OAKVILLE, ON, Jan. 22, 2013 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold") is pleased to announce final assay results from their 2012 drill program at the Klein Letaba mine site in Limpopo, South Africa. A new gold discovery was made at Holes KL-19 and KL-20 which completed the 2012 drill campaign. A summary of significant gold values is as follows:
Hole KL-19: 4.65 g/tonne Au over 2.89m (170.11m to 173m)
Hole KL-19 gold halo intercepts**:
- 120m to 122m - 0.15g-0.72g Au per tonne
- 162m to 174m - 0.11g-8.22g Au per tonne
- 178m to 198m - 0.15g-1.66g Au per tonne
- 216m to 224m - 0.13g-4.32g Au per tonne
- 235.8m to 240m - 0.12g-5.14g Au per tonne
Hole KL-20: 3.88 g/tonne Au over 6.7m (208.33m to 215m)
Hole KL-20 gold halo intercepts**:
- 155.25m to 159.56m - 0.20g-0.53g Au per tonne
- 192.54 m to 215m - 0.13g-12.05g Au per tonne
| True width is estimated to be 66 % of the sample width.
**See News Release dated January 2, 2013 for further information on the gold halos.
Robert S. Middleton, Vice President of Exploration for Giyani Gold, indicated: "The success of the initial drill program identified two areas that I am confident can build a resource with additional drilling. This new discovery indicates that not all of the veins in the Klein Letaba mine were fully mined and gold remains within the deposit itself". In addition, Mr. Middleton stated, "We also believe our previously announced discovery at KL-06 has huge potential to outline a significant resource separate of the mine workings."
The same type of gold halo mineralization discovered in Holes KL-19 and KL-20 was also found in Holes KL-15, KL-16 and KL-18 which were drilled below the mine workings of the historic Klein Letaba Mine but did not return significant values or ended in mine workings. These holes however have provided the management of Giyani Gold with valuable information allowing Giyani Gold to understand the orientation of the mineralized veins and should substantially increase drill success during Giyani Gold's upcoming 2013 campaign.
In particular, assay results from Hole KL-16 have provided evidence of a fault offset separating historically mined gold veins into a lower block of untested gold mineralization. The existence of this fault was speculated by earlier operators who viewed evidence of the fault in the lower levels of the historic mine. Giyani Gold is now planning to drill a 600-650m hole to locate the offset of the entire Klein Letaba Mine and re-discover the 5 historically mined veins and the new high grade discovery made in Hole KL-01 (13.162 g/tonne Au over 15.1m) down plunge from the mine. A cross-section diagram depicting this fault offset, the vein set, and the proposed deep hole is visible on www.giyanigold.com/projects.
Based on the results from Giyani Gold's 2012 drill program, two locations have been identified on the Klein Letaba-Frankie property where further detailed drilling could be conducted to start building a resource. Drilling will resume shortly.
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 are inserted into the sample stream every 50m. ALS Chemex (Johannesburg) also performs internal QA/AC.
Cross sections and correlations between these holes 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 Klein Letaba mine with guarded and controlled access to the site. One half of the core samples are then sent by secure courier to ALS Chemex in Johannesburg. 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.
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 Quality Assurance/Quality Control 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.
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]