Georgian Mining Corporation has entered into a non-binding Heads of Terms to develop the David Garedji Copper-Gold Project alongside Caucasian Mining Group (‘CMG’), its partner in Georgia. Due diligence is being undertaken in the form of exploration activities ahead of finalisation of the Agreement.
The David Garedji Copper-Gold Project is an advanced prospect which includes 5.8 km of underground development and over 25,000 metres of diamond drilling. Work undertaken in the Soviet era has identified an initial resource (Soviet style) and 30 ore-bearing zones with peak mineralised widths of 23m and grades up to 55g/t Au, 253g/t Ag, 21% Cu, 28% Pb and 35% Zn. Nine of these zones are classified as high grade gold zones with grades typically ranging from 3.3 to 14.4g/t Au. Exploration was previously limited to a small area of known mineralisation and there is clear evidence for extensions to mineralisation to the north-east and south as well as remaining open at depth.