Georgian Mining Corporation has started phase one of a three phase drill programme, targeting gold oxide and copper-gold mineralisation discovered at the Kvemo Bolnisi East project 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
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."
At 9:02am: (LON:GEO) Georgian Mining Corporation Ord Npv Di share price was 0p at 7.88p