Legendary Investments PLC Geophysical Study of Sultan Sary Gold Project (1641I)
August 25 2016 - 8:27AM
UK Regulatory
TIDMLEG
RNS Number : 1641I
Legendary Investments PLC
25 August 2016
25 August 2016
Legendary Investments PLC ("Legendary")
Geophysical Study of Sultan Sary Gold Project, Kyrgyzstan
Legendary is pleased to announce that following the positive
exploration results from the work carried out by Manas Resources
LLP ("MR LLP") (announced on 11 April 2016), MR LLP has initiated a
geophysical work programme to better define and delineate known and
potential gold mineralisation in the 66km(2) license area in Sultan
Sary, Narynskaya Oblast, Kyrgyzstan.
The geophysics programme consists of ground magnetics, Induced
Polarisation (IP) profiles and gamma spectrometry, and is focussing
on the high priority subareas (Areas 2 and 3) identified
previously. The geophysics programme is being carried out by
Geotechnologies, a local geophysical contractor in Kyrgyzstan.
Area 2 is located in the eastern end of the License area and
covers approximately 12 km(2) . The geophysics will focus on two
areas covering a total of 4km(2) identified from the earlier
bedrock sampling, with samples returning assays with values up to 4
g/t Au. In addition to the geophysics, further trenching and
mapping will be carried out in Area 2.
Area 3 is located in the southwestern corner of the License area
and covers approximately 1.2 km(2) . Area 3 is considered to be the
most prospective part of the License area, being located along the
postulated extension of the same WNW structural corridor hosting
the known deposits (outside the license area) of Choloktor (3km),
Buchuk (5km) and Altyntor (9km). Altyntor is currently being mined
by Kyrgyzaltyn, a Chinese company, and about 5 tonnes of gold has
historically been mined from Buchuk. Under the Russian/Soviet
classification scheme Buchuk contains a C1 resource of 20 tonnes of
gold, and Altyntor contains a C1 and C2 resource of 7 tonnes of
gold. Area 3 is almost entirely covered by Quaternary sediments. A
boulder sample collected close to the southern border of the
license area assayed 36 g/t Au. A bedrock sample taken from about
1km outside the license area assayed 12 g/t Au. These results lend
support to the interpretation that the mineralised
Choloktor-Buchuk-Altyntor structure continues onto the License
area, buried beneath Quaternary sediments.
The results of the geophysical surveys are expected sometime in
Q4. Results from the geophysical work, and additional field work
will determine the nature and extent of further work.
Legendary holds a 5.5% stake in Manas Resources LLP, with an
option over an additional 4.45% stake. Manas Resources LLP holds a
license to explore and mine for gold in Sultan Sary, Narynskaya
Oblast, Kyrgyzstan. The license area is located in the gold-rich
Tien-Shan region and covers approximately 66 sq km.
- Ends -
For further information, please contact:
Legendary Investments Zafar Karim
Plc / Thomas Reuner 020 8201 3536
Grant Thornton Colin Aaronson
UK LLP / Harrison Clarke 020 7383 5100
Beaufort Securities
Limited Elliot Hance 020 7382 8300
About Legendary Investments Plc
Legendary Investments Plc is a proactive investment company that
focuses on making investments in and assisting companies which
exhibit the potential to generate returns of many multiples through
capital appreciation. Typically, Legendary invests in small
companies where there are clear catalysts for value appreciation
and the companies are operating in sectors exhibiting long term
growth. Examples of such sectors include technology, energy and
natural resources.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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