K92 Reports Up To 20.04 g/t Au, 228.8 g/t Ag and 15.6% Cu from Rock Chip Samples at Blue Lake
- 436 rock chip samples and 152 soil samples taken in initial field work program
- high grade gold, silver and copper assays in chip samples taken from area with coincident soil and geophysical anomaly
- very large, widespread hydrothermal alteration footprint evident
K92 Mining Inc. (“K92”) is pleased to report that field work in the Blue Lake area of EL470 has resulted in the identification of a new, highly prospective exploration area.
At Blue Lake (Pomasi), K92 has identified Au/Ag/Cu mineralisation and hydrothermal alteration typical of that encountered in a high sulphidation epithermal system.
In Papua New Guinea, both currently known high sulphidation Au/Cu bearing deposits are adjacent to world class Au/Cu porphyries, being Nena to Freida Horse-Ivaal at the PanAust Frieda River Project and Wafi to Golpu at the Morobe Mining Joint Venture between Newcrest and Harmony.
During field work at Blue Lake, K92 identified mineralised Au bearing vuggy silica and Au/Ag/Cu mineralised breccias (Fig. 1) hosted in a heavily fractured dacite/rhyodacite, presumably a dome, and manifested within a network of intersecting NW (arc parallel), transfer (NNE) and trans-tensional N-S structures. Au, Ag and Cu results from rock chip sampling has returned values up to 20.04 g/t Au, 228.8 g/t Ag and 15.6 % Cu, respectively.
Localised diorite in outcrop, showing high-level cupola textures, is pervasive dickite-pyrite altered, with stockwork quartz-pyrite±chalcopyrite veins (Fig. 2). A prominent airborne EM geophysical anomaly, adjacent to the mineralised dickite-altered diorite, is also coincident with a high Au in soils.
Mineral zonation, from an inner vuggy silica core, surrounded by kaolinite and grading to chlorite±epidote is evident. A major silica-alunite lithocap is marginal to the epithermal mineralisation and occupies the highest relief of the intense alteration observed throughout the Blue Lake Prospect intrusive complex.
K92 Chief Executive Officer, John Lewins, states,
“While much focus at K92 has been on the ramp up of production and following up on the resource expansion potential in the Kora extension discovery area within ML150, today’s news is a reminder of the very important exploration potential within our large land package for both high grade vein systems and porphyry targets. The discovery of this new Blue Lake area will be followed up on with fieldwork, concurrent with the ongoing execution of our growth plan within Kora-Irumafimpa.”
K92 Vice President Chris Muller, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Muller includes significant time onsite reviewing drill core, surface exposures, underground workings and discussing work programs and results with exploration personnel.
ON BEHALF OF THE COMPANY,
John Lewins, Chief Executive Officer and Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Project, expectations of future cash flows, the proposed plant expansion, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters.. There can be no assurance that such statements 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 statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.