OAKVILLE, ON, Oct. 17, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold") announces that five different gold settings including four new zones have been encountered by the drilling completed to date on the Klein Letaba-Frankie property near Giyani, Limpopo, South Africa. The Klein Letaba-Frankie property is contained within the Giyani greenstone belt which is Archean in age, and is similar to greenstone belts found in Northern Ontario.
Giyani Gold's Hole KL12-01 which encountered a 15.1 m silicified zone containing high grade gold values (see release dated September 7, 2012) of 13.162 g/tonne gold over 15.1m, including 10.215 g/tonne over 2.33 m, and 28.827 g/tonne over 3.67 m, and 18.167 g/tonne over 3.0 m (uncut) is now understood by management to be a new extension of the No. 9 vein system at the west margin of the historic Klein Letaba Mine, and may be a new lense belonging to the No. 9 vein structure.
The drilling of Hole KL12-02 which was collared 50m west and 100m north of Hole KL12-01 on line 200 W intersected a narrow sulphide bearing shear zone with associated quartz and sericite mica. This shear zone is now understood to be part of the "Middle Zone" gold structure that parallels both the Klein Letaba and Frankie trends. Based on results from Giyani Gold's drilling program, this shear was cut by Holes KL12-06 on Line 900W, KL12-05 on Line 1000W, and KL12-08 on Line 300E giving it a length of 1300m, which is open on strike. This shear zone is believed to pinch and swell in thickness and is similar in structural nature to the Klein Letaba trend, however it also has similar features to the Thomson Bousquet mine series found near Val d'Or, Quebec.
On the west end of the Klein Letaba trend, Hole KL12-06 encountered a 31 m fractured quartz zone that appears to be related to the Klein Letaba trend style of mineralization. Adjacent to the quartz zone is a wide altered volcanic zone with disseminated sulphides, which is different in mineralization to Klein Letaba. Large masses of quartz were lead indicators to the development of the Dome Mine in Timmins in 1909. This new find is located 900m west of the No. 2 (main) shaft at the historic Klein Letaba mine.
Management intends to trace the plunge and the extent of quartz mineralization within this zone in the next phase of its drilling program.
The Frankie trend is associated with a 2.2 km long IP-Magnetic anomaly. Giyani Gold's drilling program on the Frankie trend has completed six holes which intersected oxide iron formation and chert sulphide zones which are known to host gold mineralization in this setting (based on historic mine records). In addition, quartz-eye-feldspar porphyry has been encountered which makes the Frankie Mine setting similar to the Geralton-Beardmore Camp in northern Ontario (4.0 million ounce gold historical production).
Giyani Gold also intersected another parallel chert sulphide zone along the northern edge of the Frankie trend, which is a new discovery on the Klein Letaba-Frankie property. This chert sulphide zone has been traced 1300m by IP going west from the Frankie mine pit. Drilling has tested a 650m length of the 2.2 km Frankie trend and additional drill holes are planned.
Detailed historical data has recently been released to Giyani Gold that identifies the exact location of underground workings, stopes, raises, and levels within the historic Klein Letaba Mine, including locations of the veins that were mined. This new data has helped management to determine the position of the zone that has been intersected by Hole KL12-01. The deepening of Hole KL12-01 and Hole KL12-04 may be required to locate other veins that occur further south of the No. 9 vein structure. In addition Giyani Gold recently began drilling HoleKL12-14 to test the up dip part of the zone intersected in Hole KL12-01. At the time of writing this report, the drill at KL12-14 has intersected similar silicified material found in Hole KL12-01, located 20m up dip from Hole KL12-01 (See map of completed drill holes and mineralization trends on Giyani Gold's Website - www.giyanigold.com)
Prior to releasing the assay results associated with Giyani Gold's drilling, a program of rechecking and verification of all assays is being conducted under the direction of Robert S. Middleton P. Eng.
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 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]