Giyani Gold Confirms and Expands New Gold Discovery
OAKVILLE, ON, Feb. 27, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold") is pleased to announce that the first hole drilled as part of their 2013 drilling program confirms and expands a New Gold Zone ("New Gold Zone") located on Giyani Gold's Klein Letaba property in South Africa.
Hole KL13-21 intersected significant gold values of 6.92 g/t Au over 8.87 m, including 9.6 g/t Au over 5.02 m, expanding the New Gold Zone discovery initially made in September, 2012 by hole KL12-01 (13.16 g/t Au over 15.1 m).
Two additional holes (assays pending) have been drilled above and below holes KL12-01 and KL13-21 and show similar characteristics in mineralization to the aforementioned holes. All drilling was conducted at shallow depths (less than 200m) and the New Gold Zone remains open to depth, up plunge and to the west.
The results of KL13-21 are summarized in the following table:
|From (m)||To (m)||Length||Au (g/t)||Au Check (g/t)||Au (g/t)|
All assay results are uncut. All the assay results and sub-intervals summarized in the table above have a bottom cut-off of 0.05 g/tonne of gold. All assay results greater than 3 g/tonne have been re-assayed. Average grades presented are shown as weighted averages. True width is estimated to be 66 % of the sample width.
The New Gold Zone consists of silicification with flanking sulphide mineralization and quartz development with sulphides, hosted in garnet bearing basalts that are metamorphosed to amphibolite facies. The New Gold Zone occurs at the contact of the basalts and an intermediate fragmental volcanic unit. Hole KL12-01 intersected the New Gold Zone 187m vertically below surface, and in hole KL13-21 this intersection begins 36m up plunge from Hole KL12-01, or approximately 153 m vertically below surface.
Further drilling will be designed to expand and trace the New Gold Zone in a resource category.
As part of Giyani Gold's Quality Assurance and Quality Control procedures (QA/QC), all intervals exceeding 3 grams Au have been re-assayed. In addition, systematic re-assaying of intervals is conducted to confirm the compliance of blanks and duplicate checks. Giyani Gold's QA/QC includes the insertion and continual monitoring of numerous standards and blanks are duplicated into the sample stream every 50m.
Cross sections and correlations between this hole and other holes will be published once assays from other holes are reported. Any future resource calculations will be calculated from compliant intervals, and if there is any material variation from the reported intervals on a hole by hole basis, then Giyani Gold will report this in subsequent releases, but it is of the opinion of Giyani Gold that any variations are unlikely to be material.
In Giyani Gold's drill programs composite intervals are chosen using a combination of geological criteria and mineralization, averaging approximately 1 meter core length. The drill core is logged and then is cut in half by Giyani Gold technicians at a secure core shack facility near the historic Klein Letaba mine with guarded and controlled access to the site. One half of the core samples are then sent by secure courier to Johannesburg to ALS Chemex Johannesburg ("ALS") . All drill samples are prepared and screened by ALS and are assayed using fire assay and multi-element ICP-MS by ALS. ALS also performs internal QA/QC.
The remaining half of the drill core is kept at Giyani Gold's secure core shack for future assay verification or any other investigation. Intervals below a bottom cut-off grade of 0.05 g/tonne Au are calculated at zero gold.
Assaying is done on a 30 gram pulp generated from split NQ core using fire assay extraction and an AA finish. High grade samples are done with a gravimetric finish. Any gold values over 3.0 g/tonne were re-assayed and completed with a gravimetric finish.
Robert S. Middleton, P.Eng., VP of Exploration for Giyani Gold is responsible for the drilling program including the core logging, sampling of the drill core and assay procedures and QA/QC measures. In addition, Mr. Middleton is the Qualified Person for Giyani Gold Corp. under the rules of the TSXV, and has reviewed the contents of this news release and approved it.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Giyani Gold Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Giyani Gold's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Giyani Gold with securities regulators. Giyani Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE: Giyani Gold Corp.For further information:
Luke Vigeant, Head of Communications
Giyani Gold Corp.
Tel: 1.905.844.1456 X237
Chuck Allen, President
Giyani Gold Corp.
Tel: 1.905.844.1456 X223