KORE Mining (TSXV: KORE; US-OTC: KOREF) has released assay results for six holes completed at its FG Gold project in B.C.’s Cariboo region, which extend the Lower Zone discovery and further define the Upper Zone.
The 130-sq.-km FG Gold project is 100 km east of Williams Lake.
Drill highlights included 53 metres of 1.1 grams gold per tonne starting at 123 metres from the Lower Zone, which ended in mineralization.
Notable intercepts from the Upper Zone include 11 metres of 10 grams gold per tonne starting at 44 metres, 98 metres of 1 gram gold from 24 metres, as well as 51 metres of 1.6 grams gold starting at 19 metres.
“Our objective is to upgrade the current FG Gold resource, make down-dip discoveries and demonstrate the district scale of the FG Gold project,” Scott Trebilcock, the company’s CEO, said in a news release. “Drilling is exceeding our expectations and with financing from Eric Sprott, we have extended the program to test an additional 2 km of strike on the known resource.”
Trebilcock added that soil sampling and mapping is also being done along a 10-km long stretch of the 20-km geochemical and geophysical trend at FG. The company has a 5,000-metre drill program underway at the site, and additional assays are pending. Prior drilling at FG was done down to an average depth of 93 metres.
In June, KORE announced a non-brokered private placement, raising up to $7.5-million. The financing includes six million non-flow through units and 1.5 million flow-through units. Eric Sprott has subscribed to the entirety of the non-flow through component, for gross proceeds of $6 million — the tranche closed on July 22. The second tranche is expected to close by July 29.
Prior to starting its 2020 drill program at the project, KORE completed a structural analysis of the site and reinterpreted the historical drill results. The company outlines potential for structurally-controlled and repeating zones of high-grade gold in fold hinge regions of the deformed host rock. The drilling is intended to outline potential shoots within the mineralized zones.
FG Gold hosts an orogenic gold deposit, with an existing measured and indicated resource of 15.2 million tonnes grading 0.78 gram gold for a total of 376,000 oz. gold and an additional 27.5 million inferred tonnes at 0.72 gram gold totalling 634,900 ounces. These are derived using a 0.5 gram gold per tonne cutoff grade.
— This article first appeared in the Canadian Mining Journal.
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