Last checked at 24 Jul 2008 07:00
24 July 2008 Kryso Resources plc (`Kryso' or `the Company') AIM: KYS Encouraging Drilling Results from Hukas Nickel-Copper Project * First drillhole intersects previously undiscovered sulphide mineralization in geophysical anomaly * Anomaly has strike length of approximately 1km and is still open to the north
Kryso Resources plc, the mineral exploration and development Company with gold and nickel-copper projects in Tajikistan, is pleased to announce that drilling at Hukas has intersected disseminated sulphide mineralization in the first hole drilled into the anomaly identified in last year's geophysical survey. This anomaly has a strike length of approximately 1km and is still open to the north in an area where the terrain precluded geophysical surveying at the time. Two other geophysical anomalies have also been identified in the northern part of the project area.
The company's drill rig commenced drilling in June of this year at the southern margin of the TEM geophysical anomaly and, at 198 metres depth, intersected norites which are known to host nickel copper sulphide mineralization in the project area. At 225 metres the drill hole intersected sulphide mineralization, which contains visible copper minerals. Currently the drill rig has reached 267 metres and is still in disseminated sulphide mineralization.
A contractor's drill rig also commenced drilling in June to verify some of the historical Soviet drilling 400 metres to the east of the mineralised Hukas lens which crops out on surface. This small exposed mineralized lens returned average grades of 2.86% nickel, 1.26% copper, 0.83% cobalt and 2.3g/t platinum group metals (PGM) from surface trenching and two drill holes. This second drill hole has intersected sulphides containing visible copper minerals from 101 metres and is currently still in mineralization at 121 metres.
Kryso Resources' Managing Director, Vassilios Carellas comments:
`This drilling, in the location previously identified by the electromagnetic survey, is extremely encouraging for the Hukas project and confirms mineralization which we believe contains nickel copper sulphides. The potential mineralised zone is 1 km long and open to the north. The confirmation of mineralization and our ongoing drilling programme bodes well for what could become a material nickel and PGM resource at the Hukas property.
`Both drill rigs are in the process of completing and coring these first drill holes and the core samples will then be sent to the Company's laboratory in Dushanbe for initial analysis after which they will be sent for independent assaying. Further information on these first two drill holes and the proposed 1500m of drilling in this year's programme will be announced as and when assays are received.'
All exploration results have been approved for release by Dr Trevor Davenport B.Sc, M.Sc, Ph.D, MIMM, C.Eng, Chairman of Kryso Resources plc. Trevor has more than 35 years experience in the mining industry and has consented to the inclusion of the material in the form and context in which it appears.
For further information, please contact:
Vassilios Carellas/Dr Trevor Davenport, Kryso Resources plc.
Tel: 020 7371 0600Brett Miller, Ruegg & Co Ltd.Tel: 020 7584 3663
Richard Hail, Fox-Davies Capital Limited.
Tel: 020 7936 5200
Christian Dennis, Orbis Equity Partners Limited.
Tel: 020 3178 3977
Notes to editors
Kryso Resources plc is an AIM-listed mineral exploration and development company focussed in Tajikistan, where it is progressing the advanced stage Pakrut gold project, with a JORC-Compliant resource in excess of one million ounces of gold and the exploration stage Hukas nickel-copper project.
A bankable feasibility study is currently underway at Pakrut with a projected production of over 100,000 oz per annum.
Glossary:
TEM anomaly - transient electromagnetic anomaly
Norite - common host rock for nickel copper sulphides
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