The positive PEA, announced April 6, 2020, demonstrated Imperial's potential to be a robust mid-tier gold mine with compelling project economics

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Kore Mining files technical report for positive Imperial Gold Project preliminary economic assessment. (Credit: istara from Pixabay)

KORE Mining Ltd. (TSXV: KORE | OTCQB: KOREF) (“KORE” or the “Company”) is pleased to announce it has filed the technical report (“TR”) supporting the positive Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Imperial Oxide Gold Deposit (“Imperial” or “Project”), located in California, USA.

The positive PEA, announced April 6, 2020, demonstrated Imperial’s potential to be a robust mid-tier gold mine with compelling project economics.  In addition to the gold price, Imperial has upside potential from deposit extensions and exploration on the 100% owned Mesquite-Imperial-Picacho District which captures 28 kilometers of strike from the operating Mesquite mine (TSX:EQX) to the historic Picacho heap leach mine.
KORE’s CEO Scott Trebilcock stated: “The Imperial PEA technical report is a key resource for investors and stakeholders seeking to understand Imperial as we move forward into permitting in mid-2020.   With the recent strategic investment from Eric Sprott and Macquarie Bank we have mobilized resources to follow-up the Mesquite East exploration targets with additional geophysics and surface sampling while we permit drilling for fall 2020.”

IMPERIAL PROJECT PEA HIGHLIGHTS:

  • Robust economics: US$ 343 million NPV5% post-tax with 44% IRR at US$1,450 per ounce gold
  • Low capital intensity project with only US$ 142 million pre-production capital cost
  • 146,000 ounces gold per year over 8 years for 1.2 million ounces total production
  • Technically simple project: shallow open pit, run-of-mine heap leach with existing infrastructure
  • Value enhancement through Mesquite-Imperial-Picacho District exploration and resource expansion

There were NO significant changes to the previously released economic and technical data.  The TR authors recommended that KORE undertake various technical and permitting activities including:

  • Execute infill and exploration drill programs (near mine targets);
  • Conduct environmental baseline studies and permitting;
  • Update mineral resource model with new drilling;
  • Conduct additional geotechnical, heap leach design and metallurgical test work; and
  • Undertake community engagement programs after completion of stakeholder mapping

Source: Company Press Release