05:21 PM EDT, 10/22/2024 (MT Newswires) -- K92 Mining ( KNTNF ) after trade Tuesday released its third set of drilling results consisting of 19 holes for total results of 30 holes released to date from its maiden surface diamond drill program at Arakompa deposit, located approximately 4.5 km from its Kainantu gold mine process plant in Papua New Guinea.

A statement noted K92's maiden drill program at Arakompa represents the first drilling on the target in 32 years, with limited historic drilling completed, comprising 18 holes totaling 1.8 kilometers of mostly shallow drilling.

Among highlights, the company cited a potential thick high-grade zone discovered from two holes stepping out 250 meters along strike to the south, encountering both high-grade and bulk mineralized zones. It also cited "significant" extension of bulk tonnage strike by near 250 meters to the south to a total interpreted strike now exceeding 750 meters, from long step-out drill holes.

In addition, KNT said multiple high-grade intersections were encountered. And K92 has defined a "substantial interpreted bulk tonnage zone" extending over 750 meters, with bulk tonnage intersections reported to date recording an average true thickness of 56 meters and mineralization reaching a vertical depth of up to 350 meters.

Also, exploration expanded from one drill rig at the beginning of 2024, to a current four rigs at Arakompa. Mineralization is open along strike, at depth and only near 40% of the +1.7 km mineralized corridor strike length has been drill tested to date by K92, defined from rock chips, historic drilling and local workings. K92 is targeting a maiden mineral resource estimate for Arakompa by Q1 2025.

Chief executive John Lewins in Tuesday's statement said, "The significant and rapid progress at Arakompa is a very exciting time for K92, our stakeholders and Papua New Guinea. These latest 19 holes reported extended the known strike length by approximately 50%, discovered a potential thick high-grade zone at the southern limit of K92's drilling to date towards the Tankaunan Porphyry, while also extending the bulk mineralized zone a commensurate amount along strike. With Arakompa open in both directions along strike, we believe that we are still only scratching the surface and this is precisely why we have increased the number of drill rigs from one in Q1 2024 to now four."

For his part, Chris Muller, K92 Executive Vice President, Exploration, said, "Progressive drilling at Arakompa has demonstrated continuation of multiple lodes within the already substantial vein system. Drilling so far has tested less than half of the +1.7km strike length of the Arakompa corridor and to a maximum depth of 400m, representing just a small fraction of the presumed expansive set of mineralized veins.

"The high grades and appreciable widths, as well as the characteristics and composition, of the Arakompa veins have all the hallmarks of the Kora consolidated veins and are equally as prospective. Four rigs are drilling on a prescribed spacing at Arakompa, on track to define a maiden modern resource estimate early in 2025."

K92 shares closed up $0.16 to $9.46 on the Toronto Stock Exchange.