K92 Mining Announces Multiple New Near-Mine Infrastructure Dilatant Zones Identified and High-Grade Zones Extended

VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc . (“ K92 ” or the “ Company ”) (TSX : KNT; OTCQX : KNTNF) is pleased to announce its latest high-grade results from the ongoing surface and underground diamond drilling of the Kora, Kora South, Judd and Judd South deposits in addition to the Kora and Judd Deeps targets at the Kainantu Gold Mine in Papua New Guinea.

Multiple high-grade intersections plus two zones of broadening width, identified as dilatant zones, recorded in a previously sparsely drilled area near the twin incline at Kora. The dilatant zones identified are the first to be drilled with significant drill density, demonstrating large interpreted strike lengths of approximately 60 metres in K1 and approximately 100 metres in K2, providing high potential for bulk mining (see Figure 4 for 950 Level Plan Map, and Figures 1 and 2 for K1 and K2 long sections). These dilatant zones are also located near-mine infrastructure, approximately 175 metres south from the current 950 Level access development, enabling potential near-term mining.



Importantly, the dilatant zones are in an area previously interpreted to be narrow vein in the mineral resource estimate (September 12, 2023 effective date, “2023 MRE”) and the Updated Integrated Development Plan PEA Case (January 1, 2024 Effective Date, “Updated IDP”), while also recording multiple high-grade intersections. K2 dilatant zone intercepts: KMDD0752: 13.50 m at 19.

02 g/t gold equivalent (“AuEq”) (2) (14.93 g/t Au, 199 g/t Ag, 1.00% Cu) KMDD0746: 14.

40 m at 12.09 g/t AuEq (9.58 g/t Au, 54 g/t Ag, 1.

15% Cu) KMDD0709: 12.14 m at 5.97 g/t AuEq (4.

73 g/t Au, 7 g/t Ag, 0.72% Cu) KMDD0751: 9.50 m at 7.

00 g/t AuEq (2.26 g/t Au, 42 g/t Ag, 2.63% Cu) K1 dilatant zone intercepts: KMDD0709: 16.

10 m at 15.63 g/t AuEq (11.48 g/t Au, 40 g/t Ag, 2.

28% Cu) KMDD0743: 14.05 m at 5.56 g/t AuEq (3.

14 g/t Au, 56 g/t Ag, 1.07% Cu) KMDD0692: 8.90 m at 8.

60 g/t AuEq (3.73 g/t Au, 81 g/t Ag, 2.41% Cu) KMDD0712: 7.

25 m at 5.58 g/t AuEq (3.05 g/t Au, 77 g/t Ag, 0.

98% Cu) High-grade intercepts: KMDD0698A: 8.15 m at 24.49 g/t AuEq (24.

00 g/t Au, 16 g/t Ag, 0.18% Cu) KMDD0775: 4.00 m at 15.

58 g/t AuEq (11.53 g/t Au, 44 g/t Ag, 2.19% Cu) KMDD0715: 6.

00 m at 9.73 g/t AuEq (4.75 g/t Au, 49 g/t Ag, 2.

72% Cu) KMDD0775: 4.60 m at 8.73 g/t AuEq (2.

77 g/t Au, 28 g/t Ag, 3.49% Cu) High-grade zones within Kora's K1 and K2 Veins extended up-dip from main mine, with multiple areas exceeding resource model grades, including: K1 Vein high-grade extension up-dip from main underground mining area: KMDD0753: 10.60 m at 34.

57 g/t AuEq (27.85 g/t Au, 37 g/t Ag, 3.91% Cu) KMDD0702: 4.

37 m at 33.27 g/t AuEq (32.16 g/t Au, 10 g/t Ag, 0.

61% Cu) KMDD0705: 5.30 m at 25.67 g/t AuEq (24.

99 g/t Au, 3 g/t Ag, 0.40% Cu) KMDD0726: 7.16 m at 9.

79 g/t AuEq (7.07 g/t Au, 8 g/t Ag, 1.64% Cu) K2 Vein high-grade extension up-dip from main underground mining area: KMDD0754: 9.

35 m at 13.70 g/t AuEq (11.51 g/t Au, 12 g/t Ag, 1.

27% Cu) KMDD0705: 6.60 m at 10.76 g/t AuEq (7.

27 g/t Au, 12 g/t Ag, 2.08% Cu) KMDD0714: 9.50 m at 9.

53 g/t AuEq (8.05 g/t Au, 5 g/t Ag, 0.89% Cu) KMDD0720: 6.

66 m at 8.41 g/t AuEq (6.32 g/t Au, 21 g/t Ag, 1.

14% Cu) Judd’s J1 Vein recorded an extension of the high-grade zone up-dip from main mine, with several areas reporting significantly higher grades than the 2023 MRE that was based on, at that time, sparse drilling. Additionally, multiple high-grade intercepts were identified beyond the current resource at Judd Deeps and along strike in both directions: J1 Vein high-grade extension up-dip from main underground mining area: JDD0251: 5.00 m at 178.

59 g/t AuEq (177.69 g/t Au, 2 g/t Ag, 0.54% Cu) JDD0258: 3.

95 m at 51.67 g/t AuEq (50.06 g/t Au, 24 g/t Ag, 0.

81% Cu) JDD0263: 7.38 m at 7.66 g/t AuEq (6.

87 g/t Au, 14 g/t Ag, 0.38% Cu) J1 Vein high-grade intercepts at Judd Deeps and north of resource: KMDD0729: 1.30 m at 23.

33 g/t AuEq (16.77 g/t Au, 52 g/t Ag, 3.69% Cu) JDD0261: 1.

70 m at 23.20 g/t AuEq (21.63 g/t Au, 42 g/t Ag, 0.

65% Cu) JDD0265: 2.20 m at 15.24 g/t AuEq (6.

39 g/t Au, 78 g/t Ag, 4.91% Cu) JDD0266: 3.47 m at 11.

88 g/t AuEq (11.41 g/t Au, 9 g/t Ag, 0.22% Cu) Notes: (1) Drill highlights presented above are core lengths (not true widths).

Refer to Table 1 to 3. (2) Gold equivalent (AuEq) exploration results are calculated using longer-term commodity prices with a copper price of US$4.00/lb, a silver price of US$22.

5/oz and a gold price of US$1,750/oz. John Lewins, K92 Chief Executive Officer and Director, stated, “The latest drilling results at Kora and Judd, once again confirm that the resource expansion potential is very significant, and that there are significant opportunities to upgrade multiple areas in terms of both thickness and grade, with increased drill density. The high-grade zones extended up-dip at Kora and Judd in the main mine area, plus the identification of the two new dilatant zones in the twin incline area is especially significant as they are near existing mine infrastructure, providing a near and medium-term benefit to the Stage 3 Expansion ramp-up.

This is also the first time dilatant zones have been drilled with significant drill density, demonstrating substantial strike lengths for bulk mining – these zones have already been integrated into our mine plans. We believe that we control a large gold-copper district of which we are only starting to scratch the surface. In addition to exploration at Kora-Kora South and Judd-Judd South, exploration at Arakompa has considerably expanded over the course of the year, with four drill rigs now operating.

We look forward to providing an update in due course.” The results for the latest 95 diamond drill holes completed from surface and underground are summarized in the tables below. The results continue to demonstrate the high-grade, continuity and expansion potential of the Kora-Kora South and Judd-Judd South vein systems.

Intersections largely focused on increasing drill density vertically while also targeting resource extension along strike to the south and north. All drill holes at Kora-Kora South (including Kora Deeps) intersected mineralization, with 21 intersections exceeding 10 g/t AuEq and 67 intersections exceeding 5 g/t AuEq. At Judd-Judd South (including Judd Deeps), all drill holes intersected mineralization, with 11 intersections exceeding 10 g/t AuEq and 24 intersections exceeding 5 g/t AuEq.

Figures Long sections of K1, K2, and J1 showing the location of the latest drill holes are provided in Figures 1, 2, and 3 , respectively. A plan map showing K1 and K2 at the 950 level is provided in Figure 4. A long section showing Kora drilling to date is provided in Figure 5 .

A long section showing Judd drilling to date is provided in Figure 6 . Core photographs are provided, of drill hole JDD0251 in Figure 7 , KMDD0753 in Figure 8 and KMDD0702 in Figure 9 . The Independent Qualified Person responsible for the Mineral Resource estimate is Simon Tear, P.

Geo. of H & S Consultants Pty. Ltd.

, Sydney, Australia, and the effective date of the estimate is September 12, 2023. (Refer to technical report, titled, “Independent Technical Report, Kainantu Gold Mine, Updated Integrated Development Plan, Kainantu Project, Papua New Guinea” dated November 28, 2024, with an effective date of January 1, 2024.) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Geological interpretation has generated a series of narrow, sub-vertical vein structures based on delineated wireframes on 10m, 20m and 25m spaced cross sections. The design of the lode wireframes is based on a combination of logged geology, Au, Cu & Ag assay grades and locally on a nominal minimum mining width of 5.2m, all coupled with geological sense.

Resources were compiled at 3 g/t gold equivalent cut-off grades for Kora and Judd. Density (t/m 3 ) was modelled using Ordinary Kriging on 2,778 sample measurements. Areas within the mineral wireframes where no density grades were interpolated had average default values inserted at appropriate levels.

Reported tonnage and grade figures are rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Estimations used metric units (metres, tonnes and g/t).

Gold equivalents are calculated as AuEq = Au g/t + Cu%*1.6481+ Ag g/t*0.0114.

Gold price US$1,700/oz; Silver US$22.5/oz; Copper US$4.00/lb.

Metal payabilities and recoveries are incorporated into the AuEq formula. Recoveries of 95% for copper and 80% for silver were used. Drill Hole Sampling Methodology, QA/QC and Qualified Person The diamond drill hole is first logged to determine the sampling intervals, which range from a minimum of 0.

1 metres to generally 1 metre. The drill core is sawn half core cut along a reference line, with the remainder of the core returned to the core tray. Core samples are then placed in numbered calico and plastic bags, with a numbered sample ticket for dispatch to the assay laboratory.

Samples are separately assayed for gold, copper and silver. K92’s procedure includes the insertion standards, blanks and duplicates. Gold assays are by the fire assay method.

Copper and silver assays are by three-acid-digestion method (nitric, perchloric and hydrochloric mix). K92 maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to monitor laboratory performance and ensure high quality assays. Results from this program confirm reliability of the assay results.

All sampling and analytical work for the mine exploration program is performed by Intertek Testing Services (PNG) Ltd, an independent accredited laboratory that is located on site. External check assays for QA/QC purposes are performed at SGS Australia Pty Ltd in Townsville, Queensland, Australia. K92 Executive Vice President, Exploration, Mr.

Chris Muller, PGeo, and K92 Mine Geology Manager and Mine Exploration Manager, Andrew Kohler, MAIG, both Qualified Persons under the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects , have reviewed and are responsible for the technical content of this news release. In addition to the analytical QA/QC program outlined above, data verification also includes significant time onsite reviewing drill core, soil and outcrop sampling, artisanal workings, as well as discussing work programs and results with geology personnel and external consultants. About K92 K92 Mining Inc.

is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022.

K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience. On Behalf of the Company, John Lewins, Chief Executive Officer and Director For further information, please contact David Medilek, P.Eng.

, CFA, President and Chief Operating Officer at +1-604-416-4445 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, and the Kainantu Preliminary Economic Assessment, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine.

All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the COVID-19 virus; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Israel and Palestine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors”. Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production.

The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements.

Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements 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 statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Figure 1 – K1 Vein Long Section Figure 2 – K2 Vein Long Section Figure 3 – J1 Vein Long Section Figure 4 – K1 and K2 Vein Plan Map (950 Level) Figure 5 – Kora-Irumafimpa Long Section Figure 6 – Judd Long Section Figure 7 – JDD0251 Core Photograph, 151.59 – 156.

45m; within intersection of 5.00 m at 178.59 g/t AuEq or 177.

69 g/t Au, 2 g/t Ag and 0.54% Cu from the J1 Vein. Figure 8 – KMDD0753 Core Photograph, 237.

10 – 248.62m; within intersection of 10.60 m at 34.

57 g/t AuEq or 27.85 g/t Au, 37 g/t Ag and 3.91% Cu from the K1 Vein.

Figure 9 – KMDD0702 Core Photograph, 123.00 – 128.24m; within intersection of 4.

37 m at 33.27g/t AuEq or 32.16 g/t Au, 10 g/t Ag and 0.

61% Cu from the K1 Vein. Photos accompanying this announcement are available at https://www.globenewswire.

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