K92 reports high-grade drill results from PNG gold mine

Kainantu gold mine. Image by K92 Mining Inc.

Vancouver-based gold producer K92 Mining (TSXV: KNT) on Monday announced additional drilling results from the Kora North extension of the Kainantu gold mine in Papua New Guinea.

The reported results include the two deepest holes drilled to date at Kora/Kora North, the company says.

One hole intersected 3.76 g/t Au, 82 g/t Ag and 2.42% Cu (8.51 g/t AuEq) over 6.9 metres, while the other returned 3.31 g/t Au, 3 g/t Ag and 0.12% Cu (3.54 g/t AuEq) over 13.5 metres.

The company’s flagship Kainantu mine is located in the Eastern Highlands province of Papua New Guinea. The property was previously mined by Highlands Pacific and Barrick in the early 2000s. Commercial production was declared in February 2018, and an expansion of the mine is underway. 

Shares of K92 Mining rose more than 8% at market open. The gold miner has a market capitalization of approximately C$501 million.

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