07:48 AM EDT, 06/10/2024 (MT Newswires) -- K92 Mining ( KNTNF ) reported Monday the second set of drill results from the maiden surface diamond drill program at the Arakompa target near its Kainantu gold mine processing plant in Papua New Guinea.

Highlights include 94.40 meters at 3.14 grams per tonne (g/t) gold equivalent, 86.60 meters at 2.12 g/t gold equivalent, and 66.00 meters at 2.10 g/t gold equivalent. The company said the drill holes intersected "high-grade lodes amid long intervals of moderate grade gold."

"The results from our maiden drill program to date represent a very exciting period for K92, Papua New Guinea and our various stakeholders, as our regional exploration program is rapidly unlocking the potential of Arakompa, a target that has not been drilled for 32 years and previously seen very limited historical work completed," CEO John Lewins said.

K92 said Arakompa may add growth to the Kainantu operation apart from the ongoing expansion projects at the Kora and Judd zones.

K92 aims to complete a maiden resource estimate at Arakompa by the first quarter of next year.

The company's share price dropped 5.8% on Friday to $7.59.