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Karora Resources unveils gold, nickel discoveries at Beta Hunt mining complex

The new Larkin gold zone and 30C nickel trough are located south of the Alpha Island Fault in what is interpreted to be the southern extension of the Western Flanks shear zone

Chunks of gold
Karora said the Larkin gold mineralization is interpreted to contain a strike length of more than 400 metres and the company plans to follow-up on the drilling in this zone over the remainder of 2020

Karora Resources Inc (TSE:KRR) has discovered new high-grade zones for both gold and nickel at its Beta Hunt mine in Western Australia, the company announced Thursday.

The new Larkin gold zone and 30C nickel trough are located south of the Alpha Island fault in what is interpreted to be the southern extension of the Western Flanks shear zone, the company said.

At the Larkin zone, drilling has returned gold mineralization results both in drill core and channel samples. One wall sample returned 5 grams per ton (g/t) over 14.4 metres, including a 2.6 metre interval grading 22.7 g/t.

READ: Karora Resources reveals early success in expanding mineral resource base at Beta Hunt mining complex

Karora said the Larkin gold mineralization is interpreted to contain a strike length of more than 400 metres. The company plans to follow up on the drilling in this zone over the remainder of 2020.

In the 30C zone, drilling indicated potential for a mineralized trough over 400 metres of strike and 25 metres wide. There is further potential to extend the trough 300 metres south for a total strike length of 700 metres, the company said. Drill intersection highlights included a nickel percentage as high as 8.6% over 1 metre.

"With two exploration drills now turning underground at Beta Hunt, I am extremely pleased to announce that we are seeing early successes following the delays and precautions associated with COVID-19,” CEO Paul Huet said in a statement. “The discovery of the new Larkin high grade gold zone, located below the new 30C nickel discovery, is a strong validation of our exploration model at Beta Hunt and we are very excited to continue testing the interpretation across the zone.”

The discoveries were the result of drilling targeting the namesake 30C interpreted trough position known as the "30C" at the ultramafic / basalt contact. These types of shear related trough positions have historically been known to host high-grade nickel mineralization at Beta Hunt and are frequently in close proximity to shear hosted gold mineralization in the underlying basalt, the company noted. 

Karora also announced that its consolidated Western Australia full year 2020 exploration expenditures will be increased to A$15 million. The budget will be entirely funded from internal cash flows and represents an approximate 50% increase from previous 2020 guidance of A$9.5 to A$10 million.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

Quick facts: Karora Resources Inc.

Price: 3.59 CAD

TSX:KRR
Market: TSX
Market Cap: $521.71 m
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