(Kitco News) - K92 Mining (TSX: KNT) yesterday announced a maiden resource estimate at the Blue Lake porphyry project, located approximately 4 km southwest of the company’s Kainantu gold mine in Papua New Guinea.
K92 said that Blue Lake was discovered by the company after mineralized lithocap was identified in 2017. K92 has completed two diamond drill programs for a total of 26 holes and 16,474.8 metres at the project.
According to the company’s statement, maiden inferred resource estimate at Blue Lake amounted to 10.8 million ounces of gold equivalent at 0.61 g/t AuEq or 4.7 billion lbs CuEq at 0.38% CuEq, based on 549 million tonnes at 0.21 g/t Au, 0.23% Cu and 2.42 g/t Ag at a 0.4 g/t AuEq cut-off grade.
The company also noted extensive potential for resource growth as Blue Lake is open at depth, with significant potential for expansion and delineation of the high-grade potassic core.
In its press-release, the company said that this resource declaration is the fifth largest known mineralized porphyry in Papua New Guinea in terms of pre-mined contained gold equivalent ounces, after the world famous Golpu, Panguna, Ok Tedi and Frieda River porphyry deposits.
K92 Mining is engaged in the production of gold, copper and silver from the Kora deposit at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine.
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