Georgian Mining Corporation (LON:GEO) has today announced drill results from a further 32 diamond drill holes undertaken by Georgian Copper and Gold (‘GCG’), GEO’s 50% joint venture company at Gold Zone 2 (‘GZ2’) at the Kvemo Bolnisi Copper and Gold Project (‘KB’) on the Tethyan Belt in Georgia. The new results will be incorporated in the existing JORC compliant Mineral Resource estimate. In addition, a new gold target has been identified to the west of the GZ2 Mineral Resource.
This programme focused on drilling around the known margins of the GZ2 Mineral Resource, reconnaissance drilling of other channel, soil and rock chip anomalies located to the east, north and north east of GZ2 and a single drill hole testing an anomaly identified to the west of GZ2.
Highlights
· Gold oxide mineralisation intersected from surface included peak individual gold assays over one metre intervals of 35.4g/t Au, 35.0g/t Au, 15.35g/t Au, 14.3g/t Au, 10.55g/t Au and 5.96g/t Au
· Highlights from the gold oxide drilling include TGD094: 62.0m @ 1.1g/t gold (‘Au’) from 2.0m
· Limits of the GZ2 Au oxide Mineral Resource now defined for initial mining target
· New gold target discovered 150m to the west of the GZ2 Mineral Resource that returned a diluted intercept of 0.65g/t Au over 143.8m from 117.20m (TGD093) including:
o 1.2m @35g/t Au from 67.0m
o 75.3m@ 0.46g/t Au from 117.2m
o 56.0m @1.03g/t Au from 205.0m
· Intersected further high-grade copper mineralisation over significant widths which will add to the underlying copper (‘Cu’) sulphide Mineral Resource
· Peak copper grades achieved during drilling include:
o TGD065: 16m @ 3.4% Cu from 188.0m; and
o TGD094: 35m @ 0.95% Cu from 67.0m which included 0.9m @ 15.24% Cu
· Drilling has identified potential sources of low-grade Au oxide and copper sulphide mineralisation that might be suited to alternative processing methods
Included in this drilling are the final 28 drill holes which are now being integrated into the GZ2 resource to optimise the mine plan prior to finalising the KB mining and processing agreement.
Georgian Mining Corp Managing Director Greg Kuenzel said, “The completion of this phase of drilling will enable us to further develop the geological model at the KB Project. In addition, the results will better define future open pit limits for the gold oxide mineralisation at GZ2, as well as the initial mining target prior to finalising the KB mining and processing agreement with our partner as we look to deliver ‘proof of concept’ copper and gold production at the Project.
“There will also be an addition to the Mineral Resource estimate based on some of the positive intercepts achieved in drilling and this will also flow through to the copper sulphide estimate. The results are with our external Resource consultant for inclusion in an updated Resource estimate.”
