# Georgian Mining Corp Significant Resource Upgrade at Kvemo Bolnisi East

- Link: https://www.directorstalkinterviews.com/georgian-mining-corp-significant-resource-upgrade-kvemo-bolnisi-east-2/412732699
- Published: 2017-07-27T07:25:23+01:00
- Author: Giles Arbor

**Georgian Mining Corp** (LON:GEO) has today announced a 41% tonnage increase in
the global In-Pit Optimised constrained copper-gold sulphide Mineral Resource for
the Kvemo Bolnisi Project (‘KB’) to 1.7Mt @ 1.05% Cu from 1.2Mt @ 1.03% Cu.

This upgrade was based upon the recently discovered breccia pipe situated beneath
the base of the gold oxide mineralisation at Gold Zone 2 (‘GZ2’), one of three zones
currently being developed at KB which may form one large epithermal copper-gold 
system. A three phase programme is underway to deliver a total resource in excess
of 50Mt at KB, which is located in an established copper-gold region in Georgia 
along the highly prospective Tethyan Belt.

To view the full press release with the illustrative diagram please use the following
link: [2202M_-2017-7-26.pdf](https://www.directorstalkinterviews.com/wp-content/uploads/2017/07/2202M_-2017-7-26.pdf)

· Increased In-Pit optimised constrained copper-gold sulphide Mineral Resource of
1.7Mt @ 1.05% Cu (from 1.2Mt @ 1.03%) comprises:

  |   |  Tonnage |  Average Grade |  Copper |  Average Grade |  Gold |  
 |  (kt) |  (% Cu) |  (t) |  (g/t Au) |  (oz) |  
 |  Indicated |  101 |  0.45 |   |  0.5 |   |  
 |  Inferred |  1,607 |  1.09 |   |  0.13 |   |  
 |  Total (Indicated & Inferred) |  1,708 |  1.05 |  17,934 |  0.2 |  11,100 |

The In-Pit constrained Mineral Resource has been derived from a global Mineral Resource
estimated in accordance with the guidelines of the JORC Code (2012) of 3.154Mt @
0.82% Cu & 0.14g/t Au (from 2.22Mt @ 0.8% Cu and 0.1 g/t Au )comprises:

  |   |  Tonnage |  Average Grade |  Copper |  Average Grade |  Gold |  
 |  (kt) |  (% Cu) |  (t) |  (g/t Au) |  (oz) |  
 |  Indicated |  101 |  0.5 |   |  0.5 |   |  
 |  Inferred |  3,053 |  0.83 |   |  0.13 |   |  
 |  Total (Indicated & Inferred) |  3,154 |  0.82 |  25,860 |  0.14 |  14,430 |

 

· The In-pit parameters to constrain the optimised Mineral Resource were produced
in-house and are based on mining, haulage and processing costs provided by the Company’s
local partner, a 5% dilution factor, a production rate of 60Kt per month, a 10% 
discount rate and a long-term copper price of $6,000 per tonne of copper metal. 
The cut-off grades used are 0.3% Cu and 0.3g/t Au

· Upgraded Mineral Resource now includes two separate high-grade copper-gold breccia
pipes at Copper Zone 1 (“CZ1”) and GZ2 – See Image 1

· Significant scope for further upgrades to the Mineral Resource as the GZ2 pipe
is close to surface, extends to a depth of 200m and remains open at depth – additional
drilling to commence in the coming weeks. The CZ1 breccia pipe also remains open
at depth.

> **Georgian Mining Corporation Managing Director Greg Kuenzel said,** “Together
> with the initial Mineral Resource estimate of 2.29Mt @ 0.85g/t Au, including an
> optimised In-Pit Mineral Resource of 1.14Mt @ 1.10g/t Au, we recently announced
> for the gold oxide deposit at GZ2, the discovery of the new breccia pipe at GZ2
> has pushed us closer to the Phase 2 target of a 5Mt optimised in-pit combined 
> gold-copper Mineral Resource within the KB project area during 2017. The copper
> mineralisation is augmented by a gold ‘kicker’ that in some cases is as high as
> 0.5g/t Au which will also report to the final copper-gold concentrate as a credit
> and add significant value.
> “The Company has allocated funds to test the depth extension of the two breccia
> pipes at GZ2 and CZ1, as the low to intermediate sulfidation epithermal environment
> that characterises Kvemo Bolnisi has the potential to “blow-out” at depth and 
> contribute to a more substantial bulk tonnage copper-gold resource in line with
> the 50Mt being targeted by the Company. Further gold oxide and copper-gold sulphide
> targets are regularly being generated and, as previously announced, additional
> anomalies and drill targets have already been defined. These will be drilled during
> the current programme as we continue to expand the Kvemo Bolnisi Mineral Resource
> development strategy.”

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