KORE Mining Ltd. announced that a 9.98 grams per tonne gold stream sediment sample has been collected at the Powerline target area at the Imperial Gold Project. Follow up work has established a 45-acre gold anomaly with 600 meters of strike at Powerline situated between two outcrops of mineralized gneiss, the same host rock type of the Imperial deposit. The total strike potential of the Powerline trend is over 5 kilometers. KORE is also pleased to highlight a 0.77 g/t gold stream sediment sample collected from the Ogilby target area, establishing a priority drill target where drill permitting is currently in progress. The Powerline target area now consists of four known outcrops/subcrops of mineralized gneiss and has a spatial footprint of over 1300 acres (3.7 km by 2.5 km). The 9.98 g/t Au sample was collected in between two known altered gneiss outcrops referred to as the Powerline discovery and Ironwood Outcrops. In between these outcrops, the overlying Tertiary Bear Canyon conglomerate has strong localized alteration in a style similar to the alteration observed at the Imperial deposit. Follow up sampling and mapping efforts have established a 600m trend of strongly anomalous gold mineralization, with fine gold flakes and nuggets present in shallow stream beds. The location of the high-grade trend, as well as the prevalence of coarse gold, indicates that the mineralizing system is strong and the host rock is near surface along trend. The Powerline discovery outcrop is interpreted as two WNW-ESE trending thrust sheets which bring crystalline basement host rocks to the surface, analogous
to the geologic setting of the Imperial deposit. Topographically, Powerline has a distinct signature referred to as a "turtleback" feature. All Powerline area prospects were discovered within this topographic anomaly. The prospect areas are namely the Powerline discovery outcrop, Ironwood outcrop, and Smoketree subcrop. Each prospect consists of strongly brecciated and altered gneiss along two distinct east to west trends of mineralization.
A property-wide multispectral WorldView-3 alteration mapping survey conducted in 2021 greatly accelerated the rate of new discoveries in the Powerline target area. This imagery highlighted areas of chlorite alteration, which directed mapping and reconnaissance efforts to the site of the 9.98 g/t Au sample. The intact Imperial deposit was used to establish the alteration fingerprint of the mineralizing system, which has since been identified in over 11 other areas within the project boundaries. Additional evidence of mineralization is provided by four IP survey lines, which intersect the Powerline target area and indicate the presence of a large anomaly within the subsurface. Similar to the multispectral satellite data, the intact Imperial deposit was used to calibrate the 2021 IP dataset, significantly increasing the confidence level of these interpretations. Following the 9.98 g/t Au sample result, additional mapping and sampling is scheduled for Second Quarter - Third Quarter 2022. Furthermore, a fully permitted person-portable drilling program will be executed within the Powerline target area. This drilling system produces BQ sized core samples up to 30 ft depth and will be critical in interpreting the subsurface geology in areas covered by the Bear Canyon conglomerate. Ground IP data strongly suggests that the mineralizing system present at the Imperial deposit is continuous across the 3km strike length between Imperial and Ogilby. The Ogilby target is covered by the Bear Canyon conglomerate, a young alluvial cover unit that is locally hydrothermally altered. Alteration and associated low grade gold mineralization in the Bear Canyon conglomerate provides a vectoring strategy in areas with no crystalline basement outcrop exposure. To date, over 9 acres (330 m of potential strike) of this type of alteration has been observed in the Bear Canyon conglomerate in the Ogilby segment boundary. The 0.77g/t Au sample was collected in a dry stream bed topographically isolated from any known occurrences of gold mineralization and firmly establishes a new drill target in an area currently undergoing the drill permitting process. Other assay highlights in the Ogilby area include a 1.4g/t Au stream sediment sample.
KORE owns 100% of the Mesquite-Imperial-Picacho District which consists approximately 31,000 acres of claims capturing the entire 28-kilometer trend from the operating Mesquite mine to the closed Picacho mine and including KORE's Imperial project. In the District, gold is hosted in local fault structures related to a series of regional faults connecting the known District deposits. Those three District deposits (Mesquite, Imperial and Picacho) were discovered in exposed outcrops and from placer workings. The rest of the District is covered by alluvium and has never been systematically explored. The Mesquite-Imperial-Picacho District centers on KORE's Imperial project. Imperial is a structurally controlled orogenic gold deposit. The 100% oxide gold deposit is currently defined at 2.44 kilometer long and up to 0.75 kilometer wide and is open both along strike and down dip. It is hosted in a shallowly southwest dipping, amphibolite grade metamorphic rock suite along a west- northwest trending low-angle regional thrust fault system which controls the regional geometry of mineralization. East-west striking, post-mineralization normal faults control the property scale geometry of mineralization. Geophysical characterization of the deposit and regional controlling structures is an essential component of exploration for additional resources.