Georgian Mining reports significant intercepts at Kvemo Bolnisi

Shares in Georgian Mining Corporation are up more than 4% after it reported significant and near-surface intercepts at its 50%-owned Kvemo Bolnisi Project in Georgia.

The assay results from the first three drill holes were not included in the recently published resource of 947,000 tonnes at an average grade of 0.93% copper (Cu) and 0.15 g/t gold (Au).

"Therefore, when integrated, these results are expected to result in a material increase in the existing Mineral Resource," the company said in a statement.

"These excellent results from our first three drill holes suggest we are on course to define a mineable open pit resource at KB in the short term," said managing director Greg Kuenzel.

"Our three phase drill programme aims to outline a 3-5Mt resource to meet guidance from our JV partner on initial deliveries of copper-gold and gold oxide mineralisation to the nearby processing plants," he added in a statement.

More assay results should be available shortly from the company's 10,000m three-phase drill programme.

"On further success, we will expand the programme to drill test additional targets identified by our earlier exploration programme and we remain on track to significantly expand and upgrade our inferred resource," Kuenzel said.

At 10:21 GMT, shares in AIM-quoted Georgian Mining were up 4.29% to 9.12p each.