K92 Mining Announces Judd Underground Development Extension Results - Average J1 Vein Grade of 18.70 g/t AuEq at 3.8 m Width - Seite 2

The Judd 1235 Level J1 Vein underground development has now been extended 65 metres since the length disclosed in the Company’s November 23, 2020 press release, to a total of 288 metres. As was also observed in the development results from the November 23, 2020 press release, high-grade material has continued to be recorded as development has advanced to the South. The development extension recorded an estimated 3,800 tonnes at 18.70 g/t AuEq or 17.13 g/t Au, 0.82% Cu and 37 g/t Ag of additional undiluted J1 Vein extracted and based on underground channel sampling. Vein thickness averaged 3.8 metres and ranged from 1 metre to drive width at over 6 metres.

Since high-grade material was first encountered in September 2020, the latest 179 metres of development has recorded an estimated 10,400 tonnes at 15.39 g/t AuEq or 13.99 g/t Au, 0.80% Cu and 26 g/t Ag of additional undiluted J1 Vein extracted at an average of 3.7 m vein width and based on underground channel sampling. Mineralization continues to be intrusive related, gold-copper-silver, and similar to Kora.

Importantly, the 65-metre development extension recorded a significant frequency of high grades with 65% of faces recording J1 Vein average grades greater than 10 g/t AuEq from channel sampling. Some of the high-grade J1 Vein channel sampling results, include:

• 2.5m thickness at 79.42 g/t AuEq or 77.45 g/t Au, 0.57% Cu and 96 g/t Ag;
• 4.5m thickness at 52.84 g/t AuEq or 50.98 g/t Au, 0.76% Cu and 67 g/t Ag;
• 5.0m thickness at 24.44 g/t AuEq or 23.44 g/t Au, 0.48% Cu and 28 g/t Ag;
• 3.5m thickness at 21.41 g/t AuEq or 18.56 g/t Au, 1.40% Cu and 78 g/t Ag;
• 4.5m thickness at 18.22 g/t AuEq or 16.17 g/t Au, 1.19% Cu and 36 g/t Ag, and;
• 5.6m thickness at 19.35 g/t AuEq or 15.67 g/t Au, 2.10% Cu and 69 g/t Ag.

It is also important to note that the development extension is ~50 metres below hole JDD0006, which recorded 7.25 m at 256.09 g/t Au, 113 g/t Ag and 0.42% Cu (258.01 g/t AuEq) on the J1 Vein (see November 9, 2020 Press Release – K92 Mining Announces Initial Phase 1 High-Grade Judd Vein System Drilling Results, Including 7.25m at 258.01 g/t AuEq). JDD0006 is one of the highest-grade intersections drilled by K92 at Kainantu.