Karora Resources Reports Significant Growth in Beta Hunt Gold Mineral Resources and Reserves

Karora Resource Inc. announces that its Gold Measured and Indicated (“M&I”) Mineral Resource from its Beta Hunt Mine, the flagship project, increased by 20% to 1.34 million ounces. The Inferred Mineral Resources also increased by 34% to 1.05 million ounces.

The Western Flank zone net addition of 146,000 ounces in M&I Resources and 338,000 ounces in Inferred resources highlighted this update. The announcement also included a 12% increase in Gold Proven and Probable Reserves to 538,000 ounces.

“During our 2022 drilling campaign, we were squarely focused on expanding our resource inventory at Beta Hunt,” the Chairman and CEO of Karora Resource Inc., Paul Andre Huet, explains. “We were very successful in our efforts, with major contributions to both Measured and Indicated and Inferred Resources, increasing by 20% and 34%, respectively. The bulk of our mined tons and ounces at Beta Hunt are currently sourced from Western Flanks, our largest mineralized shear zone.”

Huet explains further how the company expanded its efforts in the zone in 2022 both in “strike and at depth,” providing a 19% boost in M&I Resources and a 77% increase in Inferred Resources.

“The large primary shear zone has now been delineated to a strike length of 1.8 kilometers and over 550 meters down-dip but still remains open at depth, providing significant potential for further expansion. Initial results from deep drilling of the central section of A Zone also support the extension of the defined mineralization up to 150 meters below the current Mineral Resource,” Huet explains.

So what’s to come after these increased production rates? Karora plans to continue expanding Beta Hut Mineral Resource over the next two years. “Once the expanded Beta Hunt mining capacity is fully ramped up to its targeted capacity of 2 Mtpa, approximately 80% of our mill feed will come from our flagship Beta Hunt mine,” Huet explains.

The recent production results exceed prior estimates by a large margin, setting Karora up for multiple years of success as it converts and expands its reserves. “In 2023, we will be focusing both on upgrading Inferred Mineral Resources to the Measured and Indicated categories and on continued expansion of our Reserve base, net of mining depletions,” Huet continues.

In the past few years, the company discovered additional parallel shear zones across Beta Hunt’s expansive system of mineralized strike and depth sones, including Larkin, Fletcher, and now Cowcill and Mason.

“We have built a tremendous track record of continued resource growth via the drill bit at Beta Hunt, with inventories rising over 500% since 2016,” Huet adds. “As we continue to execute our aggressive underground drilling program in 2023, leveraging the +400 km of extensive infrastructure already in place, we look forward to continued potential ounce additions supporting an extended mine life at Beta Hunt.”

Western Flanks, in total, serves to increase the company’s margins via exploration. Through dip-down extensions and further testing, the work reached 250 meters below the prior limit, offering a 19% M&I Resource increase and a 77% Inferred Resource increase.

A Zone’s drilling serves northern expansion purposes. The efforts have currently resulted in a 31% M&I Resource increase and a 9% Inferred Resource increase.

Larkin’s purpose is to upgrade the existing resources. Current results show a 10% increase in M&I Resources and a 54% decrease in Inferred Resources. The decrease may be a geological result of the northern efforts downgrading previous interpretations.

In 2023, Karora plans to continue significant exploration across targeted mineral zones. The testing will include drilling across the Fletcher Zone to measure strike continuity, the A Zone to push northern boundaries, and the Cowcill and Mesa Zones to fill intersections and hopefully add them to Beta Hunt Resource Inventory.

Karora’s primary goals are to increase production while reducing costs. The company has a few aims in its exploration projects beyond gold. For example, Fletcher Zone drilling also provides deeper access to nickel reserves allowing the company to access and develop both resources while cutting costs.

As other global industry players struggle through labor shortages and high production costs, Karora continues finding workarounds to increase production at affordable costs.

“In my 35+ years of mining, I have never worked through such significant challenges associated with labor availability and supply chain disruptions,” Huet explains. “With these challenges extending into 2022 and affecting all mining in Western Australia, I am confident our team can rise to the challenge once again and, as we all do in the industry, certainly welcome a return to a more normal business environment.”

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