OAKVILLE, ON, Jan. 2, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold" or the "Company") is pleased to announce the completion of a 20 hole 4488m drill program on the Company's Klein Letaba property in the Limpopo Province of South Africa. The Company is releasing results from three drill-holes focused on following-up the new gold zone ("New Gold Z1") previously discovered in Hole KL-01 on the "Klein Letaba Trend", and one drill-hole with results from new geophysical targets located on the "Middle Trend".
Klein Letaba Trend
Holes KL-04, KL-14, and KL-03 were drilled to determine the dip of New Gold Z1, which is thought to be the western segment of two vein systems of the historic Klein Letaba Mine.
Hole KL-04 was collared at a location 50m east of Hole KL-01 and intersected 10.30 g/tonne Au over 0.84m. A quartz silicified zone was identified in Hole KL-04 on the edge of New Gold Z1 which is located approximately 30m east of Hole KL-01.
Hole KL-14 was collared at the same location as Hole KL-01 and intersected New Gold Z1 25m up dip from Hole KL-01. This hole contained two high grade gold values of 7.70 g/tonne Au over 1.2m and 6.56 g/tonne Au over 0.43m within a 30m wide anomalous gold "halo" with values ranging from 0.10 g/tonne Au to 7.39 g/tonne Au. The gold intersected in the halo indicates that a section of Hole KL-14 also passed above the western edge of New Gold Z1. Additional drilling is being planned to better define the structure of New Gold Z1.
Hole KL-03 was collared at a location 50m south of Hole KL-14 with the aim to locate new near surface gold veins but did not intersect any significant gold values.
Historical mine sections and plans have recently been made available that better define the historically mined gold zones, which had a steep plunge of approximately 55 degrees east, and Giyani Gold anticipates that New Gold Z1 will have a similar 55 degree plunge. As a result additional holes are planned to delineate the up plunge, down plunge, and western edge of New Gold Z1.
The Middle Zone occurs 200m north of the Klein Letaba Trend and is a shear with associated sericite alteration and pyrite with localized silification. The Middle Zone was intersected over a 1300m length by Holes: KL-02, KL-05, KL-06, and KL-08.
The top of Hole KL-02 intersected 6.99 g/tonne Au over 1.00m and the top of holes KL-05 and KL-06 also intersected this zone. Hole KL-08 contains a 100m wide zone of anomalous gold values acting as a large gold halo that is similar in nature to the halo intersected in Hole KL-14.
Giyani Gold Project
The gold halos seen in holes KL-06 and KL-08 on the Middle Trend, and hole KL-14 on the Klein Letaba trend are powerful exploration tools for finding high grade gold zones which may occur within 25m of such halos.
The Company has released results from 8 holes (KL-01, KL-02, KL-03, KL-04, KL-05, KL-06, KL-08, and KL-14) of the completed 20 hole drill program with the remaining assay results pending and to be released in the near term. This marks the completion of the drill program previously announced in July (see News Release July 18, 2012). A detailed surface mapping program is now under way to determine the overall regional structure of the Klein Letaba-Frankie property. An updated drill-hole location map can be found on the Giyani Gold website by visiting 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. In addition, systematic re-assaying of intervals is in progress to confirm the compliance of blanks and duplicate checks. Giyani Gold's QA/QC includes the insertion and continual monitoring of numerous standards, blanks and duplicates which are inserted into the sample stream at random intervals every 50 meters. and a blank is inserted in between this 50 meter interval. ALS Chemex (Johannesburg) also performs internal QA/AC.
Cross sections and correlations of these results will be published once assays from the remaining 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 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. All drill samples are prepared and screened by ALS Chemex (Johannesburg) using fire assay and multi-element ICP-MS and are assayed by ALS Chemex in Johannesburg. 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 like the ones obtained in Hole 1 are done with a gravimetric finish. Any gold values over 3.0 g/tonne were re-assayed and completed with a gravimetric finish.
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. Additional information and corporate documents may be found on www.sedar.com and the Giyani gold website, www.giyanigold.com.
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, Head of Communications
Giyani Gold Corp.
Tel: +1.905.844.1456 X237
Email: [email protected]
Chuck Allen, President
Giyani Gold Corp.
Tel: +1.905.844.1456 X223
Email: [email protected]