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Monday 11 April, 2016

Legendary Invest PLC

Preliminary exploration results from Sultan Sary

RNS Number : 7899U
Legendary Investments PLC
11 April 2016
 

11 April 2016

Legendary Investments Plc
("Legendary")

Preliminary exploration results from Sultan Sary gold project, Kyrgyzstan

Legendary is pleased to announce preliminary results from the 2015 sampling programme carried out by Manas Resources LLP ("Company") on its Sultan Sary Project in Kyrgyzstan.

Legendary announced in October, 2015 that it had acquired 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.

Highlights of the programme to date include:

·     Several bedrock samples up to 4 g/t Au within a 1km2 soil anomaly in Area 2

·     Boulder sample grade of 36 g/t along structural corridor in Area 3

Zafar Karim, Executive Chairman of Legendary said:

"We are pleased that the preliminary exploration results we have received so far have already delineated some very focussed areas for follow-up work. They support our decision and efforts to exchange the coal asset for the gold asset and subsequently support the exploration of the gold asset. Following these results, the Company intends to conduct further work, potentially in collaboration with partners, with a view to outlining a mineral resource."

The Company selected 3 prospective sub-areas within the 66 km2 License area for an initial sampling phase in 2015. A map of the License area can be found under the link:

https://www.dropbox.com/s/jkeglhpq3shfp3v/Soltan%20Sary%20Licence%20Map%20RNS%202.pdf?dl=0

Area 2 is located in the eastern end of the License area and covers approximately 12 km2. In this area sampling consisted of approximately 2500 soil samples (1500 analysed) and 200 bedrock samples (103 analysed). The surveys to date have identified a number of lithochemical anomalies for follow-up across the surveyed area, including a 1km2 area to the south with a number of sub-parallel zones of higher gold values. This southern area is interpreted as a WNW trending structural corridor favourable for gold mineralisation. This is supported by the results of the bedrock sampling, with samples returning assays with values up to 4 g/t Au. Five samples taken over 1 km, have returned values of 0.5 g/t Au or higher (4.0 g/t; 2.0 g/t; 1.2 g/t and 2 x 0.5 g/t). The gold mineralisation in this southern area tends to occur in quartz carbonate veinlets associated with copper sulphides. The bedrock sampling results from other areas within Area 2 are waiting to be assayed.

 Area 3 is located in the southwestern corner of the License area and covers approximately 1.2 km2. Area 3 is considered to be the most prospective part of the License area, being located along strike along the same WNW structural corridor, from the known deposits (outside the license area) of Choloktor (3km), Buchuk (5km) and Altyntor (9km).  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. About 5 tonnes of gold has historically been mined from Buchuk, which is currently being evaluated by another company. Area 3 is almost entirely covered by Quaternary sediments, and no detailed surveys were conducted in 2015. A reconnaissance survey identified some small boulders in stream beds and gullies. 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.  In both of these higher grade samples, the gold is associated with quartz and limonite. These results lend support to the interpretation that the mineralised Choloktor-Buchuk-Altyntor structure continues onto the License area.

Area 1 is located in the northwestern corner of the License area and covers approximately 1.4km2. The distribution of bedrock in Area 1 is restricted, especially in the more prospective regions, covering less than 30% of the area.  Sampling consisted of approximately 400 soil samples and 100 bedrock samples (52 analysed). Only two of the bedrock samples returned gold values significantly above background concentrations (0.5 g/t and 0.4 g/t). A number of lithochemical anomalies were outlined for follow up work which may include trenching, geophysics, and more detailed geochemical profiles

- Ends -

For further information, please contact:

Legendary Investments Plc

Zafar Karim / Thomas Reuner

 

020 8201 3536

Grant Thornton UK LLP

 

Colin Aaronson / Harrison Clarke

020 7383 5100

Beaufort Securities Limited

 

Elliot Hance

020 7382 8300

Peterhouse Corporate Finance

Duncan Vasey/Heena Karani

020 7469 0933

 

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.

For more information, visit www.leginvest.com 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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