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Karora Resources Announces Beta Hunt Second Decline Progressing Ahead of Schedule, the Discovery of a New Shear Zone and New Drilling Results Including 198.5 g/t over 4.5 metres

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TORONTO, May 24, 2022 – Karora Resources Inc. (TSX:KRR; OTCQX:KRRGF) ("Karora" or the “Corporation" - https://www.commodity-tv.com/ondemand/companies/profil/karora-resources-inc/ ) 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.

Furthermore, Karora is pleased to announce high-grade drill results from its ongoing underground diamond drill program at Beta Hunt, which includes the following intersections from Western Flanks:

  • 5 g/t over 4.5 metres (AW17LN-01AE);
  • 6 g/t over 15.0 metres (AF-AZDDC1-11AE); and
  • 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.

Paul Andre Huet, Chairman & CEO, commented: “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.” 

Exploration drilling at Western Flanks returned significant high grade results of 198.5 g/t over 4.5 metres in hole AW17LN-01AE in drilling designed to test the northern extension of the zone and 18.6 g/t over 15.0 meters in hole AF-AZDDC1-11AE and 18.3 g/t over 4.0 metres in hole AW-AZDDC1-02AR in drilling designed to support and expand the existing Mineral Resource.

Recent exploration drill results at A Zone North include a 20.3 g/t over 2.0 metres intercept in hole SAZ-002-AE supporting A Zone North’s extension. Importantly, this extension is proximal to the location of the second decline and is expected to provide early access to potential near-surface mining blocks in support of the growth plan.

Beta Hunt Second Decline Progress

Following final approvals received from Department of Mines, Industry Regulation and Safety (“DMIRS”) for the surface collaring and box cut development work, decline development from underground has advanced approximately 500 metres since commencement, with the main vent access drive on the 801 level being within 15 metres of completion. Surface portal construction is approximately 70% complete with surface decline development expected to commence Q3 2022.

Figure 1(a) and 1(b): Portal installation at Beta Hunt Mine (May 2022)

Beta Hunt Drilling Update

 

From January 1, 2022 to April 30, 2022, a total of 49 gold resource definition and exploration holes were drilled at Beta Hunt for 10,647 metres. Drilling focused on testing A Zone North, extending and infilling Western Flanks and testing the down-dip position of the Fletcher Zone. Encouraging initial drilling results were received from the newly interpreted mineralized shear zone known as Sorrenson, which is located to the east and parallel to A Zone and Western Flanks. Figure 2 below summarizes significant drilling results and their location over this period.


Figure 2: Beta Hunt plan view highlighting recent gold results received for period Jan – April 2022

 

Gold Focused Drilling

 

Western Flanks: As part of the program to upgrade the existing Inferred Mineral Resource, drilling targeted both Western Flanks Central and South. Results support, and in some cases expand, upon the existing interpreted mineralization. For example, hole AF-AZDDC1-11AE returned 18.6 g/t over 15.0 metres (See figure 3).

 

Drilling also tested the northern strike extension of Western Flanks with drill hole AW17LN-01AE returning 198.5 g/t over 4.5 metres. The intersection occurs in the footwall of Western Flanks and is associated with pyrrhotite-rich sediment and altered porphyry. Further follow-up drilling is planned for this area. Significant results1 from the Western Flanks resource definition and exploration drilling are listed below:

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