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Giyani Gold finds four new gold zones at South African property

Published: 18:46 17 Oct 2012 BST

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Giyani Gold Corp's (CVE: WDG) stock rallied Wednesday after it found five different gold settings through drilling completed so far on the Klein Letaba-Frankie property near Giyani, Limpopo in South Africa. 

The Klein Letaba-Frankie property is contained within the Giyani greenstone belt, which is Archean in age, and is similar to greenstone belts found in Northern Ontario, the company noted. 

The five settings found include four new gold zones. 

The company said that a hole previously announced in September is now understood to be a new extension of the No.9 vein system at the west margin of the historic Klein Letaba mine, and may be a new lense. 

It also found a narrow, sulphide-bearing shear zone, which is now understood to be part of the Middle Zone gold structure, and on the west end of the Klein Letaba trend, it hit a 31 metre fractured quartz zone. 

The latter find is located 900 metres west of the main shaft at the historic Klein Letaba mine, Giyani said. The company plans on tracing the plunge of this mineralization in the next phase of its drilling program. 

Giyani Gold also intersected another parallel sulphide zone along the northern edge of the Frankie trend, which is a new discovery on the Klein Letaba-Frankie property. 

This zone has been traced 1300 metres going west from the Frankie mine pit. Drilling has tested a 650 metre length of the 2.2 km Frankie trend so far, and additional drill holes are planned, the miner said. 

Prior to releasing the results of Giyani Gold's drilling, the company said a program of rechecking and verification of all assays is being conducted.

Shares in the company were lately trading at $1.19, up around 2.6 per cent, and earlier touched as high as $1.27. 

 

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