Judd Vein Drill Program Preliminary Sample Results

VANCOUVER - K92 Mining Inc.reported preliminary underground bulk sample results from the Judd Vein System at the Kainantu Gold Mine in Papua New Guinea. The Judd Vein System is located near-mine infrastructure, ~100-150m North-East from the producing Kora deposit and consists of four known veins, with the bulk sample from Judd #1 Vein. The Judd Vein System has seen very limited exploration, has four known veins and has a target strike length of approximately 2.5 km sub-parallel to Kora. Historical drilling results from previous owners include 3m at 278.2 g/t Au and 0.21% Cu, 9m at 8.32 g/t Au and 1.11% Cu (core length), and K92 intersected Judd in a surface drill hole targeting Kora, ~500m to the South of those historical holes 4.7m at 4.98 g/t Au, 0.02% Cu and 17 g/t Ag (5.22 g/t AuEq, 4.2m true thickness). The results mark the first significant exploration activity undertaken on Judd by K92.

The bulk sample was completed on the 1235 mRL level as multi-purpose, mine infrastructure development drive with oversized ventilation return airway dimensions of 5.5m x 5.5m. Approximately 109 meters of development was completed and from grade control channel sampling, an estimated 6,200 tonnes at 5.5 g/t gold equivalent or 3.6g/t gold, 1.11% copper and 19 g/t silver with an average thickness of 3.4 meters was extracted from Judd #1 Vein. Incorporating excess dilution from the oversized 5.5m x 5.5m return airway drive, an estimated 10,130 tonnes at 3.6 g/t AuEq or 2.40 g/t Au, 0.70% Cu and 12 g/t Ag was extracted.

A majority of the bulk sample has been stockpiled, with earlier mined material processed through the Kainantu processing plant. The remaining bulk sample and additional material mined will be processed separately through the Kainantu plant once the Stage 2 Process Plant Expansion commissioning is completed. Ground conditions are competent and are expected to be amenable to mining widths similar to the average Judd #1 Vein thickness and those currently mined at Kora, which is a minimum of 2 meters wide for long hole stoping and minimum 3 meters wide for cut and fill.

As a result of the promising results to date, an underground diamond drill rig has been mobilized for a Phase 1 Judd Vein system drilling program. The initial drill program planned is a 33-hole program, targeting strike extensions from the development drive of approximately 250 meters in addition to up-dip and down-dip step-out drilling. The bulk sample development drive will also be extended.

John Lewins, Chief Executive Officer and Director, said, “We are certainly excited by these initial results from the bulk sampling of the Judd #1 Vein. The results mark the first significant exploration program on the Judd target by K92. With a potential strike length of ~2.5km, a known vertical extent of over 700 meters that remains open at depth, similar gold-copper-silver mineralization to Kora and encouraging grades, we are very encouraged about its potential. As a result, we have mobilized a drill rig to commence the Phase 1 Judd Exploration program and will continue to extend the development drive.

Exploration activities are also significantly increasing property wide. An additional drill rig has arrived on site this past week, increasing our total to eight, and we expect to have nine rigs on site by the end of the third quarter and ten by the end of the year. The additional drill rigs have meaningfully increased our rate of exploration and capacity to drill multiple targets concurrently. By the end of the year, we expect to have drills operating on Kora, Kora South, Judd, Karempe and Blue Lake. Approximately ~20% of the known vein field strike has been drill tested and Kora remains open at depth.”