OAKVILLE, ON, Oct. 5, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold") through its subsidiary, 2299895 Ontario Inc., has discovered a new gold bearing structure on its 100% owned 140 square kilometre Abbie Lake-Keating Property in the Mishibishu Archean greenstone belt near Wawa, Ontario.
The discovery occurs in quartz sericite schists with near contact to sediments, and the drilling intercepted 2.0m grading 2.70 g Au/tonne within a 13.6m wide zone (true widths are estimated to be 66% of the drill intercept widths). The structure also contains intense iron carbonate alteration, sericite, two styles of pyrite, green mica, potassic alteration, and tourmaline in the schist. In addition, a quartz eye porphyry and 2 altered iron formations are located within 50-150m of the structure.
This discovery is the result of Giyani Gold identifying geophysical anomalies over a 1.1 kilometre strike length through persistent mapping, trenching, and geophysical surveys of the Keating East property. Giyani Gold then targeted the anomalies, and conducted a reconnaissance 12 hole 1,365.5 meter phase I drilling program at a shallow depth with the objective of gaining a greater appreciation of the geology and geophysical anomalies. All assay results have been received from this program with numerous anomalous gold values seen in most of the 12 holes drilled.
"Our drilling program has identified similarities in the shear structures on the Keating East Property with the shear controls seen in the Hemlo Camp to the north, where sericite schists occur with disseminated pyrite near a sedimentary contact, and there is green mica, potassic alteration in the footwall, and a porphyry association. Intense iron carbonate alteration is also present which is a hallmark of the Timmins Porcupine camp," said R.S. Middleton, VP of Exploration for Giyani Gold Corp. "We will continue to focus on this shear structure and conduct additional geophysical and drilling programs to trace this structure further east."
The Iron Lake Deformation Zone extends for 27 km through the Abbie Lake-Keating Property from Killins to Abbie Lake. Between 1983-1988 Tundra Gold Mines Ltd. conducted a 96 hole drilling program on what is now the Abbie Lake property totalling 25,147 feet, BQ, yielding historical gold intersections of 17.15 g Au/tonne over 1.37 m and 3.74 g Au/tonne over 3m. These same gold intersections have been observed in the structure on the Keating East property and continue to extend eastward. To cover this extension, Giyani Gold has acquired an additional 39.5 square kilometres of land in Killins Township (A map showing the Iron Lake Deformation Zone and drilling activity can be found on the company website www.giyanigold.com).
As part of Giyani Gold's Quality Assurance and Quality Control procedures (QA/QC), all of the intervals exceeding 3 grams Au have been re-assayed. Giyani Gold's QA/QC includes the insertion and continual monitoring of numerous standards, and added into the sample stream every 50m. ALS Chemex (Thunder Bay) also performs internal QA/AC.
The core was logged and sampled at a secure facility near White River and split, and sent to Thunder Bay for assay preparation at ALS Chemex's facility in Thunder Bay, prior to assaying in North Vancouver, BC. Assays were carried out on 30 g samples with Fire Assay (FA) and AA finish (atomic absorption). Trace pathfinder elements were also be examined by multi-element ICP-MS.
This news release has been reviewed and approved by R.S. Middleton P.Eng. who is acting as the Qualified Person for the Giyani Gold under the NI43-101 regulations.
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.
On behalf of the Board of
Giyani Gold Corp.
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, Communications
Giyani Gold Corp.
Tel: +1.905.844.1456 X237
Chuck Allen, President
Giyani Gold Corp.
Tel: +1.905.844.1456 X223