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Expanding PNG miner soars on high-grade extension drilling results

K92 Mining (TSXV: KNT) has soared to an all-time high as it reported multiple, high-grade intercepts from drilling at the Kora North extension at its Kainantu gold mine in Papua New Guinea.
Expanding PNG miner soars on high-grade extension drilling results Expanding PNG miner soars on high-grade extension drilling results Expanding PNG miner soars on high-grade extension drilling results Expanding PNG miner soars on high-grade extension drilling results Expanding PNG miner soars on high-grade extension drilling results

A drill rig set up underground in the Kora North area at K92’s Kainantu mine in PNG

Staff reporter

K92 said all 11 underground and surface drill holes had intersected K1 and K2 vein mineralisation, with 12 intersections averaging more than 10g/t gold-equivalent and 4 averaging more than 20g/t Au-eq.

Among the highlights, KMDD0162 hit 6.7m at 120.6g/t gold, 11g/t silver and 0.72% copper, or 121.61g/t Au-eq, plus 9.2m at 11.43g/t Au-eq.

"The latest results include the first hole drilled from surface into the zone between Kora North and Kora as well as multiple holes below the known Kora North deposit," CEO John Lewins said.

He said importantly, the Kora-Kora North-Eutompi system was shown to have a vertical extent of more than 1.1km plus a known strike of more than 1km and remained open in both directions.

The company's share price has been on the rise since last year, making the latest TSV Venture 50 list, and has continued to strengthen so far this year as the company locked in an expansion to more than double production at Kainantu and last week agreed to pay former mine owner Barrick Gold US$12.5 million, to eliminate the "impediment" of a contingent payment arrangement.
 
K92 announced an C$18 million (US$14 million) bought deal offering at $1.90 per share on July 11, with proceeds to go to general corporate and working capital.

Its share price has risen about 47% over the past month, closing up 13.6% yesterday to a fresh high of $2.67 to capitalise it about $516 million (US$393 million).