newsg/t Au at Sawayaerdun
Ticker Symbol: C:GMN
Gobimin drills 67.1 m of 2.02 g/t Au at Sawayaerdun
Gobimin Inc (C:GMN)
Shares Issued 62,596,296
Last Close 11/15/2011
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Thursday November 17 2011 - News Release
Mr. Felipe Tan reports
GOBIMIN INC - DIAMOND DRILLING RESULTS CONTINUE TO ADVANCE SAWAYAERDUN GOLD PROJECT
GobiMin Inc. has released assay results for the first 23 diamond drill holes received from its recently completed 92 hole infill program at the Sawayaerdun Gold Project.
Highlights of the current release include:
ZK2305-1 with an intersection width of 67.1 m of 2.02 g/t gold from a depth of 140.0 m;
ZK4315 with an intersection width of 83.9 m of 1.39 g/t gold from a depth of 412.6 m;
ZK4701-1 with an intersection width of 31.8 m of 3.24 g/t gold from a depth of 37.8 m;
ZK5109 with an intersection width of 83.6 m of 1.65 g/t gold from a depth of 385.0m;
ZK5904 with an intersection width of 30.1 m of 2.27 g/t gold from a depth of 321.5m.
Sawayaerdun Gold Project Update
The Company completed all its planned 92 diamond drill hole program at Sawayaerdun in the northwest of Xinjiang, China as scheduled in October 2011 for a total of 31,685.23 m. The drilling concentrated on in-filling and below earlier drilling along the main mineralized structure at Zone IV to improve the reliability of the previously announced NI 43-101 compliant resource estimate and extending the resources at depth, as well as better delimiting another mineralised structure at Zone I approximately parallel and located 1,200 m to the east of Zone IV. Results are still pending for 69 holes.
The next drilling program at Sawayaerdun, to further infill the drilling at Zone IV and to test other mineralized structures in the Company's tenements, is planned to commence next spring in April 2012 after the forthcoming winter. Preparations in support of an updated resource estimate for Zone IV is well underway and an initial resource estimate for Zone I is expected once all the remaining assays have been received, hopefully by the end of 2011.
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, see Figure 1. 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 has shown that the mineralized structure continues over 3,200 m of strike length.
The most significant drill hole intersections, bulked at a lower cut-off of 0.5 grams/tonne gold, from the assays received by the end of October under the 2011 drilling program are included in Table 1 below.
Table 1. Significant drill hole intersections received to the end of October from the 2011 drilling programHole ID From To Metres Approx TrueWidth(1) Average g/t AuGm*m(2)Sample TypeIZK0816 128.30151.15 22.85 7.1 1.07 7.58 DiamondIZK0816 156.90169.15 12.25 3.8 1.68 6.36 DiamondIZK0816 176.15186.90 10.75 3.3 2.09 6.94 DiamondIZK2404 109.05122.05 13.00 8.6 1.57 13.52 DiamondIZK4004 133.30140.80 7.50 5.0 1.92 9.62 DiamondIZK4004 172.00185.60 13.60 9.2 0.98 8.99 DiamondZK0406 56.95 64.15 7.20 2.0 2.82 5.60 DiamondZK1201 117.50139.00 21.50 7.8 0.95 7.39 DiamondZK1904 348.30387.80 39.50 12.0 1.59 19.04 DiamondZK2305-1140.00207.10 67.10 31.2 2.02 63.00 DiamondZK3504 197.20202.20 5.00 3.3 1.55 5.07 DiamondZK3504 220.20243.00 22.80 15.2 1.58 23.91 DiamondZK3505 220.30240.30 20.00 10.1 2.08 21.07 DiamondZK3505 244.30257.70 13.40 6.8 1.67 11.31 DiamondZK3505 271.70289.60 17.90 9.1 1.13 10.21 DiamondZK3506 329.80340.30 10.50 5.4 1.00 5.43 DiamondZK3906 220.00249.50 29.50 17.8 1.61 28.67 DiamondZK4313 270.20309.00 38.80 18.4 1.12 20.60 DiamondZK4314 345.40360.10 14.70 6.8 0.99 6.74 DiamondZK4314 370.20382.20 12.00 5.6 1.17 6.61 DiamondZK4315 412.60496.50 83.90 28.8 1.39 40.14 DiamondZK4315 508.50525.50 17.00 6.2 0.87 5.39 DiamondZK4701-1 27.60 34.80 7.20 4.1 2.86 11.81 DiamondZK4701-1 37.80 69.60 31.80 18.5 3.24 59.75 DiamondZK5108 320.30332.30 12.00 5.6 1.79 10.08 DiamondZK5109 385.00468.60 83.60 29.0 1.65 47.73 DiamondZK5904 321.50351.60 30.10 15.5 2.27 35.12 DiamondIntervals >10.0 g/t Au(Hole ID From To Metres Approx True Width(1)Average g/t AuGm*m(2)Sample TypeZK4701-1 50.60 51.60 1.00 0.6 16.32 9.48 DiamondZK4701-1 52.60 53.60 1.00 0.6 14.63 8.50 DiamondZK4315 491.80492.50 0.70 0.2 10.14 2.44 DiamondNote:(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 were not significantly different to existing nearby holes so were within the expected range and extended over the expected intervals. The deeper intersections however have confirmed the continuity of the mineralization at depth.
Sampling Methodology, Quality Control and Assurance
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 technique. A program of QA/QC sampling and assays has been instituted by the Company's geological staff that will determine the quality of all the current and previous assay results obtained to date. The retrospective QA/QC program will include re-assaying a number of samples collected over the last three years along with included duplicates, standards and blanks at both the Xinjiang Geology Bureau laboratory and at an independent laboratory in Australia.
The Xinjiang Geology Bureau laboratory did include 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.
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 was estimated to contain Indicated resources of about 34 million tonnes with an average grade of 1.3 grams/tonne gold and Inferred resources of about 13.5 million tonnes with an average grade of approximately 1.0 grams/tonne gold.
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.
Future Development
In addition to further development drilling commencing in April 2012, the Company will initiate a feasibility study and prepare a development plan during 2012. The Company's available cash and cash equivalent funds are sufficient to finance the development of the Project but the Company will also be considering domestic bank financing in China in order to bring the project into production earlier.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.