Georgian Mining Corporation (LON:GEO) is pleased to announce the final set of drill results from Gold Zone 2 at its Kvemo Bolnisi Copper and Gold Project in Georgia (‘KB’). GEO has completed an initial 64-hole diamond drill program, and will now model the assay results to establish an initial JORC Mineral Resource for Gold Zone 2 as part of the initial 3-5 Mt JORC compliant resource of combined copper-gold sulphide and gold oxide mineralisation that GEO expects to delineate near term. Establishing a Gold Zone 2 resource is phase 2 of a three-stage program targeting a >50Mt Resource at KB and the many high grade intersections within the Gold Zone 2 drill program support GEO’s belief that the three target zones of KB form part of one large epithermal copper/gold unit.
Highlights:
· Gold oxide mineralisation intersected from surface to depths of up to 60m included peak individual gold assays of 30.6g/t, 21.4g/t, 20.6g/t, 14.4g/t, 10.2g/t, 7.63g/t and 5.94g/t Au
· Gold oxide zone remains open in all directions and the discovery of gold-pyrite sulphide mineralisation below the oxide cover indicates bulk tonnage potential. Selected results include:
o TGD-046: 30m @ 1.0g/t Au from 0.0m
o TGD-048: 25m @ 2.09g/t Au from 1.0m
o TGD-051: 16m @ 1.60g/t Au from 0.0m
o TGD-052: 16m @ 1.43g/t Au from 0.0m
o TGD-054: 28m @ 1.95g/t Au from 43.0m
o TGD-056; [email protected]/t Au from 85m
o TGD-057: [email protected]/t Au from 13m
o TGD-060: 25m @ 2.55g/t Au from 5.0m
o TGD-061: 21m @ 1.1g/t Au from 0.0m
· These results confirm both significant upside potential and already meet the grade requirement at the heap leach processing plants of GEO’s JV partner
· Drilling also reconfirms the presence of copper sulphide mineralisation immediately beneath the gold oxide zone with notable widths and grade
GEO Managing Director Greg Kuenzel said: We are on track to prove up a major resource at KB and these latest drill results re-affirm our confidence that we may delineate a large copper/gold epithermal deposit. Our key objectives for 2017 are to report a 3-5 Mt copper and gold resource and to commence low cost production to be processed at our JV partner’s neighbouring operations. We are currently on course to meet both objectives. We recently raised £5.5m via an oversubscribed placing so we are funded for additional drilling and target follow-up work and we expect to be very active throughout 2017 as we deliver on our core objectives.
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