LONDON (ShareCast) - (ShareCast News) - Shares in Georgian Mining are up more than a fifth after it intersected exceptionally high grade mineralisation during its drilling programme at Gold Zone 2 in the the Kvemo Bolnisi East Project (KB).
The mineralisation include 16m at 15.4% copper (Cu) from 47m, the company said.

"These results fit with the new epithermal ore geology model identified by the company and provide further evidence that the three zones currently being explored, Copper Zone 1, Gold Zone 1 and Gold Zone 2, may sit together as part of a much larger deposit," it said.

Georgian Mining was confident work in the short term would unify the three zones in line with the company's objective of delineating a 50Mt+ deposit at KB.

"The Company has a three phase plan to reach this objective and recently exceeded its Phase 1 target having delineated a total JORC compliant resource estimate of 2.22 million tonnes @ 0.8% Cu and 0.1 g/t Au at a 0.3% Cu cut-off for Copper Zone 1," it said.

Managing director Greg Kuenzel said KB was showing all the signs of being a very significant epithermal Cu-Au deposit with exceptionally high grade areas, as well as bulk tonnage potential.

"With work ongoing across multiple zones, we look forward to understanding these both separately, but more importantly, together as one unit as we work towards our 50Mt+ target."

At 10:42 BST, shares in AIM-listed Georgian Mining were up 22.43% to 16.38p.

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