“We have gold anomalies in soil at surface and then when we go below it we are still getting gold anomalies in the rock,” says Nolan. “This is really nice. And we are finding that across the licence.” Mapping of the area points to two mineralised trends – one running through the Talbaital and Jarkonush areas, the other, parallel to the first, takes in the Torsai and Aksai areas. The former extends around 3.5 kilometres and yielded the eight metres at 3.7 grams of gold per tonne referred to earlier, along with three metres at 9 grams and a metre at 10.6 grams. The mineralised trend for Torsai–Aksai extends around two kilometres and has yielded three metres at seven grams per tonne and a metre at 12 grams. “These results we have here are representative – not our worst, not our best,” said Nolan It is fair to say Cholokkaindy remains open in all directions, with the exploration to date only having scratched the surface. “There is a lot of empty space, which points to exploration upside,” agrees Nolan. “So, we are geologically open in all directions. The area around the Cholokkaindy licence is unclaimed. Our nearest neighbour is around 20 kilometres away.” To date the company has identified no fewer than 22 targets for a drilling campaign which could cover up to 8,200 metres. The first holes will be sunk into Talbaital, which is on the slope of a hill that rises 700 metres from the valley floor that is the site of the company’s tented camp. Premier will drill a series of fences (lines of holes) to a true vertical depth of around 100 metres at an angle of around 60 degrees, rather than sinking somewhat fewer more expensive deep holes. “We want to understand the near surface geology before going deeper,” says Nolan. “It is quick and relatively cheap to drill a 100 metre hole. It then allows us to go deep and know why we are going deep. “We have got two accredited labs nearby so core material will be going out at regular intervals. There will be no queues.” The objective for this year is to post a maiden resource as well as compiling a new competent person’s report. In addition to the drilling, Premier plans to carry out a further 4,400 metres of trenching and will combine this with an ambitious sampling programme. In December the company secured a commitment for £1.2 million through a share subscription at 0.4 pence a share to accelerate the work programme. Management contributed £112,000, and £1 million was provided via an equity swap agreement with Lanstead Capital.
“If you want to find elephants you have to go to elephant country,” says Richard Nolan, chief executive officer of AIM-listed Premier Gold Resources (LON:PGR). And he and his colleagues have done just that in targeting the Tien Shan belt, host to some truly elephantine gold deposits. Premier holds an 80% interest in the Cholokkaindy licence in Kyrgyzstan, in partnership with a local team. Chaarat Gold is AIM’s other Kyrgyz explorer and is developing the 5.6 million ounce Chontash project, while the country is also home to the 17 million ounce Kumtor deposit, and Makmal, a comparative baby at 5 million ounces. In terms of geological location, if this was London, then Premier’s prime piece of real estate would represent an undeveloped plot in Mayfair, or Park Lane, if such a thing existed. Geology is one thing, but as Toronto-listed Centerra has found recently, the politics of this Central Asian country are fraught, to say the least. The local parliament has its sights set on Kumtor, Centerra’s flagship asset, with significant revisions planned to its ownership structure. Nolan is unperturbed by this turn of events. “My read on this is that it is company specific,” he says. “There is a lot of corporate and country history that is interwoven in that announcement and the issues outlined. As for a read across to us, I would say that there is none.” And he is keen to point out that the company has an excellent in-country management team skilled in exploration, operations and with a good knowledge of the regulatory environment. They have worked hard at establishing relationships both locally and nationally to ensure work is carried out as smoothly as possible. Early exploration work on Cholokkaindy points to the huge potential of the 2,400-hectare property. It is 20 kilometres from the city of Kara Balta (and accessible by 4x4) and 80 kilometres from the capital, Bishkek. The licence term was renewed recently for five years, giving plenty of time to explore. There are significant gold in soil anomalies but trenching suggests this extends into the bedrock too. Trench channel sample values included 3.7 grams of the yellow metal per tonne over eight metres, while one grab sample returned up to 64 grams per tonne of gold and 935 grams of silver. In fact, there were significant gold in soil anomalies across a five kilometre square portion of the licence. Most of the results come from the Talbaital-Jarkonush trend, but gold was also present in the Torsai-Aksai trend of the property.
very weird,i was watching the cnbc channel,then about 5 trades went thro of around 100k at 70p,but they didnt show up on l2,then about 2 mins later l2 went mad and the sp was 75p..lol..very odd,fast moving or what..... not in blvn but i am keeping xel.safe az houses if its brent crude.lol... what a day ive had...... we oughta buy that lake down the road,its full of carp and just about everything else...even piranhas....
xel and blvn have already hit, probably the two best shares on AIM for long term growth.........keep hold of your xel shares, when mine make me rich I might just come up to your homeland and buy you a pint.
just seen you on ptr,take no notice of that poster,that oily is in the fozen parts of russia and is just suffering like most in the regions.lol..it may get cheaper,but it isnt off bust or getting de listed,not a clue where hese got that idea from..... god oilies,there's hundreds of them...be caefull with them tho,i was in rmp when it dril ed and only found water,it went from about 24p down to 3/5p in a morning,dusters can bite.lol...... qpp?,thats a voitile one.gl.....
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