Shares of gold explorer and producer K92 Mining Inc. (TSX-V: KNT) rose 25 cents on 1.69 million shares on Wednesday following more drill results from the company's Kora deposit at its Kainantu gold mine in Papua New Guinea.
The company reported results from 37 new holes from both surface and underground on the deposit, hitting grades including 10.40 metres of 24.81 grams of gold per tonne (g/t Au), 4.26 g/t metres of 45.98 g/t Au, and 8.80 metres of 34.31 g/t Au. All drill holes intersected gold mineralization, which K92 hopes will be a "bulk mineable zone."
"The results have once again demonstrated the high-grade pedigree and continuity of the Kora system," said CEO John Lewins in the release, "Importantly, Kora remains open in multiple directions and a major focus for the remainder of 2020 and into 2021 will be to continue to expand Kora’s known mineralized extents. This is in addition to significantly upgrading inferred resources to measured and indicated for the Stage 3 Expansion Feasibility Study."
We reported on earlier K92 drill results back in February. The company has hit a number of encouraging drill results on the Kora deposit, including 13.6 metres of 107.55 g/t Au and 13.0 metres of 288.73 g/t Au. It plans to file a complete technical report for the project by the end of July. The current mineral resource estimate for the deposit includes 1.1 million gold-equivalent ounces measured and indicated and 3.7 million gold-equivalent ounces inferred.
These drill results and encouraging production numbers have been good for K92's stock, driving shares up 69.79% year-to-date for 2020.