|Karora Resources||TSX: KRR|
|Stage||Production + Development + Exploration|
|Metals||Gold + Nickel|
|Market cap||C$745 million @ C$4.8|
|Location||Kalgoorlie, Western Australia|
Karora Resources Second Decline on Track and Cost
TORONTO, May 24, 2022/CNW/ – Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (“Karora” or the “Corporation”) is pleased to announce that development of the second decline at Beta Hunt is tracking on cost and ahead of schedule with the estimated completion date now brought forward to Q1 2023 from mid-2023.
The second decline at Beta Hunt is integral to Karora’s production growth plan to double throughput at Beta Hunt to 2 Mtpa and increase gold production to between 185,000 and 205,000 ounces by 2024.
- 198.5 g/t over 4.5 metres(AW17LN-01AE);
- 18.6 g/t over 15.0 metres(AF-AZDDC1-11AE); and
- 18.3 g/t over 4.0 metres(AW-AZDDC1-02AR).
Interval lengths are downhole widths. Estimated true widths cannot be determined with currently available information
Results from the surface drilling program also supports the interpretation of a newly discovered shear zone named ‘Sorrenson’, located to the east and parallel to A Zone and Western Flanks.
The discovery of the Sorrenson shear zone follows the success of the Larkin and Fletcher shear zone discoveries, adding to the rapidly expanding mineralized system at Beta Hunt.
Karora Resources management comments
“I am thrilled with the progress made to-date by our teams to significantly progress development of the second decline ahead of schedule at the Beta Hunt Mine.
“The efforts to secure the DMIRs permits followed by rapid execution of our decline development plan, all while tracking on budget, is a tremendous achievement in light of the current inflationary environment negatively impacting many operations and development projects across our sector. A job well done.
“I am also extremely pleased with the drilling results at Western Flanks, A Zone North, Fletcher and the newly interpreted Sorrenson shear zone which further validates the tremendous growth potential of Beta Hunt.
“With our aggressive exploration drill program, we continue to identify new shear zones and, as exemplified with the success of Larkin, convert them into resource inventory. The continued discovery of these new shear zones is one of many reasons we are excited about the long-life potential of the Beta Hunt operation.
“Overall, we continue to build upon the world class exploration potential of Beta Hunt, while our development teams execute on our second decline plans to double throughput to 2 Mtpa.”
Paul Andre Huet, Chairman & CEO of Karora Resources
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