Georgian Mining raises $7m for copper/gold exploration
JOHANNESBURG (miningweekly.com) – Aim-listed copper and gold developer Georgian Mining has raised $7-million in an oversubscribed placing to expand the resource at its Kvemo Bonisi (KB) project in Georgia.
The project, located on the Tethyan belt, which is host to multiple high grade copper/gold deposits and producing mines in Turkey, Armenia, Serbia and Georgia, has an existing resource estimate of 2.22-million tonnes at 0.8% copper and 0.1 g/t gold.
The company believes KB has the potential to host one large epithermal copper/gold deposit and a three-phase resource development programme is under way to reach the company's 50-million-tonne exploration target for KB, which is just one of 14 target areas identified within the company's 860 km2 licence area.
A 10 000 m drilling programme is under way with the aim of achieving a resource target of three-million to five-million tonnes this year.
In tandem with its resource development work, Georgian Mining is also working to deliver proof-of-concept copper and gold production using the processing infrastructure of its joint venture partner, RMG. RMG’s producing mine has excess capacity and the infrastructure is located in close proximity to KB.
“The second half of 2017 is set to be very active with work on both an upgraded resource and proof-of-concept production on track to be delivered this year. This, we believe, will put the company on the map as a significant Tethyan belt play, Georgian Mining MD Greg Kuenzel commented in a statement.
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