Diamond drilling underway5 Aug 2014 08:14
Diamond drilling on the way and further news to follow in the weeks ahead...GL S
RNS Number : 2282O
Tengri Resources
05 August 2014
Diamond Drilling Programme Underway
at Taldybulak Gold-Copper Deposit, Kyrgyz Republic
-- 12 hole, 2,000 metre diamond drilling programme underway to test near-surface, high-grade, gold-copper
mineralisation
-- Taldybulak hosts a substantial gold-copper resource:
o Indicated: 116.5Mt for 2.3Moz Au and 488Mlb Cu
o Inferred: 336.2Mt for 4.5Moz Au and 1,178Mlb Cu
-- Two-year access agreement signed with local Talas community;
-- Tengri aiming to delineate smaller, high-grade deposit amenable to low-CAPEX mining operation;
-- Social Development Fund to be established by Tengri, aimed at improving living standards and skills of local
Community; and
-- As part of continued growth strategy, Tengri will assess a number of potential development opportunities
across the Central Asia region.
Tengri Resources (AIM: TEN), the mining exploration and development company focused on low-cost gold-copper projects in the Kyrgyz Republic, is pleased to announce that it has commenced a 12 hole, 2,000 metre diamond drilling programme at the Taldybulak gold-copper deposit, located in the Talas exploration licence, Kyrgyz Republic. The drilling programme began following the signing of a two-year access agreement with the local Talas community.
Taldybulak is believed to be one of the largest and most promising copper-gold deposits in the country, and therefore an important mid to long-term growth development opportunity. In conjunction with the development of Taldybulak, Tengri is advancing other projects in its portfolio while also evaluating potential development opportunities across Central Asia.
The 12 hole, 2,000 metre diamond drilling programme at Taldybulak commenced 1 August, 2014 and targets a previously identified near-surface, sheeted-vein system. This system is a higher-grade gold domain located within the deposit. The aim of the initial drilling programme is to delineate a low tonnage, high-grade deposit amenable to a low-CAPEX mining operation which could benefit from the potential development of Tengri's Andash project and other Talas Valley projects located nearby.
Furthermore, the securing of the community access agreement is a significant milestone for the Company and is the result of extensive consultation with the Aral Village Rural Council. As part of that agreement, Tengri will establish a Social Development Fund aimed at improving the standard of living and skill sets of the Aral Community.
To date, Mineral Resources for the Taldybulak deposit have been estimated by Goldfields Limited (Goldfields) under the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC code). A full summary of the mineral resource estimate is contained within the Company's Admissions Document published on 18 June,