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Georgian Mining Corp.
Summary
| Project: | Kvemo Bolnisi | |
|---|---|---|
| Deposit: | Zone 2 | |
| Location: | Georgia | |
| Commodities: | Copper-Gold | |
| Date: | 7/11/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-7-2017: Georgian Mining Corp. announces a Resource Estimation report for its Zone 2 deposit at the Kvemo Bolnisi project. Initial mineral resource for Gold Zone 2 at Kvembo Bolnisi. Georgian Mining Corporation ('GEO') is pleased to announce an initial | |
| Resources: | (Resource, I+I): 1.14Mt @ 1.10g/t Au at Gold Zone 2 | |
| CP/QP: | [Resources]: Adam Wheeler, Mark Owen (Not stated) | |
| ABSTRACT: | Georgian Mining Corporation ('GEO') is pleased to announce an initial Mineral Resource estimate (in accordance with the guidelines of the JORC Code (2012)) for the gold oxide deposit at Gold Zone 2 in the Kvemo Bolnisi East ('KB') Project with combined Indicated and Inferred categories of 2.29Mt @ 0.85g/t Au, containing an optimised In-Pit Mineral Resource of 1.14Mt @ 1.10g/t Au. The KB project is located in an established copper-gold region in Georgia along the highly prospective Tethyan Belt and Gold Zone 2 is one of three zones currently being developed at KB which may form one large epithermal copper-gold system. The initial Gold Zone 2 Resource exceeds the interim target and increases confidence in GEO's three phase strategy to develop a total resource in excess of 50Mt that exploration activities are now targeting at KB. GEO Managing Director Greg Kuenzel said, "Our maiden gold resource at Gold Zone 2 exceeds our initial target of 750kt to 1Mt at 1 g/t Au and importantly meets our criteria for processing the ore by low cost heap leaching. We are now completing the metallurgical test work needed to finalise the Scoping Study, which will form the basis for negotiating the production and processing agreement with our JV partner." The initial Gold Zone 2 resource covers an area extending from surface to the base of the oxides at approximately 40 metres depth with a footprint of 150 x 150 metres and, as the Resource occurs from surface, no significant stripping will be required on commencing production. The KB target total footprint has now been expanded to 1km by 1.3km, significantly increasing the potential to further develop and upgrade the initial resource. Our present programme focuses on step out drilling around the gold oxide ore block to increase the dimensions of the gold oxide resource. Work is also underway to upgrade the existing copper JORC resource, where recent drilling intersected high grade chalcocite and copper sulphides below the base of the gold oxide at Gold Zone 2. We expect to announce additional resource upgrades over the coming months to confirm that GEO is on track to achieve a Phase 2 Mineral Resource target of 3-5 Mt. | |
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