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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -3.39% | 2.85 | 2.80 | 2.90 | 2.95 | 2.85 | 2.95 | 266,463 | 09:00:11 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 92.35M | -8.58M | -0.0124 | -2.30 | 19.66M |
From Apr 2019 to Apr 2024
TIDMCGH
RNS Number : 8417P
Chaarat Gold Holdings Ltd
15 October 2019
15 October 2019
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Tulkubash Exploration Update and Completion of 2019 Drilling Programme
Chaarat Gold Holdings Ltd (AIM: CGH), the AIM-quoted gold mining company operating the Kapan mine in Armenia and developing the Tulkubash Project in the Kyrgyz Republic, is pleased to provide further drilling results from its ongoing 2019 exploration and drilling programme at Tulkubash (the "Tulkubash Project"). The Tulkubash Project will become the Company's second operating gold mine, scheduled to commence production in 2021.
Highlights
-- An additional c.8,100 metres have been drilled since the last exploration update dated 28 August 2019.
-- Assays are pending from 25 drill holes and from extensive lengths of road-cut sampling. These results will be compiled and interpreted as they are received.
-- The primary objective of this drilling programme has been to identify shallow mineralisation within and near the current pit designs and to extend mineralisation along strike to the northeast.
-- The current year's programme forms part of a multi-year drilling programme focused on adding further reserves, with the long-term objective of demonstrating a mine life of at least 15 years at the Tulkubash Project.
-- The Company expects to publish an update to the Tulkubash Mineral Resource estimate before year-end 2019. This will form the basis for an update to the Tulkubash Reserve estimate and economic model during Q1 2020.
-- Drilling since the 28 August update has focused on the prospective Shir Canyon area, representing the strike extension to the northeast from the 2018 year-end Resource boundary. This is an area where road-cut sampling earlier this season identified numerous areas of anomalous (in cases, ore-grade) gold geochemistry at surface. Assays from much of this drilling remain pending, but encouraging results received to date include:
o DH19T508: 13.5 metres @ 0.81 g/t Au starting at 36.0 metres;
o DH19T528: 15.0 metres @ 1.00 g/t Au starting at 19.5 metres and 21.0 metres @ 0.58 g/t Au starting at 78.0 metres;
o DH19T535: 28.5 metres @ 0.99 g/t Au starting at 6.0 metres;
o DH19T536: 7.5 metres @ 1.75 g/t Au starting at 16.5 metres; and
o DH19T544: 6.0 metres @ 1.59 g/t Au starting at 7.5 metres and 4.5 metres @ 3.23 g/t Au starting at 37.5 metres;
o DH19T556: 7.5 metres @ 3.56 g/t Au starting at 166.0 metres.
It should be noted that these holes are drilled at shallow angles and the depth of these intercepts from surface is considerably less than down-hole drill depth. This is illustrated in the cross sections that accompany this Press Release.
-- Roadcut and outcrop mapping and sampling northeast along strike from the current Resource boundary have extended the broad area of > 1 g/t Au in rock chip samples described in the 28 August Press Release by about 450 metres to the northeast.
-- A new high-grade target has been identified in the Shir Canyon area: A road cut sample reported earlier, 2 metres of 19.67 g/t Au within 8 metres of 5.12 g/t Au, is now interpreted as occurring in Chaarat Formation shales. Initial metallurgical testing indicates that this may represent mineralisation that is leachable but higher grade than typical Tulkubash mineralisation. Work on this target has just begun, but initial drill results are encouraging.
-- District-scale exploration continues to identify and validate new gold targets, supporting the hypothesis that the 24km Tulkubash Exploration License is an emerging gold district with the potential to host numerous gold deposits.
-- During 2019, 120 holes have been drilled to date totalling about 19,500 metres. The five remaining holes of the 2019 campaign are in progress and will be completed by the end of October, bringing the total drilling for the year to approximately 20,000 metres in line with previous guidance.
-- The current drilling includes an initial approximate 1,000 metre programme in the Karator and Ishakuldy areas, respectively 1.5 kilometres and 5 kilometres northeast of the current Resource limits. This programme is designed to begin testing drill targets identified along strike and to validate the district-scale potential of Tulkubash. This programme is expected to continue in 2020.
-- No exploration drilling is scheduled during the winter months.
The following link provides a plan showing the location of 2019 drilling at Tulkubash:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
Dorian L. (Dusty) Nicol, the Company's Senior Vice President Exploration, commented:
"We are encouraged by our results to date this year: infill and step-out drilling within and adjacent to the currently defined Resource, exploration drilling in a new target area (Shir Canyon), and ongoing district-scale reconnaissance exploration are all providing encouraging results. The Resource identified to date lies within only 4 km of the Company's 24 km long exploration licence.
"Beyond this, Shir Canyon represents the potential strike extension to the northeast of our current (2018 year-end) Resource boundary. Drill testing within the broad area of +1 g/t Au mineralisation identified on surface has defined four gold lodes over a strike length of about 320 metres and remain open along strike to the northeast. Much of the assay data from drilling in this area is still pending, but results received to date are encouraging.
"We have also commenced the initial drill testing of targets at Karator and Ishakuldy this season. Additional trenching and road cut sampling in these targets continue to identify areas of hydrothermal alteration and anomalous geochemistry which has already identified numerous additional drill targets for follow up in future drill seasons.
"We continue to integrate field mapping and drill data with satellite imagery and geochemical data to identify multiple new target areas throughout the Company's exploration license. Our objective remains to continue developing a database of these geological and geochemical data that will allow the application of advanced data handling techniques to optimize ongoing exploration and discovery. The database being developed will lend itself to the application of Artificial Intelligence / Machine Learning to identify new drill targets."
Drilling Results
The following table summarizes significant drill results obtained since the 28 August update. Significant intercepts are defined as greater than 10m in width above a 0.25 g/t cut-off or greater than 3m in width at a 0.25 g/t 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 metres 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 metres. Approximate true width is estimated from cross sectional interpretations.
https://www.chaarat.com/investors/reports/agm-notices-and-other/
Hot Features
Premium
DH Section Interval Thickness True Au
(m) Thickness (g/t)
(m)
From To
(m) (m)
------ ------
DH19T515 4120 102.0 108.0 6.0 5.6 1.14
-------- ------ ------ ---------- ----------- -------
DH19T515 4120 117.0 120.0 3.0 2.7 1.10
-------- ------ ------ ---------- ----------- -------
DH19T508 4280 36.0 49.5 13.5 11.7 0.81
-------- ------ ------ ---------- ----------- -------
incl 4280 43.5 49.5 6.0 5.6 1.26
-------- ------ ------ ---------- ----------- -------
DH19T513 4280 94.5 100.5 6.0 5.4 1.04
-------- ------ ------ ---------- ----------- -------
DH19T523 4520 136.5 139.5 3.0 2.7 1.05
-------- ------ ------ ---------- ----------- -------
DH19T524 4600 118.5 129.0 10.5 9.4 0.39
-------- ------ ------ ---------- ----------- -------
DH19T521 4680 18.0 22.5 4.5 4.1 1.30
-------- ------ ------ ---------- ----------- -------
DH19T522 4680 36.0 48.0 12.0 10.8 0.46
-------- ------ ------ ---------- ----------- -------
DH19T528 4680 19.5 34.5 15.0 10.8 1.00
-------- ------ ------ ---------- ----------- -------
incl 4680 31.5 34.5 3.0 2.7 2.61
-------- ------ ------ ---------- ----------- -------
DH19T528 4680 78.0 99.0 21.0 18.0 0.58
-------- ------ ------ ---------- ----------- -------
DH19T528 4680 123.0 126.0 3.0 2.7 1.72
-------- ------ ------ ---------- ----------- -------
DH19T529 4680 21.0 25.5 4.5 4.1 0.99
-------- ------ ------ ---------- ----------- -------
DH19T536 4760 16.5 24.0 7.5 6.8 1.75
-------- ------ ------ ---------- ----------- -------
DH19T540 4760 82.5 94.5 12.0 10.6 0.49
-------- ------ ------ ---------- ----------- -------
DH19T544 4760 7.5 13.5 6.0 5.4 1.59
-------- ------ ------ ---------- ----------- -------
DH19T544 4760 37.5 42.0 4.5 4.0 3.23
-------- ------ ------ ---------- ----------- -------
DH19T544 4760 51.0 54.0 3.0 2.7 1.36
-------- ------ ------ ---------- ----------- -------
DH19T534 4840 99.0 103.5 4.5 4.1 2.57
-------- ------ ------ ---------- ----------- -------
DH19T534 4840 193.5 196.5 3.0 2.7 1.52
-------- ------ ------ ---------- ----------- -------
DH19T535 4840 6.0 28.5 22.5 19.5 0.99
-------- ------ ------ ---------- ----------- -------
DH19T551 4840 52.5 55.5 3.0 2.7 1.47
-------- ------ ------ ---------- ----------- -------
DH19T551 4840 61.5 64.5 3.0 2.7 2.4
-------- ------ ------ ---------- ----------- -------
DH19T548 5000 81.0 84.0 3.0 2.7 1.47
-------- ------ ------ ---------- ----------- -------
DH19T556 5080 166.0 173.5 7.5 6.9 3.56
-------- ------ ------ ---------- ----------- -------
Results from drilling in the northeast portion of the Tulkubash Resource continue to return positive results with the identification of additional shallow, high-grade gold lodes extending between the Satellite pit area and the East Pit. This new mineralisation may have the potential to expand and combine the small pits into larger pits. Shir Canyon is developing as a significant target area in its own right.
The following link tabulates the drill results received to date this season and illustrates the drill hole locations and interpretive cross-sections:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
Shir Canyon Target Area
New drill road construction extending northeast along the Tulkubash Trend had exposed strongly altered and mineralised Tulkubash Quartzites in road cuts. As reported in the 28 August Press Release, these also defined an extensive area of anomalous (+1 g/t Au) gold geochemistry in road cut samples that define a mineralised corridor 100 to 150m in width and at least 550m along strike on surface. Drilling and surface mapping in Shir Canyon have now defined four distinct gold lodes, adding about 960 metres to the strike length of drilled Tulkubash mineralisation. All four lodes are open to the northeast.
Two of these lodes appear to be a new style of high-grade gold mineralisation at Tulkubash. These are "Tulkubash-style" lodes that are hosted within Chaarat Formation mudstones and shales. This occurrence is similar to the refractory Kyzyltash mineralisation, but the initial cyanide solubility assays indicate favourable leaching characteristics. The discovery of high-grade (up to 13.80 g/t Au over 1.5 metres in drill hole DH19T556) and leachable gold mineralisation at Tulkubash represents an exciting and significant new target concept which may generate additional targets throughout the district. Work in 2019 has only begun to test this target in the Shir Canyon area. The mineralisation discovered to date remains open along strike. As of now, the Company has received assays from one drill hole into this target, DH19T544, which had 6.0 metres @ 1.59 g/t Au starting at 7.5 metres and 4.5 metres @ 3.23 g/t Au starting at 37.5 metres. Assays are pending from other holes drilled into this target.
This link provides a plan showing the location and results of drilling in Shir Canyon and its relationship to the road cut sampling:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
District-Scale Potential
The current Tulkubash Resource Estimate of 1.6 million ounces Au (based on drilling through 2018; see Press Release dated 2 January 2019) is located within approximately 4.0 kilometres of a 24-kilometrestrike length of favourable geology. Ongoing reconnaissance exploration continues to identify favourable geology along this strike length, typically associated with multiple occurrences of anomalous gold geochemistry, favourable structural geology (including crackle brecciation), and favourable hydrothermal alteration. This supports the likelihood that Tulkubash is an emerging gold district with the potential to host numerous deposits.
The programme of geologic mapping combined with a geochemical exploration program continued this season, focussed on mapping favourable alteration and structural preparation along the Tulkubash Trend which extends approximately five kilometres northeast from Shir Canyon to Ishakuldy. This trend is characterized by widespread gold anomalies associated with favourable brecciation and silicification in the Tulkubash Quartzite. Initial drill holes into two priority drill targets, Ishakuldy and Karator, have been drilled this season. Assay results are pending.
This link provides a plan showing the location of drill targets and exploration sampling:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
Systematic trenching near the Ishakuldy Target continues to extend the strike of high-grade mineralisation at the surface. Channel samples from trench TR19052 returned 10.0m at 4.66 g/t Au. Samples from the new road cuts at Karator returned 14.0m at 1.00 g/t Au which confirmed and extended mineralisation trench TR10017 which contained 13.0m of 1.27 g/t Au.
Reconnaissance mapping and geochemical exploration indicate that the zone of favourable geology associated with Tulkubash gold mineralisation extends to the northeast for at least 15 kilometres where the trend intersects a granitic intrusive body. These intrusive rocks are associated with gold mineralisation that may be related to a shallow porphyry system, which may represent additional exploration targets. Exploration management believes that these intrusive rocks may have provided the heat source for the Tulkubash mineralisation, in which case the intensity of mineralisation could be expected to increase approaching this zone.
This link provides a plan showing the Tulkubash Trend and the prospective intrusive rocks:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
As part of the district-scale exploration at Tulkubash, the Company has also continued the satellite image interpretation begun earlier this season to develop a better understanding of structural geology and to identify new target areas. Results continue to be encouraging and have generated targets for ground follow-up.
In order to cost-effectively accelerate district-scale exploration in tandem with the addition of Resources and mine life to the Tulkubash oxide gold deposit, the Company continues to implement a staged programme comprising the following steps:
-- Q4 2019: Compilation and interpretation of 2019 drill data into an updated Tulkubash Mineral Resource Estimate.
-- Winter 2019/2020: Further remote sensing interpretation taking advantage of "ground truthing" and calibration of this technique during the 2019 field season. Integration of digitized data with geologic (particularly structural) and geochemical data into a layered database. The goal is to develop a database that will allow application of advanced data handling (Artificial Intelligence / Machine Learning) to recognize signatures of mineralisation and optimize drill target identification.
-- Summer 2020: Continuation of drilling in Shir Canyon to add Resource and mine life and optimise project economics based on Q1 2020 Reserve update. Further drilling at Ishakuldy and Karator targets to add Resource. Additional field work following up on reconnaissance targets generated by previous work, including drilling where warranted.
Ongoing exploration will continue to focus on adding Reserves and mine life to the Tulkubash oxide gold deposit, with the objective of demonstrating a minimum 15-year mine life. In addition, the Company will continue its district-scale exploration with the objective of discovering additional, new gold orebodies and new mines.
QA/QC Procedures: Sampling Methodology and Quality Control
All results have been generated from diamond core holes. Samples are shipped to the ALS Global Laboratory in Kara-Balta, Kyrgyz Republic for sample preparation and assay. Gold is analysed using a 30-gramme fire assay with an atomic absorption spectroscopy (AAS) finish. A quality control/quality assurance protocol is employed in the programme which includes standards and blanks in every batch of assays. Check assays are conducted on every 20(th) sample by a second independent laboratory.
Competent Person
The Competent Person with overall responsibility for this press release for the Company, and who has reviewed the information contained herein, is Dorian L. (Dusty) Nicol (FAussIMM), the Company's Senior Vice President Exploration. He is a geologist with more than 44 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'. He has supervised the work which is the subject of this release. Mr. Nicol consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
A JORC Code Table 1 appears as an Appendix to this press release.
Enquiries
Chaarat Gold Holdings Limited
Artem Volynets (CEO) +44 (0)20 7499 2612
info@chaarat.com
Numis Securities Limited
John Prior, Paul Gillam (NOMAD) +44 (0) 20 7260 1000
James Black (Corporate Broking)
Tavistock Communications
Charles Vivian +44 7977297903
Gareth Tredway +44 7785974264
About Chaarat
Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on Central Asia and the FSU through organic growth and selective M&A.
Chaarat is engaged in active community engagement programmes 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 by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at www.chaarat.com.
Glossary of Technical Terms
"Au" chemical symbol for gold
"Breccia" A rock composed of fragments of rocks cemented
by a finer-grained matrix
"Chaarat Formation"
Ordovician-age (443 million to 485 million-year-old)
shales and mudstones (fine-grained sedimentary
rocks) hosting gold mineralisation at the Company's
Kyzyltash and Tulkubash gold projects
"Crackle Breccia" A breccia in which the fragments have not been
rotated with respect to one another
"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 Resource" that part of a Mineral Resource for 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 which tonnage,
Resource" 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
"Intrusive A rock formed from cooling magma that cooled
Rock" below the surface of the earth. As opposed to
a volcanic rock which cools from magma on the
surface.
"JORC" The Australasian Joint Ore Reserves Committee
Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves 2012 (the "JORC Code"
or "the Code"). The Code sets out minimum standards,
recommendations and guidelines for Public Reporting
in Australasia of Exploration Results, Mineral
Resources and Ore Reserves
"koz" thousand troy ounces of gold
"Measured Resource" that part of a Mineral Resource for 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 Resource" a concentration or occurrence of material 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)
"Porphyry" A large mineral deposit (often gold-copper) that
forms in the final stages of cooling of certain
intrusive rocks
"Reserve" the economically mineable part of a Measured
and/or Indicated Mineral Resource
"Silicification" The addition of silica to a rock as part of the
ore forming process
"Skarn" A usually high-grade mineral deposit (often
gold-copper) that forms when certain intrusive
rocks are emplaced into limestones, which
react chemically with the magma
"t" tonne (= 1 million grammes)
"Tulkubash Devonian-age (359 million to 419 million-year-old)
Formation" sandstones and quartzites, hosting oxide gold
mineralisation at the Company's Tulkubash Project
in Kyrgyzstan
APPIX: JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * All drilling was undertaken by standard and triple
random chips, or specific specialised industry tube core barrel diamond core drilling, with all
standard measurement tools appropriate to the sampling in accordance with industry standard
minerals under investigation, such as down hole gamma techniques.
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad
meaning of sampling. * Diamond core is cut in half using a core saw,
creating half core samples typically 1.5 m in length.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * Road cut samples are collected using continuous
measurement tools or systems used. random rock chips in 2.0m lengths along road cut
exposures.
* Aspects of the determination of mineralisation that
are Material to the Public Report. * Trench samples are collected from carefully cut
channels in either 1.0 or 2.0 m lengths.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse * Duplicate samples are created from coarse rejects and
circulation drilling was used to obtain 1 m samples from pulps.
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is * Sample preparation is undertaken at ALS Global (Kara
coarse gold that has inherent sampling problems. Balta) followed by 30 g charge fire assay with an AA
Unusual commodities or mineralisation types (eg finish. Multi-element analysis is conducted using
submarine nodules) may warrant disclosure of detailed ICP-AES after aqua regia digestion. Total Sulphur is
information. determined using a LECO analyser.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * In 2019 a total of 19,549 m of sampling across 120
hammer, rotary air blast, auger, Bangka, sonic, etc) drillholes, and 3,240 m of sampling from channels has
and details (eg core diameter, triple or standard been completed across the Tulkubash deposit. The
tube, depth of diamond tails, face-sampling bit or totals for the project are 97,215m of sampling from
other type, whether core is oriented and if so, by 688 drillholes and 23,200m of sampling from 795
what method, etc). trenches or similar.
* Diamond drillholes are predominantly HQ size using
standard and triple tube holes reducing to NQ
diameter where ground conditions are poorer.
* Holes are drilled using contractor drill rigs.
Drill sample
recovery * Method of recording and assessing core and chip * Core recovery is measured and recorded by Chaarat
sample recoveries and results assessed. geologists, with an average recovery of +95%.
* Measures taken to maximise sample recovery and ensure * In areas of highly fractured rock triple-tube core
representative nature of the samples. drilling has been utilized.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
Logging
* Whether core and chip samples have been geologically * Historically, core was logged geologically and
and geotechnically logged to a level of detail to geotechnically by company geologist into standard
support appropriate Mineral Resource estimation, hard copy logging sheets and transcribed into
mining studies and metallurgical studies. Microsoft Excel(R) . Since 2018, core is logged
digitally using AGR4 software.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. * Logging is performed at nominal 1.5 m intervals,
reducing to shorter lengths when required.
* The total length and percentage of the relevant
intersections logged. * Logging does cross mineralised boundaries due to the
mineralisation style being fracture controlled in a
brittle unit containing few obvious contacts.
* The core is photographed wet with photographs stored
within the database.
* All drillholes up to the 18(th) August 2019 have been
logged.
* Logging is to a standard suitable for the support of
a Mineral Resource Estimate.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Competent core samples are split on site using a core
and sample half or all core taken. saw, while highly fractured material is sampled with
preparation a trowel.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry. * Half core samples are placed in labelled polyethylene
sample bags and weighed.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. * All current samples are transported to ALS Global
(Kara Balta) for sample preparation and analysis,
where crushing, milling, homogenization and sample
* Quality control procedures adopted for all splitting was completed in accordance with company
sub-sampling stages to maximise representivity of standards.
samples.
* Duplicate sample for QA/QC were taken every 20
* Measures taken to ensure that the sampling is samples from crushed rejects and duplicate pulps.
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality
of assay * The nature, quality and appropriateness of the * Samples collected from 2007 to 2013 were prepared and
data and assaying and laboratory procedures used and whether assayed at the IRC Laboratory in Kara Balta. All
laboratory the technique is considered partial or total. samples are analysed for gold by aqua regia digestion
tests followed by atomic absorption. Sample returning
grades higher than 0.3 g/t Au were sent to ALS Global
* For geophysical tools, spectrometers, handheld XRF (Kara Balta) for re-testing by 30 g fire assay.
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their * The 2014 sample preparation took place at the IRC
derivation, etc. Laboratory in Kara Balta, with analysis taking place
at ALS Global (Kara Balta).
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory * From 2017 all sample preparation and analysis are
checks) and whether acceptable levels of accuracy (ie undertaken at the ALS Global laboratory in Kara
lack of bias) and precision have been established. Balta. Referee check samples are sent to SGS Vostok
for analysis.
* Assay quality control was achieved by the use of
duplicates, blanks and standard reference material
(SRM).
* The QA/QC programme and results are in line with
industry best practice and the resultant dataset is
suitable for Resource estimation.
Verification
of sampling * The verification of significant intersections by * Below detection limit assay results have been
and assaying either independent or alternative company personnel. replaced with values of half detection limit (0.025
g/t Au) and absent values have been replaced with
0.0001 g/t Au.
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
Location
of data * Accuracy and quality of surveys used to locate drill * All collar locations are reported in Gauss Kruger
points holes (collar and down-hole surveys), trenches, mine Pulkovo 1942 Zone 12 with their locations recorded
workings and other locations used in Mineral Resource using a Leica Total Station (centimeter accuracy)
estimation.
* Downhole surveys were recorded with Reflex "EZ-shot"
* Specification of the grid system used. electronic single-shot equipment.
* Quality and adequacy of topographic control. * A Total Station survey along roads, ridges, valleys
and traverses has produced a contoured topography
across the Tulkubash Resource area.
* Regional topography data is derived from satellite
data.
Data spacing
and * Data spacing for reporting of Exploration Results. * The current data spacing, nominally fans on 80m
distribution fences, with significant areas on strike at 40m or
less, is sufficient to establish grade continuity and
* Whether the data spacing and distribution is provides sufficient support for Measured and
sufficient to establish the degree of geological and Indicated classifications.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
Orientation
of data * Whether the orientation of sampling achieves unbiased * Surface drilling is inclined, attempting to cut the
in relation sampling of possible structures and the extent to mineralization at a close to normal angle to the
to which this is known, considering the deposit type. strike orientation as possible.
geological
structure
* If the relationship between the drilling orientation * Underground drilling is orientated normal to the
and the orientation of key mineralised structures is strike of the structure.
considered to have introduced a sampling bias, this
should be assessed and reported if material.
* The holes were designed to provide intercepts
perpendicular to the mineralization as possible.
* The drilling dip ranges from 35 to 90(o) , striking
generally between 125 and 147(o) .
Sample
security * The measures taken to ensure sample security. * Labelled samples are transported to and from the
laboratory by company personal or contractors,
employing a full chain of custody documentation
procedure.
* Reject pulps and coarse rejects are returned to
Chaarat and stored along with drill core at their
locked and secure core storage facility in Bishkek.
Audits or
reviews * The results of any audits or reviews of sampling * Chaarat's competent person visited the project during
techniques and data. the current drilling campaign and reviewed the
protocols and procedures adopted by Chaarat's company
geologists.
* Chaarat has completed an analysis of the QA/QC data.
The data is deemed appropriate for Resource
estimation.
============= ============================================================ ============================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * two licenses controlling the Property: a mining (or
and land including agreements or material issues with third production) license of 700.03 ha covering the defined
tenure status parties such as joint ventures, partnerships, Mineral Resources, and an exploration license of
overriding royalties, native title interests, 6,776 ha covering prospective ground along trend to
historical sites, wilderness or national park and the northeast
environmental settings.
Point
No. X Y
* The security of the tenure held at the time of ====== ======= ======
reporting along with any known impediments to 126 77 46 55
obtaining a licence to operate in the area. 1 600 400
------- ------
126 79 46 56
2 000 900
------- ------
126 79 46 56
3 264 711
------- ------
126 82 46 60
4 604 152
------- ------
126 83 46 59
5 150 556
------- ------
126 82 46 59
6 728 261
------- ------
126 82 46 58
7 757 554
------- ------
126 79 46 55
8 776 887
------- ------
126 79 46 56
9 487 116
------- ------
126 78 46 54
10 500 800
====== ======= ======
* There are no known impediments to obtaining further
necessary licences to operate
Exploration
done by * Acknowledgment and appraisal of exploration by other * No other appraisal or exploration is being done by
other parties parties. other parties
Geology
* Deposit type, geological setting and style of * Tulkubash Formation consists of medium- to
mineralisation. fine-grained quartzites and medium- to coarse-grained
arkosic sandstones mineralized in fractures by
crackle brecciation and is oxidized and can be
processed by conventional heap-leach processes
Drill hole * As reported in Press Release
Information * A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of
the drill hole collar
o elevation or RL (Reduced
Level - elevation above sea
level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation * In reporting Exploration Results, weighting averaging * Mineralised intercepts are defined as being above a
methods techniques, maximum and/or minimum grade truncations cut-off grade for potentially economic mineralization
(eg cutting of high grades) and cut-off grades are of 0.35 g/t Au equivalent from Leapfrog Indicators
usually Material and should be stated.
* Samples are composited prior to mineral Resource
* Where aggregate intercepts incorporate short lengths estimate to 1.5m (mean sample length). The samples
of high grade results and longer lengths of low grade are assessed for a top-cap at this stage, and any
results, the procedure used for such aggregation outliers are reduced to the capping value of 15 g/t
should be stated and some typical examples of such Au.
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship
between * These relationships are particularly important in the * Intercepts are designed to be as close to normal to
mineralisation reporting of Exploration Results. the mineralization as possible.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * The drill hole angle in relation to the
the drill hole angle is known, its nature should be mineralization is not certain.
reported.
* All mineralized intercepts reported as apparent
* If it is not known and only the down hole lengths are thicknesses based on cross sectional interpretation.
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams * As reported in Press Release
* Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced * As reported in Press Release
reporting * Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * No other substantive exploration data relevant to
exploration should be reported including (but not limited to): this Press Release has been completed
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further
work * The nature and scale of planned further work (eg * Approximately 19,459m of a planned 20,000m field
tests for lateral extensions or depth extensions or season exploration campaign has been completed.
large-scale step-out drilling). Further exploration focusing on strike extension and
some infill of existing Resource is targeted.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== =============================================================
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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October 15, 2019 02:00 ET (06:00 GMT)
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