High grade gold mineralization has been discovered at the Kainantu Mine in Eastern Highlands Province.
The discovery was done following a first exploration drill to test for extensions of the Kora Deposit.
K92 Mining announced this week that the first drill test intersected high grade gold mineralszation hundreds of metres away from the point of the currently defined Kora Deposit inferred resource.
In a statement the company says the recording of 5.4 metres at 11.68 grams/tonne gold (g.t Au), 25.5 grams/tonne Silver (g/t Au), and 1.33 per cent copper (Cu), and a gold equivalent grade of 14.1 g/t AuEq is typical of the Kora/Eutompi mineralization.
The current predicted resource is 4.36 million tonnes at a rade of 87.2 g/t Au, 35 g/t Ag and 2.23 per cent Cu or 11.2 g/t Au equivalent.
Given the results of the drilling the company is now accelerating exploration drilling and has 9 holes planned from the initial drill cuddy, targeting an area of approximately 200 metres along strike by 200 metres on dip.
K92 Mining is assessing the commencement of production in First Half 2018.