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Thursday 25 August, 2016

Legendary Invest PLC

Geophysical Study of Sultan Sary Gold Project

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 66km2 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 km2. The geophysics will focus on two areas covering a total of 4km2 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 km2. 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 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

 

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
 
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