TSX-V: GMN
TORONTO,
April 17, 2014 /CNW/ - (TSXV:GMN):
GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce
the updated resource estimates prepared by RungePincockMinarco
("RPM") for the Sawayaerdun Gold Project. Mineral Resources
contained within the Project have been independently estimated by
RPM and based on data collected by the Company as at January 31, 2014. The new resources have been
estimated using results from 276 surface diamond drill holes for a
total of 89,642 m plus adits and trenches. The exploration results
of 2013 has further increased the confidence and understanding of
the mineralization and thus provide more reliable data for the
mining plan. A copy of the full technical report that includes the
NI 43-101 resource statement has been posted by GobiMin on SEDAR at
www.sedar.com and the Company website at www.gobimin.com.
The current resource estimates are as follow:
Table 1 Estimated Mineral Resources, January 31, 2014 ("Mineral Resources")
|
Zone
|
Classification
|
Quantity
Million
Tonnes
|
Gold
Grade
(Grams/Tonnes)
|
Contained
Gold
(Tonnes)
|
Contained
Gold
(1,000
ounce)
|
|
Zone IV
|
Measured
|
10.49
|
1.9
|
19.7
|
634
|
|
Indicated
|
11.68
|
1.7
|
19.7
|
632
|
|
Sub-Total,
M&I
|
22.17
|
1.8
|
39.4
|
1,266
|
|
Inferred
|
52.59
|
1.4
|
74.4
|
2,393
|
|
Zone I
|
Inferred
|
9.35
|
1.2
|
11.1
|
356
|
|
Total,
Zone IV &
I
|
Measured
|
10.49
|
1.9
|
19.7
|
634
|
|
Indicated
|
11.68
|
1.7
|
19.7
|
632
|
|
Sub-Total,
M&I
|
22.17
|
1.8
|
39.4
|
1,266
|
|
Inferred
|
61.94
|
1.4
|
85.5
|
2,749
|
|
Notes:
|
|
1.
|
CIM definitions were
followed for Mineral Resources.
|
|
2.
|
Mineral Resources are
estimated at a cut-off grade of 1.0 g/t Au.
|
Project Brief
The Sawayaerdun Gold
Project is located in the Xinjiang Uygur Autonomous Region of
the People's Republic of China,
immediately adjacent to the international border with Kyrgyzstan. Urumqi, the capital of Xinjiang is
approximately 1,000 km northeast of the property with the nearest
major centre being the city of Kashi located 200 km southeast. The
Project is contained within one exploration licence and one mining
licence.
Mineralisation
Mineralisation is
separated into two main areas, a western zone and an eastern zone,
known as "Zone IV" and "Zone I" respectively, which form two
distinct mineralised zones. Both areas contain multiple veins or
mineralised bodies which have strike and dip extensions however all
strike NE-SW, crosscut the stratigraphy at a low angle and
generally dip steeply (60° to 80°) to the northwest. The bulk of
the currently defined mineralisation is contained within two very
continuous mineralised bodies, one in Zone IV and one in Zone
I.
Exploration
A significant number of
surface trenches and diamond drill holes as well as numerous
underground channel samples have been undertaken on the Project
over four phases of exploration between 1994 and 2013. No mining
has been undertaken on the Project to date. The latest drilling
occurred in 2013 and consisted of 13 surface diamond drill holes
aimed at defining down dip continuity of the main zone and the
controls on mineralisation. This drilling resulted in a
re-interpretation of the geology and definition of depth extensions
of a continuous high grade zone within the Zone IV
mineralisation.
About GobiMin
GobiMin owns a 70% equity
interest in Xinjiang Tongyuan Minerals Ltd. for the development of
the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns a 40% interest each
in three other exploration companies in Xinjiang and a 3.5% equity
interest in the Yanxi Copper Deposit. In addition, the
Company also holds a 48.02% equity interest in a silver
operation.
GobiMin is aggressively seeking opportunities to
acquire high quality mining and exploration projects.
Certain statements contained in this press
release constitute forward-looking information. Such statements are
based on the current expectations of management of GobiMin.
The readers are cautioned that such statements
are subject to a multitude of risks and uncertainties that could
cause actual results, future circumstances or events to differ
materially from those projected in the forward-looking
information. Forward looking
information includes without limitation, statements regarding the
size and quality of the Company's mineral resources, progress in
development of mineral properties, the prospective mineralization
of the properties, and planned exploration
programs. The readers
should not place undue reliance on the forward-looking
information included in this press release given that (i) actual
results could differ materially from a conclusion, forecast or
projection in the forward-looking information, and (ii) certain
material factors or assumptions were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking information could prove to be inaccurate.
These statements speak only as of the date they are made, and
GobiMin assumes no obligation to revise such statements as a result
of any event, circumstance or otherwise, except in accordance with
law.
"Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release."
To receive GobiMin press releases by email,
send a message to info@gobimin.com and specify "GobiMin press
releases" on the subject line.
SOURCE GobiMin Inc.