Latest High-Grade Drill Results At Kora And First Hole From Most Southerly Drill Cuddy

VANCOUVER - K92 Mining Inc. reported results from the ongoing diamond drilling of the Kora deposit at the Kainantu gold mine in Papua New Guinea. The results for the latest 12 diamond drill holes completed from surface and underground into the Kora deposit. The results continue to demonstrate the high-grade and continuity of Kora with intersections largely focused on increasing drill density towards the South. All drill holes intersected mineralization.

The drill results once again intersected a potentially bulk mineable zone. Drill Hole KMDD0230 recorded multiple intersections including 6.21 m at 48.11 g/t Au, 13 g/t Ag and 1.05% Cu (49.82 g/t AuEq, 5.06 m true width) at the K1 Vein. When combining the K1, Kora Link and K2 Veins, KMDD0230 recorded a bulk intersection of 23.66 m at 13.61 g/t Au, 13 g/t Ag and 0.84% Cu (15.02 g/t AuEq, 19.15 m true width).

Towards the South, multiple high-grade intersections were also recorded. Following the commissioning of the most southerly underground drill cuddy, the first hole from DDC14, KMDD0225 recorded multiple intersections including 9.00 m at 4.41 g/t Au, 39 g/t Ag and 3.59% Cu (10.21 g/t AuEq, 4.57 m true width) at the K2 Vein.

Other high-grade intersection highlights were KMDD0227, KMDD0238 and KMDD0234. KMDD0227 recorded multiple intersections including 4.32 m at 133.40 g/t Au, 4 g/t Ag and 0.25% Cu (133.82 g/t AuEq, 4.21 m true width) at the K1 Vein. KMDD0238 recorded multiple intersections including 4.20 m at 13.22 g/t Au, 6 g/t Ag and 0.20% Cu (13.59 g/t AuEq, 3.02 m true width) at the K1 Vein. KMDD0234 recorded multiple intersections including 10.00 m at 10.11 g/t Au, 10 g/t Ag and 0.28% Cu (10.64 g/t AuEq, 7.95 m true width) at the K2 Vein.

John Lewins, K92 Chief Executive Officer and Director, said, “We continue to be very pleased with the high-grade pedigree and continuity from the drilling results at Kora. All twelve holes intersected mineralization with five intersections exceeding +10g/t AuEq and fifteen intersections exceeding +5g/t AuEq. Highlights from the drilling results included: 6.21 m at 48.11 g/t Au, 13 g/t Ag and 1.05% Cu (49.82 g/t AuEq, 5.06 m true width) and 4.32 m at 133.40 g/t Au, 4 g/t Ag and 0.25% Cu (133.82 g/t AuEq, 4.21 m true width), both from the K1 Vein. Once again, a bulk mineable intersection was also reported of 23.66 m at 13.61 g/t Au, 13 g/t Ag and 0.84% Cu (15.02 g/t AuEq, 19.15 m true width) when combining the K1, K Link and K2 veins. To date, multiple bulk mineable areas have been identified and studies to assess the optimal extraction approach will be part of the Stage 3 Expansion Definitive Feasibility Study.

As we advance exploration at Kora through the remainder of 2020 and into 2021, we are especially excited about the progress made advancing underground infrastructure to drill test the southern strike extension. Our most southern drill cuddy DDC14 was completed in July, and we received the results from our first hole drilled with KMDD0225 reporting 9.00 m at 4.41 g/t Au, 39 g/t Ag and 3.59% Cu (10.21 g/t AuEq, 4.57 m true width) in the K2 Vein. Development continues to advance to the south and our plan is to have our next drill cuddy established to test beyond the mining lease, into Kora South in Q4.

Lastly, we highlight that exploration activities are increasing significantly. Our two new, multi-powered surface drill rigs are expected to arrive on site imminently, increasing the number of drill rigs to nine. By the end of this year we will plan to have ten drill rigs operating and self-funded from mine cash flow. This is enabling the testing of multiple targets concurrently and we plan to provide updates near-term.”s