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Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) (" Giyani " or the " Company "), developer of the K.Hill battery grade manganese project in Botswana (" K.Hill Battery Manganese Project " or " K.Hill "), is pleased to announce the completion of sample assaying from its Otse manganese oxide prospect (" Otse "), following its 2021 initial exploration program.
- SGS South Africa has assayed 5,126 samples from Giyani's 2021 exploration program at Otse with a number of intersections exceeding 60.0% manganese oxide (" MnO ") including hole RCOT21_015 reporting 44.5% MnO over 27.5 metres (" m ").
- In late 2021, Giyani drilled 4,149 m of reverse circulation (" RC ") drill holes in both the north and south target areas at Otse.
- Assay and drilling data from the program will be submitted to SRK Consulting (" SRK ") for estimation of a maiden mineral resource for Otse, currently anticipated in Q4 2022.
In December 2021, the Company completed its initial exploration drilling campaign at Otse, focused on the site of historical workings based on excellent correlation between northwest-southeast trending chargeability anomalies and manganese mineralization.
A total of 5,126 samples were submitted to SGS for assay and notable results include:
| Hole ID ||Interval||Including|
|From (m)||To (m)||% MnO||Width (m)||From (m)||To (m)||%MnO||Width (m)|
Note: Assays of major element oxides by X-Ray Fluorescence using borate fusion.
All drilling data and assay results will be submitted to SRK for estimation of a maiden resource for Otse. Giyani currently anticipates that a Mineral Resource Estimate will be completed by Q4 2022.
Otse is located approximately 50 kilometres east of the K.Hill Battery Manganese Project and lies only two kilometres from the A1 highway between Gaborone and the border with South Africa. Giyani is developing K.Hill to be a responsible, low carbon and sustainable producer of high-purity manganese sulphate monohydrate (" HPMSM "), a critical raw material for the electric vehicle (" EV ") market.
Ore mined from Otse should be easily transportable to the envisaged site of the processing plant at the K.Hill Battery Manganese Project and the Company is assessing the potential for high-grade Otse material to be blended with K.Hill ore to increase operational and economic efficiency.
Robin Birchall, CEO of the Company, commented:
"In the context of manganese projects being developed for HPMSM production by any listed company, Otse is showing its potential to be a class apart. To achieve multiple holes showing grades of over 30% MnO across widths greater than 10 m strengthens the prospect's promise to have an even higher average grade than K.Hill and we look forward to its maiden Mineral Resource Estimate later this year.
Through these initial results, Otse has shown the potential to strengthen further our strategy of becoming a major producer of sustainable HPMSM for the EV market. Sweetening the feedstock for the K.Hill Battery Manganese Project with high-grade Otse material could significantly enhance HPMSM production per tonne of ore and lower cash operating costs, thereby increasing profitability. Over the coming months, we will be undertaking mineralogical and metallurgical testwork to confirm ore characteristics and how best to integrate Otse into our development plans."
Giyani is a mineral resource company focused on becoming one of Africa's first low-carbon producers of high-purity manganese sulphate precursor materials directly from manganese oxide ore, used by battery manufacturers for the expanding EV 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 Metals (Pty) Limited. The Company's Kanye Basin Prospects consist of 10 prospecting licences and include the past producing Kgwakgwe Hill mine and project, referred to as the K.Hill Battery Manganese 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 Battery Manganese Project, following an updated preliminary assessment report announced on April 12, 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 HPMSM over a 10 year project life. An updated 43-101 technical report on the K.Hill Battery Manganese Project is available on www.sedar.com and on the Company's website at www.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.
On behalf of the Board of Directors of Giyani Metals Corp.
Robin Birchall, CEO
Robin Birchall CEO, Director
+44 7711 313019
VP Business Development
+44 7866 591 897
+1 416 453 8818
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 licences and permits; risks related to the Company's business being subject to environmental laws and regulations; risks related to the Company's 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 the Company is a party; ability to recruit and retain qualified personnel; and risks related to the Company's 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 the Company's 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 latest Annual Information Form, which is filed on SEDAR at www.sedar.com .