TIDMGEO
RNS Number : 0545Q
Georgian Mining Corporation
04 June 2018
Georgian Mining Corporation / EPIC: GEO / Sector: Natural
Resources
Georgian Mining Corporation ('GEO' or the 'Company')
Drilling Update from Kvemo Bolnisi Gold Zone 2, and Increased
Potential at Gold Zone 3
Georgian Mining Corporation ('GEO' or the 'Company'), the
gold-copper exploration and development company, announces an
update to mineralisation adjacent to the Gold Zone 2 ('GZ2')
resource, and extending the previously announced Gold Zone 3
('GZ3') discovery at Kvemo Bolnisi East ('KBE'), together with an
update to the interpretation of the Kvemo Bolnisi West ('KBW')
mineralised zone, in the Republic of Georgia. Kvemo Bolnisi ('KB')
is located in an established epithermal gold-copper region along
the prolific Tethyan metallogenic belt. To view the press release
with the illustrative maps and diagrams please use the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/0545Q_-2018-6-1.pdf
Highlights
-- Drilling at KBE has focused on exploring the periphery of the
GZ2 Mineral Resource and stepping out 80m west from the discovered
mineralisation at GZ3, 150m west of and adjacent to GZ2.
-- The results of these step-out holes at GZ3 that intersected
high-grade polymetallic gold mineralisation include TGD106: 36.0m
@1.28 g/t Au from 188m, ending in 1.23 g/t. Updated interpretations
indicate significant mineralisation is open at depth.
-- Further near-surface gold oxide mineralisation was
intersected on the periphery of GZ2, significantly extending the
interpolated mineralisation, including: TGD100: 12.0 m @ 0.99 g/t
Au from surface.
-- The GZ3 discovery may represent yet another epithermal centre
in the KB camp with a discrete feeder breccia pipe at depth. The
next phase of drilling will investigate the relationship between
the GZ3 mineralisation and the established resources at the GZ2
system at KBE.
-- KBW is located 600m west of GZ3 and represents a silver-rich
epithermal system surrounding another separate breccia pipe, with a
peak surface sampling assay of 888 g/t Ag. Historical drilling
intersected polymetallic gold mineralisation at the same depths as
GZ3, but this is yet to be fully drill tested by GEO.
Mike Struthers, Chief Executive Officer, said, "Drill results
continue to expand the footprint and validate the new geological
model we have put in place for Kvemo Bolnisi, specifically the
presence of a large scale epithermal gold-copper mineralisation
system with multiple mineralising centres. Mineralisation remains
open in various directions, and it will be very interesting to see
how the scale of this system expands with further drilling,
including the potential link across to Kvemo Bolnisi West."
FURTHER INFORMATION
Gold Zone 3 Drilling
GZ3 was discovered in Q3 2017 and represents a zone of
polymetallic gold mineralisation adjacent to GZ2, below 50m of
unconsolidated alluvial sediments. Following the initial drilling,
two deep step-out holes were completed 80m south and west from the
known mineralisation. Both holes successfully intercepted
significant gold mineralisation leaving the system open to the
south, east and west. The identification of this additional
epithermal system provides scope for further growth of the Kvemo
Bolnisi resource.
Peak grades from GZ3 include individual drill samples from hole
TGD093 of 35.00 g/t Au (1.2 m sample), 12.95 g/t Au (1.0 m sample)
and 11.55 g/t Au (1.0 m sample) which confirm the presence of a
high-grade epithermal gold system adjacent to the current Kvemo
Bolnisi deposit footprint.
Table 1 presents selected drill hole results from GZ3, whilst
Table 3 below details all of the GZ3 drilling results to date.
Drill hole TGD106 intersected 36.0m @ 1.28 g/t Au, ending in 1.23
g/t Au (1.0 m sample). Interpretations indicate significant
mineralisation is open at depth.
Table 1 Selected drill results from Gold Zone 3
Hole From To Interval Cu Grade Au Grade
ID (m) (m) (m) (% Cu) (g/t
Au)
-------- ------ ------ --------- --------- ---------
TGD093 44 45 1 12.95
67 68.2 1.2 35.0
117.2 192.5 75.3 0.46
205 261 56 1.03
Inc 235 236 1 11.55
-------- ------ ------ --------- --------- ---------
TGD105 98.0 122.0 24.0 - 0.51
Inc 98.0 103.0 5.0 0.11 1.79
210.8 218.0 7.2 - 0.35
248.0 256.3 8.3 - 0.15
292.0 300.0 8.0 0.13 0.31
-------- ------ ------ --------- --------- ---------
TGD106 128.0 130.6 2.6 - 0.14
175.0 177.2 2.2 - 0.20
188.0 224.0 36.0 - 1.28
Inc 219.0 220.0 1.0 - 9.37
Inc 223.0 224.0 1.0 - 1.23
-------- ------ ------ --------- --------- ---------
TGD107 no significant intercepts
-------- -----------------------------------------------
TGD108 158.0 202.0 44.0 - 0.26
-------- ------ ------ --------- --------- ---------
This gold mineralisation represents primary gold associated with
sulphides (pyrite, sphalerite and galena), which differs from the
gold oxide mineralisation reported in Gold Zones 1 & 2 at
Kvemo-Bolnisi. The mineralisation style fits into the carbonate
base metal, low-sulphidation epithermal model (Dr. Greg Corbett,
2017, "Epithermal gold-silver and porphyry copper-gold exploration
- Short course manual." www.corbettgeology.com) where primary
hypogene gold grades are an order of magnitude higher than those
observed in the underlying sulphides at Kvemo Bolnisi. To date the
oxide-enriched equivalent of this mineralisation has not been
intersected in drilling and represents a clear target for the
Company.
Figure 1 is a plan view showing the locations of GZ2 and GZ3,
together with interpreted structures and the GZ3 drilling. Figure 2
is a north-south vertical section through GZ3 showing some of the
latest drilling results and the current interpretation.
Mineralisation is open to the south, east and west and potentially
connected to the KB West mineralised system 700m away through a
large structural feature, possibly part of a caldera.
Figure 1 Map showing potential structure connecting GZ2 and GZ3
Figure 2 Gold Zone 3 Vertical North-South Section
The gold mineralisation is beneath approximately 50m of alluvial
cover which masked any geophysical or geochemical response. Further
drill programmes will be implemented to follow up on the positive
results and test the extension of the system in an aim to connect
the mineralisation to the established resources at KB.
Gold Zone 2 Drilling
Five further inclined holes were drilled to test vectors on
mineralisation within GZ2 and to extend the mineralisation
northwards, together with some drilling for metallurgical testwork
(Table 2). Positive results from the peripheral holes will be used
in planning the next phases of drilling to increase the size of the
known mineralisation at GZ2.
Table 2 Selected drill results in the gold oxide zone of GZ2 and periphery
Hole From To Interval Grade Grade
ID
--------
(m) (m) (m) (% Cu) (g/t
Au)
-------- ----- ----- --------- ------- ------
TGD097 Metallurgical Test Work
-------- ----------------------------------------
TGD098 Metallurgical Test Work
-------- ----------------------------------------
TGD099 Metallurgical Test Work
-------- ----------------------------------------
TGD100 0.0 12.0 12.0 0.27 0.99
16.0 18.0 2.0 - 0.23
33.0 48.0 15.0 0.15 0.10
-------- ----- ----- --------- ------- ------
TGD101 No Significant Intercepts
-------- ----------------------------------------
TGD102 34.0 42.0 8.0 0.12 0.10
-------- ----- ----- --------- ------- ------
TGD103 66.0 72.0 6.0 - 0.35
-------- ----- ----- --------- ------- ------
TGD104 21.1 34.0 12.9 - 0.24
47.5 52.0 4.5 - 0.14
59.0 70.0 11.0 - 0.20
-------- ----- ----- --------- ------- ------
Gold Zone 3 Drill Results
Table 3 details the results of all GZ3 drilling by GEO to
date.
Table 3 Complete drill results for GZ3
Grade
Hole From To Interval Grade (g/t
ID (m) (m) (m) (% Cu) Au)
-------- ------- ------- --------- -------- -------
TGD087 153.8 184.0 30.20 - 0.42
-------- ------- ------- --------- -------- -------
TGD092 43.0 49.0 6 - 2.26
-------- ------- ------- --------- -------- -------
TGD093 44 45 1.0 12.95
59.9 69.0 9.1 - 4.76
Inc 67.0 68.2 1.2 - 35.0
117.2 192.0 75.3 - 0.46
Inc 163.0 177.0 14.0 - 0.33
186.0 192.5 6.5 - 1.26
205.0 261.0 56.0 - 1.03
Inc 233.0 238.0 5.0 - 4.44
235 236 1.0 11.55
-------- ------- ------- --------- -------- -------
TGD105 98.0 122.0 24.0 - 0.51
Inc 98.0 103.0 5.0 - 1.79
210.8 218.0 7.2 - 0.35
248.0 256.3 8.3 - 0.15
292.0 300.0 8.0 0.13 0.31
-------- ------- ------- --------- -------- -------
TGD106 128.0 130.6 2.6 - 0.14
175.0 177.2 2.2 - 0.20
188.0 224.0 36.0 - 1.28
Inc 219.0 220.0 1.0 - 9.37
Inc 223.0 224.0 1.0 - 1.23
-------- ------- ------- --------- -------- -------
TGD107 no significant intercepts
-------- ----------------------------------------------
TGD108 158.0 202.0 44.0 - 0.26
-------- ------- ------- --------- -------- -------
Kvemo Bolnisi West (KBW)
GEO surface mapping has identified another feeder breccia pipe
at KBW and grab sampling surrounding the pipe has returned high
grades up to 888 g/t Ag. Assays from historical drilling are not
considered reliable (no core or pulps exist) but are used to guide
future exploration (Table 4). However, drill testing of the
structure by GEO has intersected significant silver-gold
mineralisation (Table 5).
The identification of the additional epithermal mineralisation
centre will provide scope for growth of the Kvemo Bolnisi
resources, with historical polymetallic gold mineralisation at KBW
occurring at the same depth intersected at GZ3 by GEO.
Table 4 Historic drill results in the polymetallic gold-silver zone of KBW
Hole From To Interval Grade Grade
ID
-----------
(m) (m) (m) (g/t (g/t
Ag) Au)
----------- ------ ------ --------- ------- ------
KBWDDH450 75.0 128.0 53.0 56.18 0.26
136.2 159.0 22.8 30.29 0.65
193.0 223.9 30.9 10.78 1.60
----------- ------ ------ --------- ------- ------
KBWDDH635 107.0 130.0 23.0 97.02 0.90
206.6 357.3 150.7 14.85 0.43
----------- ------ ------ --------- ------- ------
KBWDDH801 166.0 201.0 35.0 223.29 0.14
----------- ------ ------ --------- ------- ------
KBWDDH929 297.0 392.0 95.0 79.24 0.23
----------- ------ ------ --------- ------- ------
Table 5 GEO drill results in the polymetallic gold-silver zone of KBW
Hole From To Interval Grade Grade
ID
--------
(m) (m) (m) (g/t (g/t
Ag) Au)
-------- ------ ------ --------- ------ ------
KWD001 92.0 100.0 8.0 2.74 0.65
152.0 159.0 7.0 1.76 0.63
-------- ------ ------ --------- ------ ------
KWD002 no significant intercepts
-------- -----------------------------------------
KWD003 7.5 67.0 59.5 87.97 0.10
-------- ------ ------ --------- ------ ------
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, a Consultant to the Company and a Member
of the Australian Institute of Geoscientists.
Mr Royall has sufficient experience, relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which the company 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. Mr 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.
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:
Mike Struthers Georgian Mining Company Tel: 020
Corporation 7907 9327
Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020
Finance LLP Broker 3470 0470
Laura Harrison S. P. Angel Corporate Nomad & Tel: 020
Finance LLP Broker 3470 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 020
LLP 7186 9950
Camilla Blytheweigh PR Tel: 020
Horsfall 7138 3224
Nick Elwes Blytheweigh PR Tel: 020
7138 3204
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 a variety of targets and projects
ranging from greenfield exploration / target definition phase
through intermediate target-testing phases to more advanced
projects including Kvemo Bolnisi East which will advance to
Feasibility Study in 2018. These projects are proximal to several
advanced projects and existing mining operations owned by the
Company's joint venture partner, and their sister production
company. Georgia has an established mining code and is a
jurisdiction open to direct foreign investment.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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