Exploration Drilling

RNS Number : 6959T

GoldBridges Global Resources PLC

08 October 2014

 



8 October 2014

GoldBridges Global Resources Plc

("GoldBridges" or the "Company")

Sekisovskoye Exploration Drilling Update

GoldBridges (AIM: GBGR) today provides the following update on its ongoing 2014 drilling activities at its 100 per cent. owned Sekisovskoye underground development project in Kazakhstan.

Highlights

·     Diamond drilling programme underway with 8,786m completed.

·     Gold exploration work focussed on near to mid-term ore delineation drilling, mid-term resource drilling and deep drilling.

·     Near to mid-term drilling demonstrates gold intercepts of 16m at 9.8g/t Au, 8m at 13.1g/t Au and 4.6m at 24.1g/t Au.

·     Best deep drilling intercepts identified as 45m at 6.1g/t Au and 39m at 5.5g/t Au.

·     Drilling results to be incorporated into forthcoming Venmyn Deloitte competent person's report ("CPR") which is expected to be released during Q4 2014.

Commenting on the latest drilling results from Sekisovskoye, CEO Aidar Assaubayev said:

"We are very pleased with the outcomes of our 2014 drilling campaign. The deep drilling results have confirmed our belief in the continuity of the ore body to depth and the results will be included in the forthcoming Venmyn Deloitte CPR. The near to mid-term drilling results highlight the mineralisation that we aim to exploit in the initial few years of the Sekisovskoye underground mine. This year's drilling exploration programme has further increased our confidence of a long future ahead for our gold mine."

Drilling Programme

From the beginning of 2014 to the end of August 2014, 103 holes were drilled at the Sekisovskoye underground development project for a total of 8,786m.

The diamond drilling programme had three objectives;

·      Targeting ore delineation for areas planned to be mined in the near future to mid-term. In total 78 short holes were drilled for a total of 1,150m. Holes were predominately drilled from existing underground development drive at the 263 metres above sea level ("masl") targeting known mineralisation. The 263masl underground development drive is approximately 100m below the open pit floor.

·      The second objective was to upgrade the mid-term resources from the 263masl level to 100m below this level with 18 holes for a total of 3,353m.

·      The third objective was to drill a series of significantly deeper holes from the 0masl level (approximately 365m below the open pit floor) to confirm the continuity of the ore body at depth. For this programme, six steeply dipping holes were drilled for a total of 4,283m. These holes were targeting a depth of -800masl.

Near to Mid-Term Ore Delineation Drilling

This drilling programme delineated and confirmed existing known mineralisation zones that will be mined in the early years of the underground mine. Selected results of this drilling are highlighted below.

Hole Identification Number	Northing (m)	Easting (m)	RL (masl)	Azimuth (Degrees)	Hole Angle (Degrees)	Hole Length (m)	Intercept Start (m)	Intercept Finish (m)	Interval* (m)	Grade (g/t)
EXP276	7,233.6	6,744.6	276.0	225.6	0	10.5	0	6	6	9.2
EXP226	7,224.8	6,764.4	263.9	46.4	81.0	15	0	15	15	5.9
EXP219	7,225.2	6,772.4	263.9	46.4	64.5	18	4	18	14	6.5
EXP209	7,219.9	6,780.8	263.8	46.4	64.5	17	0	16	16	9.8
EXP210	7,219.4	6,780.2	263.9	46.4	85.5	15	0	8	8	13.1
EXP259	7,248.1	6,738.6	264.2	46.4	57.5	18	1	10	9	6.9
EXP255	7,244.6	6,742.1	264.2	46.4	58.5	18	4	14	10	5.3
EXP240	7,234.4	6,753.0	264.4	46.4	81.5	16	0.5	5.1	4.6	24.1
EXP238	7,234.5	6,753.2	264.8	46.4	30.0	12	0	4	4	17.9
EXP231	7,228.1	6,761.5	263.9	46.4	83.0	14	0	14	14	4.5
EXP271	7,253.8	6,730.1	264.2	226.4	68.5	9	0	8	8	6.1
EXP268	7,257.2	6,734.4	264.7	46.4	53.0	19.5	0	9	9	5.8
EXP269	7,257.0	6,734.2	264.3	46.4	84.0	15	0	15	15	9.5
EXP265	7,251.1	6,736.2	264.2	226.4	89.0	15	0	15	15	4.7
EXP263	7,251.1	6,736.3	264.9	46.4	41.0	12	0	11	11	11.0

*Not True Mineralized Width

Mid-Term Below 263masl Level Resource Drilling

This drilling work is part of an ongoing programme designed to upgrade resources below the 263masl level and to continue to convert these resources into reserves. It is expected that this zone will provide the majority of the ore during the mid to long-term for the Sekisovskoye Underground project. A selection of drilling results is highlighted in the table below.

Hole Identification Number	Northing (m)	Easting (m)	RL (masl)	Azimuth (Degrees)	Hole Angle (Degrees)	Hole Length (m)	Intercept Start (m)	Intercept Finish (m)	Interval* (m)	Grade (g/t)
D316	7,399.1	6,882.5	258.4	225.6	34.0	200	137	143	6	8.2
and							181	193.5	12.5	15.8
D315	7,399.1	6,882.5	258.1	227.3	42.6	207	194	207	13	7.0
D316A	7,399.1	6,884.5	258.4	226.0	34.6	200.5	182	198.2	16.2	4.4
D215	7,376.7	6,863.5	262.8	217.4	34.0	160.5	124.2	139	14.8	3.0
D215	7,376.7	6,863.5	262.8	220.6	27.3	157.5	137	149	12	10.0
D216	7,376.7	6,863.5	262.8	220.3	18.3	171	149	160	11	6.8
D217	7,376.7	6,863.5	262.8	225.5	48.6	180	169	180	11	5.2
D219	7,376.7	6,863.5	262.8	226.8	33.8	166.5	158	163.3	5.3	8.5
D226	7,376.7	6,863.5	262.8	235.3	17.1	171	153	163.2	10.2	13.3
D225	7,376.7	6,863.5	262.8	235.8	25.2	169.5	148	161.6	13.6	3.1
D223	7,376.7	6,863.5	262.8	235.9	31.9	175.5	154	169.7	15.7	6.4

*Not True Mineralized Width

Deep Drilling Targeting Resources to a depth of -800masl

In a previous drilling campaign it was identified that there was good potential for the Sekisovskoye mineralised zone to continue at depth. On this basis, an initial drillhole was planned to test this continuity. Six long holes were drilled for a total of 4,283m and a selection of drilling results are presented below.

Hole Identification Number	Northing (m)	Easting (m)	RL (masl)	Azimuth (Degrees)	Hole Angle (Degrees)	Hole Length (m)	Intercept Start (m)	Intercept Finish (m)	Interval* (m)	Grade (g/t)
SK-1	7,540.6	7,072.6	0.9	226.4	77.0	771.0	513.0	516.0	3.0	10.3
							519.0	522.0	3.0	12.2
							546.0	549.0	3.0	18.2
							594.0	597.0	3.0	12.4
							630.0	633.0	3.0	10.5
							705.0	708.0	3.0	12.5
							741.0	744.0	3.0	11.5
SK-3	7,596.4	7,015.2	0.8	226.4	77.0	828.0	237.0	240.0	3.0	12.5
							258.0	261.0	3.0	14.1
							270.0	273.0	3.0	11.2
							309.0	312.0	3.0	13.1
							336.0	342.0	6.0	9.7
							369.0	372.0	3.0	16.3
							387.0	390.0	3.0	13.4
							399.0	402.0	3.0	10.5
							429.0	432.0	3.0	12.5
							450.0	453.0	3.0	13.4
							477.0	480.0	3.0	11.5
							504.0	510.0	6.0	7.8
							558.0	561.0	3.0	13.3
							591.0	594.0	3.0	10.1
							642.0	645.0	3.0	12.7
							672.0	675.0	3.0	17.6
							702.0	705.0	3.0	14.3
							774.0	777.0	3.0	11.6
							813.0	816.0	3.0	12.2
SK-6	7,653.4	6,959.1	0.6	226.4	77.0	828.0	213.0	216.0	3.0	10.1
							435.0	441.0	6.0	10.9
							447.0	453.0	6.0	10.2
							462.0	477.0	15.0	6.6
							630.0	639.0	9.0	4.8
							654.0	663.0	9.0	4.9
SK-9	7,766.6	6,845.9	0.6	226.4	77.0	645.0	219.0	258.0	39.0	5.5
							273.0	285.0	12.0	4.6
							567.0	612.0	45.0	6.1
							618.0	624.0	6.0	10.8

*Not True Mineralized Width

CPR Update

The information gleaned from these deep drill holes will now form part of the resource estimate in the CPR which Venmyn Deloitte are currently finalising. The decision to include these deeper drill results in the CPR has been a contributing reason for the extension of the CPR timeline and this document is expected to be released during Q4 2014.

Viktor Redazubov-Gorsky, senior consultant, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person under the AIM Rules. Mr. Redazubov-Gorsky holds a Ph.D. in geological and mineralogical sciences, is a member of the Association of Geological Organizations, is a member of the Russian Academy of Science (Geological and Mineralogical Division) and has over 30 years of relevant mining industry experience.

An updated copy of the corporate presentation will soon be uploaded to the company's website.

For further information please contact:

GoldBridges Global Resources Plc Louise Wrathall	[phone]
Strand Hanson (Nomad and Joint Broker) Andrew Emmott Ritchie Balmer	[phone]
Peat & Co. (Joint Broker) John Beaumont, COO and Head of Research	[phone] [phone]
Blytheweigh  (Financial PR) Tim Blythe Halimah Hussain Camilla Horsfall	[phone]

 

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