Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company"),
developer of the K.Hill manganese oxide project (the
“
K.Hill Project”) in Botswana, is pleased to
announce completion of its initial exploration drilling campaign at
the Otse manganese oxide prospect (“
Otse”) and
update on exploration at the K.Hill Project.
Highlights
- Total of 66
reverse circulation (“RC”) drill holes have been
completed at both the north and south target areas (“Otse
North” and “Otse South”) for a total
4,149 metres.
- Initial Otse
results show high grade mineralization in multiple holes with
intersections in excess of 50% manganese oxide
(“MnO”), as analysed by an on-site portable X-ray
Fluorescence (“pXRF”) machine.
- Samples from
Otse are to be dispatched for assay and metallurgical testwork will
be undertaken prior to mineral resource estimation, which is
currently expected in the first half of 2022.
- Geological
modelling of the full K.Hill Project, including the recently
discovered southern extension (“K.Hill Extension”)
is progressing prior to a new mineral resource estimate for the
combined project, which is expected to be completed in the first
half of 2022.
Otse
Exploration
Giyani has completed
its first RC drilling campaign at Otse North and Otse South
following up on targets previously identified with an induced
polarization survey. Drilling has been focused around the site of
historical workings and data has shown excellent correlation
between northwest-southeast trending chargeable anomalies and
manganese mineralization.
Visible mineralization
has been confirmed by pXRF analysis. From the holes analysed
on-site, the most notable results include:
|
Interval |
|
Grade |
|
Including |
Grade |
Hole ID |
From |
To |
Total |
MnO% |
|
From |
To |
Total |
MnO% |
RCOT21_006 |
29.5 |
36.5 |
7.0 |
39.5 |
|
32.5 |
36.0 |
3.5 |
52.2 |
RCOT21_015 |
18.0 |
35.5 |
17.5 |
53.8 |
|
18.0 |
33.5 |
15.5 |
56.6 |
RCOT21_020 |
29.0 |
45.0 |
16.0 |
20.7 |
|
30.5 |
34.0 |
3.5 |
34.7 |
RCOT21_021 |
17.0 |
19.0 |
2.0 |
31.3 |
|
|
|
|
|
RCOT21_025 |
17.5 |
22.5 |
5.0 |
22.4 |
|
20.5 |
21.5 |
1.0 |
30.9 |
RCOT21_026 |
24.0 |
29.5 |
5.5 |
21.4 |
|
|
|
|
|
RCOT21_031 |
12.0 |
21.0 |
9.0 |
20.3 |
|
|
|
|
|
RCOT21_035 |
26.5 |
35.0 |
8.5 |
29.5 |
|
30.5 |
33.5 |
3.0 |
37.0 |
Note: pXRF analysis
currently available for 50 out of the 66 completed holes.
A first batch of 803
samples has been submitted to SGS in South Africa for assay and a
second batch will be sent at the start of 2022. Following assay,
mineralogical analysis and metallurgical testwork will be
undertaken, which will allow the Company to build a geological
model and carry out a maiden resource estimation for Otse. This
work is expected to be completed in Q2 2022, although this timeline
remains subject to laboratory availability, for which the Company
notes that facilities in South Africa and worldwide have been
experiencing delays due to COVID-19 and its related knock-on
effects.
Otse is located
approximately 50 kilometres east of the K.Hill Project and is
connected by a well-maintained, sealed road network.
Map of Otse South
showing drill holes against geophysical
chargeability:https://www.globenewswire.com/NewsRoom/AttachmentNg/f2edf63c-23f0-43ec-a3ef-71a556e13645
Map of Otse North
showing drill holes against geophysical
chargeability:https://www.globenewswire.com/NewsRoom/AttachmentNg/41bc9ebb-7144-4dfe-844b-57dba40f390a
K.Hill
Extension
Following the
previously announced RC drilling campaign over the K.Hill
Extension, to the south of the K.Hill Project, mineralogical
analysis and geological modelling is progressing. Once finalised,
the Company expects to be able to report inferred and indicated
resources for the enlarged K.Hill Project, that being the K.Hill
Project inclusive of the B Horizon and K.Hill Extension. The
Company is currently forecasting an updated mineral resource
estimate in the first half of 2022.
Robin Birchall, CEO of the Company,
commented:
“With the delivery of
further exploration success at Otse and K.Hill Extension, we are
putting Giyani in the best possible position to capitalize on our
first mover advantage in the battery-grade manganese space. Initial
results at Otse indicate that we have a significant source of
high-grade material to feed our proposed processing facility,
lowering future operating costs and further extending our project
life. Meanwhile, following our new discoveries at the K.Hill
Project, we will soon have a better understanding of the true scale
of our flagship project.
We are already
starting to see laboratory analysis turnaround timelines coming
under pressure, as the world continues to wrestle with COVID-19 and
the latest Omicron variant. As global mining activity ramps up in
earnest, it is possible that we will see reporting timelines start
to lengthen.
With strong global
sales of electric vehicles in 2021, the demand for sustainably
sourced critical battery materials, including high purity manganese
sulphate monohydrate (“HPMSM”), is set to
intensify. As one of the very few new sources of low carbon HPMSM
in development globally, we are well positioned to capitalize on
this growing market. Our expanding resource base will give us the
flexibility to expand our production to the rapidly rising levels
of consumption.
I would like to thank
the entire Giyani team and our core team of consultants for their
hard work during 2021 and we are greatly looking forward to
delivering value for all stakeholders in 2022.”
About Giyani
Giyani is a mineral resource company focused on
becoming one of Africa’s first low-carbon producers of high-purity
electrolytic manganese precursor materials, used by battery
manufacturers for the expanding electric vehicle market, through
the advancement of its manganese assets in the Kanye Basin in
south-eastern Botswana (the “Kanye Basin
Prospects”), through its wholly-owned Botswana subsidiary
Menzi Battery (Pty) Limited. The Company’s Kanye Basin Prospects
consist of 10 prospecting licenses and include the past producing
Kgwakgwe Hill mine and project, referred to as the K.Hill Project,
the Otse manganese prospect and the Lobatse manganese prospect, all
of which have seen historical mining activities.
The Company is currently undertaking a
feasibility study on the K.Hill Project, following an updated PEA
announced on April 12, 2021 with a post-tax NPV of USD332 million
and post-tax IRR of 80%, based on a current development plan to
produce around 0.89 Mt of high-purity manganese sulphate
monohydrate over a 10 year project life. The PEA did not include
any production from the B Horizon, the K.Hill Extension or the Otse
or Lobatse prospects.
Additional information and corporate documents
may be found on www.sedar.com and on Giyani Metals Corp. website at
https://giyanimetals.com/.
Qualified Persons / NI 43-101
Disclosures
Mr. Luhann Theron,
MSc., Pr.Sci.Nat. 400184/15, of Lambda Tau is registered with the
SACNASP. Mr. Theron is currently at site and is a qualified person,
as defined by National Instrument 43-101. Mr. Theron is the Chief
Geologist for the Company and has reviewed and approved the
scientific and technical content contained in this press release
but is not independent for the purposes of NI 43-101.
About Lambda Tau
Lambda Tau Botswana is a locally based
geological services and exploration consulting services provider,
offering services across Southern Africa. For more information
visit https://www.lambdatau.co.za.
On behalf of the Board of Directors of Giyani
Metals Corp.
Robin Birchall, CEO
Contact:
Robin Birchall CEO, Director+44 7711
313019rbirchall@giyanimetals.com
George DonneVP
Business Development+44 7866 591 897gdonne@giyanimetals.com
Judith
WebsterCorporate Secretary and Investor Relations+1 416 453 8818
jwebster@giyanimetals.com
Neither the TSX Venture Exchange (the "TSXV")
nor its Regulation Services Provider (as that term is defined in
the policies of the TSXV) accepts responsibility for the adequacy
or accuracy of this news release.
The securities described herein have not been
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly, may not be offered or sold to, or for the account
or benefit of, persons in the United States or "U.S. persons," as
such term is defined in Regulation S promulgated under the U.S.
Securities Act ("U.S. Persons"), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities to,
or for the account of benefit of, persons in the United States or
U.S. Persons.
Forward Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. All statements in this news release, other than
statements of historical fact, that address events or developments
that Giyani expects to occur, are "forward-looking statements".
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "does not expect", "plans", "anticipates", "does not
anticipate", "believes", "intends", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar
expressions, or that events or conditions "will", "would", "may",
"could", "should" or "might" occur. Specific forward-looking
statements and forward-looking information herein includes
completion of receipt of TSXV approval for the private placement
and completion of the private placement.
All such forward-looking statements are based on
the opinions and estimates of the relevant management as of the
date such statements are made and are subject to certain
assumptions, important risk factors and uncertainties, many of
which are beyond Giyani's ability to control or predict.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements. In the case of Giyani, these facts include their
anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business
and other matters that may occur in the future. This information
relates to analyses and other information that is based on
expectations of future performance and planned work programs.
Forward-looking information is subject to a
variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ from those
expressed or implied by the forward-looking information, including,
without limitation: inherent exploration hazards and risks; risks
related to exploration and development of natural resource
properties; uncertainty in Giyani's ability to obtain funding;
commodity price fluctuations; recent market events and conditions;
risks related to the uncertainty of mineral resource calculations
and the inclusion of inferred mineral resources in economic
estimation; risks in how the world-wide economic and social impact
of COVID-19 is managed; risks related to governmental regulations;
risks related to obtaining necessary licenses and permits; risks
related to their business being subject to environmental laws and
regulations; risks related to their mineral properties being
subject to prior unregistered agreements, transfers, or claims and
other defects in title; risks relating to competition from larger
companies with greater financial and technical resources; risks
relating to the inability to meet financial obligations under
agreements to which they are a party; ability to recruit and retain
qualified personnel; and risks related to their directors and
officers becoming associated with other natural resource companies
which may give rise to conflicts of interests. This list is not
exhaustive of the factors that may affect Giyani's forward-looking
information. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking information or statements.
Giyani's forward-looking information is based on
the reasonable beliefs, expectations and opinions of their
respective management on the date the statements are made, and
Giyani does not assume any obligation to update forward looking
information if circumstances or management's beliefs, expectations
or opinions change, except as required by law. For the reasons set
forth above, investors should not place undue reliance on
forward-looking information. For a complete discussion with respect
to Giyani and risks associated with forward-looking information and
forward-looking statements, please refer to Giyani's Annual
Information Form, all of which are filed on SEDAR at
www.sedar.com.
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