K92 Mining to Receive the Prestigious Thayer Lindsley Award for Best Global Discovery
VANCOUVER, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce that it has been selected by the Prospectors & Developers Association of Canada (“PDAC”) to receive the 2021 Thayer Lindsley Award for the discovery of its Kora North deposit at its producing Kainantu Gold Mine in Eastern Highlands Province, Papua New Guinea.
The award recognizes an individual or team of explorationists credited with a recent significant mineral discovery globally and will be presented to the K92 Team during the annual PDAC Convention on March 9, 2021.
The award honours the memory of Thayer Lindsley, one of the most accomplished mine finders of the past century and who was inducted into the Canadian Mining Hall of Fame in 1989. Throughout Mr. Lindsley's long and extraordinary career, he either founded or was involved in the development of many famous Canadian mining companies, including Falconbridge, Sherritt Gordon, Frobisher, Giant Yellowknife, Canadian Malartic and United Keno Hill.
Kora North Discovery Background
In 2015, K92 acquired the past producing Kainantu Gold Mine from Barrick Gold. The mine had been on care and maintenance for several years and had previously unprofitably mined the Irumafimpa deposit. When K92 restarted Kainantu, the focus was to mine the Irumafimpa deposit while exploring and developing other deposits. By questioning the geological model and acting on the reinterpretation, the K92 exploration team transformed the previously struggling mine into a highly profitable and rapidly expanding gold producer.
The breakthrough came in 2017, when K92 tested the thesis that two of the mine’s deposits, Kora and Eutompi, were in fact the same deposit. Previously, Eutompi was viewed as a distinct and lower grade deposit that was not of interest for step-out drilling, while K92 believed there was the potential for a higher grade, northern extension of Kora at depth, below Eutompi. As a result, the team modified the development design to access and drill this untested area from underground. The first drill hole intersected 5.4 metres grading 11.68 grams per tonne gold, 1.33% copper and 25.5 grams per tonne silver about 500 metres north of the Kora deposit and 400 metres below the Eutompi deposit. The discovery of Kora North had been made.