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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation