Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company"),
developer of the K.Hill manganese project (“
K.Hill
Project”) in Botswana, is pleased to provide an update on
its exploration programs at the K.Hill Project as part of its
feasibility study (“
FS”) work, as well as ongoing
exploration at its southern extension (“
K.Hill
Extension”) and the Otse manganese prospect
(“
Otse”).
Highlights
- K.Hill Project
FS infill drill program has resulted in the discovery of a new
mineralized horizon (“B Horizon”) located below
the main ore body, which is being assessed for inclusion into the
upcoming mineral resource and reserve statement.
- The revised
K.Hill Extension drill program completed 26 reverse circulation
(“RC”) drill holes for a total of 1,803m. This
program has also intersected a significant new mineralized horizon,
which will be further explored with follow-up diamond
drilling.
- The induced polarization
(“IP”) survey at Otse has identified several
geophysical anomalies, which will define target locations for a
3,000m drilling campaign, which will commence shortly.
K.Hill Project FS Infill
Drilling
Results from the K.Hill Project FS infill
drilling program, designed to upgrade the current inferred mineral
resource to an indicated mineral resource and mineral reserve
status, has confirmed the discovery of a new mineralized horizon,
named the B Horizon. The B Horizon has not been included in any
previous resource estimates for K.Hill Project and the Company is
analysing the data with its technical consultants with respect to
its inclusion into the upcoming resource and reserve statement for
the K.Hill Project.
K.Hill Extension
Exploration
To the south of the K.Hill Project deposit, 26
RC exploration holes have been provisionally completed, subject to
deepening of two holes which initially finished in mineralized
shale. The program was revised from the planned 32 RC holes as
evidence obtained from drill locations early in the program
identified footwall units, allowing the team to discard some of the
planned locations and to drill other more prospective areas. This
campaign is part of a step-out program targeting a southwards
continuation of the K.Hill Project gravity signature defined in
earlier geophysical surveying. A total of 383 drill samples have
been shipped to SGS for assaying thus far, which is currently
expected to be completed by the end of the third quarter of 2021.
Another batch of samples is currently being prepared and will be
shipped to SGS in August 2021.
The drilling revealed a new mineralized horizon,
which seems to be similar in character to the Otse deposit.
Approximately 30m and 35m of visual, medium to high grade
mineralization was intersected at approximately 30m and 25m depths,
in holes RCKH21_110 and RCKH21_115, respectively. Such significant
mineralization was not expected at these depths and so the Company
will undertake a two-hole diamond drilling program to confirm the
orientation and structure of the orebody.
The existing drilling contractors will remain on
site to undertake the new program, which is expected to take around
four weeks and to be completed during the fourth quarter 2021.
Otse
The IP survey was conducted over an area of
approximately 50 hectares, focusing on two areas surrounding
historical pits in the southern portion of the prospect. The
survey’s objective was to detect manganese oxide mineralization
below overburden material and define drill targets, following prior
geophysical surveys highlighting several anomalies indicating
potential mineralization.
The field work for the survey has been completed
and the consultant will deliver the results and accompanying report
at the end of the third quarter 2021. Initial results show IP
anomalies clearly corresponding to high grade mineralization.
Targets identified will be followed up with a drilling campaign of
around 3,000m, to commence in the fourth quarter 2021.
Otse is located approximately 40km east of the
K.Hill Project.
Robin Birchall, CEO of the Company,
commented:
“The exploration work
at the K.Hill Project, the K.Hill Extension and Otse has exceeded
our early expectations. The discovery of the B Horizon at K.Hill
Project, and the newly identified mineralized horizon at the K.Hill
Extension have the potential to add material tonnage to our
existing resource base of 1.7 million tonnes for the wider K.Hill
Project, increasing project life and ultimately enhancing the
NPV.
At the K.Hill Project,
the B Horizon has been identified below the existing deposit and
work has commenced to estimate size and grade. No resources for the
B Horizon have been included in our estimations for the K.Hill
deposit to date.
Meanwhile, our
drilling campaign at the K.Hill Extension, south of the main
orebody, has confirmed the discovery of a significant new
mineralized structure, which is bigger and thicker than
anticipated. The K.Hill Extension is also not currently included in
the existing K.Hill Project resource or the FS. If confirmed, this
could also be a material addition to the resources previously
discussed in our PEA, along with the B Horizon.
Furthermore, the Otse
project, 40km to the east of the K.Hill Project, continues to look
exciting and we hope the upcoming drilling campaign will confirm a
material new resource, any production from which could be trucked
to our proposed K.Hill Project processing plant.”
About Giyani
Giyani is a mineral resource company focused on
becoming one of Africa’s first low-carbon producers of high-purity
electrolytic manganese precursor materials, used by battery
manufacturers for the expanding electric vehicle market, through
the advancement of its manganese assets in the Kanye Basin in
south-eastern Botswana, (the “Kanye Basin
Prospects”) through its wholly-owned Botswana subsidiary
Menzi Battery (Pty) Limited. The Company’s Kanye Basin Prospects
consist of 10 prospecting licenses and include the past producing
Kgwakgwe Hill mine and project, referred to as the K.Hill Project,
the Otse manganese prospect and the Lobatse manganese prospect,
both of which have seen historical mining activities.
The Company is currently undertaking a
feasibility study on the K.Hill Project, following an updated
preliminary assessment report announced on 12 April 2021 with a
post-tax NPV of USD332 million and post-tax IRR of 80%, based on a
development plan to produce around 891,000 tonnes of high-purity
manganese sulphate monohydrate over a 10 year project life.
Additional information and corporate documents
may be found on www.sedar.com and on Giyani Metals Corp. website at
https://giyanimetals.com/.
NI 43-101 Disclosures
Mr. Luhann Theron,
MSc., Pr.Sci.Nat. 400184/15, of Lambda Tau is registered with the
SACNASP. Mr. Theron is currently at site and is a qualified person,
as defined by National Instrument 43-101. Mr. Theron is the Chief
Geologist for the Company and has reviewed and approved the
scientific and technical content contained in this press release
but is not independent for the purposes of NI 43-101.
About Lambda Tau
Lambda Tau Botswana is a locally based
geological services and exploration consulting services provider,
offering services across Southern Africa. For more information
visit https://www.lambdatau.co.za
On behalf of the Board of Directors of Giyani
Metals Corp.
Robin Birchall, CEO
Contact:
Robin Birchall CEO, Director+44 7711
313019rbirchall@giyanimetals.com
Judith
WebsterCorporate Secretary and Investor Relations+1 416 453 8818
jwebster@giyanimetals.com
Neither the TSX Venture Exchange (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 receipt of TSXV approval for the private placement
and completion of the private placement.
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 in how the world-wide economic and social impact
of COVID-19 is managed; 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 Annual
Information Form, all of which are filed on SEDAR at
www.sedar.com.
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