OAKVILLE, ON, June 12, 2012 /CNW/ - Giyani Gold Corp. (the "Company") is pleased to report the results of its extensive ground geophysical surveys on Prospecting Right LP 306 PR ("PR 306") and Prospecting Right LP 310 PR ("PR 310") owned by Rock Island Trading 17 (Pty) Ltd. ("Rock Island"). The geophysical program budget had been approved the Board of Directors of Rock Island and costs shared 50/50 with its partner, Corridor Mining Resources. PR 306 and PR 310 contain approximately 40 square kilometers (approximately 4,000 ha) of exploration ground and include a number of formerly producing gold mines.
The Company recently surveyed a 33 km ground geophysical grid that covered the area surrounding the Klein Letaba and Frankie gold mines in PR 310 which has never been previously examined using geophysical methods. This grid was read by magnetometer, VLF Electromagnetic (EM) and Maxmin II EM and 26.4 km of cross lines have been read using Induced Polarization (IP). The Klein Letaba and Frankie ore bodies are associated with iron formation, pyrrhotite sulphide zones and quartz structures controlled by shear zones along the margins of the iron formation. Accordingly, the geophysical anomalies (EM conductors and magnetic features) are considered very important drill targets for tracing the gold mineralization (see mineralized trends in Figure 1 below). Grab samples of pyrrhotite from the rock dump on the site of the Klein Letaba gold mine were assayed and were found to contain 8 grams gold per tonne with anomalous copper (500 ppm) and no arsenic. Assaying of these samples was done by ALS Chemex in North Vancouver, Canada.
To view Figure 1 - Mineralized Trends in the Klein Letaba & Frankie Areas (LP 310 PR) please visit http://files.newswire.ca/1079/Geophysical_Figure_1.pdf
While the previously producing Frankie mine operated on a 350 m strike length, management believes that it has identified a mineralized trend that has been traced for 2.2 km (see the "Frankie Zone" in figure 1 above) with IP and magnetics from line 1200 east to Line 1000 west and is open on strike. As well, over the previously producing Klein Letaba mine which extended to a depth of 144 m on a 200 m strike length,the Company's current geophysical program has currently identified a 2,000 m mineralized trend (see the Klein Letaba Zone in Figure 1). In addition, the geophysics indicates that the mineralization extends to depth. The Klein Letaba and Frankie gold structures have been traced from 1000 east to 1000 west along a 2 km length and may form a series of lenses along the structure (see the "Klein Letaba Zone" in figure 1 above). In addition a newly identified structure (see the "Middle Zone" in figure 1 above) has been identified parallel to both the Frankie and Klein Letaba Zones and had not been previously identified or explored (See various zones as identified by the IP in Figures 2, 3, 4 and 5 below).
To view Figure 2 - Line 7 East on Klein Letaba / Frankie Grid please visit http://files.newswire.ca/1079/Geophysical_Figure_2.pdf
Figure 3 - Line 3 East on Klein Letaba / Frankie Grid please visit http://files.newswire.ca/1079/Geophysical_Figure_3.pdf
Figure 4 - Line 3 West on Klein Letaba / Frankie Grid please visit http://files.newswire.ca/1079/Geophysical_Figure_4.pdf
Figure 5 - Line 10 West on Klein Letaba / Frankie Grid please visit http://files.newswire.ca/1079/Geophysical_Figure_5.pdf
Management is currently assessing the geophysical data to identify targets within the mineralized trend in preparation for commencement of an extensive drill program on this property.
R.S. Middleton, VP of Exploration for Giyani Gold Corp., is responsible for the geophysical interpretation and QA QC.
This news release has been reviewed and approved by R.S. Middleton P.Eng. who is acting as the Qualified Person for the Company.
R.S. Middleton, VP of Exploration for Giyani Gold Corp stated "Our geophysical program has traced extensions of the known deposits and has discovered new zones that had been previously unexplored. The program has identified numerous quality targets for our upcoming drill campaign."
About Giyani Gold Corp.:
Giyani Gold is a publicly-traded junior exploration company focused on building a portfolio of under explored, past producing gold assets. Giyani Gold has entered into agreements to acquire five exploration licenses in the Giyani Archean Greenstone Belt located in the northeastern region of South Africa. These properties consist of more than 170 square kilometers of highly prospective greenstone belt with six past producing mines. Closing of these transactions remains subject to satisfaction of various closing conditions.
Giyani Gold has also assembled approximately 100 square kilometers of options and licenses within the western part of the Mishibishu Greenstone Belt near Wawa, Ontario. This greenstone belt is known for gold production with multiple operating mines in the region. These properties cover a 20 kilometer strike length and host a quartz - eye porphyry system.
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.
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 the Company'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 the Company with securities regulators. The Company 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. Neither 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 release.
For further information:
Giyani Gold Corp.
Email: [email protected]