Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company"),
developer of the K.Hill manganese oxide project (“
K.Hill
Project”) in Botswana, is pleased to provide an update on
its exploration programs at the southern extension of its K.Hill
Project (“
K.Hill Extension”), the Otse manganese
prospect (“
Otse”) and Lobatse manganese prospect
(“
Lobatse”).
Highlights
- Commencement of
a diamond drilling (“DD”) program to verify the
characteristics of the newly discovered mineralized horizon at
K.Hill Extension, announced on August 19, 2021.
- Geological
database from previous reverse circulation (“RC”)
drilling shared with SRK Consulting (“SRK”) to
commence block modelling for calculation of resources at K.Hill
Extension.
- Commencement of
RC drilling at Otse prospect following completion of Induced
Polarization (“IP”) survey.
- Completion of
mapping of historical workings at Lobatse to facilitate the next
phase of exploration.
K.Hill Extension
Exploration
Following assessment of the initial RC drilling
data received from the discovery of the new mineralized horizon at
K.Hill Extension, the extent of which exceeded the Company’s
expectations, a new three-hole DD campaign consisting of
approximately 300 metres is underway. The program will aim to
intersect the new mineralized horizon and will assist in
determining the orientation and structure of the orebody as well as
the nature of mineralization. The core recovered from the diamond
drilling will also allow for accurate determination of density as
well as provide sample material for hydrometallurgical and
comminution test work. Drilling has commenced and is expected to
take approximately four weeks to complete.
Geologic data from the completed RC campaign at
K.Hill Extension has already been submitted to SRK for processing
and construction of the geological model. Information from the DD
campaign will also assist SRK in verification of the model and
representation of the ore body in future resource estimation. Any
resource estimated for K.Hill Extension will be in addition to the
indicated and inferred categories independently calculated by SRK
in their recent updated Mineral Resource Estimate
(“MRE”) for the K.Hill Project and reported on
September 2, 2021.
Otse Exploration
A planned RC drilling campaign of approximately
3,000 metres over certain priority targets has commenced at Otse
and is expected to be completed within two months. The initial
holes will focus around areas surrounding the historical pits from
when Otse was subject to small-scale mining.
The drill locations have been selected to target
various anomalies identified by the IP survey, which has shown
excellent correlation to previous mapping and sampling conducted
over Otse indicating high grade mineralization. Following
completion of drilling, it is expected that a maiden resource will
be determined for Otse.
Otse is located approximately 40 kilometres east
of the K.Hill Project and within two kilometres of the main A1
highway. Any future production from Otse may be shipped to the
processing plant being designed for the K.Hill Project under the
Feasibility Study (“FS”).
Lobatse
Reconnaissance mapping aimed at identifying and
recording the positions of all the entrances to historical
underground workings has been completed. The next phase of
exploration will consist of an underground survey which will allow
Giyani to construct a 3-D model of the historical mining activity.
This model will assist future exploration efforts in avoiding mined
areas, as well as being able to estimate accurately any future
resource or reserve model. The planned underground survey is
currently out to tender.
The Lobatse prospect is located around 50
kilometres from the K.Hill Project and has similar mineralogy along
a strike length of two kilometres.
Robin Birchall, CEO of the Company,
commented:
“Our multiple
exploration programs remain on track to deliver significant
additional value to our existing resource for the K.Hill Project.
The updated Preliminary Economic Assessment
(“PEA”) for the K.Hill Project, which was
announced on April 12, 2021, was based on the previous inferred
resource of 1.7 million tonnes. Since then, we have upgraded 1.6
million tonnes to indicated resources and added a further 1.4
million tonnes in inferred.
With an estimated
post-tax net present value (“NPV”) of USD332
million and internal rate of return (“IRR”) of
80%, the K.Hill Project is already a highly attractive mining
project in one of the most mining friendly jurisdictions in Africa.
K.Hill Extension and Otse are showing the potential to increase the
updated resource base significantly and we have yet to assess
Lobatse. The transformative additional scale offered by our
exploration prospects could make our Botswana operations of far
greater value as we continue to build the resource base.”
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 PEA
announced on April 12, 2021 with a post-tax NPV of USD332 million
and post-tax IRR of 80%, based on a current development plan to
produce around 0.89 Mt of high-purity manganese sulphate
monohydrate over a 10 year project life. The PEA did not include
any production from K.Hill Extension or the Otse or Lobatse
prospects.
Additional information and corporate documents
may be found on www.sedar.com and on Giyani Metals Corp. website at
https://giyanimetals.com/.
Qualified Persons / 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
George DonneVP
Business Development+44 7866 591 897gdonne@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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