GobiMin Announces Discovery at its Yanxi Copper Project, Hami, China
Mon Aug 25, 8:02 AMTSX-V: GMN
TORONTO, Aug. 25 /CNW/ - GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce the results of the first drilling program on the Yanxi Copper Property located about 115 km south of the city of Hami in eastern Xinjiang Uygur Autonomous Region, China.
The Yanxi Property is centered at about 92 degrees 28' East and 42 degrees 05' North and has an area of 21.67 hectares. The property lies within an east-west belt of porphyry copper deposits that include the Tuwu and Yandong deposits. Mineralization is mainly within an east-west striking dike-like body of porphyritic granitic rocks that varies in thickness up to about 200 m thick. The granitic rocks intrude Carboniferous age clastic, volcaniclastic and volcanic rocks. At a minimum cut-off grade of 0.5% copper, mineralization presently outlined has a strike length of about 1,000 m, has been tested to a depth of about 600 m below the surface and is up to 70 m thick. Mineralization does not crop out on the Yanxi exploration license because of the presence of flat-lying Jurassic arenitic rocks that vary in thickness up to about 100 m but are typically thinner than that. The deposit dips south at about 70 degrees.
The first drilling program consisted of 27 diamond drill holes using 75 mm diameter drill cores for a total of 10,932 meters and has recently been completed. Fifteen holes were drilled with a spacing of 200m x 100m while the others were drilled with 400m x 200m spacing. Most of the drilling focused on six sections on the eastern side of the property. Significant results of the diamond drilling are listed in the table below.
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Significant Diamond Drill Intersections, Yanxi Copper Property
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Hole ID From (m) To (m) Length (m) Cu%
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ZK6301 185.36 211.00 25.64 0.68
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ZK6302 147.40 159.66 12.24 0.68
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ZK6303 156.14 168.46 12.32 0.86
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ZK6304 81.47 116.90 35.43 0.52
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ZK6305 250.25 260.73 10.45 0.63
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332.42 396.70 64.28 0.92
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532.40 555.03 22.63 0.67
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ZK6306 39.18 63.86 24.68 0.88
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ZK6307 546.14 550.85 4.71 2.17
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ZK7102 129.08 142.74 13.66 0.65
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158.67 191.43 32.74 0.92
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ZK7103 71.78 102.98 31.20 0.87
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ZK7104 242.52 311.22 68.70 0.94
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ZK7105 296.60 305.32 8.72 0.67
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343.14 419.71 76.57 0.64
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ZK7901 212.38 250.24 37.86 0.86
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ZK7902 160.33 182.33 22.00 0.79
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ZK7903 256.46 314.54 58.08 1.03
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ZK7905 387.43 395.80 8.37 0.61
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420.07 433.85 13.78 0.53
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ZK8703 209.13 230.43 19.10 0.81
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ZK8704 291.43 313.78 22.35 0.69
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ZK9501 277.60 301.53 23.93 1.01
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329.26 336.86 7.60 0.97
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ZK9502 107.93 113.89 5.96 2.68
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Work on the Yanxi Copper Property was carried out by the No. 1 Geological Exploration Brigade of Xinjiang ("Brigade No. 1"). Copper analysis is carried out at the Brigade No. 1's headquarters near Shanshan in Xinjiang. The Brigade No. 1's laboratory is licensed with a Metrology Accreditation Certificate issued by the Quality and Technology Supervision Bureau of the Xinjiang Uygur Autonomous Region. No reference samples or blanks are included in the sample stream in the field. The laboratory repeats 10% of the assays internally and sends 5% of the samples to an independent laboratory run by the Bureau of Geological Exploration of Xinjiang and located in Urumqi. The Bureau laboratory in Urumqi is also a licensed laboratory.
GobiMin is encouraged by the impressive results and especially in the grade, the continuity, the thickness of the lenses and the shallow depth of the mineralization. Another drilling campaign of 4,600 meters is planned before the end of this year to test the western extension as the mineralization is open both along the strike to the west as well as at depth. The location of the property in proximity of the city of Hami and GobiMin's other properties will benefit from the Company's resources and infrastructures in the area.
The Yanxi Copper exploration license was granted on November 26, 2007 to a Chinese joint venture held as to 40% by GobiMin, with two local partners each holding a 30% interest.
GobiMin has retained Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) to prepare an initial NI 43-101 compliant Mineral Resource Estimate for the Yanxi Copper Property.
Mr. Neil N. Gow, P.Geo. an Associate Consulting Geologist with Scott Wilson RPA has visited the property and reviewed the exploration data assembled by the Joint Venture. He is the Qualified Person for this release as defined under NI 43-101 and has reviewed and approved this press release.
About GobiMin Inc.
GobiMin is a junior mining company with nickel/copper sulphide operations and development properties in northwestern China. Through its subsidiaries, Xinjiang Yakesi Resources Co. Ltd. and Hami Jubao Resources Co. Ltd., GobiMin controls three concessions, within a 10-kilometre radius, totaling 455 hectares. In operation since 1999, GobiMin currently operates two underground mines (Yellow Mountain East and Xiangshan) and is also currently developing its Yellow Mountain nickel/copper deposit. The Yellow Mountain project is an intrusive complex 3.9 km long, 600 m thick on west side and 55 m on east side, which extends at least 1,500 m below surface. GobiMin's common shares are traded on the TSX Venture Exchange under the symbol GMN.
FORWARD-LOOKING STATEMENTS AND RISK FACTORS
The release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, those associated with our capacity to finance our activities, the price of minerals and other commodities, reliance on subcontractors and key personnel, and other risks and uncertainties detailed from time-to-time in our filings with the Canadian securities commissions.
Readers should not place undue reliance on forward-looking statements, given that (i) our actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions which were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, could prove to be inaccurate. Additional information about (i) the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and (ii) the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, is contained in the Company's annual report and other documents filed from time to time with the Canadian securities commissions and which are available at www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
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ContactsJames Xiang
Chief Financial Officer
GobiMin Inc.
Tel: (416) 915-0133
james@gobimin.com
www.gobimin.com
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