RE:10 M ozEq at Blue lake....nice little bit of drillingCongratulation to all who have quietly and patiently allowed nature to take it's course here :) Many of the other Bullboards have been deludged with whacko trolls for the past couple of months, making those boards virtually unbearable. I used up a ton of "ignores" on some of those boards. :) :)
And this news release by KNT demonstrates why having all these porphyries in its lease area was so important from a "potential" perspective !
Here's a "Cole's Notes" breakdown on the news release:
K92 MINING DECLARES MAIDEN INFERRED RESOURCE OF 10.8 MILLION OZ AUEQ OR 4.7 BILLION LBS CUEQ AT THE BLUE LAKE PORPHYRY
K92 Mining Inc. has released a maiden resource estimate at the Blue Lake porphyry project, located approximately four kilometres southwest of the company's producing high-grade gold-copper Kora and Judd intrusion-related deposits at the Kainantu gold mine in Papua New Guinea.
Blue Lake was discovered by K92 after mineralized lithocap was identified in 2017. K92 has completed two diamond drill programs for a total of 26 holes and 16,474.8 metres at the project. Maiden mineral Resource Estimate Highlights
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Significant maiden inferred resource estimate declared of 10.8 million ounces gold equivalent ("AuEq") at 0.61 g/t AuEq or 4.7 billion lbs CuEq at 0.38 per cent CuEq, based on 549 million tonnes at 0.21 g/t Au, 0.23 per cent Cu and 2.42 g/t Ag at a 0.4 g/t AuEq cut-off grade.
- Extensive potential for resource growth as Blue Lake is open at depth, with significant potential for expansion and delineation of the high-grade potassic core (see Figure 5).
- The Blue Lake porphyry has approximately equal ratios of gold and copper.
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Future exploration plans at Blue Lake include drilling to target expanding the higher-grade core which is open at depth, and exploring for additional mineralized porphyries beneath an extensive composite lithocap that extends to and includes the A1 Porphyry Target (See Figure 5 & 6).
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Porphyry exploration is advancing at the A1 Porphyry Target, our highest priority porphyry target based on geophysics completed in late-2021, with an initial soils, rock chip sampling and detailed mapping program commencing shortly, followed by drilling.
Chris Muller, K92 vice-president of exploration, stated: "We are delighted to announce a maiden mineral resource for the Blue Lake Porphyry, after the initial discovery by K92 Mining in 2017.
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The Blue Lake Porphyry is evidently a very large, well-mineralized system, with a number of overprinting events that have introduced gold and copper. In particular, those which are manifested as quartz stockwork veins and bornite mineralization will be the focus of ongoing drill targeting at Blue Lake.
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A very expansive silica-clay lithocap connecting Blue Lake with the A1 Prospect is virtually untested by drilling and has the potential to host multiple gold-copper mineralized porphyries.
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This resource declaration is the fifth largest known mineralized porphyry in Papua New Guinea in terms of pre-mined contained gold equivalent ounces, after the world famous Golpu, Panguna, Ok Tedi and Frieda River porphyry deposits.
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It is truly remarkable to be able to look down upon the Lae-Madang Highway, a major transport route to the Lae International Port, while standing on an outcropping undeveloped resource containing in excess of 10 million gold equivalent ounces, and as much as 15 million ounces using a lower cut-off grade."
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John Lewins, K92 CEO and Director, added, "The maiden resource estimate at Blue Lake is a major accomplishment, defining a large-scale, potentially commerical gold-copper porphyry proximal to our high-grade Kainantu underground mine.
- Blue Lake was also defined efficiently, leveraging our team's extensive exploration experience in Papua New Guinea, with nearly all holes intersecting mineralization and only 16,475 metres of drilling to define 10.8 million ounces AuEq or 4.7 billion lbs CuEq of inferred resource - implying an average discovery rate of aproximately 650 oz AuEq per metre drilled.
- Importantly, we believe Blue Lake is only the tip of the porphyry iceberg at Kainantu and have gained a tremendous amount of knowledge for our porphyry exploration programs going forward. In Papua New Guinea, porphyries tend to cluster and there are five other porphyry targets proximal to Blue Lake, with A1 being of the highest priority. Soil sampling at A1 is expected to commence imminently, with diamond drilling planned afterwards. Between our intrusion related gold/copper exploration at Kora, Judd, Kora South and Judd South and our porphyry exploration, we are very excited about the potential at Kainantu."
Deposit Geology
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The Blue Lake Porphyry Project is located approximately 4 km southwest of the company's producing high-grade Kora and Judd intrusion-related gold-copper deposits at the Kainantu Gold mine.
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Drilling at Blue Lake has defined a large tonalite porphyry stock, comprising multiple overprinting intrusives, that are variably mineralized with gold and copper.
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The highest grades are associated with a potassic alteration core, characterized by biotite, K-feldspar and chalcopyrite/bornite mineralization, with a propensity of quartz stockwork veins.
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Cu/Au mineralization is approximately at a 1:1 ratio, that is open to the south-west.
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The mineralized porphyry is concentrically zoned and tilted towards the north-west.
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This zonation is apparent both in metal (sulphide) distribution, with bornite grading into chalcopyrite with a molybdenum periphery, and finally into pyrite, as well as in alteration mineral assemblages, with biotite-K feldspar giving way peripherally to epidote-albite through a transitional actinolite zone.
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The prograde assemblages have been largely overprinted by intense sericite-pyrite alteration. There is a prominent silica-clay cap, characterized by dominant pyrophyllite, with alunite feeder zones.
Future program
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As with most fertile porphyry environments, e.g., Golpu and Oyu Tolgoi, there is likely a cluster of porphyries in the Blue Lake prospect area, with our exploration work to date supporting this, including:
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Advanced argillic alteration covering a vast area over 5 km in length, from Blue Lake to the A1 target.
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Locally, the roots of the lithocap remain in situ (dominated by pyrophyllite, typically present deep in lithocaps and nearest to porphyry mineralization) at Blue Lake and the Ayena and A1 targets.
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Advanced Mobile MT (magnetotelluric) geophysics completed in late-2021 has outlined several high conductivity targets coincident with mapped silicification.
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Evidence of a much larger paleo-lithocap, likely formed by copious porphyry activity, is presented in the high proportion of ubiquitous silicified float (boulders) that fills the drainages and colluvium deposits for 20 km all the way to the Markham River.
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Based on the exploration work to date, Blue Lake is proximal to five other porphyry exploration targets: A1, Kokofimpa, Ayena, Timpa and Tankaunan.
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After the completion of the advanced Mobile MT geophysics in late-2021, A1 is our top porphyry exploration target, driven by having the strongest geophysical conductivity signature, preserved lithocap and situated in a highly prospective environment, at the confluence of the Kora-Kora South, Judd-Judd South structures and the Maniape and Arakompa structures, which both host high-grade intrusion related gold/copper deposits.
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With the latest program at Blue Lake completed, exploration work on A1 is commencing shortly, including a soil sampling program, detailed mapping and trenching, followed by diamond drilling.
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Blue Lake remains open along strike and down plunge.
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Additionally, with a higher grade core, it is possible that the mineralization is much more extensive than we currently understand and higher grades may be expected in the deeper parts of the system.
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Drilling plans to target the definition and expansion of the zone of quartz stockwork veins and bornite mineralization within the potassic core.