K92 Mining produces 9,549 oz Au in Q3
K92 MINING Inc. has provided an update on operations during Q3 2018 at its Kainantu gold mine in Papua New Guinea. During Q3, K92 produced 9,549 ounces of gold, 146,315 pounds of copper and 2,551 oz of silver or 9,910 AuEq oz (based on a gold price of $1,300 (U.S.) per oz; silver $16.5 (U.S.)/oz; copper $2.90 (U.S.)/lb).
As previously reported, mining operations were disrupted for a period of over three weeks in July due to a fall of ground (FOG) near muck bay 4 in the incline, which necessitated remediation action and replacement of ground support in the area. The production was achieved from operating less than 75 per cent of the quarter, while during the balance of the quarter production exceeded 1,000 oz AuEq per week.
Mining operations focused on Kora North, comprising cut and fill stope mining from the K2 vein over a 200-metre strike length and cut and fill stope mining on the K1 vein over a 250-metre strike length.
The blend of primarily K1 material with some and K2 material provided an average grade treated through the process plant for Q3 of 16.7 grams per tonne Au and 0.38 per cent Cu. Recoveries for the quarter averaged 94 per cent for gold and 93.2 per cent copper.
Grade control drilling from the third drill cuddy diamond drill cuddy 3 (DDC3) continued during the quarter, while exploration drilling commenced from DDC4.
John Lewins, K92 chief executive officer and director, states: “We are extremely pleased with the production of almost 10,000 AuEq ozs achieved during this quarter, especially given that underground mining production was dis rupted by a fal l of ground (FOG) in the incline, which resulted in over three weeks of underground mine production being lost during the quarter. Excluding this stoppage, production exceeded 1,000 oz per week for the balance of the quarter. In addition, we saw an improvement in gold recover to 94 per cent while throughput in September was the best yet achieved at over 9,500 tonnes for the month.”
Further financial details regarding Q3 production will be available within the upcoming quarterly financial filing. Based on budget, K92 anticipates operations achieved positive cash flow for the quarter.
We seek Safe Harbor.
Robert Stuart Angus, Mark Price Eaton, Saurabh Handa, John D Lewins, John Ian Stalker, Graham Wheelock
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