The Technical Report was authored by Independent Qualified Person, Mr.
- The most recent mineral resource estimate ("MRE") for Kili Teke was completed by Harmony in 2017. The estimate detailed an Inferred Mineral Resource of
237Mt @ 0.34% Cu, 0.24g/t Au and 168ppm Mo, for a total of 802kt of Cu, 1.81Moz of Au and 40kt Mo (at a 0.2% Cu cut-off). This has been confirmed and restated in the current Technical Report. - The MRE does not include skarn mineralisation into the resource which is expected to increase the Cu and Au grades by 5% and 4%, respectively, and to increase the respective metal contents by 11% and 10% – representing significant upside potential.
- KRL has conducted a preliminary mining study and identified the opportunity to upgrade the open-pittable resource by infill drilling. KRL believes that an open-pit mine could generate robust economic returns if more high-grade mineralisation can be delineated with the upper reaches of the deposit. The excluded skarn material represents a clear target for future infill drilling.
"The finalisation of the Technical Report marks a significant step forward and fulfilment of one of the few remaining conditions precedent for KRL to acquire the Kili Teke project. KRL expects to complete its current capital raise in the near future. Once complete and payment made, the only conditions remaining for the completion of the transaction are local regulatory approvals and the transfer of certain rights."
KRL announced the acquisition of the Kili Teke project from
- Initial cash consideration of
US$1 million , payable in two instalments:US$500,000 on closing, in respect of which the Company has advanced a refundable deposit ofUS$100,000 , andUS$500,000 on receipt of post-closing regulatory approvals (expected in later in 2023); - KRL intends to work towards a Preliminary Economic Assessment ("PEA"), then a Feasibility Study. If KRL views the Project positively at each step, KRL to make further payments to Harmony of
US$3 million andUS$4 million respectively; - KRL to pay Harmony a 1.5% net smelter royalty from future mine revenue; and
- Harmony entitled to become a strategic investor in KRL, with Harmony to be issued warrants equal to 9.9% of the issued share capital of KRL on closing (with each warrant exercisable at
C$0.28 per share).
KRL announces that the non-brokered private placement (the "Offering") for up to 22,727,273 units of the Company (each, a "Unit") at a price of
Pursuant to the closing of the first tranche of the Offering on
The second and final tranche of the Offering of up to an additional approximately
Each Unit is comprised of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant being exercisable for one Common Share at an exercise price of
The scientific and technical information disclosed in this release has been reviewed and approved by
For further information please visit https://kainanturesources.com/
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Disclaimer and Forward-Looking Information This release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: closing of the second tranche of the Offering, use of proceeds from the same; the ability of the Company to close the acquisition of the Kili Teke project; future Cu and Au grades and metal content in the mineral resource estimates; potential upgrades to the open-pittable resource; formulation of plans for drill testing; the success related to any future exploration or development programs and potential economic returns. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include; success of the Company's projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the
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