Announcement Date: 2022-05-24
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Karora Resources Inc.
Project name: Beta Hunt Mine
Location: Australia
Commodities: Gold
Highlight: Drilling results incl. 4.5m @ 198.5g/t Au from 156.5m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: 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. 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.
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