VANCOUVER, BC, Aug. 20, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company") is
pleased to provide an update on the Company's Imperial Project
("Imperial"), located in Imperial County,
California. The Imperial team is continuing to work
closely with the Bureau of Land Management ("BLM") to: (i)
permit regional exploration drilling in the 28-kilometer
Mesquite-Imperial-Picacho District ("Regional Exploration
Drilling") and (ii) permit drilling to advance the existing
Imperial gold deposit ("Imperial Zone") toward feasibility
and mine permitting ("Imperial Zone Drilling").
Imperial Project Update
- Delivering results from Regional Exploration Drilling target
generation programs - details to follow as they become available in
coming weeks
- Approval from BLM for installation of a new air quality
monitoring station anticipated shortly
- BLM review of a large, combined drill program has experienced
delays due to the complexity of overlapping and varying regulations
in addition to the effects of COVID-19 on the BLM's internal review
processes
- BLM has changed its view on the mill site validity from the
positive 2002 mineral validity examination and the Company is
considering other nearby mill site locations
- Evolving strategy to prioritize permitting of Regional
Exploration Drilling while advancing Imperial Zone Drilling
permitting on a parallel path
-
- Previous strategy had Regional Exploration Drilling and
Imperial Zone Drilling under one umbrella permit application
- Anticipate that KORE will submit an Environmental Assessment
report for Regional Exploration Drilling in Q4 2021
- Working with BLM to determine best path forward to permit
Imperial Zone Drilling
- Continuing to build local support and stakeholder engagement
with a strong environmental focus – details to follow as they
become available in coming weeks
"We continue to have success in our regional exploration program
at the Imperial project as well as in our continued efforts to
build stakeholder support for mine development," stated
Scott Trebilcock, President and CEO.
"KORE is committed to advancing the Imperial project as
expeditiously as possible, and while we are dissatisfied that
current circumstances require a shift in the Imperial Zone Drilling
permitting strategy, we are encouraged by the support from local
stakeholders and our regional exploration efforts. Further details
will be released as they become available on both of these fronts
and we also anticipate receiving our drill permits at our Long
Valley project in the near term."
Imperial Regional Exploration Project Update
Imperial's regional exploration area includes approximately 25,000
acres of claims capturing the highly prospective and underexplored
28-kilometer trend between the currently producing Mesquite Mine
and the past-producing Picacho Mine – see Figure 1.
KORE is targeting the discovery of new oxide gold deposits on
the trend. Soil sampling and geophysical programs to date have
identified several target areas but vast areas remained unexplored.
KORE announced previous exploration work December 8, 2020, March 9,
2021 and April 13,
2021.
To support ongoing work at both the Imperial and Long Valley
projects, KORE added two staff geologists to its local team in H1
2021. Both staff geologists are working from our Imperial
County office.
Prospecting and mapping field work continues to discover new
gold occurrences and to further define known target areas.
Field programs completed since our last news release include:
- Project-wide satellite alteration survey;
- Trial dry stream bed nugget gold study;
- 72 outcrop samples and 170 stream sediment samples from arroyos
(dry stream beds), including a dry panning pilot study for nugget
gold; and
- 42 person-days of geology field mapping.
A more detailed update on our prospecting and field work is
expected to be released to the market in the near term as such
information becomes available.
Drill Permitting Update
KORE has been awaiting BLM
approval for cultural and biological assessments in support of
permitting a large drill program under a plan of operations
submitted in November of 2020. The proposed program had
consisted of more than 160 drill pads spread over 14 kilometers and
including both Regional Exploration Drilling and Imperial Zone
Drilling locations. Regional Exploration Drilling consisted
of new discovery targets on the Mesquite-Imperial-Picacho trend at
the Mesquite East and Ogilvy areas and the Imperial Zone Drilling
was designed to support a resource upgrade and engineering to
support a feasibility study and mine permitting. Advancing
this plan of operations has been significantly slower than
anticipated due to the impacts of the COVID-19 pandemic and delays
within the BLM internal review processes, including the completion
of mineral claim validity examination(s). The BLM has changed
its view on the mill site validity from the positive 2002 mineral
validity examination and it is unclear whether this view can be
overturned through administrative processes. The Company is
investigating all possible options for challenging this view and is
also considering other nearby mill site locations.
As a result, KORE is reviewing its options to separately pursue
Imperial Zone Drilling and Regional Exploration Drilling through
two distinct plans of operations. The objective of this shift
in strategy would be to streamline permitting of Regional
Exploration Drilling, while continuing on a separate, parallel path
for permitting the Imperial Zone Drilling program, which is
independent from, and subject to different regulatory and technical
requirements from Regional Exploration Drilling. This would
potentially simplify the permitting process for Regional
Exploration Drilling with the aim of reducing the timeline to when
such program could commence.
Permitting the Regional Exploration Drilling locations will
likely be able to leverage the already completed biological
resource assessment and other work completed at Mesquite East and
Ogilvy target areas. The Environmental Assessment report submission
for this plan of operations is expected to be submitted by KORE's
management in Q4 2021 with permitting completion currently
anticipated to be obtained in H2 2022.
KORE is continuing to work closely with BLM to determine the
appropriate path forward for progressing Imperial Zone Drilling
permitting.
About KORE Mining
KORE Mining is focused on
responsibly creating value from its portfolio of gold assets in
California, USA. The Company is
advancing the Imperial project towards development while continuing
to explore across both district-scale gold assets. Management
and Board (35% ownership), along with strategic investor,
Eric Sprott (26% owner), are aligned
with all KORE shareholders with the goal of creating per share
value.
Further information on KORE can be found on the Company's
website at www.koremining.com or by contacting us at
info@koremining.com or by telephone at (888) 407-5450.
On behalf of KORE Mining Ltd.
"Scott Trebilcock"
Chief Executive Officer
(888) 407-5450
Technical information with respect to the Imperial 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 "anticipate", "believe", "budget",
"could", "estimate", "expect", "feel", "indicate", "intend", "may",
"plan", "potential", "predict", "project", "should", "will",
"would", and similar terms and phrases, including references to
assumptions. All statements other than statements of historical
fact, included in this news 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 strategy, timing and implementation of Regional
Exploration Drilling and Imperial Zone Drilling permitting for the
Imperial project; the timing and implementation of exploration
drill permitting for the Long Valley project; the timing of
submitting Environmental Assessment report(s) for one or more areas
of the Imperial project; potential actions, behaviour or position
of the BLM; the potential receipt of permission from the BLM for an
air monitoring station; the underexplored and prospective nature of
the Imperial Regional Exploration area; the opportunities of
expansion at each of the Imperial and Long Valley Projects; the
ability to work cooperatively with stakeholders, including all
levels of government; and expectations regarding the impact of the
COVID-19 pandemic. 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. In connection with the forward-looking information
contained in this news release, the Company has made numerous
assumptions, including, among others: there being no significant
change to current geotechnical, metallurgical, hydrological and
other physical conditions at either of the Imperial and Long Valley
Projects; exploration, permitting, and development of the Imperial
and Long Valley Projects being consistent with current expectations
and planning; the geological, permitting and economic advice that
the Company has received is reliable and is based upon practices
and methodologies which are consistent with industry standards; and
other planning assumptions. While the Company considers these
assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies.
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. Known risk
factors include, among others: the outcome of BLM's review
processes for permitting, including the final outcome(s) of BLM's
mineral claim validity examination(s) and administrative review
process(es) with respect to the Imperial Zone, including a change
to the findings from the mineral claim validity examination
conducted in 2002 for the mill sites at the Imperial Zone,
resulting in the Company having to move its future Imperial Zone
project support facilities to areas that are not within the Indian
Pass mineral withdrawal area; the possibility that BLM may require
and/or conduct further mineral claim validity examinations with
respect to the Imperial project, and the outcome and final
determination of such examination could, among other things,
invalidate one or more mining claims; the possibility that BLM or
other governmental authority review of the Regional Exploration
Drilling program, delays or changes the Company's plan for Regional
Exploration permitting, which could result, among other things, in
delays, additional project requirements, additional costs and
uncertainty of meeting anticipated program milestones; the
exploration drill program may not be completed as planned; the need
to obtain additional financing; uncertainty as to the availability
and terms of future financing; the possibility of delay in
exploration or development programs and uncertainty of meeting
anticipated program milestones; uncertainty as to timely
availability of permits and other government approvals; and the
ongoing impact of the COVID-19 pandemic.
Additional risks and uncertainties are described under the "Risk
Factors" section of the Company's Annual Information Form for the
year ended December 31, 2020 prepared
as of April 29, 2021 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. Although the Company has attempted
to identify important risk factors that could cause actual results
to differ materially from those contained in the forward–looking
information or statements or implied by forward–looking information
or statements, there may be other risk factors that cause results
not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking
statements or information.
The preliminary economic assessments are preliminary in nature,
that include 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, and there is no certainty that the preliminary economic
assessments will be realized. 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