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Tuesday 13 December, 2016

Legendary Invest PLC

Ground geophysics identifies drill targets

RNS Number : 7408R
Legendary Investments PLC
13 December 2016
 

13 December 2016

Legendary Investments PLC ("Legendary")

Ground geophysics identifies drill targets at Sultan Sary Gold Project, Kyrgyzstan

 

Legendary is pleased to announce that it has received the results of the geophysical study carried out by Manas Resources LLP ("Manas") (announced on 25 August 2016), intended to better define and delineate known and potential gold mineralisation in two subareas of the 66km2 license area in Sultan Sary, Narynskaya Oblast, Kyrgyzstan.

 

Area 3, considered to be the most prospective area, covers approximately 1.2 km2 in the southwestern corner of the License area. The pole-dipole IP surveys conducted in Area 3, which is almost entirely covered by Quaternary sediments, have identified strong chargeability and/or resistivity anomalies over a strike length of some 1.4 km extending from the edge of the survey area. Modelling of the results suggests that the tops of the targets are 50 - 100 metres from surface. These anomalies correspond with the postulated WNW extension of the gold-rich structural corridor that hosts 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.

 

Zafar Karim, Executive Chairman of Legendary comments: "We are delighted that the geophysics supports our belief that the gold-rich structural corridor continues across the tenement border onto the Manas Resources license area, and has identified such strong targets. The next stage is to drill testing these very promising targets in 2017".

 

The geophysics programme focussed on the high priority subareas (Areas 2 and 3), and consisted of ground magnetics, Induced Polarisation (IP) profiles and gamma spectrometry. The geophysics carried out on Area 2 were more exploratory in nature than in Area 3 (200m vs 100m line spacing respectively). The results received from Area 2 are sufficiently positive to warrant follow-up work in 2017 to better define potential drill targets. The focus of follow up work is expected to be Area 3.

 

Legendary holds a 5.5% stake in Manas, with an option over an additional 4.45% stake. Manas 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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