TSX-V: GMN
TORONTO, April 16, 2015 /CNW/ - (TSXV:GMN): GobiMin
Inc. ("GobiMin" or the "Company") is pleased to announce the
updated resource estimates prepared by Mining One Pty Ltd ("Mining
One") for the Sawayaerdun Gold Project. Mineral Resources contained
within the Project have been independently estimated by Mining One
and based on data collected by the Company as at October 13, 2014. The 2014 resources have been
estimated using result from 313 surface diamond drill holes for a
total of 97,204m plus adits and trenches. The resource 2014 infill
drilling results have further increased the confidence and
understanding of the mineralization particularly within the
measured and indicated areas of the resources and thus provide more
reliable data for the mining plan. A copy of the full technical
report that includes the NI 43-101 resource statement will be
posted by GobiMin on SEDAR at www.sedar.com and the Company website
at www.gobimin.com. The current resource estimates are as
follow:
Table 1 Estimated Mineral Resources, March 18,
2015 ("Mineral Resources")
SAWAYAERDUN
RESOURCES (>1.0 g/t Au) as at March 18, 2015
|
Domain
|
Resource
Class
|
Mt
|
Au (g/t)
|
Au Metal
(t)
|
Au K Oz
|
Zone IV
Main
|
Measured
|
12.94
|
1.93
|
24.98
|
803
|
Indicated
|
13.89
|
1.66
|
23.06
|
742
|
Measured +
Indicated
|
26.84
|
1.79
|
48.05
|
1,545
|
Inferred
|
49.71
|
1.39
|
69.10
|
2,222
|
|
|
|
|
|
|
Zone I
Main
|
Measured
|
-
|
-
|
-
|
-
|
Indicated
|
-
|
-
|
-
|
-
|
Measured +
Indicated
|
-
|
-
|
-
|
-
|
Inferred
|
9.67
|
1.30
|
12.57
|
404
|
|
|
|
|
|
|
Total
|
Measured
|
12.94
|
1.93
|
24.98
|
803
|
Indicated
|
13.89
|
1.66
|
23.06
|
742
|
Measured +
Indicated
|
26.84
|
1.79
|
48.05
|
1,545
|
Inferred
|
59.38
|
1.38
|
81.67
|
2,626
|
Notes:
- Resources estimate updated according to the NI43-101 guideline
and prepared by Qualified Person as a defined in the NI43-101, Mr.
Bin Guo in April 2015.
- CIM definitions were followed for Mineral Resources.
- Mineral Resources are estimated at cut-off grade of 1.0 g/t
Au.
- Figures reported are rounded which may result in small
tabulation variances. Weighted average are used to report average
gold grades.
Project Brief
The Sawayaerdun Gold Deposit located in the Xinjiang Uygur
Autonomous Region of the People's
Republic of China. The deposit is located within a mining
license that is surrounded by an exploration license. The
licenses are held by Xinjiang Tonyuan Minerals Limited which is 70%
owned indirectly by the Company. The mining license is valid
until February 25, 2018 and the
exploration license is valid until February
2, 2018. The project is classified as an
advanced exploration project. The deposit consists of a
series of repeating gold bearing veins developed within regional
shear structures.
Mineralisation
The main zones of mineralization have been defined within the
project area, and are referred to as Zone I and Zone IV. The ore
domains generally consists of low to medium grade gold
mineralization developed within quartz filled ductile shear zones
formed within a meta-sedimentary sequence. The Zone IV domain is
approximately 3km long and has been defined to a depth of 700m.
This is the most continuous zone so far defined within the project
area. The defined ore domains dip at between 60° and 80° toward the
northwest and therefore strike northeast. Mineralized zones can
range from less than 1m to 50m in thickness.
Exploration
Exploration activities have been carried out in the project area
since 1952. Stream sediment sampling in the 1980's lead to the
discovery of the deposit in 1985. The deposit has been subject to
multiple phases of exploration including surface mapping, diamond
drilling, trenching and underground development via adits, cross
cuts and strike drives. During 2014, a further 41 diamond holes
were drilled primarily into zone IV to further define the
continuity of mineralization and to upgrade inferred material to
indicated and measured.
Pursuant to NI 43-101, the qualified person responsible for the
technical data provided in this press release are Mr. Bin Guo,
Geologist of Mining One. Mining One has been engaged by GobiMin to
prepare the technical report and Mr. Bin Guo has reviewed and
approved the contents of this press release relating to the mineral
resource estimate.
About GobiMin
GobiMin holds an equity interest of 70% in Xinjiang Tongyuan
Minerals Ltd to explore, develop and operate the Sawayaerdun Gold
Project located in Xinjiang.
GobiMin also holds an equity interest of 48.02% in Loco Hong
Kong Holdings Limited, a company incorporated in Hong Kong and the shares of which are listed
on the Growth Enterprise Market of the Stock Exchange of Hong Kong
Limited under the stock code 8162. Loco HK and its subsidiaries are
principally engaged in the trading of metals and commodity forward
contracts in Hong Kong as well as
property holding.
In addition, GobiMin owns 40% equity interests each in three
companies incorporated in China to
engage in base metals and precious metal exploration, including
nickel, copper and gold, in Xinjiang, and a 3.5% equity interest in
the Yanxi Copper Property.
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
info@gobimin.com and specify "GobiMin press releases" on the
subject line.
SOURCE GobiMin Inc.