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GEO confirms new gold discovery by JV

Tuesday, 24th October 2017
Georgian Mining Corporation has announced a new gold discovery following a drill programme by its 50% joint venture Georgian Copper and Gold at Gold Zone 2 at the Kvemo Bolnisi copper and gold project on the Tethyan Belt in Georgia.

It said the results from a further 32 diamond drill holes would be incorporated in the existing JORC compliant Mineral Resource estimate. It said the programme focused on drilling around the known margins of the GZ2 mineral resource, reconnaissance drilling of other channel, soil and rock chip anomalies located to the east, north and north east of GZ2 and a single drill hole testing an anomaly identified to the west of GZ2.

Highlights:

- Gold oxide mineralisation intersected from surface included peak individual gold assays over one metre intervals of 35.4g/t Au, 35.0g/t Au, 15.35g/t Au, 14.3g/t Au, 10.55g/t Au and 5.96g/t Au

- Highlights from the gold oxide drilling include TGD094: 62.0m @ 1.1g/t gold ('Au') from 2.0m

- Limits of the GZ2 Au oxide Mineral Resource now defined for initial mining target

- New gold target discovered 150m to the west of the GZ2 Mineral Resource that returned a diluted intercept of 0.65g/t Au over 143.8m from 117.20m (TGD093) including:

* 1.2m @35g/t Au from 67.0m

* 75.3m@ 0.46g/t Au from 117.2m

* 56.0m @1.03g/t Au from 205.0m

- Intersected further high-grade copper mineralisation over significant widths which will add to the underlying copper ('Cu') sulphide Mineral Resource

- Peak copper grades achieved during drilling include:

* TGD065: 16m @ 3.4% Cu from 188.0m; and

* TGD094: 35m @ 0.95% Cu from 67.0m which included 0.9m @ 15.24% Cu

- Drilling has identified potential sources of low-grade Au oxide and copper sulphide mineralisation that might be suited to alternative processing methods

Managing director Greg Kuenzel said: 'The completion of this phase of drilling will enable us to further develop the geological model at the KB Project.

'In addition, the results will better define future open pit limits for the gold oxide mineralisation at GZ2, as well as the initial mining target prior to finalising the KB mining and processing agreement with our partner as we look to deliver 'proof of concept' copper and gold production at the Project.

'There will also be an addition to the Mineral Resource estimate based on some of the positive intercepts achieved in drilling and this will also flow through to the copper sulphide estimate.

'The results are with our external Resource consultant for inclusion in an updated Resource estimate.'


At 9:17am: (LON:GEO) Georgian Mining Corporation Ord Npv Di share price was +0.25p at 21.5p



Story provided by StockMarketWire.com

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