Enters Memorandum of Understanding with the
United States Forest Service and Engages
Environmental Review Consultant
VANCOUVER, BC, April 8, 2021 /CNW/ - KORE Mining Ltd.
(TSXV: KORE) (OTCQX: KOREF) ("KORE" or the "Company")
is pleased to announce that it has entered into a memorandum of
understanding with the United States Forest Service ("USFS") and
has engaged a third party consultant to complete the environmental
review for KORE's proposed exploration drilling program. KORE
is currently accepting bids from drill contractors and working
closely with the USFS to commence drilling in safe and responsible
manner. KORE remains on track to commence drilling the
exciting resource expansion and underlying feeder zone targets in
mid-2021.
KORE's CEO Scott Trebilcock
stated: "Prospecting and geophysics have shown the potential to
significantly grow the gold endowment of the Long Valley
gold-silver project. With the proposed program we are testing
gold oxide resource expansion targets and testing the underlying
epithermal boiling zone for higher-grade gold deposits. A
major discovery could bring significant long term economic benefits
to the region. As KORE explores for such a discovery, we are
committed to safety and working in a responsible manner."
KORE's proposed drill program could realize up to 15,000 meters
of drilling with multiple holes planned from each of the 14
proposed drill pads. Pads were located largely off existing
USFS roads, to minimize disturbance and impacts to the surrounding
environment. KORE is working closely with the USFS to ensure
that the Company meets or exceeds all regulatory requirements to
protect the area resources and deliver a safe, low impact
program.
About Long Valley Gold Project
Long Valley is 100%
owned epithermal gold and silver project located in Mono County, California. The 15,965 acre land
package is district in scale and covers all deep-rooted fault
structures of similar genesis to the Hilton Creek fault, the
primary 'conduit' for the current Long Valley deposit.
A total of 896 holes have been drilled on the Project, the
majority being completed by reverse circulation with lesser core,
rotary and air track. The current mineral resource estimate
is 1,217,000 ounces of Indicated gold and 456,000 ounces of
Inferred gold from 63.7 million tonnes of 0.58 grams per tonne and
22.0 million tonnes of 0.65 grams per tonne, respectively.
The mineral resource consists of oxide, transition and
sulphides. The estimate was prepared Neil Prenn, P.E. of Mine
Development Associates with an effective date of September 15, 2020.
A Preliminary Economic Assessment for a shallow, low-strip heap
leach Au-Ag project was filed October 27,
2020 with the following highlights:
- US $273 million NPV5% post-tax
with IRR of 48% at US$ 1,600 per
ounce gold;
- Significant leverage to gold: US$ 395
million NPV5% at spot US$
1,900 per ounce gold;
- 102,000 ounces gold per year over 7 years mine life;
- Technically simple: shallow open pit, heap leach with nearby
infrastructure;
- Unmodelled silver potential from metallurgical test-work;
and
- Shallow oxide and sulphide feeder exploration potential to
further enhance project.
More information is available in the technical report filed on
SEDAR at www.sedar.com and on KORE's website at
www.koremining.com.
About KORE Mining
KORE is 100% owner of the Imperial
and Long Valley gold projects assets in California. Both
projects have positive economic assessments that put KORE on the
path to produce up to 350,000 ounces of gold production per year.
KORE is supported by strategic investor Eric Sprott who owns 26% of KORE's basic
shares. KORE management and Board are aligned with
shareholders, owning an additional 38% of the basic shares
outstanding. KORE is actively developing its Imperial Gold
project and is aggressively exploring across its portfolio of
assets.
Further information on Long Valley and KORE can be found on the
Company's website at www.koremining.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
Investor Relations
Arlen
Hansen, KIN Communications
1-888-684-6730
kore@kincommunications.com
Technical information with respect to the Long Valley Gold
Project contained in this news release has been reviewed and
approved by Marc Leduc, P.Eng, who is KORE's COO and is the
qualified person under National Instrument 43-101 responsible for
the technical matters of this news release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating to
the future operations of the Company and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects", "intends", "indicates" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company are forward-looking
statements. Forward-looking statements in this news release
include, but are not limited to, statements with respect to: the
actual timing and implementation of the 2021 exploration plan and
strategy for the Long Valley Project, the actual timing of
completion of the 2021 exploration plan for the Long Valley
Project, the opportunities of expansion at the Long Valley Project,
the results of the PEA, including future Project opportunities, the
projected NPV, permit timelines, the current mineral resource
estimate, and the ability to obtain the requisite permits, the
market and future price of and demand for gold, and the ongoing
ability to work cooperatively with stakeholders, including the all
levels of government. Such forward-looking statements, and any
assumptions upon which they are based, are made in good faith and
reflect our current judgment regarding the direction of our
business. Management believes that these assumptions are
reasonable. Forward looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information.
Additional risks and uncertainties are described in the "Risks"
section of the Company's management discussion and analysis for the
year ended December 31, 2019 prepared
as of April 27, 2020 available under
the Company's issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.
There is no certainty that all or any part of the mineral
resource will be converted into mineral reserve. It is uncertain if
further exploration will allow improving the classification of the
Indicated or Inferred mineral resource. Mineral resources are
not mineral reserves and do not have demonstrated economic
viability.
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SOURCE Kore Mining