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TORONTO, June 02, 2022 (GLOBE NEWSWIRE) —( , GR:A2DUU8) (“Giyani” or the “Company“), developer of the K.Hill manganese oxide project (“K.Hill Project”) in Botswana, is pleased to announce the completion of reverse circulation (“RC”) infill drilling program at the recently discovered southerly extension (“K.Hill Extension”) and provide an update on corporate activities.
- Infill drilling at K.Hill Extension completed for a total of 4,561m with objective of upgrading the majority of the current 3.1 million tonnes (“Mt”) of Inferred Resources into Indicated Resources.
- Additional mineralization discovered along strike to the south of the K.Hill Extension, where further drilling will be undertaken in the coming weeks.
- Appointment of Jacques du Toit as VP Technical Services, effective June 1, previously Project Director for Tetra Tech Inc’s (“Tetra Tech”) mining group in the UK and project manager for the K.Hill Project.
- Meeting with President of Botswana and site visit to K.Hill Project by major European battery manufacturer.
K.Hill Extension Infill Drilling
The infill RC drilling program at K.Hill Extension, which commenced in February 2022, has been completed. A total of 4,561m have been drilled across 54 holes (including three re-drills) on an approximate 75 x 75m grid spacing to determine the correlation between the southern mineralized horizons and the northern resource horizons to establish continuity in order to convert the majority of Inferred Resources in the K.Hill Extension to Indicated Resources.
The drilling program also extended along strike into a previously untested section to the south of the identified zones and confirmed the presence of further mineralization and the potential to add tonnage to the existing resource. An additional 19 holes were planned for this section, eleven of which have already been completed for 730m, two are in progress and the remaining six will be drilled in the coming weeks.
A further ten diamond drill holes across the K. Hill Extension area will be drilled at pre-selected locations. The diamond drill holes will be drilled as twin holes to certain RC holes and will be used to confirm the results from the RC campaign as well as for geotechnical, geochemical and metallurgical studies.
Assaying will shortly commence for the RC drill collars and once the the full set of drill holes has been assayed the results will be sent to SRK Consulting for updated resource estimation and, thereafter, the Company would anticipate the completion of an updated Mineral Resource Estimate for the K.Hill Project.
Appointment of VP Technical Services
As the Company seeks to develop its specialist technical expertise, it has appointed Mr. Jacques du Toit as VP Technical Services. Mr du Toit was formerly Tetra Tech’s project manager for the K.Hill Project and has elected to join the Giyani team as the Company finalises the feasibility study for the K.Hill Project, currently scheduled for release in Q3 2022.
Mr du Toit is a professional project manager and engineer and has over 20 years’ experience in mining project development worldwide. He has previously worked for Bateman Engineering, BHP Billiton Limited, Paterson and Cooke and Tetra Tech and has joined the Company as a member of the senior management team effective June 1, 2022.
Site Visit to K.Hill Project
Earlier this month, the Company attended the Cape Town Mining Indaba and was invited to a special audience with the President of Botswana, His Excellency Mokgweetsi Masisi. The President drew attention to the K.Hill Project and Giyani’s plan to produce a critical battery material in country.
Giyani then hosted a visit to the K.Hill Project for a number of financial institutions and a major European battery manufacturer. The visit was also attended by the Honourable Dr. Lemogang Kwape, the MP for Kanye South and Minister of International Affairs and Cooperation, who spoke of the strong local support for Giyani and the K.Hill Project.
Robin Birchall, CEO of the Company, commented:
“The K.Hill orebody continues to deliver excellent results and we are very pleased not only to complete the infill portion of our RC drill program within budget but to confirm that the mineralization continues to the south. In a little over a year, our exploration successes have upgraded a 1.7Mt Inferred Resource for the K.Hill Project into 2.1Mt of Indicated and 3.1Mt of Inferred Resources and we are expectant that the results of this infill program will increase the Indicated Resource further.
Giyani’s core objective is to be a responsible low carbon and sustainable producer of high purity manganese sulphate monohydrate (“HPMSM”) and play a key role in the future of the electric vehicle market and so we were delighted to have recently hosted a major European battery manufacturer on a site visit to our K.Hill Project and tour of local infrastructure. A highlight of the tour was the visit of Minister Kwape, who stressed the importance of the project to the local region and his support for Giyani, which followed a very positive meeting with His Excellency President Masisi in Cape Town. Greater exposure to critical minerals and more local, high-value beneficiation are key themes of the President’policy and so Giyani is setting an example of how Botswana can achieve both.
Meanwhile Jacques’ appointment as VP Technical Services is the latest in a number of new additions to our team in recent months, but holds a special significance. Having worked on the K.Hill Project for almost three years on behalf of Tetra Tech, his decision to join our in-house team is a major endorsement of Giyani’s achievements and his years of mining project delivery experience will be invaluable as we exit the study phase and move towards construction.”
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 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 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 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
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.
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