16th Oct 2014 08:46
LONDON (Alliance News) - Tengri Resources, the mining exploration and development company focused on low-cost gold-copper projects in Central Asia, on Thursday said it has encountered high-grade gold veins at its Taldybulak deposit in Krygyzstan.
Tengri shares were up 4.1% to 8.85 pence per share Thursday morning.
Tengri has confirmed the discovery of near-surface, higher-than-originally-thought grades of gold sheeted veins within the deposit. The discovery is part of its 12 hole, 2,000 metre diamond drilling programme.
"The recent drill results announced today show significantly higher gold grades (up to 5 times higher) than the average for the entire deposit and therefore confirm the existence of a near-surface and higher-grade gold sheeted-vein system within the Taldybulak deposit," said Tengri in a statement.
The higher grade gold veins were discovered in three holes, TB0100, TB0101 and TB0102. At TB0100, results included 26 metres at 1.39 grammes per tonne of gold and 24 metres at 2.32 grammes per tonne.
At TB0101, results included 24.8 metres at 2 grammes per tonne of gold, 32.5 metres at 2.2 grammes per tonne of gold and 28.3 metres at 2.7 grammes per tonne of gold. At TB0102, results included 12 metres at 1.56 grammes per tonne of gold and 15 metres at 2.67 grammes per tonne of gold.
The drilling programme is indicating the Taldybulak deposit may be suitable for low-capital-expenditure development, mining and processing, it said in a statement.
Preliminary laboratory results have indicated the presence of coarse gold, which Tengri believes could be recoverable using a gravity-separation circuit, which would separate the gold to create gold doré bars, a semi-pure alloy of gold and silver. It is carrying out further metallurgical work to test the potential gravity gold recoveries.
"The aim of this drilling programme is to delineate a shallower, significantly higher-grade deposit, capable of becoming a stand-alone mine or benefitting from development and operational synergies with our nearby Andash deposit in the Talas Valley," said Chief Executive Bruce Lumley.
"The occurrence of coarse gold in some high-grade intervals may prove an excellent opportunity for the Tengri team to develop Taldybulak, targeting to efficiently recover the coarse gold via a relatively simple, low capex and opex gravity separation circuit," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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