GIG HARBOR, Wash., Nov. 9, 2017 /PRNewswire/ -- LKA Gold Incorporated (OTCQB:LKAI) reports that Golden Wonder project geologist, Rauno Perttu, submitted his findings and recommendations to LKA management following the Kinross exploration program at the Golden Wonder mine.
In his report Mr. Perttu stated, "The Golden Wonder property remains an exceptional exploration property. The 2014 Kinross surface program identified several strong exploration targets in areas where additional ore bodies, similar to the original bonanza-grade Golden Wonder ore chute, are likely hidden below alluvial cover and a thick veneer of andesite. The subsequent, limited, Kinross drilling in 2016 and 2017 (only five holes) focused on locating extensions of the original discovery ore chute and on a parallel structure nearby to the west. Even if these targeted areas contain similar ore chutes, it would likely take several holes to intersect and define another ore body. Two of the Kinross drill holes intersected zones with telluride gold and silver mineralization, which may have been proximal to the next ore chute, but surprisingly, no follow-up drilling was done."
Reporting on further exploration potential, Mr. Perttu wrote, "I believe that better, untested, targets for the next ore chute were located in Kinross's 2014 soils sampling program, in places where geologic mapping and historic workings identified excellent exploration targets. Two of these targets, the central part of the Horse Creek Fault and the Moose Lake Fault, lie to the north of the historic mine and of Kinross's drilling. Neither of these zones was tested. Both of these are targets that I would have prioritized. A third, and very promising location, at the intersection of the Horse Creek Fault with the Golden Wonder structure, was tested with a single drill hole that intersected gold and silver tellurides consistent with high-grade Golden Wonder mineralization. However, based on what we know about the Golden Wonder's high-grade zone, core from this drill hole contained indicators that it did not intersect the structure at the elevation most likely to contain high-grade mineralization. It was apparently too low in the system."
Based upon my analysis of the Kinross drill data, coupled with the extensive surface evaluation completed in 2014, it is my recommendation that all three of these targets should be drilled. The Kinross exploration data enhances my belief that this project remains a very attractive, untested, exploration project with exceptional rewards if another Golden Wonder ore chute is encountered."
Interested parties can find Mr. Perttu's complete report on LKA's website under the Investors tab on the Home Page or, Presentation & Reports at: http://lkagold.com/presentation-reports/
The Company is currently exploring options for financing the additional drilling. Interested parties may contact the Company at: firstname.lastname@example.org
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.
Riverview Capital Enterprises
Jonathan Barkman, President
SOURCE LKA Gold Incorporated