10:24 AM EDT, 10/10/2024 (MT Newswires) -- Giyani Metals ( CATPF ) was edging lower Thursday as the company said that it identified "multiple" new manganese oxide ore targets at the K.Hill manganese project in Botswana.

The company added that it renewed six out of seven of its prospecting licenses in Southern Botswana, "retaining a significant proportion of its original prospecting land package".

Giyani said due to the recent analysis its smallest license was not renewed as the surveys have shown the area lacks substantial geological anomalies compared to other licenses within the portfolio.

Consequently, Giyani has relinquished PL339/2016. It added this decision does not affect the overall success of the project.

The company said it remains optimistic about the exploration potential within its prospecting licenses as it is focused advancing its efforts in the region.

"We firmly believe, following preliminary work including a remote sensing survey, that these retained licenses are prospective," President and CEO Charles FitzRoy said. "Relinquishing un-prospective licenses allows us to consolidate our efforts and intensify our focus on our long-term strategy, while satisfying the legislative requirements of the Botswana Ministry of Mines."

Giyani was down 5.3% at last look Thursday to $0.09 on the TSXV following the news.

Price: 0.09, Change: -0.01, Percent Change: -5.26