KORE had voluntarily limited any work at the Long Valley project pending the outcome of the court case between the NGOs and the USFS. Now that the USFSs motion for summary judgement has been granted and the authorization upheld, KORE intends to proceed with exploration during the summer/fall of 2023. Details of
KORE's team has worked closely with the USFS to avoid cultural impacts and mitigate other potential Program impacts. The Program utilizes modern technology and existing road infrastructure to minimize disturbances. KORE will complete pre-disturbance cultural surveys, remove 100% of all drill cuttings, have zero water or waste discharge and intensively remediate all sites post-work. There will be no long-term impact from the Program and no permanent installations will be left behind. The USFS thus granted KORE a categorical exclusion from the National Environmental Protection Act for the Program's plan of operations.
The Company has identified opportunities to expand the shallow oxide mineralization in all directions. Additional mineralization could extend mine life, reduce capital intensity and generate higher project economic returns than the 1.2 million ounces of Indicated gold and 0.5 million ounces of Inferred gold from 64 million tonnes of 0.58 grams per tonne and 22 million tonnes of 0.65 grams per tonne, respectively, modelled in the preliminary economic assessment ('PEA') announced
Additionally, as a fully intact epithermal deposit with a large at surface footprint, Long Valley has the potential for high-grade sulphides and discrete vein zones in the underlying feeder structures. The discovery of high-grade, sulphide dominant gold ('Au')-silver ('Ag') mineralization in addition to near-surface oxide Au-Ag mineralization would open up additional development pathways for the Project, such as underground mining.
More details on the deposit geology and exploration potential can be found in KORE's
About
Long Valley is 100% owned epithermal gold and silver project located in
A total of 896 holes have been drilled on the Project, the majority being completed by reverse circulation with lesser core, rotary and air track. The current mineral resource estimate is 1,217,000 ounces of Indicated gold and 453,000 ounces of Inferred gold from 63.7 million tonnes of 0.58 grams per tonne and 22.0 million tonnes of 0.65 grams per tonne, respectively. The mineral resource consists of oxide, transition and sulphides. The estimate was prepared by Neil Prenn, P.E. of
The PEA for a shallow, low-strip heap leach project contains the following highlights: US
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Technical information with respect to the
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'anticipate', 'believe', 'budget', 'could', 'estimate', 'expect', 'feel', 'indicate', 'intend', 'may', 'plan', 'potential', 'predict', 'project', 'should', 'will', 'would', and similar terms and phrases, including references to assumptions. All statements other than statements of historical fact, included in this news release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing, implementation and results of exploration drilling for the Long Valley project; the opportunities of expansion at the
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk factors include, among others: delays or changes to the Company's plan for the current drill program, which could result, among other things, in delays, additional project requirements, additional costs and uncertainty of meeting anticipated program milestones; the exploration drill program may not be completed as planned; the need to obtain additional financing; uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of future permits and other government approvals and the actual cultural and biological impacts of the Company's exploration and development programs.
Additional risks and uncertainties are described under the 'Risk Factors' section of the Company's Annual Information Form for the year ended
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward looking information or statements or implied by forward looking information or statements, there may be other risk factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The preliminary economic assessments are preliminary in nature, that include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessments will be realized. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
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