Legendary receives positive results from Kyrgyzstan investment

11th Apr 2016 12:02

(ShareCast News) - Legendary Investments reported promising results from one of its recent acquisitions on Monday, with preliminary results arriving from Manas Resources on its 2015 sampling programme at the Sultan Sary Project in Kyrgyzstan.The AIM-traded company had announced in October 2015 that it had acquired a 5.5% stake in Manas, with an option over an additional 4.45% stake.Manas Resources holds a licence to explore and mine for gold in Sultan Sary, Narynskaya Oblast, Kyrgyzstan. The licence area is in the gold-rich Tien-Shan region and covers around 25 square miles.Highlights of the programme to date included several bedrock samples up to four grams of gold per tonne within a 247-acre soil anomaly in area two, and a boulder sample grade of 36 grams per tonne along a structural corridor in area three."We are pleased that the preliminary exploration results we have received so far have already delineated some very focussed areas for follow-up work," said Legendary executive chairman Zafar Karim."They support our decision and efforts to exchange the coal asset for the gold asset and subsequently support the exploration of the gold asset."Following these results, the company intends to conduct further work, potentially in collaboration with partners, with a view to outlining a mineral resource," he added.At 1400 BST, shares in Legendary Resources were trading up 34.53% at 0.36p.