Georgian Mining Corporation Positive Results from Metallurgical Test Work (3763T)
October 12 2017 - 1:00AM
UK Regulatory
TIDMGEO
RNS Number : 3763T
Georgian Mining Corporation
12 October 2017
Georgian Mining Corporation / EPIC: GEO / Sector: Natural
Resources
12 October 2017
Georgian Mining Corporation
Positive Results from Metallurgical Test Work
Georgian Mining Corporation ('GEO' or the 'Company') is pleased
to announce positive results from metallurgical test work completed
on both copper sulphide and gold oxide core samples taken from the
Kvemo Bolnisi East Project ("KB") on the Tethyan Belt in Georgia.
The testwork, which was undertaken by Wardell Armstrong
International Ltd, included scoping level metallurgical testing and
returned highly favourable results indicating that the copper
sulphide mineralisation is amenable to flotation recovery of copper
and gold and the gold oxide mineralisation is amenable to heap
leach extraction of gold.
The Company believes KB hosts large scale epithermal gold-copper
mineralisation and a three-phase strategy is underway to deliver
more than 50Mt of copper-gold resources at KB. To date 3.154Mt @
0.82% Cu & 0.14g/t Au and a gold oxide resource of 2.29Mt @
0.85g/t Au have been delineated in accordance with the guidelines
of the JORC Code (2012), which meets the Company's Phase 2 target
of 3-5Mt.
Copper-Gold Sulphide Ore - Flotation Testing
-- Testwork indicates copper and gold found in KB mineralisation
is recoverable using standard froth flotation metallurgical
processing techniques
-- Highly favourable peak recoveries of >90% for copper and 98.4% for gold achieved
-- Scoping level metallurgical testing was successfully
completed on four composite samples made up of 18 core samples
totaling 85.7kg
-- Samples were derived from 18 separate diamond drill holes
representing a cross section of the ore types found at KB and
across Gold Zones 1 and 2 and the Copper Zone
Gold Oxide Ore
-- Results of Bottle Roll and Column Leach testwork, which was
carried out on 68 half-core samples with a combined weight of
207.3kg, indicate gold oxide resources at KB are amenable to heap
leach gold extraction
-- As part of Bottle Roll testwork, eight composites were
crushed to -20mm and -12.5mm crush sizes and analysed by
cyanidation bottle roll tests to determine gold recovery
o The average gold recovery for the -20mm crush size composites
was 73.7% Au and the average for the -12.5mm composites was 79.3%
Au
o All bottle roll testwork indicates that the gold oxide
Resource defined at KB is suitable for heap leach gold
extraction
-- As part of Column Leach testwork, 60kg of the original test
composite was used for the test programme which involved
agglomeration and percolation testing and column leach testing at
two crush sizes
o Results confirm mineralisation is amenable to heap
leaching
o The column leach gold recoveries using the leach liquor and
residues assays were 87.5% and 88.4% for the -20mm crush size and
the -12.5mm crush size respectively
Georgian Mining Corp Managing Director Greg Kuenzel said, "The
gold and copper recoveries from our scoping level metallurgical
testwork undertaken by Wardell Armstrong confirm that the
copper-gold sulphide ore and gold oxide ores at KB are amenable to
processing via flotation and heap leach respectively. We are now
integrating the final 28 drill holes from Gold Zone 2 into the
Feasibility Study to complete the resource optimisation. This will
be followed by the development of new mining models and new pit
optimisations based on the updated Resource utilising more refined
metallurgical and project planning information in preparation for
production. Gold Zone 2 is just one of three zones we have
identified at KB which we believe may coalesce at depth to form a
large epithermal copper-gold system and which provide the basis for
our Phase 3 exploration target of a 50Mt+ copper-gold deposit. We
look forward to reporting further results as they become
available."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.georgianmining.com or
contact:
Greg Kuenzel Georgian Mining Company Tel: 020 7907
Corporation 9327
Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Soltan Tagiev S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 0207
LLP 186 9950
Frank Buhagiar St Brides Partners PR Tel: 020 7236
Ltd 1177
Susie Geliher St Brides Partners PR Tel: 020 7236
Ltd 1177
About Georgian Mining Corporation
Georgian Mining Corporation has 50% ownership and operational
control of the Bolnisi Copper and Gold Project in Georgia, situated
on the prolific Tethyan Belt, a well-known geological region and
host to many high-grade copper-gold deposits and producing mines.
The Bolnisi licence covers an area of over 860 sq km and has a
30-year mining licence with two advanced exploration projects;
Kvemo Bolnisi and Tsitsel Sopeli. These projects are nearby
existing mining operations owned by the Company's supportive joint
venture partner. Georgia has an established mining code and is a
jurisdiction open to direct foreign investment.
The Company is developing the project in three phases:
-- Phase 1: H1 2017 target to delineate a minimum of 1-2 Mt to
support initial spare capacity (now achieved and exceeded)
-- Phase 2: 2017 target to delineate a 3-5 Mt resource of
combined copper-gold sulphide and gold oxide mineralisation (on
target)
-- Phase 3: Long term target - to delineate a resource of 50Mt+
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLVFLFFDBFZFBV
(END) Dow Jones Newswires
October 12, 2017 02:00 ET (06:00 GMT)
Empire Metals (LSE:EEE)
Historical Stock Chart
From Apr 2024 to May 2024
Empire Metals (LSE:EEE)
Historical Stock Chart
From May 2023 to May 2024