 2019 /CNW/ - KORE Mining Ltd. ("KORE" or the "Company", formerly Eureka Resources Inc., "Eureka") is pleased to announce the completion of Phase 1 drilling on the FG Gold-Copper exploration project in British Columbia, and a new discovery at the Nova Zone of a potentially 3.5km x 1km gold-copper porphyritic intrusion. The Company is awaiting assay results on the Phase I drill program, expected shortly.
- 3 NQ drill holes completed for a total of 1,077m.
- The holes encountered semi-massive and massive copper and iron sulphides at the newly discovered gold-copper porphyry.
- Hundreds of historical rock samples in the Nova Zone were anomalous for gold (>0.1 g/t) and copper (>500ppm) with individual gold values as high as 7.8 g/t and copper values as high as 3.03%.
- Core images are linked here: https://www.koremining.com/pr0102191
- KORE staked an additional 2,608 hectares of prospective intrusives, centered on the Eureka Syncline to bring the total for the FG Gold-Copper Project to 13,008 hectares.
"These early drill holes demonstrate that our compilation of historical data from this property coupled with a new interpretation, have led to what could potentially be a massive mineralized system. We believe that the EM anomalies, interpreted from a 2008 VTEM survey and now intersected with drilling, are semi-massive and massive sulphide veins containing gold, copper and silver that dip toward the core of the intrusion," stated James Hynes, COO.
Geology & Interpretation of the Nova Zone
The FG Gold-Copper Project has yielded highly prospective targets within a porphyritic intrusion called the Nova Zone, discovered through compilation of historic soil geochemistry, and airborne geophysical studies. KORE staked an additional 2,608 hectares of prospective ground along an 11km trend of intrusives, now fully captured by the 100% KORE owned, FG Gold-Copper Project.
The Nova Zone is characterized by multiple intrusive phases of an ascending monzonite to quartz porphyry. Historical mapping and geophysics suggest this intrusive complex to be up to 3.5km by 1km, within the broader 11km long intrusive trend. An intensely oxidized and weathered gossan (oxidized iron sulphides) covers the entirety of the mapped intrusion. See attached geological and geophysical maps prepared and interpreted by KORE, showing the mapped intrusive, geophysical anomalies and location of current drilling.
Interpretation by KORE of a historical 2008 VTEM airborne geophysical survey covering the entire FG Gold-Copper Property shows a series of strong electromagnetic (EM) anomalies coincident with the margins of the porphyritic intrusion. Discovery drilling by KORE suggests these EM anomalies reflect the semi-massive and massive sulphide veins and were the target of this first phase of drilling. It is believed these semi-massive and massive sulphides form a halo around the core of the porphyritic intrusion and are indicative of the potential existence of a large potentially bulk-tonnage mineralized gold-copper-silver porphyry system. All 3 holes encountered silicified and potassically altered porphyritic quartz diorite cut by a series of highly altered and silicified mafic and felsic dykes, containing massive and semi-massive veining and stockwork replacement of pyrrhotite (iron sulphide) and chalcopyrite (copper sulphide).
Compilation of historical mapping, soil and rock geochemistry and geophysics has been critical to the success of this first phase of drilling. Both gold in soils and gold in rock samples that have been taken over the last 50 years and compiled by KORE, show a broad low-grade gold dispersion down-slope from the mapped intrusion as well as higher-grade soils and rocks within the glacially carved cirques bordering the intrusion. High-grade rock samples up to 7.8 g/t Au have been collected along higher ridges above the intrusion, suggesting the possibility of high-grade epithermal gold system on the margins of the copper-gold porphyry. Similarly copper values compiled by Kore from historic work show a broad dispersion down-slope from the mapped intrusion as well as a large number of rocks within the mapped intrusion of up to 3.03% copper.
Nova Zone Map showing location of Phase 1 drilling, geophysical anomalies, and mapped geology, historic gold and copper in soils and anomalous rocks. https://www.koremining.com/pr0102192
FG Gold-Copper Project Description and Location
KORE's 100% owned FG Gold-Copper property is an advanced-stage gold project and early stage gold-copper project located in the Cariboo Mining Division of British Columbia, Canada. See Area Map on https://www.koremining.com/fg-gold/
The FG Gold-Copper property has an established Measured and Indicated resource containing 376,000 ounces of gold at an average grade of 0.776 g/t (using a 0.5 g/t cut-off), and an Inferred resource containing 634,900 ounces of gold at an average grade of 0.718 g/t (using a 0.5 g/t cut-off). Additional mineralization has been outlined over a 3 km strike length with five key zones of mineralization (NE Zone, Main Zone, SW Limb, Grouse Creek, Frasergold Creek) identified along a 10km strike length of the sedimentary horizon.
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 James Hynes, P.Eng.
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-AA23: 30g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and upper limit of 10 ppm. Samples were analyzed for 48 additional elements with method ME-MSP61 (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. Drilling was completed by J.T. Thomas Diamond Drilling, Smithers, BC.
Change of Auditor
The Company also announces that it has changed its auditor from Davidson & Co LLP (the "Former Auditor") to PricewaterhouseCoopers LLP (the "Successor Auditor") effective October 30, 2018. This change was contemplated in the Company's information circular dated February 24, 2018. The Former Auditor resigned as auditor of the Company effective at closing of the amalgamation of the Company on October 30, 2018 and the board of directors of the Company appointed the Successor Auditor as the new auditor until the next Annual General Meeting of the Company. There are no "disagreements" or "unresolved issues" (as those terms are defined in National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102")) in connection with the change of auditor.
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 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
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.
SOURCE Kore Mining
For further information: 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.