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 announce an update on
its exploration program at the southern extension of its K.Hill
Project (“
K.Hill Extension”) and the filing of an
NI 43-101 technical report for the K.Hill Project, including an
updated mineral resource estimate (“
MRE”).
Highlights
- Completion of a
three-hole diamond drilling (“DD”) program to
verify the characteristics of the newly discovered mineralized
horizon at the K.Hill Extension prior to resource estimation.
- Filing on SEDAR
of the technical report for the K.Hill Project and updated MRE
announced on September 2, 2021, prepared by SRK Consulting
(“SRK”).
Following the
discovery of the new mineralized horizon at the K.Hill Extension,
the Company commenced a three-hole DD program with the objective of
confirming the style of mineralization as well as the orientation
and the structure of the orebody. The program was completed on
October 12, 2021, with a total of 260m drilled with PQ-sized
core.
Geological logging has
confirmed that the mineralization style is that of a manganiferous
shale, similar to that of the B-Horizon intersected at the main
K.Hill ore body approximately 500m to the north. This manganiferous
shale horizon confirms that the stratiform type orebody delineated
at K.Hill extends towards the south.
Notable intersections
are as follows:
Hole ID:
DDKH21_029Hole Final depth: 84.7mManganese oxide
(“MnO”) mineralization with interbedded waste rock
units: 40m to 78.5m
Hole ID:
DDKH21_030Hole Final depth: 72.7mMnO mineralization with
interbedded waste rock units: 27m to 69m
Hole ID:
DDKH21_031Hole Final depth: 102.7mMnO mineralization with
interbedded waste rock units: 57m to 99m
Samples were collected at 0.5m intervals and
sample prep is underway. Upon completion, they will be submitted to
SGS Laboratories in Randfontein, Johannesburg for x-ray
fluorescence (XRF) analysis. Furthermore, metallurgical test work
will be undertaken by Mintek in South Africa on samples taken from
the K.Hill Extension prior to release of maiden resources, which
are expected in the near future.
Following an update to its MRE on the K.Hill
Project prepared by SRK, the Company has filed an accompanying
technical report, which can be found on www.sedar.com and on
Giyani’s website at https://giyanimetals.com. The updated MRE
includes Indicated Mineral Resources of 1.6 million tonnes
(“Mt”) and Inferred Mineral Resources of 1.4 Mt.
The accompanying technical report does not include updated
economics for the K.Hill Project or any additional resources from
the K.Hill Extension.
Robin Birchall, CEO of the Company,
commented:
“As we complete
another phase in our exploration of the K.Hill Extension, we are
enhancing our understanding of the potential of just one of our
three Botswana manganese prospects. Our previously updated
Preliminary Economic Assessment (“PEA”) for the
K.Hill Project does not reflect the expanded mineral resource base
and we are in discussions with SRK to prepare a revised report to
include the new MRE numbers. The economics of the K.Hill Project
are already highly attractive, but we expect that they will
continue to increase in value as the resource grows.
While our resource
expands, interest in our projects intensifies as current and
prospective consumers of high purity manganese sulphate monohydrate
(“HPMSM”) seek to secure supply of a key /
critical component of the battery of an electric vehicle
(“EV”). Our objective is to be a low carbon,
sustainable and responsible producer of HPMSM to the battery market
and we expect this will make us a preferred supplier for major
automobile OEMs, including EV makers.”
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, all
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 the B Horizon, the 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 8818jwebster@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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