TORONTO, March 26, 2013 /CNW/ - (TSX-V: GMN) GobiMin Inc. ("GobiMin") is pleased to announce diamond drill results for the 2012 diamond drilling campaign completed on its 70% owned Sawayaerdun Gold Project located in northwestern Xinjiang Uyger Autonomous Region of the Republic of China.
Highlights of the 2012 drill program include the following intersections from Zone IV.
ZK10019 with an intersection width of 35.8 m of 1.67 g/t gold from a depth of 451.12 m;
ZK2713 with an intersection width of 30.8 m of 1.17 g/t gold from a depth of 507.59 m;
ZK4318 with an intersection width of 56.6 m of 1.95 g/t gold from a depth of 497.67 m;
Z5912 with an intersection width of 27.1 m of 2.33 g/t gold from a depth of 349.75 m;
ZKWX-3 with an intersection width of 50.6 m of 1.73 g/t gold from a depth of 0 m.
Sawayaerdun Gold Project Update
GobiMin has completed a program of 68 diamond drill holes at Sawayaerdun in northwest Xinjiang, China in October 2012 as scheduled for a total of 31,000 m. This drilling concentrated on in-filling the main mineralized structure at Zone IV to improve the reliability of the previously announced National Instrument 43-101 compliant mineral resource estimate. Further testing of the Zone I mineralization was also completed. All of the assays for this drilling campaign have now been received.
The Zone IV and Zone I structures are part of a series of sub-parallel shears that dip steeply, at approximately 70°, to the west along a structural corridor that strikes east-northeast within fine-grained Devonian clastic metasedimentary rocks. These metasedimentary rocks are composed of a turbidite sequence that has been altered to phyllite and becomes more carbonaceous in the proximity of the mineralized shears. The mineralized shear that hosts Zone IV is mapped over a strike length of about 6,500 m within GobiMin's tenements with drilling confirming the presence of gold mineralization over much of its length and to depth. Mapping along Zone I, which is sub-parallel and 1,200 m east of Zone IV, has shown that this mineralized structure continues over 3,200 m of strike length.
Table 1 shows significant intersections in Zone IV for the 2012 drill program and Table 2 shows the same for Zone I. Estimated true width ("ETW") has been calculated for each intersection.
|Table 1 Zone IV Significant Intersections for the 2012 Drill Program|
|Hole ID||From (m)||To (m)|| Length
|Au (g/t)|| Approx.
Dip of Zone
|Table 2 Zone I Significant Intersections for the 2012 Drill Program|
|Hole ID||From||To|| Core
|Au (g/t)|| Approx.
Dip of Zone
Sampling Methodology, Quality Control and Quality Assurance
Diamond drill core was sawn on site and samples were transported to the laboratory of the Brigade No. 2 of Xinjiang Bureau of Geology and Mineral Resources ("Brigade No. 2") located at Shanshan, Xinjiang. Samples were assayed by atomic absorption spectrometry ("AAS"). Five percent of the sample pulps were re-assayed by the laboratory of Bureau of Geology and Mineral Resources located in Urumqi, Xinjiang. Brigade No. 2 includes blank samples within the assay stream. GobiMin's geological consultant Roscoe Postle Associates Inc. ("RPA") examined the results of the duplicate assays and concluded that there is a close correlation in the results from the different laboratories. None of the blank samples indicated the presence of contamination between samples.
Prior to the property visit by RPA, GobiMin had sent 60 samples to the laboratory of SGS Ltd. in Tianjin, China for analysis using fire assay. The SGS Ltd. results show higher gold values than were obtained using AAS. RPA collected nine core duplicates and 20 pulp duplicates for analysis by SGS Ltd. in Tianjin. The results for the core duplicates collected by RPA were similar to the GobiMin results while the pulp duplicates yielded lower results similar to those obtained earlier by GobiMin. AAS is likely to give lower values than standard fire assay. RPA considers that GobiMin should examine whether the assay techniques being used are understating the amount of gold in the Sawayaerdun deposit.
Discussion of the Drilling Results
The results of the 2012 drilling demonstrate that the central part of the Zone IV mineralization is continuous along strike and to depth, that it is relatively wide, and that grades show good continuity. Drilling of the Zone I mineralization confirmed continuity.
Updated Mineral Resource Estimate
RPA is preparing a new mineral resource estimate for the Zone IV and Zone I mineralization. The results of this estimate will be available soon. A copy of the revised technical report will be available on SEDAR (www.sedar.com) and the website of the Company (www.gobimin.com) within 45 days of this press release.
The technical content of this release has been reviewed and approved by Neil N. Gow, B.Sc.(Hons.), P.Geo., RPA Associate Geologist, a Qualified Person as defined by National Instrument 43-101.
GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd. for the development of the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns a 40%-50% interest each in four other base metal joint ventures in Xinjiang and retains an 8% equity interest in the Yanxi Copper Property. In addition, GobiMin also holds a 48.02% equity interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality mining and exploration projects.
Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in development of mineral properties, the prospective mineralization of the properties, and planned exploration programs. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.
"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."
To receive GobiMin press releases by email, send a message to email@example.com and specify "GobiMin press releases" on the subject line.
SOURCE: GobiMin Inc.
For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500