The completion of airborne geophysical surveying and analysis over the Kainantu region supports the highly prospective nature of the KRL tenement portfolio for porphyry Cu-Au and epithermal Au deposits (which is on trend with the successful K92 mine).
Background
Located along the world renowned Kainantu Transfer Structure, KRL holds two highly prospective projects, KRL North and KRL South, in a district associated with highly successful mining projects.
KRL North
At KRL North, given proximity to the K92 mine, the Company has continued field work and studies to build confidence on the structural similarities and potential trend between the project and the Bilimoia Mineral Field (inclusive of two significant vein systems at Maniape and Arakompa only 2 to 4 km outside of the SE corner of KRL North).
In 2021, a mapping and sampling programme was conducted with the objective of assessing whether such enhanced structural permeability extends into KRL North. Results were extremely encouraging, with several altered and intrusive bodies observed and interpreted as associated with the Elandora Porphyry. A ring feature observed on the southern border of KRL North was found to be underlain by an extensive outcrop of phyllic altered intrusive rocks which was considered to indicate potential porphyry style mineralisation at depth.
Initial analysis from the airborne geophysics program conducted by K92 also appears to demonstrate a NE linear zone of high conductivity trending towards KRL North, likely indicating throughgoing structures possibly associated with contained water and/or sulphide-bearing zones. Further details are contained in KRL's release of
KRL South
At KRL South, the Company's initial focus has been around the Tirokave area, with three prospects identified for further investigation: East Avaninofi (where a 40 g/t Au sample was collected),
The area is of interest has extensive outcrops identified within the Akuna Igneous complex, including scattered dykes and plugs of the Elandora Porphyry and intrusives associated with other successful projects in the region.
Trenching is currently underway at East Avaninofi and
As noted in the Company's release of
KRL co-operated with other miners in the Kainantu region in Q4 2021/Q1 2022 to share resources to mobilise for airborne geophysical surveys over respective projects, with KRL having flown its survey in January-
Airborne survey data was collected by EGL (who operate the Mobile Magneto Tellurics, or Mobile MT system). The area surveyed included all prospective areas of KRL North in addition to key areas of interest in and around the Tirokave area of KRL South (including the East Avaninofi and
Survey lines for all three areas were flown in an E-W direction, at 200m spacing, with tie lines at right angles (N-S), every 2,000m. On completion of the survey in
This data was then delivered to
About
Disclaimer and Forward-Looking Information
Mineralisation hosted on adjacent and/or nearby properties is not necessarily indicative of mineralisation hosted on the Company's property. The data disclosed in this release relating to drilling results is historical in nature. This release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: formulation of plans for drill testing and the success related to any future exploration or development programs. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include; success of the Company's projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the
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