Georgian Mining Corporation Drill Results at the Kvemo Bolnisi Project (9991M)
20 October 2016 - 5:00PM
UK Regulatory
TIDMGEO
RNS Number : 9991M
Georgian Mining Corporation
20 October 2016
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http://www.rns-pdf.londonstockexchange.com/rns/9991M_-2016-10-19.pdf
20 October 2016
Georgian Mining Corporation ('GMC' or 'the Company')
Drill Results at the Kvemo Bolnisi Project
Georgian Mining Corporation is pleased to report that continued
drilling at the Kvemo Bolnisi Project ('KB' or 'the Project') in
Georgia has intercepted additional significant near-surface copper
and gold sulphide mineralisation.
Highlights
-- Significant new drill intercepts include:
o KED004 27.0m @ 2.57% Cu and 0.23g/t Au from 107m;
o KED003 19.5m @ 0.85% Cu and 0.18g/t Au from 46.5m; and
o KED006 18.8m @ 1.5% Cu from 47.0m
-- Nine out of ten drill holes in the current programme have
intersected significant zones of mineralisation which are open in
several directions
-- Current drill programme has tested a 100m x 150m footprint to
over 150m depth intended to verify high grade copper assay results
from our local partner's 2008 drill programme
GMC's Managing Director Greg Kuenzel said, "The high grades
returned from our drill programme suggest that a significant
resource exists at KB. This copper-gold mineralisation is adjacent
to and extends beneath the oxide gold mineralisation previously
identified. We recently made the decision to postpone our initial
small-scale gold production at this target to focus on the
significantly larger and more robust, combined copper-gold
mineralisation. Having confirmed that excess capacity exists at our
local partner's plant, we are now looking to determine the exact
requirements at the nearby operating flotation plant (for
copper-gold sulphide ore), and heap leach plant (for gold oxides)
to allow us to plan initial tonnage targets for supplying ore to
the plants."
Kvemo Bolnisi
Kvemo Bolnisi is now the priority project for Georgian Mining
Corporation for the following reasons:
1. Location - The Project is located 7km from GMC's local
partner's Madneuli copper/gold mine and processing operation which
has capacity available to facilitate a short lead time to initial
production
2. Geology - Outcropping and near surface copper and gold
mineralisation has been intersected to depths exceeding 300m
3. Grade - Drill results demonstrating consistently higher
grades than in previous programs could support a significantly
larger resource than previously expected
Future drilling is being planned to test for extensions of this
zone of copper-gold sulphide mineralisation, as outlined by
drilling completed to date, beyond the initial test area and
towards building a first Mineral Resource Estimate. To date 25
confirmatory drill holes have been completed for a total of 1,857m
with results from the latest 5 holes being summarised in the table
below.
Image 1: Schematic section (not to scale) showing typical
mineralisation at KB (Click on the PDF at the top of the page to
view)
Drill Hole Width (m) From (m) Cu Au
------------ ---------- --------- ------ ---------
KED003 21.0 0 - 0.46 g/t
------------ ---------- --------- ------ ---------
KED003 11.0 21.0 0.42% 0.19 g/t
------------ ---------- --------- ------ ---------
KED003 19.5 46.5 0.85% 0.18 g/t
------------ ---------- --------- ------ ---------
KED004 27.0 107.0 2.57% 0.23 g/t
------------ ---------- --------- ------ ---------
KED004 6.0 221.0 0.82% -
------------ ---------- --------- ------ ---------
KED005 11.0 0 0.20% -
------------ ---------- --------- ------ ---------
KED006 13.0 0 0.38% -
------------ ---------- --------- ------ ---------
KED006 9.0 17.0 0.25% -
------------ ---------- --------- ------ ---------
KED006 18.8 47.0 1.50% -
------------ ---------- --------- ------ ---------
KED006 4.0 118.0 0.18% -
------------ ---------- --------- ------ ---------
KED007 6.0 11.0 1.83% -
------------ ---------- --------- ------ ---------
KED007 18.0 96.0 0.56% -
------------ ---------- --------- ------ ---------
KED007 15.0 118.0 0.27% -
------------ ---------- --------- ------ ---------
Table 1: Significant intercepts
**ENDS**
For further information please visit www.georgianmining.com or
contact:
Greg Kuenzel Georgian Mining Corporation Company Tel: 020 7907
9327
Martyn Churchouse Georgian Mining Corporation Company Tel: 020 7907
9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Laura Harrison S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 0207 186
LLP 9950
Elisabeth Cowell St Brides Partners Ltd PR Tel: 020 7236
1177
Competent Person Statement
The information in this announcement that relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by James Royall, who is a Member of the Australian
Institute of Geoscientists.
James Royall has sufficient experience, relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking, to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. James Royall has reviewed this announcement and consents
to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.
About Georgian Mining Corporation
Georgian Mining Corporation has 50% ownership and operational
control of the Bolnisi Copper and Gold Project in Georgia, situated
on the prolific Tethyan Belt, a well-known geological region and
host to many high grade copper-gold deposits and producing
mines.The Bolnisi licence covers an area of over 860 sq km and has
a 30 year mining licence with two advanced exploration projects;
Kvemo Bolnisi and Tsitsel Sopeli. These projects are proximal to
existing mining operations which are owned by the Company's
supportive joint venture partner. Georgia has an established mining
code and is a jurisdiction open to direct foreign investment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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