LONDON (Alliance News) - Georgian Mining Corp said Monday it is extending its Gold Zone Two and Three discoveries at Kvemo Bolnisi in the Republic of Georgia.
Georgina Mining has focused drilling at Kvemo Bolsini on exploring the periphery of its Gold Zone Two and Gold Zone Three mineral resource.
The results of the step-out hole at GZ3 that intersected high-grade polymetallic gold mineralisation include 1.28 grams per tonne gold from 188 metres.
This, according to Georgian Mining, indicates "significant mineralisation is open at depth".
The company found near-surface gold oxide mineralisation was intersected on the periphery of GZ2.
This "significantly" extends the interpolated mineralisation including 12.0 metres at 0.99 grams per tonne from surface.
Chief Executive Officer Mike Struthers said: "Drill results continue to expand the footprint and validate the new geological model we have put in place for Kvemo Bolnisi, specifically the presence of a large scale epithermal gold-copper mineralisation system with multiple mineralising centres. Mineralisation remains open in various directions, and it will be very interesting to see how the scale of this system expands with further drilling, including the potential link across to Kvemo Bolnisi West."
Shares in Georgian Mining were down 6.2% at 11.87 pence each.
