KORE MINING, NEWS ARTICLE OVERVIEW
Kore Mining (TSXV: KORE) is focused on gold exploration in British Columbia and California.
Kore Mining’s wholly owned FG Gold and Gold Creek projects are in the Cariboo region of British Columbia. FG, at 130 sq. km, hosts a 20-km-long soil geochemical and geophysical anomaly around a regional structure. The site includes an orogenic gold deposit, covering 3 km of strike, with measured and indicated resources of 15.2 million tonnes grading 0.78 gram gold per tonne for a total of 376,000 oz. and 27.5 million inferred tonnes at 0.72 gram gold totalling 634,900 ounces. In May, the company released drill results from this project, reporting 77 metres of 1.1 grams gold, starting at 5.5 metres. Additional drilling is underway to extend the mineralization.
The 97 sq. km Gold Creek project covers 8.5 km of strike and lies 8 km northwest of Spanish Mountain Gold’s (TSXV: SPA) Spanish Mountain deposit. Drilling is also planned for the site.
The company’s wholly owned Imperial project in California is within 14 km of Equinox Gold’s (TSXV: EQX, NYSE-AM: EQX) Mesquite mine. In April, the company reported the results of a preliminary economic assessment (PEA) for the asset, which outlined a shallow open pit, run-of-mine heap leach operation. With average annual gold production estimated at 146,000 oz. at AISCs of US$852 per oz. over an eight-year mine life, the pre-production capital cost is pegged at US$142 million. The resulting after-tax net present value estimate, at a 5% discount rate, is US$343 million, with a 44% internal rate of return.
Indicated resources at Imperial stand at 45.7 million tonnes grading 0.59 gram gold for a total of 877,000 oz., with additional inferred resources of 90.9 million tonnes at 0.46 gram gold for a further 1.3 million gold ounces. The resources remain open at depth and along strike.
The Imperial project covers 28 km of strike and Kore has identified target areas for resource expansion within the landholding. These include the 6-km long Mesquite East area and the 7-km long Ogilby target, in addition to prospects within the 6-km long zone host to current resources. This year, Kore plans to apply for additional drill permits and restart the permitting process at Imperial.
The company also wholly owns the Long Valley project in Mono County, California with indicated resources of 66.8 million tonnes at 0.58 gram gold for 1.2 million oz. gold and inferred resources of 23.6 million tonnes grading 0.65 gram gold for 486,000 gold ounces. The gold deposit has been drilled down to an average depth of 60 metres, with a current footprint of 3 km by 2 km and sits within a 6 km trend. Long Valley features an oxide zone, followed by deeper sulphide mineralization; the near-surface oxide gold portion remains open. Additional drilling is planned for the site this year.
Kore Mining has a $69.1-million market capitalization.