New Assays From KORE Mining (TSXV:KORE) Increases the Scale Target Areas at the Imperial Gold Project

KORE Mining Ltd (TSXV:KORE) has announced that a gold stream sediment sample of 9.98 grams per tonne has been collected at its Powerline target area in the Imperial Gold Project. After doing extensive follow-up work, a 45-acre gold anomaly was established with 600 meters of strike a Powerline positioned between two outcrops of mineralized gneiss. This is the same host rock type of the Imperial deposit.

KORE’s Executive Chairman, James Hynes, commented in press release: “The exploration potential of the Mesquite-Imperial-Picacho trend is one the best exploration opportunities in the Western US gold fields. Our team has done an incredible job prospecting this huge area and we are seeing the potential we expected when we assembled the claim area over the last several years. There is much more to come, and we look forward to turning drills on the best targets in the near future.”

The company has also highlighted a total strike potential of the Powerline trend to over 5 kilometres, and a 0.77 g/t gold stream sediment sample that was collected from the Ogilby target areas, which established a new priority drill target where drill permitting is already in progress.

Highlights of the results are as follows:

• 9.98 g/t gold (“Au”) stream sediment sample collected at Powerline target area.
• Additional sampling yielded a 600-meter trend of highly anomalous stream sediment samples.
• Trend situated between two mineralized gneiss outcrops: the Powerline discovery outcrop and Ironwood outcrop.
• Large, shallow geophysical anomaly similar to the Imperial deposit aligns with the trend.
• 0.77 g/t Au stream sediment sample collected within Ogilby segment boundary, an area with drill permitting in progress.

KORE has defined five prospect areas for the exploration areas west of Imperial towards the Mesquite gold mine (“Mesquite”) owned by Equinox Gold (TSX: EQX). This release summarizes the geologic setting of the new high-grade samples collected at the Powerline and Ogilby targets, and the proposed follow up work along the trends. The five western prospects include Mesquite East and Ogilby which are currently being permitted for drilling (see news release May 12, 2022), Powerline, Smoketree and Ironwood.

In total, the Company has nine highly prospective drill targets identified in the overall Mesquite-Imperial-Picacho District (“District“) that captures 28 kilometers (“km”) of prospective ground from Mesquite to the historic Picacho gold mine (“Picacho“). The four target areas east of Mesquite are described in KORE’s news release from April 26, 2022.

KORE is committed to operating within the stringent environmental and labour standards of California. Exploration drilling is designed to avoid any sensitive areas and all land disturbances will be rehabilitated.

Figure 1 shows the geologic map of the Powerline and Ogilby target areas, the locations of associated prospects, and anomalous gold assays from stream sediment and rock chip sampling.

Figure 2 shows the georeferenced induced polarization (“IP”) geophysics sections intersecting the Powerline and Ogilby target areas, and mentioned subsurface anomalies.

Figures 3 shows a photo compilation of prospective areas at Powerline, gold flakes and nuggets discovered at the site of the 9.98 g/t Au sample, and the person-portable drilling apparatus in use at the Powerline area.

Powerline Target Details

The Powerline target area now consists of four known outcrops/subcrops of mineralized gneiss and has a spatial footprint of over 1300 acres (3.7 km by 2.5 km). The 9.98 g/t Au sample was collected in between two known altered gneiss outcrops referred to as the Powerline discovery and Ironwood Outcrops (Figure 1). In between these outcrops, the overlying Tertiary Bear Canyon conglomerate has strong localized alteration in a style similar to the alteration observed at the Imperial deposit. Follow up sampling and mapping efforts have established a 600m trend of strongly anomalous gold mineralization (Figure 1), with fine gold flakes and nuggets present in shallow stream beds (Figure 3). The location of the high-grade trend, as well as the prevalence of coarse gold, indicates that the mineralizing system is strong and the host rock is near surface along trend.

The Powerline discovery outcrop is interpreted as two WNW-ESE trending thrust sheets which bring crystalline basement host rocks to the surface, analogous to the geologic setting of the Imperial deposit. Topographically, Powerline has a distinct signature referred to as a “turtleback” feature. All Powerline area prospects were discovered within this topographic anomaly. The prospect areas are namely the Powerline discovery outcrop, Ironwood outcrop, and Smoketree subcrop. Each prospect consists of strongly brecciated and altered gneiss along two distinct east to west trends of mineralization.

A property-wide multispectral WorldView-3 alteration mapping survey conducted in 2021 greatly accelerated the rate of new discoveries in the Powerline target area. This imagery highlighted areas of chlorite alteration, which directed mapping and reconnaissance efforts to the site of the 9.98 g/t Au sample. The intact Imperial deposit was used to establish the alteration fingerprint of the mineralizing system, which has since been identified in over 11 other areas within the project boundaries.

Additional evidence of mineralization is provided by four IP survey lines, which intersect the Powerline target area and indicate the presence of a large anomaly within the subsurface (Figure 2). Similar to the multispectral satellite data, the intact Imperial deposit was used to calibrate the 2021 IP dataset, significantly increasing the confidence level of these interpretations.

Following the 9.98 g/t Au sample result, additional mapping and sampling is scheduled for Q2 – Q3 2022. Furthermore, a fully permitted person-portable drilling program will be executed within the Powerline target area. This drilling system produces BQ sized core samples up to 30 ft depth and will be critical in interpreting the subsurface geology in areas covered by the Bear Canyon conglomerate.

Source: KORE Mining Ltd.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

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