TIDMGEO
RNS Number : 1152E
Georgian Mining Corporation
04 May 2017
04 May 2017
Georgian Mining Corporation
Further Drill Results from Kvemo Bolnisi East Gold Zone 2
Target
Georgian Mining Corporation ('GEO' or the 'Company') is pleased
to announce further results from the drill programme currently
underway to establish an initial resource at Gold Zone 2, one of
three targets currently being developed at Kvemo Bolnisi East
('KB'). The results of the drilling programme further support GEO's
belief that the three zones currently being targeted at KB (Copper
Zone 1, Gold Zone 1 and Gold Zone 2) are part of one large
epithermal copper/gold unit.
The drill programme at Gold Zone 2, including today's latest
results, is providing a suite of positive gold ('Au') intersections
which are expected to generate an additional gold oxide Resource.
This resource, together with the copper resource already reported,
will be used for proof of concept heap leaching at one of two
nearby heap leach operations owned by the Company's JV partner,
which is expected to further de-risk KB.
-- Selected Au intercepts include:
o TGD-015: 10m @ 6.36g/t Au from 8.0m
o TGD-026: 10m @ 0.90g/t Au from 10.0m
o TGD-030: 6.0m @ 1.55g/t Au from 0.0m
o TGD-034: 30.6m @ 1.31g/t Au from 1.0m
o TGD-036: 1.0m @ 6.17g/t Au from 3.0m
o TGD-037: 6.0m @ 4.63g/t Au from 5.0m
o TGD-038: 25m @ 2.71g/t Au from 0.0m
o TGD-045: 17m @ 0.8g/t Au from 24m
In addition to delineating gold oxide mineralisation, this
programme has discovered an extension of the copper - gold sulphide
mineralisation initially found to the south of Gold Zone 2 with
significant copper intercepts commencing from the base of the gold
oxide zone. The ongoing Resource development programme will
continue to build a gold oxide Resource but, the discovery of
underlying copper-gold sulphide mineralisation warrants testing
both the depth of this new copper discovery and whether the gold
oxide and copper-gold sulphide mineralisation extends to the south
and may potentially link up with the copper-gold JORC Resource
announced in early April 2017. Many of the holes intersecting
copper sulphides below the gold oxides were stopped in
mineralisation and so this new zone of copper-gold sulphides is
open at depth as well.
-- Selected copper ('Cu') intercepts include:
o TGD-038: 34m @ 1.54% Cu from 56m
o TGD-041: 19m @ 1.1% Cu from 34m
o TGD-045: 17m @ 0.95% Cu from 24m
Further announcements will be made as additional gold and copper
assay results are received from the external laboratory over the
next few weeks. When sufficient data has been accumulated, the
Company will complete a JORC Resource estimate for Gold Zone 2 and
an updated Copper Zone JORC Resource estimate that will include the
latest intersections.
GEO Managing Director Greg Kuenzel said, "The results from these
30 drill holes support our view that the three zones currently
being targeted at KB are part of a much larger mineralised system.
We have proven that gold mineralisation amenable to heap leach
processing is present from surface to the base of oxidation down to
70m depth. Now we have also discovered a new copper sulphide
mineralisation directly beneath the gold oxides. We anticipate
being able to mine and treat the gold oxides which will expose the
underlying copper sulphides, as we establish that the KB resources
are part of a large epithermal copper-gold deposit."
This campaign focused on the gold oxides is ongoing in parallel
with Resource development drilling of Copper Zone 1, where the
Company recently announced a JORC compliant resource estimate of
2.22 million tonnes @ 0.8% Cu and 0.1 g/t Au at a 0.3% Cu
cut-off.
Further Resource development will continue at KB with testing of
possible extensions to gold oxide mineralisation to the north and
northeast and testing for further copper sulphide mineralisation
beneath the oxides. There are also indications from channel
sampling and soil geochemistry that the original Copper Zone
discovery and the latest intersections at Gold Zone 2 may be joined
at depth and part of a much larger mineralised system. This will
also be tested with further drilling to unite the two mineralised
bodies.
Table 1: Gold Intersections for KB Gold Zone 2 Drill
Programme
ID From (m) To (m) Interval (m) Au gt
-------- --------------- ------- ------------- ------
TGD001 1.00 8.00 7.00 0.71
-------- --------------- ------- ------------- ------
TGD001 16.00 19.20 3.20 0.55
-------- --------------- ------- ------------- ------
TGD002 5.00 19.20 14.20 2.00
-------- --------------- ------- ------------- ------
TGD003 8.00 20.00 12.00 1.29
-------- --------------- ------- ------------- ------
TGD004 9.50 12.30 2.80 0.27
-------- --------------- ------- ------------- ------
TGD004 17.00 19.00 2.00 0.43
-------- --------------- ------- ------------- ------
no significant
TGD005 intervals
-------- --------------- ------- ------------- ------
TGD006 0.00 20.00 20.00 0.74
-------- --------------- ------- ------------- ------
TGD007 0.00 20.00 20.00 2.20
-------- --------------- ------- ------------- ------
TGD008 0.00 18.00 18.00 0.73
-------- --------------- ------- ------------- ------
TGD009 0.00 4.00 4.00 1.07
-------- --------------- ------- ------------- ------
TGD010 8.80 15.00 6.20 1.30
-------- --------------- ------- ------------- ------
TGD011 0.00 20.00 20.00 0.63
-------- --------------- ------- ------------- ------
TGD012 5.70 9.60 3.90 0.35
-------- --------------- ------- ------------- ------
TGD013 0.00 20.00 20.00 0.22
-------- --------------- ------- ------------- ------
TGD014 0.00 4.00 4.00 0.87
-------- --------------- ------- ------------- ------
TGD014 11.00 13.20 2.20 0.35
-------- --------------- ------- ------------- ------
TGD015 8 18 10 5.36
-------- --------------- ------- ------------- ------
TGD016 0 3 3 0.2
-------- --------------- ------- ------------- ------
TGD016 8 11 3 0.27
-------- --------------- ------- ------------- ------
TGD017 0 3 3 2.04
-------- --------------- ------- ------------- ------
TGD017 10 11.7 1.7 1.24
-------- --------------- ------- ------------- ------
TGD017 17 19 2 0.18
-------- --------------- ------- ------------- ------
TGD018 0 2 2 0.15
-------- --------------- ------- ------------- ------
TGD019 4 8 4 0.53
-------- --------------- ------- ------------- ------
TGD019 11 13 2 0.7
-------- --------------- ------- ------------- ------
TGD019 15 20 5 0.93
-------- --------------- ------- ------------- ------
TGD020 3 11 8 0.27
-------- --------------- ------- ------------- ------
TGD021 4 17 13 0.25
-------- --------------- ------- ------------- ------
TGD022 0 2 2 0.38
-------- --------------- ------- ------------- ------
TGD022 14.2 19 4.8 0.31
-------- --------------- ------- ------------- ------
TGD023 4 20 16 0.68
-------- --------------- ------- ------------- ------
TGD024 4 7 3 0.37
-------- --------------- ------- ------------- ------
TGD025 1 11.2 10.2 0.54
-------- --------------- ------- ------------- ------
TGD026 0 7 7 0.2
-------- --------------- ------- ------------- ------
TGD026 10 20 10 0.89
-------- --------------- ------- ------------- ------
no significant
TGD028 intervals
-------- --------------- ------- ------------- ------
no significant
TGD029 intervals
-------- --------------- ------- ------------- ------
TGD030 0 6 6 1.55
-------- --------------- ------- ------------- ------
TGD030 16 27 11 0.29
-------- --------------- ------- ------------- ------
TGD031 8 18 10 0.18
-------- --------------- ------- ------------- ------
TGD031 19 23.7 4.7 0.6
-------- --------------- ------- ------------- ------
TGD031 27 33 6 0.85
-------- --------------- ------- ------------- ------
TGD031 34.9 56 21.1 0.14
-------- --------------- ------- ------------- ------
TGD032 2 21 19 0 0.74
-------- --------------- ------- ------------- ------
TGD033 5 21 16 0.27
-------- --------------- ------- ------------- ------
TGD033 21 30 9 0.57
-------- --------------- ------- ------------- ------
TGD033 37 49 12 0.5
-------- --------------- ------- ------------- ------
TGD033 50 70 20 0.23
-------- --------------- ------- ------------- ------
TGD034 1 31.6 30.6 1.31
-------- --------------- ------- ------------- ------
TGD035 15 16 1 0.43
-------- --------------- ------- ------------- ------
TGD036 3 4 1 6.17
-------- --------------- ------- ------------- ------
TGD037 5 11 6 4.63
-------- --------------- ------- ------------- ------
TGD038 0 25 25 2.71
-------- --------------- ------- ------------- ------
TGD038 37 46 9 0.52
-------- --------------- ------- ------------- ------
TGD039 Not sampled
-------- --------------- ------- ------------- ------
TGD040 0 52 52 0.65
-------- --------------- ------- ------------- ------
TGD042 6 8 2 1.19
-------- --------------- ------- ------------- ------
Results
TGD043 Pending
-------- --------------- ------- ------------- ------
TGD044 1 25 24 1.58
-------- --------------- ------- ------------- ------
TGD044 30 46 16 0.71
-------- --------------- ------- ------------- ------
TGD044 47 63 16 0.30
-------- --------------- ------- ------------- ------
Table 2: Copper Intersections for KB Gold Zone 2 Drill
Program
ID From (m) To (m) Interval (m) Cu (%)
-------- --------- ------- ------------- -------
TGD004 9.50 12.30 2.80 0.45
-------- --------- ------- ------------- -------
TGD011 0.00 20.00 20.00 1.13
-------- --------- ------- ------------- -------
TGD015 8 18 10 0.65
-------- --------- ------- ------------- -------
TGD031 34.9 56 21.1 0.15
-------- --------- ------- ------------- -------
TGD032 2 21 19 0 0.25
-------- --------- ------- ------------- -------
TGD032 38 57 19 0.19
-------- --------- ------- ------------- -------
TGD032 79 91 12 0.40
-------- --------- ------- ------------- -------
TGD034 52 75 23 0.4
-------- --------- ------- ------------- -------
TGD038 0 25 25 0.16
-------- --------- ------- ------------- -------
TGD038 25 47 22 0.23
-------- --------- ------- ------------- -------
TGD038 56 90 34 1.54
-------- --------- ------- ------------- -------
TGD038 100 111 11 0.84
-------- --------- ------- ------------- -------
TGD041 34 53 19 1.10
-------- --------- ------- ------------- -------
TGD044 47 63 16 15.36
-------- --------- ------- ------------- -------
TGD044 72 90 18 0.88
-------- --------- ------- ------------- -------
TGD044 99 102 3 0.44
-------- --------- ------- ------------- -------
TGD044 110 119 9 0.51
-------- --------- ------- ------------- -------
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.georgianmining.com or
contact:
Greg Kuenzel Georgian Mining Company Tel: 020 7907
Corporation 9327
Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 0207
LLP 186 9950
Elisabeth St Brides Partners PR Tel: 020 7236
Cowell Ltd 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' and as a qualified person as defined in the Note for
Mining and Oil & Gas Companies which form part of the AIM Rules
for Companies. 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.
The Company is developing the project in three phases:
-- Phase 1: H1 2017 target to delineate a minimum of 1-2 Mt to
support initial spare capacity (now achieved and exceeded)
-- Phase 2: 2017 target to delineate a 3-5 Mt resource of
combined copper-gold sulphide and gold oxide mineralisation (on
target)
-- Phase 3: Long term target - to delineate a resource of 50Mt+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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