Vancouver, BC October 22, 2020 – KORE Mining Ltd. (TSXV: KORE | OTCQX: KOREF) (“KORE” or the “Company”) announces that the Company has completed the 15 hole 5,746 meter drill program (the “Program”) at the FG Gold project with first assay results to be released in early November. The Program discovered multiple new quartz vein systems with numerous encounters of visible gold, that have the potential to expand the mineralized footprint both at depth and along strike. As a result, KORE has extended its 2020 drilling in the South Cariboo Gold District by 2,000 meters (“m”) with 10 additional holes planned through the remainder of the year.
Highlights
- Discovered quartz veins containing visible gold ~320m down dip from nearest historic drilling and ~215m down dip from Lower Zone discovery hole FG-20-369 (10m of 3.9 g/t Au @ at 239m).
- Quartz veins containing visible gold identified in 8 of 14 logged drill holes (1 hole pending).
- Further defined structural controls of known gold mineralization
- Assay results for all 15 holes are pending with first results expected in early November 2020
- Mineralization remains open at depth and along almost the entire 20-kilometer FG Gold trend, representing a district scale opportunity for new discoveries and resource expansion.
KORE CEO Scott Trebilcock commented, “FG Gold is the flagship project within KORE’s district scale South Cariboo Gold District. With 1,000 square kilometres, the South Cariboo Gold District has similar scale and potential to Osisko Gold Royalties (TSX: OR) Cariboo Gold Project which recently announced a proposed spin-out into a stand-alone listed company. The Cariboo region of British Columbia is highly attractive for gold exploration and development with excellent local infrastructure, access to skilled labour and multiple operating mines. KORE expects the Cariboo region to re-emerge as a top gold jurisdiction with FG Gold following Osisko’s footsteps as the next great project in the Cariboo region.”
Earlier in 2020, KORE reported eight holes at the FG Gold project which intersected quartz veining with visible gold in the Upper Zone and Lower Zone (new discovery). Select highlights follow:
Upper Zone highlights include:
- 11.0 meters of 10.0 g/t gold at 44.0 meters downhole in FG-20-373
- 76.5 meters of 1.1 g/t gold at 5.5 meters downhole in FG-20-368
- 98.0 meters of 1.0 g/t gold at 24.0 meters downhole in FG-20-372
- 51.0 meters of 1.6 g/t gold at 19.0 meters downhole in FG-20-370
Lower Zone highlights include:
- 52.5 meters of 1.1 g/t gold at 122.5 meters in FG-20-375
- 10.0 meters of 3.9 g/t gold at 237 meters in FG-20-369
Mr. Trebilcock continued, “KORE will start releasing assay results for the latest FG Gold drilling in early November. Our new exploration team, led by Michael Tucker, is delivering and KORE has extended 2020 drilling in BC through the fall season with another 10 holes for 2,000 meters planned. The extended drilling will target new discoveries in the South Cariboo Gold District and extending mineralization at Gold Creek.”
Full results for the previous 8 holes were released May 19, 2020, June 10, 2020 and July 23, 2020. These results culminated in a C$7.5 million financing including the third strategic investment from Mr. Eric Sprott which closed July 22, 2020.
Drill Program Details
KORE completed 15 holes drilling for 5,746 meters in the Main Zone of the FG Gold project from June through October 2020. The Program was designed to target large step-outs from known mineralization at depth and to extend more drilling into the Lower Zone, a new mineralized rock unit, discovered earlier in 2020.
The Program continued to use oriented, large diameter (HQ) core and metallic screen assaying to both define structure and get representative assays from the coarse gold in the FG Deposit. See KORE’s news release from June 10, 2020 and July 23, 2020 for details on metallic screening.
The drill hole collars are located on the plan map in Figure 4. The Figure also shows where core holes logged to-date show visual gold (“VG”). Figure 5 shows a cross-section of FG-20-377 and FG-20-378. The section illustrates the depth extension potential of new gold veining and VG intercepts at depth. Assays are pending for all holes. Photos of VG core observations from Figure 4 and 5 are available at: https://www.koremining.com/visible-gold-photos-nr-october-22-2020
Regional Geology
The FG Gold property straddles the boundary between the Omineca and Intermontane tectonics belts of the Canadian Cordillera. The eastward emplacement of the Intermontane Belt onto the Omineca Belt along the Eureka Thrust Fault caused widespread regional metamorphism and structural deformation of both Belts. The regional scale, northwest trending, shallowly plunging, Eureka Syncline is the dominant resulting structure in the project area. Rocks in the core of the Eureka Syncline are comprised of basalt, augite porphyry flows, tuffs and volcanic breccias metamorphosed to a low grade; they are structurally emplaced onto metavolcanic and sedimentary rocks of the Quesnel Terrane. The Quesnel Terrane is recognized for its prevalence of copper, gold and molybdenum mines and showings such as those at Highland Valley, Boss Mountain, QR and Mount Polley.
Property Geology
The FG Gold property is centrally located over the Eureka Syncline, strategically encompassing two limbs and the hinge zone of a gold-bearing meta-sedimentary rock unit of the Quesnel Terrane. The gold-bearing rock, a ‘knotted’ phyllite, is the host rock for gold mineralization over the 3 km strike length of the Resource Area (see Figure 1). Surface mapping and geophysical inversion of airborne electromagnetic (EM) data suggests the knotted phyllite has a strike length of over 20 km with potentially thickened regions occurring in the Eureka Syncline hinge zone (Kusk Zone Target) (see Figure 1).
Gold mineralization occurs in and is associated with development of quartz – Fe carbonate – muscovite – pyrite vein stockwork. The stockwork is best developed in the knotted phyllite unit. Stockwork zones locally concentrate in zones greater than 10 meters wide and are dominantly stratabound. Fe-carbonate alteration and carbonate porphyroblasts development within the knotted phyllite unit is observed to extend well outside immediate areas of veining.
About the FG Gold Project
The FG Gold project consists of 35 claims, totaling 13,008 ha, in the eastern Cariboo region of central British Columbia, approximately 100 km east of Williams Lake. The project is at low elevation and accessible by forestry roads. FG Gold hosts an orogenic gold deposit on the northeast limb of the Eureka syncline. The southwest limb and hinge zone are underexplored. The Project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered by KORE in 2018. Figure 2 highlights the 20km trend of host rock expression at surface.
The 20km trend is defined by gold in soils and geophysics that traces the mineralized rock group around the regional syncline. The Project has only been shallowly drilled where the mineralized rock group comes to surface. Past drilling averages only 93m deep into a steeply plunging sedimentary host rock. Mineralization is open at depth and along almost the entire trend. Figure 3 is a regional cross-section that shows the host rock potential at depth and potential connection to the Project’s porphyritic intrusion.
The previous drilling targeted stratigraphic controls on mineralization and did not penetrate into the bulk of the host-rock structure. Drilling was largely done with reverse circulation (“RC”) drilling and narrow core to generate shallow bulk-disseminated gold intercept models. Within the current resource there appears to be mineralized corridors or chutes that are open at depth in the host rock.
About KORE’s South Cariboo Gold District
KORE controls 1,000 square kilometers of claims in its South Cariboo Gold District of British Columbia. The claims host 110 km of structural trend that is highly prospective for gold deposits. KORE has multiple projects in the District, including FG Gold and Gold Creek gold projects. Much of the area under-explored and wide open for additional discoveries. The Cariboo region is a prolific gold region. The District was host to the Cariboo gold rush in the late 1800’s, followed by a long history of modern gold mining. The Cariboo region is accessible with local power, well developed road network and skilled local labour.
Figure 1 shows KORE’s claim position in the Cariboo region of BC.
About KORE Mining Ltd.
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia. KORE is supported by strategic investor Eric Sprott, who along management and Board, own 64% of the basic shares outstanding. Further information on KORE and its assets can be found on the Company’s website at www.koremining.com and at www.sedar.com, or by contacting us as info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd
”Scott Trebilcock”
Chief Executive Officer
(888) 407-5450
