Something I found while hunting for more information on our potential silver deposit. This is from 2006, don't have a clue who Marakand Minerals are - anyone care to shed some light?
You have to scroll down near the end to find the info on Akjilga Siver. If this is correct as Peter King and other have speculated via their "scuttlebutt" it is going to be a very interesting couple of months after this re-lists by the looks.
"The Soviet resource for the Akjilga Project was estimated at 988,300t at an average grade of 2,114 g/t silver..."
Close to 70mill oz of silver at 2.1kg/tonne!! The top exploration hopeful (my opinion only - SVL) on the ASX has a target of 30-50mill OZ at circa 250g/tonne and if they prove that up the will probably fly.
The Akjilga deposit would equate to $2700 per tonne revenue at $40 per troy ounce let alone if silver runs.
The other three main plays have similar targets but the grades are around the 50-60g/t mark (give or take). AYN, ARD, CCU...
If it is correct I will have a few questions, top of the list being how the heck these guys were able to secure this for $12mill...
Marakand Minerals - Final Results
RNS Number:6454J Marakand Minerals Limited 28 September 2006
Final For Immediate Release 28 September 2006
Preliminary results for the year ended 30 June 2006
Marakand Minerals Limited ('Marakand' or 'the Company') announces its preliminary results for the year ended 30 June 2006.
Uzbekistan: Khandiza Project
* the Company continued to seek final approvals from the Uzbek Government regarding the development of the Khandiza deposit by way of a Joint Venture ('JV') with the State Committee of Geology of the Republic of Uzbekistan ('Goscomgeology'). * a recent decree of the Uzbek Government, transferring the Khandiza mineral reserves from Goscomgeology to the state owned Almalyk Mining and Metallurgical Combinat ('AMMC') has meant the previously proposed JV with Goscomgeology falls away and Marakand is presently seeking to clarify the nature of its continued role in the project with the Uzbek Government. * regional exploration work was carried out in the South East Uzbekistan exploration areas in the last year continuing to indicate encouraging results.
Turkey: Copper - Gold Projects
* Marakand has entered into exclusive option arrangements to acquire majority interests in two separate copper - gold exploration license areas in southern Turkey. * the two Turkish licences are located in the prospective southern Turkish 'ophiolite belt' related to the Cyprus Arc, and host 'Cyprus-type' copper - gold mineralization. * exploration works, including surface drilling, have previously been undertaken on both license areas and the Company is now proceeding with further exploration.
Tajikistan: Akjilga silver deposit
* Marakand has continued to express its interest in the exploration and development of this deposit, however the Company is awaiting the official issuance of a license before committing to any further funds to the project.
Uzbekistan, Khandiza
Further to completion and submission of the Khandiza Feasibility Study in October 2004 for the economic development of the zinc, lead, copper, silver, gold deposit, and exploration of surrounding areas in South East Uzbekistan, Marakand, in the latter half of 2005 reached agreement in principle with its nominated Uzbek partner, Goscomgeology, on the legal and financial documentation for the project's development based on the requested Joint Venture structure.
The Company, again at the request of Goscomgeology, also entered into discussions with a major Korean interest pursuant to possible project financing on competitive commercial terms, and in June 2006 signed a Negotiation Framework Agreement to prepare the way for detailed negotiations.
In August 2006, the Uzbek Government issued Presidential Decree 442, specifying the transfer of the Khandiza mineral reserves from Goscomgeology to AMMC, and cancelling Decree 359, which had previously given Marakand exclusive rights to negotiate to develop Khandiza on the basis of a concession contract or production sharing agreement.
The Company has indicated to both Goscomgeology and AMMC that it is prepared to participate jointly with AMMC on the project and is seeking meetings with senior members of the Cabinet of Ministers to present a development proposal on the joint exploitation of the Khandiza and Uch-kulach deposits that is mutually beneficial and to be authorised to enter into detailed negotiations with AMMC.
Marakand's rights and investments to date are protected under the Uzbek Law on Subsoil Use and On Guarantees and Measures to Protect Foreign Investors' Rights. In the event that the Company cannot negotiate an acceptable role in the development of the Khandiza project, the Company will alternatively seek the appropriate compensation to which it is entitled under Uzbek law.
Through its efforts since 1996 the Company has come to understand the deposit in detail and having completed a detailed Feasibility Study and Environmental and Social Impact Assessment, has been in a position to proceed with project financing and development of Khandiza for some time pending governmental approvals.
Framework Agreements are in place for the toll smelting and sale of zinc, lead and copper concentrates.
Khandiza - Resources and reserves
* The Soviet resource for the Khandiza Project was estimated in 1974 at 20.9Mt at an average grade of 6.63% zinc, 3.28% lead, 0.84% copper, 114 g/t silver and 0.35 g/t gold.
* The JORC classified measured and indicated resource above a 2% zinc cut-off has been estimated in 2004 at 11.83Mt at an average grade of 7.66% zinc, 3.65% lead, 0.921% copper, 129 g/t silver and 0.38 g/t gold.
* The mineable reserve above a 4% zinc break-even cut-off, for the first 15 years of production, totals 9.61Mt at an average grade of 7.90% zinc, 3.78% lead, 0.95% copper, 129 g/t silver and 0.37 g/t gold.
South East Uzbekistan Exploration
Limited regional exploration work was carried out in the South East Uzbekistan exploration areas in the last year, with commencement of more intensive exploration being deferred until completion of the final approval process of the Khandiza Project and exploration strategy by the Uzbek Government.
Hatay and Karakilise Projects in Turkey
Marakand has entered into exclusive option arrangements to acquire majority interests in two separate copper - gold exploration license areas in southern Turkey. Both license areas are located in the prospective southern Turkish 'ophiolite belt' related to the Cyprus Arc, and host 'Cyprus-type' copper - gold mineralization. Exploration works, including surface drilling, have previously been undertaken on both license areas and the Company is now proceeding with further exploration.
Hatay Exploration License
Marakand holds a 25% interest in a newly formed joint venture company, Hatay Madencilik AS, with the option to increase its holding to a 66.7% interest at Marakand's election, following further exploration and feasibility studies.
The Hatay Exploration License was formally transferred by the Turkish General Directorate of Mining Affairs into Hatay Madencilik AS on the 19th July 2006. The Hatay License, covering 1204.8 hectares, is located in the Antakya Region and has previously been explored for gold. Ancient Roman workings are extensive.
Mineralization in the area explored so far, extends over at least 1,600m along strike. Grab samples collected by the Company confirm significant levels of gold and copper. Analyses of samples from the eastern end of the area indicated the presence of up to 9.48 g/t gold and 3.09 % copper, whilst samples from the west of the area indicate up to 17.28 g/t gold but with less copper (0.15 %). A stream sediment sampling programme, together with further rock sampling, is expected to increase the overall strike extent of mineralization.
Marakand has established a technical office in Antakya and has commenced satellite image interpretation of the area. A programme of geological mapping, sampling and surveying has commenced, to be followed by surface drilling before the end of 2006.
Karakilise Exploration License
Marakand has also entered into an exclusive option agreement to acquire a 100% interest in the Karakilise Exploration Licence in the Isparta Region, on or before 2nd February 2007. In a previous exploration exercise four shallow drill-holes are reported to have intersected copper - gold mineralization with average grade 3.39 % copper and 1.7 g/t gold.
Grab samples of outcropping massive sulphides confirm significant levels of copper and gold. Analyses of two of these samples indicate the presence of 3.87% copper with 0.99 g/t gold, and 2.31% copper with 3.10 g/t gold.
Akjilga Silver Project in Tajikistan
The Company remains interested in the exploration and development of the Akjilga Silver Deposit, however is examining ways of participating with local partners in securing a license for exploration and mining before committing to any further expenditure on the project.
Compilation of data on the Akjilga Silver Project by Marakand illustrates high silver grades encountered during Soviet adit development and encouraging results from metallurgical testwork on Akjilga silver ores.
The Soviet resource for the Akjilga Project was estimated at 988,300t at an average grade of 2,114 g/t silver, 0.71% copper and 0.78% antimony. A number of high grade veins, of 0.5 to 2.0m in width, were explored in the 1980's by two adits and associated drives.
Preliminary metallurgical testwork carried out in Moscow in 1991, on a sample grading 996 g/t silver, indicated that 97.2% of the silver could be recovered to a gravity / flotation concentrate grading 30,410 g/t silver, 23.0% copper and 3.5% antimony.
Corporate
Whilst continuing to seek and clarify a meaningful role in Khandiza with the Uzbek Government, Marakand will proceed with exploration of its Turkish licences, and consider further acquisitions in Turkey.
Management has completed a review of its cost structure in light of the immediate exploration focus in Turkey, delays and uncertainty concerning the development of Khandiza and the increased Oxus ownership of the Company. Oxus plays more active role in the day to day dealings of Marakand.
Financial Results
The Company had $131,000.00 cash at the end of the review period. Marakand's anticipated funding needs for the year end 2007, principally for exploration in Turkey, will be met by a loan agreement with Oxus Gold plc, dated 22 September 2006 which provides for Marakand to borrow up to USD 500,000, of which $240,000 is to repay accrued fees payable to Oxus as at 30 June 20, and is renewable by mutual agreement. Interest is payable at 3% above 1 month LIBOR and the loan is secured by pledge or mortgage over the Company's assets.
Marakand Minerals is a mining exploration and development company focused in Central Asia and Turkey, and listed on the Alternative Investment Market (AIM) in London, stock exchange symbol MKD.L.
ROS Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
