PEA At The Long Valley Gold Deposit

VANCOUVER - KORE Mining Ltd. reported a positive Preliminary Economic Assessment (PEA) for the Company's 100% owned Long Valley Gold Deposit, located in California. The PEA demonstrates Long Valley's potential to generate strong economic returns while being in full compliance with California's stringent operating and reclamation standards.  Long Valley has clear upside potential from targets on-strike and lateral to the current modeled oxide mineralization and KORE intends to aggressively explore this untapped potential.

Highlights: Robust economics: US$ 263 million NPV5% post-tax with 40% IRR at US$ 1,600 per ounce gold; 100,000 ounces gold per year over 7 years at AISC of US$ 732 per ounce; Technically simple: shallow open pit, heap leach with nearby infrastructure; Significant leverage to gold: US$ 396 million NPV5% at recent spot US$ 1,900 per ounce gold; Unmodeled silver potential from metallurgical test-work; and Shallow oxide and sulphide feeder exploration potential to further enhance project.

CEO, Scott Trebilcock, said, "The Long Valley PEA generated an NPV5% of US$ 396 million at US$ 1,900 per ounce gold.  In addition, KORE has a preliminary economic assessment on its Imperial Project, published on May 19, 2020, which generated an NPV5% of US$ 660 million at US$ 1,900 per ounce gold.  KORE has the unique advantage of having two simple, low-cost heap leach development projects in one Company and can manage capital needs for growth, permitting and construction to maximize shareholder value. The Long Valley PEA is a key milestone towards KORE's becoming a significant North American producer envisioning production of 250,000 ounces of gold a year from our US projects."

Long Valley is located in Mono County California. The Long Valley deposit is an intact epithermal gold deposit with a large 2.5 by 2 kilometer oxide gold footprint.

The Long Valley deposit is an intact low sulphidation epithermal gold/silver deposit, hosted within a melange of fine to coarse volcanogenic sedimentary lithologies.  Mineralization at Long Valley has developed due to a combination of deep-rooted fault structures and a resurgence of rhyolite within an active caldera.  The Hilton Creek Fault structure transects and served as a fluid conduit for interaction with the underlying hydrothermal system, while the rhyolite resurgence caused brittle fracturing of sediments and created voids or traps for mineralization and gold deposition.  The combination of these factors yields strongly altered kaolin and quartz-hematite zones that are the primary host for gold mineralization.

The Hilton Creek Fault remains under-explored on-strike north and south and several parallel structures have been defined using geophysics, the eastern one hosting some of the current mineral resource and the western one being unexplored.  Long Valley is therefore open to new oxide discoveries in all directions.