Legendary Investments PLC Ground geophysics identifies drill targets (7408R)
December 13 2016 - 7:48AM
UK Regulatory
TIDMLEG
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 66km(2) license area in Sultan Sary, Narynskaya
Oblast, Kyrgyzstan.
Area 3, considered to be the most prospective area, covers
approximately 1.2 km(2) 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 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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