KORE Mining Takes Dominant Position in Cariboo Gold District
Increasing Claims by 330% to 1,000 Square Kilometres
VANCOUVER, BC, July 30, 2020 /PRNewswire/ - KORE Mining Ltd. (TSXV: KORE) (OTCQB: KOREF) ("KORE" or the "Company") announces that the Company has increased its land holding in the Cariboo Gold District ("District") of British Columbia by 330%. KORE is now the dominant land holder of the southern half of the District with Osisko Gold Royalties Ltd's (TSX:OR) Barkerville / Cariboo Gold Project controlling the north.
- Consolidated 1,000 square kilometer land position in southern Cariboo Gold District
- 330% increase in claim area in BC
- KORE's claims host 110 km of the Eureka thrust structural trend ("Trend")
- Trend drives gold mineralization in the District
- Trend highly prospective for orogenic gold deposits
- Includes KORE's FG Gold Project and Gold Creek Project, both orogenic
- Some of largest gold deposits in the world are orogenic
- Prolific mining region with multiple current and past operating mines
- 100% KORE owned
KORE CEO Scott Trebilcock commented, "It is a rare occurrence when a company controls a dominant position in a gold District, particularly in a safe and stable jurisdiction. KORE now has two, 100% owned, District scale projects: Imperial in California and the southern Cariboo Gold District. With the great results we are seeing in our FG Gold Project drilling, and the success of Osisko to the north, the Cariboo is once again on the radar for gold exploration."
Figure 1 shows KORE's land position in the District. KORE staked 36 claims for 71,034 hectares and acquired an additional 21 claims for a total of 5,571 hectares of new claims. KORE previously controlled claims in the District at the FG Gold Project and Gold Creek Project. In total, KORE now controls 99,990 hectares or 1,000 square kilometers.
The Cariboo Gold District is a prolific gold region. The District was host to the Cariboo gold rush in the late 1800's, followed by a long history of modern gold mining. The Cariboo region is accessible with local power, well developed road network and skilled local labour.
KORE already has already identified multiple projects in the District with much of the area under-explored and wide open for additional discoveries. District projects include KORE's FG Gold, Gold Creek, Hen, Tep, Forks, Jamboree, and McKee which are also located on Figure 2.
KORE is currently drilling the FG Gold Project, with 1,577m completed in March and April 2020 and over 1,700m completed since the end of June 2020. Of the current 5,000m drill program, four holes have been completed to date, averaging over 400m each and all drilled up to 200m downdip from previous drilling and covering a strike length of over 500m.
KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia. KORE is supported by strategic investors Eric Sprott and Macquarie Bank; and insiders, together with the management and Board, own approximately 64% of the basic shares outstanding.
On behalf of KORE Mining Ltd
Chief Executive Officer
Technical information 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" 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. 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.
Such factors include, among others: risks related to exploration and development activities at the Company's projects, and factors relating to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards and risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating metals prices and the ability to operate the Company's projects at a profit in the event of declining metals prices and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered at the rates estimated; risks related to title to the Company's properties, including the risk that the Company's title may be challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company's properties; and risks related to the stage of the Company's development, including risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance; exposure to litigation or similar claims; currently unprofitable operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest.
In addition to the above summary, 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.
Cautionary Note Regarding Mineral Resource Estimates: Information regarding mineral resource estimates has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States Securities and Exchange Commission ("SEC") Industry Guide 7. In October 2018, the SEC approved final rules requiring comprehensive and detailed disclosure requirements for issuers with material mining operations. The provisions in Industry Guide 7 and Item 102 of Regulation S-K, have been replaced with a new subpart 1300 of Regulation S-K under the United States Securities Act and will become mandatory for SEC registrants after January 1, 2021. The changes adopted are intended to align the SEC's disclosure requirements more closely with global standards as embodied by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), including Canada's NI 43-101 and CIM Definition Standards. Under the new SEC rules, SEC registrants will be permitted to disclose "mineral resources" even though they reflect a lower level of certainty than mineral reserves. Additionally, under the New Rules, mineral resources must be classified as "measured", "indicated", or "inferred", terms which are defined in and required to be disclosed by NI 43-101 for Canadian issuers and are not recognized under SEC Industry Guide 7. An "Inferred Mineral Resource" has a lower level of confidence than that applying to an "Indicated Mineral Resource" and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of "Inferred Mineral Resources" could be upgraded to "Indicated Mineral Resources" with continued exploration. Accordingly, the mineral resource estimates and related information may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Industry Guide 7.
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SOURCE Kore Mining