A memorandum of agreement with the Kadamdjai Antimony Combine in Kyrgyzstan sets the stage for Phrygian Mining (PHG-V) to earn a 49% interest in the Savoyardi gold deposit by funding all exploration to the point of a feasibility study.
The deposit, situated in the Alayku region of the Osh Oblast of south Kyrgyzstan, near the Chinese border, was discovered in 1974 by a Russian team exploring for antimony. Exploration was halted in 1977, however, when the area became a military zone. With the region open again for exploration, Phrygian has committed to spend at least $500,000 on work programs once a formal joint-venture has been signed.
Mineralization is confined largely to numerous vein systems, the reserves for two of which were calculated in 1992 by Russian geological teams.
The No. 10 vein hosts a probable resource of 274,000 tonnes grading 6.1 grams gold per tonne, plus a possible resource of 2.48 million tonnes of 6.1 grams.
The No. 4 vein hosts a probable resource of 231,000 tonnes grading 8.7 grams, plus a possible resource of 2.47 million tonnes of 8.7 grams. A separate vein system, No. 11, contains substantial antimony.
Preliminary metallurgical testing shows that gold can be recovered at a rate of 95.87% through a combination of flotation and cyanide extraction.
Phrygian is currently confirming previous sampling results. The program also consists of infill trenching to test for zone continuity, geophysical surveying to identify the extent of the main zones, and additional metallurgical work to verify recovery.
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