Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company") is
pleased to announce the commencement of its Feasibility Study
(
"FS") field
program ("
2020 Field Program") for its K.Hill
manganese project in Botswana, with the appointment of a drilling
contractor, project management and geological services contractor
and their imminent mobilisation. The 2020 Field Program follows
Giyani's recent successful capital raising, which closed on
September 18, 2020.
2020 Field Program
Highlights:
- Infill drilling program intended to
upgrade existing resources to the Indicated category
- Geotechnical study to determine
geotechnical parameters for the open-pit mine design
- Geophysical study to assist with
greater definition of the resource estimation
Infill Drilling
The objective of the infill drilling program is
to upgrade the current inferred mineral resources at K.Hill, into
the indicated mineral resource category, from which a CIM Code
compliant reserve could then be estimated. The program will consist
of 90 holes and 2,700m of reverse circulation
("RC") drilling, as well as 9 holes and 250m of
diamond core ("DC") drilling.
The contract was awarded to Stewardship Drilling
("Stewardship"), a well-established drilling
contractor in Sub-Saharan Africa, with a vast portfolio of
experience having worked with Rio Tinto, De Beers, and the Paladin
Group. Stewardship is expected to have fully mobilised to site by
mid October, subject to the current COVID-19 regulations being
maintained in Botswana. The drilling contractor will be supported
by the Company’s project management and geological services
consulting company, Lambda Tau.
The map provided below in Figure 1 (below)
shows the planned locations of the twin verification holes in blue
triangles, the 50x50m RC grid in green triangles, the DC drilling
confirmation twin holes as red triangles and the location for the
trenches and channel chip sampling along 50m trenches as the red
lines. Samples from the RC drilling will be collected at 50cm
downhole intervals. Appropriate sample sizes will be split and
submitted for XRF analysis by Borate Fusion at SGS Laboratories in
Johannesburg, South Africa. In addition, samples from the RC
drilling as well as the core recovered from the DC drilling will be
provided to Tetra Tech for hydrometallurgical and comminution lab
testing.
Geotechnical & Geophysical
Studies
The geotechnical study will be led by SRK in
Cardiff, UK. Geotechnical sample data will be collected from the
drill core as well as outcrops of mineralisation. This data will
assist the geotechnical modelling of the deposit, slope stability
and the open pit mine design.
The geophysical study will use a low frequency
ground penetrating radar (“GPR”) method. The
survey aims to define with greater accuracy the resource
estimation.
Shares for
Drilling Services
Stewardship has entered into a drilling contract
with Giyani under which Giyani will partly pay the drilling costs
through the issue of common shares of the Company for 27% of the
contract total value.
The deemed price per share at which Giyani will
make the payment in shares will be at a discount of 25% to the last
closing price of the Giyani shares on the TSX Venture Exchange (the
"TSXV") on the trading day immediately prior to
Giyani's subsequent notification to the TSXV, which will occur
following invoicing under the contract. The shares will only be
issued following completion of the drilling contract.
The partial payment of shares remains subject to
acceptance by the TSXV. Common shares issued in connection
therewith will be subject to a statutory four-month hold period
from the date of issue.
Robin Birchall, CEO of
Giyani Metals Corp.
commented:
"The next step with our FS is to conduct in-fill
drilling in order to upgrade the current inferred mineral resource
to an indicated mineral resource. We have designed an operational
program that is both effective and economical, by taking advantage
of RC drilling where possible. This data will strengthen our
confidence of the optimum drilling interval across the K.Hill
deposit and additional geotechnical work will enable us to produce
an optimal pit-shell design.
I am very excited by the progress we are
undertaking in Botswana, especially with moving forward rapidly
with our operational program. With borders reopening in sub-Saharan
Africa, we plan to announce the next phases of the 2020 Field
Program in due course.”
Figure 1 accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f423ed39-a740-4b0b-a078-4e80f683556e
About Giyani
Giyani Metals Corp. is a mineral resource
company focused on the development of its K.Hill, Lobatse &
Otse manganese oxide projects in the Kanye Basin, Botswana, Africa.
The Company's flagship K.Hill project is a near-surface deposit
currently going through a feasibility study to produce high-purity
electrolytic manganese metal and manganese sulphate, both key
cathode ingredients for batteries in the expanding electric vehicle
(EV) market.
Additional information and corporate documents
may be found on www.sedar.com and on Giyani Metals Corp. Website:
https://giyanimetals.com/.
About Lambda
Tau
Lambda Tau is a South African based consulting
and contracting company offering geological services across
Southern Africa.
NI 43-101 Disclosures
Mr. Michael John Beare, BEng, CEng, MIOM of SRK
Consulting is the qualified person, as defined by National
Instrument 43-101, who has reviewed and approved the scientific and
technical content contained in this press release. Mr. Beare is
independent of the Company and visited the site in December
2019.
On behalf of the Board of Directors of
Giyani Metals Corp.
Robin Birchall, CEO
Contact:Giyani Metals CorporationRobin
BirchallCEO, Director+447711313019rbirchall@giyanimetals.com
Thomas HortonVP, Business Development
+447866913207thorton@giyanimetals.com
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
The securities described herein have not been
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly, may not be offered or sold to, or for the account
or benefit of, persons in the United States or "U.S. persons," as
such term is defined in Regulation S promulgated under the U.S.
Securities Act ("U.S. Persons"), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities to,
or for the account of benefit of, persons in the United States or
U.S. Persons.
Forward Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. All statements in this news release, other than
statements of historical fact, that address events or developments
that Giyani expects to occur, are "forward-looking statements".
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "does not expect", "plans", "anticipates", "does not
anticipate", "believes", "intends", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar
expressions, or that events or conditions "will", "would", "may",
"could", "should" or "might" occur. Specific forward-looking
statements and forward-looking information herein includes
completion of the 2020 field program, geotechnical study and
geophysical study; upgrading of inferred resources to higher
categories of confidence, and the completion of the FS.
All such forward-looking statements are based on
the opinions and estimates of the relevant management as of the
date such statements are made and are subject to certain
assumptions, important risk factors and uncertainties, many of
which are beyond Giyani's ability to control or predict.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements. In the case of Giyani, these facts include their
anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business
and other matters that may occur in the future. This information
relates to analyses and other information that is based on
expectations of future performance and planned work programs.
Forward-looking information is subject to a
variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ from those
expressed or implied by the forward-looking information, including,
without limitation: inherent exploration hazards and risks; risks
related to exploration and development of natural resource
properties; uncertainty in Giyani's ability to obtain funding;
commodity price fluctuations; recent market events and conditions;
risks related to the uncertainty of mineral resource calculations
and the inclusion of inferred mineral resources in economic
estimation; risks related to governmental regulations; risks
related to obtaining necessary licenses and permits; risks related
to their business being subject to environmental laws and
regulations; risks related to their mineral properties being
subject to prior unregistered agreements, transfers, or claims and
other defects in title; risks relating to competition from larger
companies with greater financial and technical resources; risks
relating to the inability to meet financial obligations under
agreements to which they are a party; ability to recruit and retain
qualified personnel; and risks related to their directors and
officers becoming associated with other natural resource companies
which may give rise to conflicts of interests. This list is not
exhaustive of the factors that may affect Giyani's forward-looking
information. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking information or statements.
Giyani's forward-looking information is based on
the reasonable beliefs, expectations and opinions of their
respective management on the date the statements are made, and
Giyani does not assume any obligation to update forward looking
information if circumstances or management's beliefs, expectations
or opinions change, except as required by law. For the reasons set
forth above, investors should not place undue reliance on
forward-looking information. For a complete discussion with respect
to Giyani and risks associated with forward-looking information and
forward-looking statements, please refer to Giyani's financial
statements and related MD&A, all of which are filed on SEDAR at
www.sedar.com.
GIYANI METALS CORP.1155
North Service Road West, Unit 11Oakville, Ontario
L6M 3E3T:
289-291-4032www.giyanimetals.com
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