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K92 Mining Inc.
Summary
| Project: | Kainantu | |
|---|---|---|
| Deposit: | Kora, Irumafimpa | |
| Location: | Papua New Guinea | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 3/2/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Active Mining & Production | |
| Report details: | 2-3-2017: K92 Mining Inc. announces a PEA report for its Kora, Irumafimpa deposit at the Kainantu project. Amended PEA results and mineral resource update. This report is an independent technical report dated 02 March 2017 of the geology, exploration, min | |
| Resources: | (Resource): 0.56Mt @ 12.8g/t Au, 9g/t Ag (Ind.) and 4.89Mt @ 7.7g/t Au, 32g/t Ag (Inf.) | |
| CP/QP: | [Resources]: Anothony James Woodward (Nolidan Mineral Consultants) | |
| ABSTRACT: | This report is an independent technical report dated 02 March 2017 of the geology, exploration, mineral resource estimates, and mining scoping studies for the Irumafimpa and Kora gold deposits at the Kainantu project. The Kainantu property covers a total area of 405 sq.km and is located in the Eastern Highlands Province of Papua New Guinea, approximately 180 km west-northwest of Lae. Nolidan was engaged by K92 to update the mineral resource estimates for the Irumafimpa and Kora deposits which were previously reported in May 2015. A resource estimate was completed for the Irumafimpa-Kora vein systems based on the historical surface and underground drilling conducted by previous owners, Barrick and HPL. The preliminary economic assessment is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. On August 21, 2014, Otterburn, K92 Holdings and the shareholders of K92 Holdings entered into a Share Exchange Agreement, pursuant to which Otterburn agreed to acquire all of the issued and outstanding shares of K92 Holdings, from the shareholders of K92 Holdings on the basis of one common share of Otterburn for each outstanding common share of K92 Holdings, for an aggregate of 49,126,666 Otterburn common shares. Subsequently the transaction was restructured, and Otterburn and Cada International Ltd. (a wholly owned subsidiary of Otterburn) entered into a merger agreement with K92 Holdings on April 15, 2016, pursuant to which K92 Holdings agreed to merge with Mineral Resource Estimate Update and Cada International Ltd. to form an amalgamated subsidiary of Otterburn, and whereby Otterburn agreed to acquire all of the outstanding shares of K92 Holdings, in exchange for common shares of Otterburn on the basis of one post-consolidation common share of Otterburn for each common share of K92 Holdings, for an aggregate of 49,126,666 Otterburn common shares. | |
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