Kryso Resources (LON:KYS) said that the bankable feasibility study (BFS) for its 2.8 million ounce (Moz) Pakrut gold project in Tajikistan, is progressing well. However in order to include recently announced encouraging drilling data into the resource model, the BFS has encountered a slight delay. Kryso emphasised that all other major elements of the study are largely complete.
Kryso had provisionally anticipated the BFS completion in June, now to ensure the study is fully optimised using all available data; Kryso said it now expects the study to be completed in August 2010.
The update follows a meeting in Beijing between Kryso and its consultants who were appointed to carry-out the BFS, the Beijing General Research Institute of Mining and Metallurgy (`BGRIMM'), and Snowden Mining - who are assisting with the resource model.
Additionally, Kryso reported progress on corporate level as the company reaches advanced stages of its new CEO recruitment process. According to Kryso, a selection of strong candidates is currently being shortlisted.
The company has also appointed a new Senior Mining Engineer, André Gaston, to oversee the Pakrut project.”André will be based in Tajikistan and brings a wealth of experience of managing underground mining operations to the company”, Kryso stated.
“I am very pleased to report on the excellent progress that is being made on several fronts. Kryso has a substantial gold deposit at Pakrut in an increasingly strong gold market and I look forward to the Company providing further updates to shareholders in due course", Kryso Chairman and acting MD, Dr Trevor Davenport, commented.
On 20 April, Kryso reported the most recent, "excellent" assay results from drilling at Pakrut. The assays, which the company described as highly encouraging, were intercepted in Ore Zone 1 and Ore Zone 3. Intercepts from Ore Zone 1 included 25.5m at 7.5 grams per tonne (gpt) gold, 42.4m at 5.4gpt and 12.0m at 6.4gpt, while Ore Zone 3 assays included 9m at 7.5gpt and 13.5m at 7.5gpt containing 4.5m at a higher grade of 20.1gpt.
“These results indicate that there is excellent potential to expand the underground resource base at Pakrut, and vindicate the decision to reorient the Pakrut BFS around an underground mining case”, Davenport had commented. “In this context, the results from Ore Zone 1 continue to show good grades and continuity at depth, is particularly exciting.”
At the end of March, Kryso told investors that high grade drill results from Ore Zone 1 had shown that the mineralization widens at depth, sparking a rethink from the company and BGRIMM. Kryso and the BGRIMM now believe that a more robust mine development plan will be forthcoming if Pakrut is developed solely as an underground gold mine to exploit the widening underground gold structure.
“It is anticipated that an underground approach would deliver superior economics relative to a combination of open pit and underground mining and would also enable the early exploitation of higher grade ore found at depth, with lower grade near surface ore blended in as required to produce optimal feed for the mill,” Kryso stated.
http://www.proactiveinvestors.co.uk/companies/news/17520/kryso-resources-awaits-inclusion-of-recent-encouraging-assays-into-bfs-for-28moz-pakrut-gold-project-17520.html
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