TSX-V: GMN
TORONTO, Jan. 20, 2012 /CNW/ - (TSXV:GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce assay results for the remaining 69 diamond drill holes received from its 92 holes diamond drilling program at the Sawayaerdun Gold Project. The results of the previous 23 holes were released on November 17, 2011.
Highlights of the current release include the following intersections from Zone IV:
ZK0003 with an intersection width of 40.3 m of 1.99 g/t gold from a depth of 30.5 m;
ZK1506 with an intersection width of 56.61 m of 1.70 g/t gold from a depth of 264.9 m;
ZK2304 with an intersection width of 33.2 m of 2.32 g/t gold from a depth of 89.4 m;
ZK3904 with an intersection width of 59.9 m of 2.08 g/t gold from a depth of 181.5 m;
ZK4305 with an intersection width of 25.5 m of 2.63 g/t gold from a depth of 122.4 m.
ZKWX-1 with an intersection width of 36.9 m of 3.87 g/t gold from surface.
Sawayaerdun Gold Project Update
The Company had completed its 92 diamond drill holes program at Sawayaerdun in the northwest of Xinjiang, China as scheduled during October 2011 for a total of 31,685.23 m. This drilling concentrated on in-filling and extending the main mineralized structure at Zone IV to improve the reliability of the previously announced NI 43-101 compliant resource estimate and increasing the resources. Another mineralised structure at Zone I approximately parallel and located 1,200 m to the east of Zone IV was also tested. All assay results from this drilling program have now been received.
The next drilling program at Sawayaerdun, to further infill and extend the drilling at Zone IV and to test other mineralized structures in the Company's tenements, is planned to commence in April 2012. Preparations in support of an updated resource estimate for Zone IV is well underway and this updated resource and an initial resource estimate for Zone I is expected during February 2012.
Sawayaerdun Geology
The Zone IV and Zone I structures are part of a series of sub-parallel shears that dip steeply, approximately 70 degrees, to the west following a structural corridor that strikes east-northeast within fine grained Devonian clastic metasediments. These metasediments are composed of a turbidite sequence that has been altered to phyllites becoming more carbonaceous in the proximity of the mineralized shears. The mineralized shear making up Zone IV is mapped over a strike length of over 6,500 m within GobiMin's tenements with drilling confirming that this structure is mineralized along the whole of this strike length and at depth. Mapping along Zone I, which is sub-parallel and 1,200 m east of Zone IV, has shown that this mineralized structure continues over 3,200 m of strike length.
The most significant intersections, greater than 5.0 Gm*metres, from this batch of 69 drill holes, bulked at a lower cut-off of 0.5 grams/tonne gold are included in Table 1 below.
Table 1. Significant drill holes intersections received from the last 69 diamond drill holes from the 2011 drilling program
| Hole ID | From | To | Metres | Approx Intersection Dip |
Approx True Width(1) |
Average g/t Au |
Gm*m(2) | Zone |
| IZK0807 | 103.50 | 111.85 | 8.35 | -73.80 | 3.69 | 1.60 | 5.91 | I |
| IZK0820 | 251.00 | 259.60 | 8.60 | -72.90 | 3.92 | 1.54 | 6.02 | I |
| IZK2408 | 236.20 | 250.50 | 14.30 | -75.50 | 5.93 | 1.16 | 6.89 | I |
| ZK0003 | 30.50 | 70.80 | 40.30 | -64.00 | 23.69 | 1.99 | 47.06 | IV |
| ZK0304 | 528.70 | 537.70 | 9.00 | -77.40 | 3.46 | 8.66 | 29.96 | IV |
| ZK0307 | 92.70 | 115.20 | 22.50 | -56.10 | 15.60 | 1.48 | 23.17 | IV |
| ZK0307 | 130.10 | 138.55 | 8.45 | -55.80 | 5.89 | 1.19 | 6.98 | IV |
| ZK0309 | 186.40 | 232.90 | 46.50 | -79.70 | 16.13 | 2.10 | 33.90 | IV |
| ZK0703 | 71.30 | 82.60 | 11.30 | -80.70 | 3.73 | 1.70 | 6.36 | IV |
| ZK0703 | 95.60 | 117.70 | 22.10 | -80.70 | 7.30 | 1.17 | 8.52 | IV |
| ZK0703 | 138.20 | 141.20 | 3.00 | -80.60 | 1.00 | 5.70 | 5.68 | IV |
| ZK0706 | 128.50 | 162.40 | 33.90 | -66.50 | 18.71 | 1.63 | 30.59 | IV |
| ZK0707 | 193.45 | 204.45 | 11.00 | -72.90 | 5.01 | 1.13 | 5.65 | IV |
| ZK0707 | 212.45 | 223.45 | 11.00 | -72.90 | 5.01 | 1.21 | 6.05 | IV |
| ZK0707 | 334.45 | 342.45 | 8.00 | -71.40 | 3.83 | 1.74 | 6.65 | IV |
| ZK10001 | 219.73 | 267.20 | 47.47 | -75.20 | 19.91 | 1.52 | 30.32 | IV |
| ZK10805 | 318.86 | 341.50 | 22.64 | -71.60 | 10.77 | 1.54 | 16.55 | IV |
| ZK1104 | 120.80 | 152.50 | 31.70 | -72.10 | 14.83 | 1.08 | 15.95 | IV |
| ZK1117 | 561.40 | 576.40 | 15.00 | -76.80 | 5.91 | 1.38 | 8.18 | IV |
| ZK11602 | 275.60 | 319.80 | 44.20 | -71.10 | 21.36 | 1.28 | 27.26 | IV |
| ZK11603 | 358.53 | 417.93 | 59.40 | -75.50 | 24.63 | 1.09 | 26.94 | IV |
| ZK1504 | 94.70 | 111.60 | 16.90 | -84.50 | 4.52 | 4.43 | 20.01 | IV |
| ZK1504 | 140.50 | 193.70 | 53.20 | -83.40 | 15.20 | 1.73 | 26.25 | IV |
| ZK1504 | 204.70 | 213.70 | 9.00 | -82.90 | 2.65 | 3.20 | 8.47 | IV |
| ZK1504 | 220.70 | 268.60 | 47.90 | -82.90 | 14.08 | 2.67 | 37.54 | IV |
| ZK1506 | 236.24 | 240.90 | 4.66 | -71.60 | 2.22 | 2.40 | 5.33 | IV |
| ZK1506 | 264.90 | 321.51 | 56.61 | -70.50 | 27.88 | 1.70 | 47.45 | IV |
| ZK1601 | 62.55 | 72.55 | 10.00 | -68.00 | 5.30 | 1.27 | 6.74 | IV |
| ZK1902 | 63.20 | 81.50 | 18.30 | -64.50 | 10.63 | 3.16 | 33.58 | IV |
| ZK1902 | 83.50 | 92.50 | 9.00 | -63.70 | 5.33 | 0.94 | 5.01 | IV |
| ZK1902 | 113.80 | 140.50 | 26.70 | -63.70 | 15.81 | 0.95 | 15.05 | IV |
| ZK2302 | 54.60 | 64.45 | 9.85 | -54.20 | 7.06 | 0.75 | 5.28 | IV |
| ZK2302 | 71.45 | 99.25 | 27.80 | -54.20 | 19.93 | 1.82 | 36.34 | IV |
| ZK2304 | 35.80 | 73.40 | 37.60 | -65.50 | 21.30 | 1.15 | 24.41 | IV |
| ZK2304 | 89.40 | 122.60 | 33.20 | -64.20 | 19.42 | 2.32 | 45.08 | IV |
| ZK3101 | 41.70 | 75.80 | 34.10 | -71.20 | 16.43 | 2.26 | 37.18 | IV |
| ZK3102 | 45.90 | 73.90 | 28.00 | -89.70 | 5.01 | 2.61 | 13.05 | IV |
| ZK3102 | 172.40 | 212.00 | 39.60 | -88.00 | 8.23 | 1.91 | 15.72 | IV |
| ZK3107 | 132.00 | 147.00 | 15.00 | -68.10 | 7.93 | 1.32 | 10.45 | IV |
| ZK3107 | 167.00 | 182.00 | 15.00 | -67.50 | 8.06 | 1.30 | 10.48 | IV |
| ZK3107 | 203.80 | 219.80 | 16.00 | -67.50 | 8.60 | 2.11 | 18.14 | IV |
| ZK3507 | 129.00 | 155.50 | 26.50 | -79.80 | 9.15 | 1.24 | 11.36 | IV |
| ZK3509 | 167.50 | 193.50 | 26.00 | -74.70 | 11.11 | 1.81 | 20.16 | IV |
| ZK3601 | 231.74 | 254.74 | 23.00 | -82.90 | 6.76 | 1.08 | 7.34 | IV |
| ZK3602 | 380.14 | 413.55 | 33.41 | -83.20 | 9.66 | 1.47 | 14.17 | IV |
| ZK3902 | 95.40 | 111.40 | 16.00 | -78.00 | 5.99 | 2.77 | 16.61 | IV |
| ZK3904 | 104.10 | 135.10 | 31.00 | -68.70 | 16.11 | 1.80 | 28.97 | IV |
| ZK3904 | 146.00 | 163.40 | 17.40 | -67.80 | 9.27 | 1.83 | 17.01 | IV |
| ZK3907 | 157.50 | 171.50 | 14.00 | -79.20 | 4.97 | 1.14 | 5.66 | IV |
| ZK3907 | 181.50 | 241.40 | 59.90 | -78.30 | 22.15 | 2.08 | 46.00 | IV |
| ZK4305 | 122.40 | 147.90 | 25.50 | -60.10 | 16.36 | 2.63 | 43.02 | IV |
| ZK4306 | 167.60 | 173.60 | 6.00 | -70.10 | 2.99 | 3.37 | 10.09 | IV |
| ZK4310 | 243.90 | 261.79 | 17.89 | -67.60 | 9.59 | 1.56 | 14.98 | IV |
| ZK4705 | 204.80 | 219.12 | 14.32 | -72.10 | 6.70 | 0.96 | 6.40 | IV |
| ZK5107 | 267.00 | 278.00 | 11.00 | -74.00 | 4.82 | 3.06 | 14.74 | IV |
| ZK6703 | 402.41 | 416.37 | 13.96 | -79.70 | 4.84 | 1.06 | 5.12 | IV |
| ZK7503 | 215.79 | 242.85 | 27.06 | -79.20 | 9.61 | 1.92 | 18.49 | IV |
| ZK7504 | 358.40 | 384.90 | 26.50 | -78.20 | 9.84 | 0.92 | 9.02 | IV |
| ZK8301 | 184.00 | 196.20 | 12.20 | -72.20 | 5.69 | 0.94 | 5.33 | IV |
| ZK8305 | 367.00 | 384.00 | 17.00 | -78.50 | 6.23 | 1.91 | 11.90 | IV |
| ZK8305 | 390.00 | 420.70 | 30.70 | -77.90 | 11.55 | 1.18 | 13.64 | IV |
| ZK8402 | 461.64 | 481.60 | 19.96 | -72.50 | 9.22 | 1.16 | 10.71 | IV |
| ZK9201 | 171.84 | 182.40 | 10.56 | -72.80 | 4.83 | 1.50 | 7.24 | IV |
| ZKWX-1 | 0.00 | 36.90 | 36.90 | -84.50 | 9.86 | 3.87 | 38.13 | IV |
| ZKWX-2 | 6.00 | 39.90 | 33.90 | -79.60 | 11.82 | 1.93 | 22.82 | IV |
| Total | 1,537.79 | Length Weighted Average | 1.82 | 23.71 | ||||
| Intervals >10.0 g/t Au(3) | |||||||||
| Hole ID | From | To | Metres | Approx Intersection Dip |
Approx True Width(1) |
Average g/t Au |
Gm*m(2) | Zone | |
| ZK0003 | 34.80 | 35.80 | 1.00 | -64.00 | 0.59 | 10.94 | 6.43 | IV | |
| ZK0304 | 533.90 | 534.90 | 1.00 | -85.00 | 0.26 | 63.88 | 16.53 | IV | |
| ZK0703 | 140.20 | 141.20 | 1.00 | -81.00 | 0.33 | 15.92 | 5.18 | IV | |
| ZK1504 | 106.60 | 107.60 | 1.00 | -86.00 | 0.24 | 11.80 | 2.85 | IV | |
| ZK1504 | 101.70 | 102.60 | 0.90 | -86.00 | 0.22 | 10.84 | 2.36 | IV | |
| ZK1504 | 206.70 | 207.70 | 1.00 | -86.00 | 0.24 | 10.06 | 2.43 | IV | |
| ZKWX-1 | 19.00 | 20.00 | 1.00 | -85.00 | 0.26 | 13.71 | 3.55 | IV | |
| ZKWX-1 | 24.00 | 25.00 | 1.00 | -85.00 | 0.26 | 11.22 | 2.90 | IV | |
| ZKWX-1 | 25.00 | 26.00 | 1.00 | -85.00 | 0.26 | 11.20 | 2.90 | IV | |
| Note: | (1) Approximate True Width assumes dip of mineralisation to be 70 degrees west. |
| (2) Results where g/t x m is less than 5.0 are not reported in this table. No high grades were cut when calculating average grades. | |
| (3) These intervals are included uncut in the significant intersections tabulated above. | |
The assay results obtained from this drilling confirm the earlier resource estimates and extend these resources both at depth and along strike. The maps at the end of this press release show the location of these holes relative to the previous holes.
Sampling Methodology, Quality Control and Assurance
The drill samples were assayed for gold by the Geophysical and Geochemical Exploration Team of Xinjiang Geology Bureau laboratory in Urumqi, Xinjiang, China using the activated carbon absorption of dissolved gold in aqua regia after roasting technique.
A program of QA/QC sampling and assays was instituted by the Company's geological staff to determine the quality of all the current and previous assay results obtained to date. This QA/QC program involved re-assaying 40 representative pulp samples, collected from the Urumqi laboratory from drilling completed over the last two years, at Genalysis Laboratory Services ("Genalysis"), an independent laboratory in Perth, Australia. The correlation coefficient for the laboratory in Urumqi versus Genalysis fire assays was 0.9900. This high value indicates that the Urumqi analyses correspond extremely well with the fire assays at Genalysis.
The Xinjiang Geology Bureau laboratory included duplicate assays of five percent (i.e. one sample in twenty) of the samples assayed along with inserting regular standard solutions as part of their standard QA/QC procedures.
Discussion of the drilling results
The in-fill drilling results confirm that the gold mineralization is continuous along strike in the previously drilled Zone IV and also at the newly pattern drilled Zone I.
The latest drilling from the 2011 drilling program will be used estimate new resources along strike and at depth in Zone IV and initial resources at Zone I and allow conversion of some of the previous resource estimates at Zone IV to higher categories. It is expected that these new resource estimates will be completed during February 2012.
Current Sawayaerdun Resource
A NI 43-101 compliant resource estimate for Zone IV at Sawayaerdun was announced earlier by GobiMin on March 21, 2011. At a lower grade threshold of 0.5 grams/tonne gold, the Zone IV resource was estimated to contain Indicated resources of 34 million tonnes with an average grade of 1.3 grams/tonne gold and an additional Inferred Resources of 13.5 million tonnes with an average grade of 1.0 grams/tonne gold. No estimate was made of any Zone I resources.
The technical content of this news release has been reviewed and approved by Philip Jones, B App Sc, AusIMM, AIG, the Company's consultant geologist and a Qualified Person as defined by the NI 43-101.
About GobiMin
As at December 31, 2011, GobiMin had approximately USD 62.7 million (CAD 63.8 million) in cash and cash equivalent, which represents approximately USD1.00 (CAD 1.02) per share based on the total issued capital of 62,596,296 shares.
GobiMin owns an indirect equity interest of 70% in Xinjiang Tongyuan Minerals Ltd. for the development of the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns a 40%-50% interest each in four other base metal joint ventures in Xinjiang and an 8% equity interest in the Yanxi Copper Deposit. In addition, the Company also holds a 49% equity interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality mining and exploration projects.
Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. The readers are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in development of mineral properties, the prospective mineralization of the properties, and planned exploration programs. The readers should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
To receive GobiMin press releases by email, send a message to [email protected] and specify "GobiMin press releases" on the subject line.
PDF with caption: "GobiMin Inc.". PDF available at: http://stream1.newswire.ca/media/2012/01/20/20120120_C5624_DOC_EN_9066.pdf
| Felipe Tan, Chief Executive Officer |
| Tel: (852) 3586-6500 |
| Email: [email protected] |
Share this article