Georgian Mining Corp (LON:GEO) Managing Director Greg Kuenzel talks to DirectorsTalk about further drill results from Kvemo Bolnisi. Greg explains in detail the findings, what this means for the company, how it will change development plans and what we should now be expecting in terms of news flow over the coming months.
Georgian Mining Corp 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+.