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Drilling is intended to upgrade K.Hill Project Resources to the Indicated Category
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.”
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 Corporation
Robin Birchall
CEO, Director
+447711313019
rbirchall@giyanimetals.com
Thomas Horton
VP, Business Development
+447866913207
thorton@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 11
Oakville, Ontario L6M 3E3
T: 289-291-4032
www.giyanimetals.com TSXV:EMM