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Georgian Mining Corp.
Summary
| Project: | Kvemo Bolnisi | |
|---|---|---|
| Deposit: | Kvemo Bolnisi East | |
| Location: | Georgia | |
| Commodities: | Copper-Gold | |
| Date: | 7/27/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-7-2017: Georgian Mining Corp. announces a Resource Estimation report for its Kvemo Bolnisi East deposit at the Kvemo Bolnisi project. Significant copper resource upgrade at Kvemo Bolnisi East. Georgian Mining Corporation ('GEO' or the "Company') is ple | |
| Resources: | (Resource, I+I): 1.7Mt @ 1.05% Cu, 0.20g.t Au for 17.9kt Cu, 11.1koz Au contained at project | |
| CP/QP: | [Resources]: Adam Wheeler, Mark Owen (Not stated) | |
| ABSTRACT: | Georgian Mining Corporation ('GEO' or the "Company') is pleased to announce 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. GEO 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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