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GLOBAL GOLD, CONSOLIDATED RESOURCES RELEASE REPORT FOR TOUKHMANUK, GETIK
PanARMENIAN.Net
October 19, 2011 - 18:44 AMT
PanARMENIAN.Net - Global Gold Corporation and privately held
Consolidated Resources Armenia announced that an updated NI-43-101
format independent technical report prepared by Behre Dolbear
International Limited has been completed for the Toukhmanuk and Getik
properties in Armenia. At Toukhmanuk, a 2.6 million ounce gold and
17.8 million ounce silver resource at average grades of 2.1 g/t and
14.1 g/t, respectively, using a 0.6 g/t cut-off is reported for the
already operating bulk open pit mine. Following a rigorous five month
review of drill core, assay and geological data by Behre Dolbear
and Gemcom and the creation of a new Surpac resource block model,
the comprehensive report was completed and delivered in connection
with the advancement of the Global Gold Consolidated Resources joint
venture announced in April 2011.
For the first time, the report also discloses that in 2011, Global
Gold has "uncovered significant unanticipated gold-silver vein zones
in a region where the known vein-sets splay and diverge." The new
discoveries are vein and stockworks which parallel Global's 2008
discoveries at Toukhmanuk. Those discoveries in 2008 significantly
changed the outlook at Toukhmanuk from a narrow vein potential
underground mining deposit to a vein and stockwork open pittable
deposit with vein zones ranging from 5 to 25 meters wide. The 2011
discoveries have revealed four new vein zones outside of the existing
drilling grid and also ranging from 5 to 25 meters wide in the central
section. These vein zones, which require further exploration, have
already produced ore averaging slightly more than 2 grams per tonne
that is being processed at the plant on site.
In addition this year, Global Gold has concluded 4,000 meters of
diamond drilling in both the central section and in other parts of the
license area. As of today, Global Gold has completed approximately
24,064 meters of diamond drilling at Toukhmanuk (beyond the Soviet
era levels of exploration) primarily covering the 2.2km2 central
section of the deposit and selected target areas along and outside
of the corridor in the broader 53.76 km2 deposit.
Further updates are anticipated in the next 6 months and on a
continuing basis, as results are received from the new discoveries,
the recently concluded 4,000 meter diamond drilling program, and
further analyses from prior exploration work.
Stripping and mining activity at the deposit has steadily increased
from summer to fall this year, with two stages of stripping
completed in accordance with the open pit mine plan and mining
of ore reaching 1,100 tons per day, adding to an existing ore
stockpile that now exceeds 30,000 tons for milling during the
winter. Mining is taking place pursuant to Global Gold's mining
license and previously reported reserve determinations by the
Armenian Government. On October 27 and November 18, 2009, the
Company announced the approval of reserves for Toukhmanuk by the
Republic of Armenia's State Natural Resources Agency, available at
http://us.lrd.yahoo.com/SIG=14t7rtkkv/EXP=1320239539/**http%3A/www.globenewswire.com/newsroom/ctr%3Fd=235104%26l=10%26a=www.globalgoldcorp.com%2 6u=http%253A%252F%252Fwww.globalgoldcorp.com%252Fw ww.globalgoldcorp.com.
The report also includes information on the previously announced
initial plant expansion which is progressing well. Two new mills are
installed and in testing, along with further near-term improvements to
boost plant capacity and recoveries. Two concentrate shipments of 60
tons each are proceeding to offtaker Industrial Minerals in October
and further shipments will follow as milling ramps up throughout
the winter. The report notes that the plant "has been established
without recourse to cyanide reagents, which ensures that the plant
meets stringent waste and tailings quality benchmarks and is reputed
to be the leading Armenian company in pursuit of sustainable mining
and processing practices."
The report also reviews exploration at the 27 km2 Getik property, where
exploration activity commenced in the 1920s, noting that Global Gold
has done geological mapping, ground geophysical surveys, trenching
and a small amount of diamond drilling. The report notes that there
is potential for an open pittable deposit, but further exploration
is necessary and underway, Yahoo Finance reported.
PanARMENIAN.Net
October 19, 2011 - 18:44 AMT
PanARMENIAN.Net - Global Gold Corporation and privately held
Consolidated Resources Armenia announced that an updated NI-43-101
format independent technical report prepared by Behre Dolbear
International Limited has been completed for the Toukhmanuk and Getik
properties in Armenia. At Toukhmanuk, a 2.6 million ounce gold and
17.8 million ounce silver resource at average grades of 2.1 g/t and
14.1 g/t, respectively, using a 0.6 g/t cut-off is reported for the
already operating bulk open pit mine. Following a rigorous five month
review of drill core, assay and geological data by Behre Dolbear
and Gemcom and the creation of a new Surpac resource block model,
the comprehensive report was completed and delivered in connection
with the advancement of the Global Gold Consolidated Resources joint
venture announced in April 2011.
For the first time, the report also discloses that in 2011, Global
Gold has "uncovered significant unanticipated gold-silver vein zones
in a region where the known vein-sets splay and diverge." The new
discoveries are vein and stockworks which parallel Global's 2008
discoveries at Toukhmanuk. Those discoveries in 2008 significantly
changed the outlook at Toukhmanuk from a narrow vein potential
underground mining deposit to a vein and stockwork open pittable
deposit with vein zones ranging from 5 to 25 meters wide. The 2011
discoveries have revealed four new vein zones outside of the existing
drilling grid and also ranging from 5 to 25 meters wide in the central
section. These vein zones, which require further exploration, have
already produced ore averaging slightly more than 2 grams per tonne
that is being processed at the plant on site.
In addition this year, Global Gold has concluded 4,000 meters of
diamond drilling in both the central section and in other parts of the
license area. As of today, Global Gold has completed approximately
24,064 meters of diamond drilling at Toukhmanuk (beyond the Soviet
era levels of exploration) primarily covering the 2.2km2 central
section of the deposit and selected target areas along and outside
of the corridor in the broader 53.76 km2 deposit.
Further updates are anticipated in the next 6 months and on a
continuing basis, as results are received from the new discoveries,
the recently concluded 4,000 meter diamond drilling program, and
further analyses from prior exploration work.
Stripping and mining activity at the deposit has steadily increased
from summer to fall this year, with two stages of stripping
completed in accordance with the open pit mine plan and mining
of ore reaching 1,100 tons per day, adding to an existing ore
stockpile that now exceeds 30,000 tons for milling during the
winter. Mining is taking place pursuant to Global Gold's mining
license and previously reported reserve determinations by the
Armenian Government. On October 27 and November 18, 2009, the
Company announced the approval of reserves for Toukhmanuk by the
Republic of Armenia's State Natural Resources Agency, available at
http://us.lrd.yahoo.com/SIG=14t7rtkkv/EXP=1320239539/**http%3A/www.globenewswire.com/newsroom/ctr%3Fd=235104%26l=10%26a=www.globalgoldcorp.com%2 6u=http%253A%252F%252Fwww.globalgoldcorp.com%252Fw ww.globalgoldcorp.com.
The report also includes information on the previously announced
initial plant expansion which is progressing well. Two new mills are
installed and in testing, along with further near-term improvements to
boost plant capacity and recoveries. Two concentrate shipments of 60
tons each are proceeding to offtaker Industrial Minerals in October
and further shipments will follow as milling ramps up throughout
the winter. The report notes that the plant "has been established
without recourse to cyanide reagents, which ensures that the plant
meets stringent waste and tailings quality benchmarks and is reputed
to be the leading Armenian company in pursuit of sustainable mining
and processing practices."
The report also reviews exploration at the 27 km2 Getik property, where
exploration activity commenced in the 1920s, noting that Global Gold
has done geological mapping, ground geophysical surveys, trenching
and a small amount of diamond drilling. The report notes that there
is potential for an open pittable deposit, but further exploration
is necessary and underway, Yahoo Finance reported.