Georgian Mining Corp Further Drill Results from Kvemo Bolnisi

Georgian Mining Corp

Georgian Mining Corp (LON:GEO) has today announced 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.

Georgian Mining Corp 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.

You might also enjoy reading  Geo Group Inc (The) REIT - Consensus Indicates Potential 82.1% Upside

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 8 7 0.71
TGD001 16 19.2 3.2 0.55
TGD002 5 19.2 14.2 2
TGD003 8 20 12 1.29
TGD004 9.5 12.3 2.8 0.27
TGD004 17 19 2 0.43
TGD005 no significant intervals
TGD006 20 20 0.74
TGD007 20 20 2.2
TGD008 18 18 0.73
TGD009 4 4 1.07
TGD010 8.8 15 6.2 1.3
TGD011 20 20 0.63
TGD012 5.7 9.6 3.9 0.35
TGD013 20 20 0.22
TGD014 4 4 0.87
TGD014 11 13.2 2.2 0.35
TGD015 8 18 10 5.36
TGD016 3 3 0.2
TGD016 8 11 3 0.27
TGD017 3 3 2.04
TGD017 10 11.7 1.7 1.24
TGD017 17 19 2 0.18
TGD018 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 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 7 7 0.2
TGD026 10 20 10 0.89
TGD028 no significant intervals
TGD029 no significant intervals
TGD030 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 25 25 2.71
TGD038 37 46 9 0.52
TGD039 Not sampled
TGD040 52 52 0.65
TGD042 6 8 2 1.19
TGD043 Results Pending
TGD044 1 25 24 1.58
TGD044 30 46 16 0.71
TGD044 47 63 16 0.3

Table 2: Copper Intersections for KB Gold Zone 2 Drill Program

ID From (m) To (m) Interval (m) Cu (%)
TGD004 9.5 12.3 2.8 0.45
TGD011 20 20 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 0.4
TGD034 52 75 23 0.4
TGD038 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

Good news travels fast (but only if you make that happen):

Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on email
Email
Share on reddit
Reddit

AIM All Share Index