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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Chaarat Gold Holdings Ltd | LSE:CGH | London | Ordinary Share | VGG203461055 | ORD USD0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.08 | 2.84% | 2.90 | 2.80 | 3.00 | 2.90 | 2.90 | 2.90 | 833 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 92.35M | -8.58M | -0.0124 | -2.34 | 20M |
From Apr 2019 to Apr 2024
TIDMCGH
RNS Number : 0553Q
Chaarat Gold Holdings Ltd
07 September 2017
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
POSITIVE DRILLING RESULTS AT THE CHAARAT GOLD PROJECT
Road Town, Tortola, British Virgin Islands (7th September 2017)
Chaarat (AIM - CGH), the AIM quoted exploration and development company with assets in the Kyrgyz Republic, is pleased to provide an update on the drilling programme in the Tulkubash Zone of the Chaarat Gold Project.
Highlights
-- Positive drill results including: -- Section 480: CCH17T07279: True width of 24.5 metres of 1.35g/t Au from a depth of 82 metres
-- Section 1400: CCH17T07293: True width of 11.4 metres of 2.54 g/t Au from a depth of 264.5 metres
-- Section 1960: CCH17T07305: True width of 18.4 metres of 1.49 g/t Au from a depth of 4.5 metres
-- Section 2240: CCH17&24257: True width of 35.2 metres of 1.05 g/t Au from a depth of 68.5 metres
-- Additional mineralisation identified within the current Tulkubash pit
-- Mineralisation extends from the current Tulkubash pit to connect with other drilled areas (satellite pits) to increase pit length from approximately 1,100 to 2,200 metres
-- Mineralisation open to the northeast with indications of continuity for at least three kilometres
-- Substantial potential to increase the life of mine of the Tulkubash open pit heap leach project.
-- Drilling program extended to 15,000 meters from 11,000 metres.
Robert Benbow, CEO of Chaarat, commented: "The results reported today continue to demonstrate the untapped potential of the Tulkubash heap leach project. The 2017 drilling program, as highlighted in the sections selected above, has identified oxide mineralisation for another kilometre northeast of the current Tulkubash pit and it is still open in that direction. We have progressed ahead of schedule and, with the encouraging results to date, are adding 4,000 metres to the drilling program this season bringing the target to 15,000 metres.
We remain confident that the reserve base of the Tulkubash Project can be enlarged to significantly extend the life of mine. Once the mine plan is updated we expect the pre-stripping required before gold production commences to be considerably reduced. A reduction in the pre-stripping and the extension of the life of mine are expected to impact positively on the economics of the Project. The Feasibility Study for the Tulkubash heap leach Project is due for completion in Q1 2018."
Enquiries:
Hot Features
Premium
Chaarat Gold Holdings
Limited + 44 20 7499 2612
c/o Central Asia Services info@chaarat.com
Limited
Robert Benbow CEO
Linda Naylor FD
Numis Securities Limited +44 (0) 20 7260 1000
John Prior, Paul Gillam
(NOMAD)
James Black (Broker)
General description of the Tulkubash Zone
The Tulkubash Zone is one of three zones of mineralisation within the Chaarat Gold Project, the others being the Contact and Main Zones. The Tulkubash Zone is a mineralized shear that contains multiple gold-bearing lodes. The Tulkubash Zone strikes parallel to the other two zones and has been traced for a distance of 10 kilometres
to the Ishakuldy area to the northeast. The mineralised zones dip at 65-80 degrees to the NW.
Drilling in the Tulkubash Zone
Prior to this year, a total of 299 holes have been drilled in the Tulkubash Deposit. The results of this drilling were reported in the 2014 resource update.
The 2017 Tulkubash drilling program consists of approximately 15,000 metre in-fill and step-out development drilling. The objective of the drilling program is to develop and enlarge the shallow, open pit, heap leachable reserve base of the Project by (i) increasing the mineralisation in the Tulkubash main and satellite pits (ii) upgrading material that is currently classified as an inferred resource at the bottom of the planned pits, and (iii) consolidating material on the periphery of the planned pits as well as drilling to the northeast that could potentially delineate new mineralisation to expand the resource.
Positive results to date have been obtained from within the Tulkubash Zone where the Company has demonstrated strong continuity of mineralisation. An on-going program of assaying for cyanide soluble gold is continuing to assess the amenability of the ore to processing by conventional heap leaching.
Geology of the Tulkubash Zone
Gold mineralisation occurs within the Tulkubash Formation, a thickly bedded massive quartzite. The gold occurs in quartzite breccias, quartz stockwork zones, and intensely silicified quartz flooded zones that form multiple parallel lodes that trend northeast and dip 60 to 80 degrees to the northwest. The individual gold-bearing lodes combine to form a mineralized zone that varies from 110 to 250 metres wide that has been developed over a strike length of 2,160 metres. Mineralisation is open to the northeast along strike and down dip below the limits of the current drilling (+/-150 metres). The gold is very fine grained and is associated with minor pyrite and stibnite. The Tulkubash Zone is strongly oxidized and contains free milling ore.
Further update
Chaarat will provide a further update on the Feasibility Study for the Tulkubash heap leach project, which will be available in the first quarter of 2018, in its half year results statement to 30 June 2017 which will be released shortly.
Appendix 1: The table below includes the results from holes drilled and assayed (only gold grades are included).
Significant intercepts from 49 drill holes are summarised in the table below. Significant intercepts are defined as intercepts greater than 10m in width above a 0.25 cut off or greater than 3m in width at a 0.25 cut off assaying greater than 1.0 g/t Au.
All results are from diamond core holes. The sample intervals are constrained by geology and range from a minimum of 0.4 metres to a maximum of 1.5 metres, generally averaging 1.5 metre in length. Mean grades are calculated at the stated cut off with no upper cap applied. The maximum length of internal waste in any interval is 3.0 metre. Approximate true width is estimated from cross sectional interpretations.
Drilling Approx.
Drill Interval Width true width Au
wwidthThickness
Hole Section From To (m) (m) g/t
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07304 440 54.00 81.00 27.00 20.3 0.97
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
440 87.00 97.50 10.50 7.9 0.95
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07279 480 4.0 10.0 6.0 4.0 1.52
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
480 82.0 121.0 39.0 24.5 1.35
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 480 82.0 91.0 9.0 5.7 2.75
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07303 480 3.0 7.5 4.5 3.0 2.11
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
480 82.5 94.5 12.0 6.3 2.57
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
480 102.0 112.5 10.5 5.7 1.05
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
480 121.5 126.0 4.5 3.0 2.60
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07229 520 7.0 16.0 9.0 7.4 1.88
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
520 98.5 142.0 43.5 31.5 1.17
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07274 520 106.5 117.0 10.5 9.2 4.60
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
520 144.0 157.5 13.5 11.5 0.35
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
520 174.0 177.0 3.0 2.3 2.05
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07269 800 81.5 105.4 23.9 23.9 0.48
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07261 840 55.50 78.00 22.50 18.50 0.62
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 840 64.50 67.5 3.0 1.5 2.02
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
840 84.0 103.5 19.4 14.5 0.94
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 840 94.50 103.5 9.0 4.50 1.76
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07252 880 15.0 39.0 24.0 7.1 0.43
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 880 36.0 39.0 3.0 2.8 1.20
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07271 880 67.0 76.0 9.0 7.2 1.04
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07260 920 21.5 45.5 24.0 19.5 0.67
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 920 29.0 41.0 12.0 9.8 1.03
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
920 63.5 83.0 19.5 17.5 0.44
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
920 107.0 115.0 8.0 6.7 1.24
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07281 920 22.5 55.5 33.0 33.0 0.52
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 920 22.5 25.5 3.0 3.0 1.33
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07250 1040 21.5 32.0 10.5 8.5 0.36
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07239 1120 15.0 18.0 3.0 3.0 1.30
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07232 1200 27.0 37.5 10.5 5.6 0.55
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1200 27.0 34.5 7.5 4.8 0.69
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07277 1200 58.5 75.0 16.5 10.9 0.63
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07241 1240 70.50 82.50 12.0 7.1 0.44
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07243 1320 121.5 127.5 6.0 5.6 1.21
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07293 1400 12.5 24.5 12.0 11.5 0.38
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1400 41.0 53.0 12.0 10.8 0.76
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1400 237.5 258.5 21.0 16.5 0.44
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1400 264.5 282.5 18.0 14.3 2.06
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1400 264.5 278.0 13.5 11.4 2.54
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07296 1440 1.0 38.5 37.5 21.7 0.81
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1440 25.0 38.5 13.5 7.0 1.40
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07297 1440 144.5 155.0 10.5 6.8 0.53
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07276 1480 33.0 57.0 24.0 20.3 0.79
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1480 52.5 57.0 4.5 4.5 2.16
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1480 120.0 126.0 6.0 6.0 1.17
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1480 175.5 184.5 9.0 9.0 1.11
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07295 1520 25.50 33.00 7.50 6.20 1.72
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1520 37.50 49.50 12.00 9.30 1.35
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07291 1560 30.0 33.0 3.0 2.2 3.50
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1560 193.5 201.0 7.5 6.1 1.06
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07264 1680 97.5 112.5 15.0 11.5 0.61
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07268 1720 168.0 174.0 6.0 4.3 1.22
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1720 169.5 174.0 4.5 3.3 1.48
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07255 1760 130.0 137.5 7.5 6.4 1.26
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07284 1760 129.0 139.5 10.5 8.0 0.45
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1760 150.0 163.5 13.5 10.7 0.67
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07245 1800 12.5 48.5 36.0 28.9 0.37
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1800 36.5 39.5 3.0 1.5 1.04
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07249 1840 6.0 21.0 15.0 15.0 0.33
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07244 1880 38.5 44.5 6.0 5.5 1.44
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1880 94.0 106.0 12.0 8.0 1.09
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07263 1880 31.5 42.0 10.5 8.6 0.46
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07258 1920 46.5 58.5 12.0 9.0 0.48
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07286 1920 18.0 22.5 4.5 4.5 2.54
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07288 1960 60.5 71.0 10.5 8.6 2.76
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 1960 66.5 71.0 4.5 3.9 5.91
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07305 1960 4.5 24.0 22.5 18.4 1.49
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
1960 36.0 46.5 10.5 8.1 1.00
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07270 2040 73.5 93.0 19.5 15.0 0.41
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07256 2040 112.5 124.5 12.0 7.6 0.34
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07287 2040 32.5 43.0 10.5 10.5 0.61
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T24234 2080 108.0 113.8 5.8 3.0 2.81
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07282 2160 58.5 76.5 18.0 18.0 0.99
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 2160 64.5 69.0 4.5 4.5 1.46
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
2160 124.5 142.5 18.0 18.0 0.39
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07272 2200 40.5 52.5 12.0 9.8 0.85
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07300 2200 48.0 69.0 21.0 18.0 0.67
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
2200 84.0 96.0 12.0 10.0 0.37
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T24257 2240 68.5 115.0 46.5 35.2 1.05
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 2240 95.5 115.0 19.5 14.5 1.82
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07265 2240 75.5 89.0 13.5 13.5 1.12
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T24254 2280 96.0 139.2 43.2 27.0 0.95
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T24259 2320 41.0 65.0 24.0 14.2 0.87
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 2320 45.5 57.5 12.0 8.5 1.55
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
2320 72.5 80.0 7.5 6.0 0.77
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07283 2320 44.0 56.0 12.0 12.0 0.73
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
including 2320 48.5 54.5 6.0 6.0 1.10
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07278 2400 19.5 25.5 6.0 5.3 2.07
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
CCH17T07301 2400 111.0 141.0 30.0 16.5 0.98
----------------- ------------ ---------- ---------- ---------- --------------------- ---------
QA/QC Procedures: Sampling Methodology and Quality Control
Samples are shipped to the ALS Global Laboratory in Kara-Balta, Kyrgyz Republic for sample preparation and assay. Commercial standards and blanks are submitted routinely with each batch of samples. Gold is analysed using a 30 gram fire assay with an atomic absorption spectroscopy (AAS) finish. Cyanide soluble gold is analysed using a using a 24 hour (60degC starting temperature) cyanide leach. A quality control/quality assurance protocol is employed in the program which includes standards and blanks in every batch of assays and high grade assays are not capped. Check assays are conducted on every 20(th) sample by a second independent laboratory.
Representative composites have been selected and shipped to McClelland Laboratories, Inc. for metallurgical testwork to support the Feasibility Study for the Tulkubash heap leach Project.
Competent Person
The Competent Person with overall responsibility for this press release, and who has reviewed the information contained herein, is Frank Fenne, P.G., who is an employee of Chaarat. Frank is a mining geologist with more than 47 years of experience in the resource industry who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and he was supervisor to the work which is the subject of this release. Mr Fenne consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Glossary of Technical Terms
"Au" chemical symbol for gold
"cut off" the lowest grade value that is included
in a resource statement. It must comply
with JORC requirement 19: "reasonable
prospects for eventual economic extraction"
the lowest grade, or quality, of mineralised
material that qualifies as economically
mineable and available in a given
deposit. It may be defined on the
basis of economic evaluation, or on
physical or chemical attributes that
define an acceptable product specification
"g/t" grammes per tonne, equivalent to parts
per million
"Inferred that part of a Mineral Resource for
Resource" which tonnage, grade and mineral content
can be estimated with a low level
of confidence. It is inferred from
geological evidence and assumed but
not verified geological and/or grade
continuity. It is based on information
gathered through appropriate techniques
from locations such as outcrops, trenches,
pits, workings and drill holes which
may be limited or of uncertain quality
and reliability
"Indicated that part of a Mineral Resource for
Resource" which tonnage, densities, shape, physical
characteristics, grade and mineral
content can be estimated with a reasonable
level of confidence. It is based on
exploration, sampling and testing
information gathered through appropriate
techniques from locations such as
outcrops, trenches, pits, workings
and drill holes. The locations are
too widely or inappropriately spaced
to confirm geological and/or grade
continuity but are spaced closely
enough for continuity to be assumed
"JORC" The Australasian Joint Ore Reserves
Committee Code for Reporting of Exploration
Results, Mineral Resources and Ore
Reserves 2012 (the "JORC Code" or
"koz" "the Code"). The Code sets out minimum
standards, recommendations and guidelines
for Public Reporting in Australasia
of Exploration Results, Mineral Resources
and Ore Reserves
thousand troy ounces of gold
"Measured that part of a Mineral Resource for
Resource" which tonnage, densities, shape, physical
characteristics, grade and mineral
content can be estimated with a high
level of confidence. It is based on
detailed and reliable exploration,
sampling and testing information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes. The
locations are spaced closely enough
to confirm geological and grade continuity
"Mineral a concentration or occurrence of material
Resource" of intrinsic economic interest in
or on the Earth's crust in such form,
quality and quantity that there are
reasonable prospects for eventual
economic extraction. The location,
quantity, grade, geological characteristics
and continuity of a Mineral Resource
are known, estimated or interpreted
from specific geological evidence
and knowledge. Mineral Resources are
sub-divided, in order of increasing
geological confidence, into Inferred,
Indicated and Measured categories
when reporting under JORC
"Mt" million tonnes
"oz" troy ounce (= 31.103477 grammes)
"Reserve" the economically mineable part of
a Measured and/or Indicated Mineral
Resource
"t" tonne (= 1 million grammes)
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is engaged in an active community engagement programme to optimise the value of the Chaarat investment proposition.
Chaarat aims to create value for its shareholders, employees and communities from its high quality gold and mineral deposits in the Kyrgyz Republic by building relationships based on trust and operating to the best environmental, social and employment standards.
Further information is available at www.chaarat.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLEASNXELEXEEF
(END) Dow Jones Newswires
September 07, 2017 02:01 ET (06:01 GMT)
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