Kinross Completes Initial Drilling Program at LKA's Golden Wonder Mine
GIG HARBOR, Wash., July 18, 2017 /PRNewswire/ -- LKA Gold Inc. (OTCQB: LKAI) reports that Kinross drilling contractors have completed the final three holes of the initial drilling program at LKA's Golden Wonder mine located near Lake City, CO. Drill cores from holes that intercepted the host structure of the initial bonanza-grade Golden Wonder deposit are being examined by Kinross and LKA geologists for indicators that may hold keys to the source and location of additional high-grade vein systems.
Upon examining initial drill results, LKA project geologist Rauno Perttu, comments; "…All three holes were in excellent geology with multiple intersected structures. The amount of alteration, structural preparation and silicification in the holes is impressive. We have to remember the targets are limited in size, but could be spectacular in ore grade. As the exploration advances and the geological picture gets clearer, the program can focus on more specific target locations. At this time, seeing the limited areal distribution and number of holes to date, most of the target structures remain untested. These are encouraging early results.
Assay results, and further analysis, of drill cores will be announced as soon as they are available. Kinross has not yet informed LKA of plans for further Golden Wonder exploration.
About the Kinross Drilling Program at Golden Wonder Mine
As previously announced, the Kinross drilling program (Phase I) which was initiated in late 2016, was designed to test up to six areas (targets) identified by Kinross geologists during a detailed geochemistry evaluation of the surface area adjacent to, and well beyond, the original Golden Wonder discovery. See maps of permitted drill sites at: http://lkagold.com/golden-wonder-mine Each of the drill targets possess surface geochemistry similar to the original high-grade ore shoot that, during LKA's ownership, yielded over 141,000 ounces from an area measuring less than 10,000 square feet. Ore grades from commercial production (2000-2006) were 16.01 oz gold per ton. "Life of Mine" grades, (including exploratory mining) are 11.63 oz. (362 grams) gold per ton. Detailed Golden Wonder production records and geologists comments can be found on LKA's website at: http://lkagold.com/golden-wonder-mine
Safe Harbor Statement
Any views or opinions expressed in this press release are exclusively those of LKA management and do not represent Kinross' assessments or conclusions. LKA's plans to resume Golden Wonder production are subject to a number of conditions including, but not limited to, favorable geology, successful exploration efforts, favorable financing terms/availability, permits, government regulation, gold prices, market conditions, etc. Mining and related activities are inherently high-risk endeavors and there can be no assurance that LKA will be successful. Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 and the Bespeaks Caution Doctrine. Investors are cautioned that the Company continues to generate substantial losses and additional funding and exploration work is required. A commercially viable ore reserve has yet to be established.
LKA Gold Inc.
Kye Abraham, President
Riverview Capital Enterprises
Jonathan Barkman, President
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SOURCE LKA Gold Inc.