13th Dec 2016 14:05
LONDON (Alliance News) - Legendary Investments PLC on Tuesday said it has identified drill targets at the Sultan Sary Gold Project in Kyrgyzstan after receiving the results of the geophysical study carried out by Manas Resources LLP.
Shares in Legendary Investments were trading up 17% at 0.268 pence on Tuesday afternoon.
The study was carried out to better define and delineate known and potential gold mineralisation at the licence area.
Legendary Investments said the pole-dipole IP surveys conducted in Area 3 have identified strong chargeability and/or resistivity anomalies over a strike length of 1.4 kilometres. Modelling of the results suggests that the tops of the targets are 50 to 100 metres from surface.
These anomalies correspond with the gold-rich structural corridor that hosts the known deposits of Choloktor, Buchuk and Altyntor.
Meanwhile in Area 2, the results are "sufficiently positive" to warrant follow-up work in 2017 to better define potential drill targets, Legendary Investments said.
"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," Executive Chairman Zafar Karim said in a statement.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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