OPERATIONAL UPDATE SEPTEMBER 2016
Kopy Goldfields AB (publ) ("Kopy Goldfields" or the "Company") hereby provides
an update of the Companys operations:
Exploration at the Krasny project is developing according to plan: 53 drill
holes are completed, accounting for 11,370 meters of core drilling. In
addition, 1,965 meters of trench sampling are done. Totally 11,256 fire assay
tests for gold have been received
Based on the new drill results, the Lower Mineralization has been extended
beyond the previous model for 246 meters along the strike.
New drill results confirm the Krasny North mineralization for 200 meters along
the strike and for 95 meters down dip.
A 3,259 kg sample with an average gold grade of 1.77 g/t from the Upper
structure of Krasny has been accumulated for a mineral processing test. The
processing test will start shortly and will be completed by early 2017.
Within the Northern Territories project, 4,600 samples have been collected, of
which 3,525 samples have been sent to the laboratory and 1,258 results have
been received from the lab. Seven clusters for further follow up exploration
were identified including a 3 by 5 kilometers gold anomaly, not previously
reported. This is a vast gold anomaly indicating a potentially big source of
bedrock gold nearby.
This operational update further develops the information provided in press
release 13/2016, dated June 9, 2016, 14/2016 dated July 26, 2016 and 16/2016
dated August 31, 2016.
KRASNY CENTRAL AND KRASNY NORTH EXPLORATION RESULTS
Drilling of the Stage 3 exploration program was commenced in April 2016, and,
so far, 53 drill holes, accounting for 11,370 meters of core drilling, are
completed. In addition, 1,965 meters of trench sampling are done. In total,
11,256 fire assay tests for gold have been received (see Table 1 in the
Attachments for mineralized intervals above 0.4 g/t cut-off grade).
Most of the drilling activities during August and early September were focused
on collection of rock for development of a mineral processing flow chart as
part of the feasibility studies (see Figure 4 in the Attachments for the map of
the exploration activities on the Krasny Central). The drilling for the
processing test is now completed, and a bulk sample that proportionally
represents all types of mineralized ore within the contour of the modelled open
pit for the Upper structure has been accumulated. The sample, which is fairly
representative for the Upper Structure, amounts to 3,259 kg and the average
gold grade turned out to be 1.77 g/t, which is positively somewhat higher than
the average gold grade for the Upper Structure according to the previous
resource estimations. The processing test will commence shortly and be
completed by early 2017. The mineral processing flow chart for Krasny will be
developed as a result of this processing test.
Drilling was also done as part of the Feasibility Studies to prove the choice
of exploration grid in the Central part of Krasny Upper mineralization. This
means that a limited area was drilled with a denser drilling, where the
distance between the drill holes is 20 meters instead of the 40 meters which is
the case in the common grid. If these results confirm the continuity of the
mineralization and the modelling, the common grid has been verified and thus an
upgrade of the resource category would be possible.
Krasny central
The intermediate results from Krasny Central continues to be very positive with
the exploration drilling confirming a further strike extension of the Lower
mineralization. On the western flank within Profile 38, the exploration hole
#141752 intersects the Lower mineralization for 120 meters, including intervals
of 21 meters with an average gold grade of 1.949 g/t, 10.4 meters with an
average gold grade of 3.746 g/t and 27 meters with an average gold grade of
1.847 g/t (See Table 1 in the Attachments for more details). This extension was
further confirmed by hole #141751, drilled in the same profile. Previously,
Profile 40 was the most western drill intersection confirming the
mineralization, but with these new results, the Lower Mineralization is
extended to the West for 86 meters along the strike (see cross section along
Profile 38 in Figure 6 in the Attachments).
On the Eastern flank, the mineralization is extended as well. Exploration hole
#141750, drilled in Profile 53, intersects the Lower mineralization for 150
meters, including intervals of 7.5 meters with an average gold grade of 5.985
g/t and 14 meters with an average gold grade of 1.867 g/t. Hole #141754,
drilled in Profile 55 located further 80 meters to the East compared to profile
53, also intersects the same extension of the Lower Mineralization. In this
case, the intersection accounts for 125 meters, including intervals of 33
meters with an average gold grade of 3.35 g/t and 11 meters with an average
gold grade of 3.44 g/t. Previously, Profile 51 was the most eastern drill
intersection confirming the mineralization, but with these new results, the
Lower Mineralization is extended to the East for 160 meters along the strike
(see cross section along Profile 53 and Profile 55 in Figure 8 in the
Attachments).
These promising drill results both on the western and eastern flanks of the
Krasny Lower mineralization will add new resources to the Krasny project. As
presented in Figure 7 in the Attachments, showing the long section of the
Krasny Central mineralization along the strike, the recently discovered
extensions of the Lower Mineralization go outside the previous projection of
the open pit, which will be redefined to reflect these new results during the
new resource modelling later this year. We believe that the total minable
resources of the Krasny project will increase as a result of the recently
discovered extensions of the Lower Structure.
Krasny North
Following the encouraging results from previous exploration on the Krasny North
mineralization, we proceed with both trench sampling and drilling (see Figure 5
in the Attachments for the for the map of the exploration activities on the
Krasny North). Two additional drill holes, #141708 and #141709, have been
completed within Profile 186 during August - September and assay test results
received (see Figure 9 for the cross sections along Profile 180 and Profile 186
in the Attachments). Both new holes intersected a gold mineralization, thus
confirming the exploration potential of the Krasny North. So far, the Krasny
North mineralization is confirmed along the strike for 200 meters between the
drill profiles 180 and 186, and for 95 meters down dip. The thickness of the
mineralization varies from 6 to 30 meters with an average gold grade of around
1.5 g/t. We see indications for a further increase of the mineralization along
the strike, since numerous samples with visible gold nuggets have been recorded
within trench #143610 in Profile 176 which is located 160 meters to the West
from Profile 180 (see Figure 5 in the Attachments). We are expecting the assay
results from this trench shortly. We also see that the mineralization is open
down dip. The exploration within Krasny North is proceeding with the target to
preliminary identify the resources of Krasny North by the end of 2016. We
believe that the Krasny North will make an excellent supplement to the Krasny
Central and enhance the economics.
Based on Stage 3 exploration results on Krasny we are glad to report the
following most significant mineralized intervals (at cut-off grade 0.4 g/t) -
41 meters with average grade of 4.71 g/t and 25 meters with average grade of
2.02 g/t in the hole #141748, 7.5 m @ 5.984 g/t (hole #141750), 56 m @ 2.13 g/t
(hole #141747), 19 m @ 2.588 g/t and 28 m @ 1,611 g/t (hole #141744), 40 m @
2.28 g/t (hole #141751), 13 m @ 3.94 g/t and 15 m @ 1.89 g/t and 14 m @ 3.59
g/t (hole # 141481), 23 m @ 1.58 g/t (hole #141678), 31 m @ 1.39 g/t (hole #
141746), 22 m @ 1.514 g/t (hole #141610), 7 m @ 3.493 g/t (hole #141612), 43.5
m @ 2.049 g/t (hole #141482), 83 m @ 2.294 g/t (hole #141483), 8.6 m @ 4.515
g/t (hole #141485), 21.5 m @ 1.949 g/t and 10.4 m @ 3.746 g/t (hole #141752),
33 m @ 3.35 g/t and 11 m @ 3.44 g/t (hole #141754). See Table 1 in the
Attachments for more assay data for the drilled boreholes.
NORTHERN TERRITORIES AND KOPYLOVSKOYE PROJECTS
We are pleased with the first results received from the exploration activities
on the Northern Territories project. The stream sediment survey on the project
is moving according to schedule. Field operations are expected to be finalized
in early October and so far, some 4,600 samples out of the planned 5,500 have
been collected, of which 3,525 samples have been sent to the laboratory for
analysis and 1,258 test results have been received. The Northern Territories
project consist of six licenses and the results received are covering parts of
the licenses "Malo-Patomsky" and "Gorbylyakh". Based on a preliminary review of
the analytical results, we have already identified several potential clusters
for follow up exploration, see Figure 10 in the Attachments. The most
interesting target is located in the east of the Malo-Patomsky license and is
marked with number 1. This gold anomaly was never reported previously and has a
vast size of 3 by 5 kilometers. Gold was identified in sediments along 5
streams within this target indicating the presence of a big source of bedrock
gold nearby. When the laboratory results for all samples have been received,
the data will be further statistically examined to identify boundaries of gold
anomalies, and further research will be done on the origins of potential
underlying bedrock gold mineralizations. These results confirm our high
expectations over the exploration potential of the Northern Territories
project.
Within the Kopylovskoye project, we are waiting for the forestry logging
permits to be issued shortly in order to file papers to obtain mining permits
for the Kopylovskoye license to update and extend the license terms and run a
bulk sample test to confirm historic grades and volume of mineralization. The
permits are expected to be issued during September-October 2016. The mining
plan has been already developed.
NEXT STEPS
We forecast the following events during the next few months:
Release full Krasny JORC report
Complete the 2016 Krasny Exploration and Development Program by November 2016
Release results of the 2016 Krasny exploration program by the end of 2016
Release results of Northern Territories geochemical survey by the end of 2016
Operation updates will be released on a regular basis.
For the complete press release including tables, images and maps see attached
document.
För pressmeddelande på svenska se bifogat dokument (Swedish).
Stockholm, September 26, 2016
For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com
mailto:mikhail.damrin@kopygoldfields.com
Tim Carlsson, CFO, + 46 702 31 87 01, tim.carlsson@kopygoldfields.com
mailto:tim.carlsson@kopygoldfields.com
The following documents can be retrieved from beQuoted
Kopy Goldfields Pressrelease 2016-09-26 English.pdf -
http://www.bequoted.com/beQPress/download.asp?Id=18739
Kopy Goldfields Pressrelease 2016-09-26 Svenska.pdf -
http://www.bequoted.com/beQPress/download.asp?Id=18740
This information is information that Kopy Goldfields is obliged to make public
pursuant to the EU Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact person set out above, at 11.00
am CEST on September 26, 2016.
About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ First North in Stockholm is a gold
exploration and production company operating in one of the most gold rich areas
in the world; Lena Goldfields, Bodaibo, Russia. The company holds 11 bedrock
exploration- and production licenses and one alluvial license covering in total
1,963 sq km, of which the Krasny licenses (bedrock and alluvial) are held 49%
by the company. The target for Kopy Goldfields is to become a near-term gold
producer in cooperation with a producing partner under JV agreement.
Kopy Goldfields AB applies International Financial Reporting Standards (IFRS),
as approved by the European Union. Aqurat Fondkommission acts as Certified
Adviser, contact number: +46-8-684 05 800.
The Share
Ticker: KOPY
http://www.nasdaqomxnordic.com/shares/microsite?Instrument=SSE77457
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Outstanding shares: 59,899,541
Operational update September 2016
| Source: Kopy Goldfields
Attachments
