Georgian Mining Corporation reports significant and near surface intercepts from the first three drill holes of a three phased resource development drilling programme at the 50% owned Kvemo Bolnisi project in Georgia.
It said the assay results were not included in the recently published resource of 947,000 tonnes at an average grade of 0.93% copper ('Cu') and 0.15 g/t gold ('Au') and when integrated, these results were expected to result in a material increase in the existing mineral resource.
- Significant copper-gold mineralisation intersected at shallow depths:
* KED011 - 113.7m @ 1.70% Cu from 18.4m to 132.1m, including: 47.6m @ 2.81% from 18.4m to 66.0m; and 16.2m @2.20% from 75.8m to 92.0m
* KED008 - 28.6m @ 1.60% Cu and 0.80g/t Au from 47.4m to 76.0m
- Targets are open at depth and along strike with scope for significant expansion of the Cu-Au and gold oxide mineral resource
- A further 17 drill holes have been completed and prep and assay work is in progress
- These 20 holes are part of the current 10,000m (approx 50 hole) drill programme which is focused on delineating an initial near-surface mineable open pit Cu-Au resource and a gold oxide resource, both suitable for near-term production
Managing director Greg Kuenzel said: "These excellent results from our first three drill holes suggest we are on course to define a mineable open pit resource at KB in the short term.
"Our three phase drill programme aims to outline a 3-5Mt resource to meet guidance from our JV partner on initial deliveries of copper-gold and gold oxide mineralisation to the nearby processing plants.
"More assay results should be available shortly from our 10,000m three phase drill programme.
"On further success, we will expand the programme to drill test additional targets identified by our earlier exploration programme and we remain on track to significantly expand and upgrade our inferred resource."