Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8)
("
Giyani" or the "
Company")
developer of the K.Hill battery-grade manganese project in Botswana
("
K.Hill" or the "
Project") is
pleased to announce that as part of its planned 2025 Definitive
Feasibility Study (“
DFS”), Giyani has commenced an
infill drilling programme at the Project. The information gathered
from this programme is expected to provide the basis for an updated
Mineral Resource Estimate (“
MRE”) to be included
in the DFS.
Highlights:
- Giyani has
commenced a 2,500m, 61 drillhole infill drilling programme at
K.Hill with the aim of defining sufficient Measured Mineral
Resources for the initial 5 years of mining operations, which are
typically covered by project finance debt facilities.
- The results of
the infill programme will be integrated with the Demonstration
Plant (“Demo Plant”) processing and operating
output data to optimize the mine schedule and plant feed grades
within the DFS.
- The Demo Plant
is currently under construction in Johannesburg and is expected to
process 100 tonnes of K.Hill feedstock ore to produce battery grade
manganese in H2 2024.
Danny Keating,
President and CEO of the Company, commented:
“As we look to ready the Company for a Final
Investment Decision in 2025, we have initiated a number of
workstreams to further de-risk the Project for potential
financiers.
The drilling programme is expected to take a
significant portion of the Indicated Mineral Resource into the
Measured Mineral Resource category. This will give greater
confidence in the mine plan during the likely debt repayment period
and also gives us the opportunity to potentially declare a Proven
Reserve as part of the upcoming Definitive Feasibility Study.
A de-risked mine plan, a new Definitive
Feasibility Study, an operating demonstration plant proving our
flowsheet on a continuous basis, and samples with potential
customers will enable Giyani to attract the widest range of
financiers and off-takers to take this Project into construction
and beyond as we aim to position Giyani as the dominant producer of
HPMSM globally.”
2024 Drilling Programme
Giyani has commenced a 2,500m resource drill
programme with 61 holes currently planned (see Figure 1 below). A
combination of Reverse-Circulation (“RC”) and
Diamond Drilling (“DD”) will be used to optimise
recoveries and ensure costs are kept as low as possible. RC for
collaring the holes and initial casing is more cost effective than
DD, while DD will provide superior sample recovery for analysis and
density testwork.
The programme builds on the July 2023 MRE, see
table below, which was prepared using data from 187 RC and DD holes
from all drilling campaigns conducted over the Project since 2018,
totalling 10,710m.
The goal of the programme is to upgrade and
reclassify a portion of the current 8.6Mt Indicated Mineral
Resource into Measured Mineral Resources, to ensure the Project has
sufficient Measured Mineral Resources for the initial 5 years of
mine production that typically cover the project finance debt
period.
The addition of this data will increase Giyani’s
knowledge of its K.Hill deposit, enabling more accurate modelling
of the ore grade and the elemental profile of ore going to the
plant, in turn allowing more accurate forecasting of its production
profile.
Some 100t of mineralised material from K.Hill
was shipped to Johannesburg in 2023 and is expected to be processed
into HPMSM at the Demo Plant in H2 2024. The same ore from K.Hill
will be used as feedstock in the Commercial Plant which is planned
to be built in Botswana and start ramping up to full commercial
scale production in 2027.
Figure 1: 2024 K.Hill Drill
Programme
Mineral Resource
Estimate1
The Mineral Resource Estimate completed by CSA
Global in July 2023 is presented for ease of reference.
Mineral ResourceClassification |
Tonnage(Mt) |
Grade(% MnO) |
Contained MnO(Mt) |
HPMSM Equivalent(Mt)2 |
Indicated |
8.6 |
15.2 |
1.3 |
3.1 |
Inferred |
6.1 |
14.1 |
0.9 |
2.1 |
Table 1: K.Hill Project
CSA Global MRE Statement as of July 2023 (at a cut-off grade of
7.3% MnO)
- Source:
K.Hill Battery-Grade Manganese Project Preliminary Economic
Assessment, National Instrument 43-101 Technical Report, with an
effective date of 31st July 2023, was prepared on behalf of Giyani
Corp. by CSA Global South Africa (Pty) Ltd, an ERM Group company,
Tetra Tech Europe, Knight Piésold Ltd. and Axe Valley Mining
Consultants Ltd. and was filed under the Company's profile on
SEDAR+ on August 25, 2023.
- Before
processing recoveries are applied.
MRE
Notes:a) The Mineral Resource has been
classified and reported under the guidelines defined by the
Canadian Institute of Mining, Metallurgy and Petroleum in their
document “CIM Definition Standards for Mineral Resources and
Mineral Reserves” of May 2014. b) Mineral
Resources are not Mineral Reserves and have not demonstrated
economic viability.c) Mineral Resources are stated
as in situ dry tonnes; figures are reported in metric tonnes.
d) Figures have been rounded to the appropriate
level of precision for the reporting of Mineral
Resources.e) Estimation has been completed within
6 different mineralization domains.f) Mineral
Resources are reported assuming open pit mining
methods.g) The Mineral Resource is reported within a
conceptual pit shell determined using a price of US$3,800/t HPMSM
(equivalent to US$9,054/t MnO), conceptual parameters and costs to
support assumptions relating to reasonable prospects for eventual
economic extraction.h) The Mineral Resource is reported
at a cut-off grade of 7.3% MnO.i) The estimate of
Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues. CSA Global is not aware of any
environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other any other relevant factors affecting
the MRE.j) HPMSM price quoted is based on 2022
market data, which was available at the time of reporting the
Mineral Resource. Additional pricing information will be available
for input into subsequent technical studies, and this may impact on
the Mineral Resource reported.
Qualified Person and Data
Verification
Mr. Luhann Theron, MSc., Pr.Sci.Nat. 400184/15,
of Lambda Tau is registered with the South African Council for
Natural Scientific Professions, membership number 400184/15, and
last visited the K.Hill Project site in March 2024 and is a QP, as
defined by NI 43-101. Mr. Theron is the Chief Geologist for the
Company and has reviewed and approved the scientific and technical
content contained in this announcement but is not independent for
the purposes of NI 43-101.
About Giyani
Giyani aims to be a sustainable, low carbon
producer of battery materials for the electric vehicle
(“EV”) industry. The Company has developed a
hydrometallurgical process to produce battery-grade high purity
manganese sulphate monohydrate (“HPMSM”), a
lithium-ion battery (“LIB”) cathode precursor
material critical for EVs, directly from ore supplied by the
Company’s own manganese oxide (“MnO”)
deposits.
Additional information and corporate documents
may be found on www.sedarplus.com and on Giyani Metals Corp.
website at https://giyanimetals.com/.
On behalf of the Board of Directors of Giyani
Metals Corp.
Danny Keating, President and CEO
Contact:
Danny KeatingPresident & Chief Executive
OfficerTel: +1 289 291 7632dkeating@giyanimetals.com
Charles FitzRoyHead of Corporate Development
& Strategycfitzroy@giyanimetals.com
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 news 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 news 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.
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 related to governmental regulations; risks
related to obtaining necessary licences and permits; risks related
to their business being subject to environmental laws and
regulations; risks related to their 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 they are a party; ability to recruit and retain
qualified personnel; and risks related to their 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 their
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 Annual
Information Form, all of which are filed on SEDAR+ at
www.sedarplus.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ecf0e11-7bd3-44f3-a1ce-dc62c0b564dd
Giyani Metals (TSXV:EMM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Giyani Metals (TSXV:EMM)
Historical Stock Chart
From Sep 2023 to Sep 2024