Last checked at 25 Nov 2016 08:30
25 November 2016
Georgian Mining Corporation ('GMC' or 'the Company')
Commences Drilling at Kvemo Bolnisi Project
Georgian Mining Corporation is pleased to announce it has commenced phase one of a three phase drill programme, targeting gold oxide and copper-gold mineralisation discovered at the Kvemo Bolnisi East Project ('KB' or 'the Project') located in the Republic of Georgia.
Highlights
· 10,000m drill programme targeting an initial resource of 3-5 Mt copper/gold
· Initial resource targeted to access spare capacity at the nearby Madneuli plant
· First phase drilling of 12 holes for circa 2,500 metres commenced today
· Phase one to focus both on resource definition and extension of previously identified high-grade copper mineralisation intersected in recent drilling
· Parameters for phases two and three drilling to be determined on completion of phase 1 drill programme
GMC's Managing Director Greg Kuenzel said, "The commencement of drilling is an important step towards exploiting the production opportunity available at KB, which is made more compelling by our ability to access our local partner's neighbouring plant.
"We recently identified a new copper/gold discovery at KB, and should shortly be in a position to announce an initial resource based on our work to date. In phasing this drill programme, we are focused on taking a rapid but measured approach to ensure we are positioned to supply ore to our local partner's nearby plant."
Drill Programme
GMC has commenced a 10,000 metre diamond drill programme based on the results of recent drilling and other fieldwork including trenching, soil sampling, channel sampling and geophysics.
To reduce exploration risk, the exploration team will undertake drilling through three pre-agreed phases. As mineralisation is open in all directions, Phase 1 aims to improve the geological model with focus on the trend of previously intercepted higher grade mineralisation. On delineation of additional high-grade mineralisation Phase 2 will expand the programme through step-out drilling to include the lower grade bulk tonnage usually found in conjunction with the high-grade mineralisation. Phase 3 and further phases of drilling will follow up on existing gold and copper occurrences in soil anomalies, historic high-grade drill intercepts, adit channel sampling and geophysical anomalies generated by our recent IP programme.
**ENDS**
For further information please visit www.georgianmining.com or contact:
Greg Kuenzel | Georgian Mining Corporation | Company | Tel: 020 7907 9327 |
Ewan Leggat | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Laura Harrison | S. P. Angel Corporate Finance LLP | Nomad & Broker | Tel: 020 3470 0470 |
Damon Heath | Shard Capital Partners LLP | Joint Broker | Tel: 0207 186 9950 |
Elisabeth Cowell | St Brides Partners Ltd | PR | Tel: 020 7236 1177 |
Competent Person Statement
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by James Royall, who is a Member of the Australian Institute of Geoscientists.
James Royall has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and as a qualified person as defined in the the Note for Mining and Oil & Gas Companies which form part of the AIM Rules for Companies. James Royall has reviewed this announcement and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
About Georgian Mining Corporation
Georgian Mining Corporation 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.