K92 Mining (TSX: KNT; OTCQX : KNTNF) has grown from an early stage exploration company to a BILLION DOLLAR producer in 5 years. The company currently operates the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea. The mine is located in the eastern Papuan Mobile Belt and in May 2017, a northern extension to the 1.65 Moz AuEq inferred Kora deposit was discovered, called Kora North. By October 2018, Kora North had increased combined Kora-Kora North resources by +60%, having defined a Measured and Indicated Resource of almost 400,000 ozs AuEq and Inferred of almost 750,000 ozs AuEq. Mining of the Kora North discovery commenced in October 2017, commercial production was declared in February 2018 and production has been rapidly expanding since then.
In May 2020, K92 announced its updated Kora Resource of 1.1moz at 10.4g/t AuEq Measured and Indicated and 3.7moz at 9.0g/t AuEq Inferred. This is in addition to the Irumafimpa deposit at 0.2moz at 13.4g/t Measured and Indicated and 0.2moz at 11.5g/t AuEq Inferred.
K92 Mining (TSX: KNT; OTCQX : KNTNF) will now be added to the S&P/TSX Composite Index effective Monday, Sept. 20, 2021, prior to the open of trading on the Toronto Stock Exchange. The S&P/TSX Composite Index is the headline index for Canada and is the principal benchmark measure for the Canadian equity markets, represented by the largest companies on the TSX.
John Lewins, K92's chief executive officer and director, stated: "On behalf of the board of directors and our employees, we are honoured to be included in the S&P/TSX Composite Index. This represents a major achievement, and we believe an important milestone acknowledging K92's growth accomplished in multiple areas and also a broadening investor base.
"Looking ahead, we are very excited about the outlook for K92. In terms of production, we are currently ramping up our stage 2 expansion with planning for a stage 3 expansion already under way. On exploration, only approximately 20 per cent of the vein field strike length has been drill tested and the vast majority tested remains open at depth. Recent vein field exploration results at the Kora and Judd vein systems have been some of our strongest to date. Porphyry exploration has also made considerable progress and is now targeting the potassic core at the Blue Lake copper-gold porphyry.
"And lastly, I would like to acknowledge the tremendous support and dedication of our work force. This would not have been possible without them. The government of Papua New Guinea has also been a major factor in our success to date."
The company will continue to outperform year-over-year as it sets up for the biggest years of production between 2025-2031. The current exploration potential within the region shows to be promising, as K92 has only focused on 20% of the strike length, and drilling will be needed to test these targets.