13th Feb 2017 08:29
LONDON (Alliance News) - Georgian Mining Corp on Monday said significant, near-surface drill intercepts have been reported from the first three holes drilled under the phased resource development drilling programme at the Kvemo Bolsnisi project in Georgia.
The results have not yet been incorporated into the recently published resource of 847,000 tonnes of ore at an average grade of 0.93% copper and 0.15 grammes of gold per tonne of ore. Therefore, the miner is expecting the results to lead to a "material increase in the existing mineral resource" in the future.
The significant intercepts taken from KED011 were 113.7 metres at 1.7% copper, including 47.6 metres at 2.81% copper and 16.2 metres at 2.2% copper. KED008 reported 28.6 metres at 1.6% copper and 0.8 grammes of gold per tonne of ore.
Georgian Mining said the targets are open at depth and along strike, providing scope to expand the copper and gold oxide mineral resource. A further 17 holes have been drilled with assay work already underway.
Overall, 20 holes have now been completed as part of the 10,000 metre programme, which will see about 50 holes drilled in total.
"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," said Managing Director Greg Kuenzel.
Georgian Mining shares were up 8.6% to 9.50 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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