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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.85 | 2.80 | 2.90 | 2.95 | 2.85 | 2.95 | 59,854 | 08:00:20 |
| 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 : 4006D
Chaarat Gold Holdings Ltd
31 January 2018
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
TULKUBASH RESOURCE UPDATE
Road Town, Tortola, British Virgin Islands (31 January 2018)
Chaarat (AIM: CGH), the AIM quoted company developing the Chaarat Gold Project in the Kyrgyz Republic, announces a resource update at Tulkubash reported in compliance with JORC, following the successful 2017 drill programme.
Overview
-- The new management team has implemented a more appropriate reporting system compared to previous resource statements, including changes to the model to better reflect the proposed open pit mining method, which has resulted in a re-assessment of the 2016 resource estimate
-- The updated Tulkubash oxide resource, at a cut-off grade of 0.3 g/t, constrained and diluted within a US$1,500/oz open pit shell, identifies:
o A combined Measured and Indicated resource of 35,244,000 tonnes at 0.86 g/t, containing 971,000 ounces of gold, a 42% increase when compared to the 2016 resource statement when re-stated so as to be consistent with this resource update
o An Inferred resource of 3,782,000 tonnes at 0.68 g/t, containing 83,000 ounces of gold
-- Demonstrates the continuity of the ore body along strike, supporting the Company's business plan to further increase the oxide resource base through along strike exploration
-- Identified additional near surface mineralised zones parallel to the main Tulkubash zone, which are likely to have a beneficial impact on the ultimate stripping ratio
-- The new management team has implemented a more appropriate reporting system compared to previous resource statements, including changes to the model to better reflect the proposed open pit mining method
-- Capital is already in place for Chaarat to carry out an extensive drilling program this year, which aims to further identify the full potential of the Tulkubash oxide resource
-- Chaarat is continuing to work on a feasibility study for Tulkubash, which is expected to be completed in March 2018
-- Resources for the Kyzyltash Main and Contact Zones re-stated to a combined total of 46,127,000 tonnes at 3.75 g/t, containing 5,377,000 ounces of gold at a cut-off grade of 2.0g/t. This cut-off grade is suitable for underground mining
Robert Benbow, CEO of Chaarat, commented:
"This robust resource update, which significantly increases the tonnes and gold of the oxide resource, underpins our strategic plan to unlock value for our stakeholders, as well as highlighting the success of the 2017 drilling programme. These results demonstrate that we are on track with our strategy to develop the Chaarat deposit in stages: initially targeting the Tulkubash oxides; followed by the very substantial higher-grade refractory Kyzyltash resource within our mine license area.
"Chaarat's new management team, which has significant experience in bringing mines into production, has made a number of changes to the reporting basis of this resource to ensure that it reflects the new information made available from the work on the feasibility study and the Company's proposed mining and processing methods in line with the updated strategy. To this end the Company has re-assessed the 2016 resource estimate to ensure that all data lies within our new reporting basis, giving us a better understanding of the resource.
"Whilst we remain focused on the first stage of production, our exploration team is already planning the 2018 drilling programme, targeting the along strike continuity of the Tulkubash resources. Our better understanding of the geometry of the ore bodies obtained as part of our resource update has further added to our confidence that the oxide resource can be significantly extended along strike. I look forward to updating the market on this, and our feasibility study, in due course."
Enquiries:
Chaarat Gold Holdings Limited + 44 20 7499 2612 c/o Central Asia Services info@chaarat.com Limited Robert Benbow, CEO Pete Gardner, CFO Numis Securities Limited +44 (0) 20 7260 1000 John Prior, Paul Gillam (NOMAD) James Black (Broker) Blytheweigh (Financial PR) +44 (0) 20 7138 3204 Tim Blythe Camilla Horsfall
Summary of Updated Resources as at 31 January 2018
Tulkubash open pit Tonnes Au grade Content heap leach (kt) (g/t) (koz) COG 0.3 g/t Au ---------------------- ------- --------- -------- Measured 22,915 0.88 647 ---------------------- ------- --------- -------- Indicated 12,329 0.82 324 ---------------------- ------- --------- -------- Measured & Indicated 35,244 0.86 971 ---------------------- ------- --------- -------- Inferred 3,782 0.68 83 ---------------------- ------- --------- -------- Total 39,026 0.84 1,054 ---------------------- ------- --------- --------
1. Chaarat has used a cut-off grade of 0.3g/t on the basis of the likely economic cut-off for open pit mining and heap leach processing
2. Quantity and grade are estimates and are rounded to reflect the fact that the resource estimate is an approximation
3. Mineral resources are not ore reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted to reserves
4. Inferred mineral resources have a high degree of uncertainty and have not been drilled enough to warrant their categorisation as Measured or Indicated mineral resources. There is no guarantee that any portion of the Inferred Resources will be upgraded to Indicated or Measured resources.
5. Quantities may not add or multiply due to rounding
6. The resource estimate is suitable for mining selectivity typical for an open pit mining environment
The Chaarat Project also includes the Kyzyltash zone, with a high grade Joint Ore Reserves Committee ("JORC") compliant mineral resource of 5.4 million ounces (46.1 Mt at 3.75 g/t) at a cut-off grade of 2.0g/t. This cut-off grade is suitable for mining via underground methods.
JORC Reporting
Chaarat adopts the JORC Standards of reporting to ensure it is reporting to a known industry standard and to provide consistency in its reporting of mineral resources and ore reserves. The Company strives to keep up with trends in reporting and changes in reporting guidelines and regulations and believes its stakeholders should be able to rely on reports on mineral resources and ore reserves being consistent with industry and worldwide standards.
The mineral resources reported in this release conform with the JORC requirement of "reasonable prospects for eventual economic extraction". This has been accomplished by optimising all open pitable mineral resources in an open pit shell at a gold price of $1,500 per ounce and by using block sizes appropriate to the mining method being contemplated in the feasibility study. Preliminary operating costs developed in the feasibility study work currently underway have been used in the open pit optimisation. While not fully finalised, this data is currently the best available to the Company.
Mineral resources suitable for underground extraction have been constrained by an appropriate cut-off grade for underground mining. Operating costs for underground mining and sulphide ore processing suitable for the Kyzyltash zone are from the NERIN Feasibility Study published in 2016. This data represents the best currently available data to the Company for use in mineral resource reporting for underground mineable mineral resources.
Dilution is a result of mixing mineralised material with low grade or waste material. The amount of dilution is dependent on the mining methods, geometry of the mineralisation and type of mining equipment used. Mineral resources reported in this release are diluted for the appropriate mining methods (open pit or underground) and geometry of the mineralisation. Dilution due to mining equipment selection is further considered in ore reserve calculations, which includes the selection of appropriate mining equipment.
Impact of 2017 Drilling Program
The resource update reflects the success of Chaarat's 2017 drilling programme as it has not only further established the continuation of the high-grade core at Tulkubash but it has also identified additional, low grade mineralisation within the proposed open pit, which could ultimately reduce the stripping ratio.
The following table provides a like for like comparison (diluted and constrained) between mineral resources reported in 2016 (as re-estimated) and mineral resources reported in 2018 for the Tulkubash zone:
Hot Features
Premium
Tulkubash Mineral Resource, Diluted and Constrained,
at 0.3g/t Cut-Off Grade
--------------------------------------------------------------------------------------------
2016 (re-calculated) 2018 Increase in Resources
------------------------- ------------------------ --------------------------
Au Au Au
Tonnes grade Gold Tonnes grade Gold Tonnes grade Gold
(kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
----------- -------- ------- ------ ------- ------- ------ -------- -------- ------
Measured 18,435 0.83 489 22,915 0.88 647 4,480 1.10 158
----------- -------- ------- ------ ------- ------- ------ -------- -------- ------
Indicated 7,995 0.76 195 12,329 0.82 324 4,334 0.93 129
----------- -------- ------- ------ ------- ------- ------ -------- -------- ------
Total
M&I 26,430 0.81 684 35,244 0.86 971 8,814 1.01 287 ----------- -------- ------- ------ ------- ------- ------ -------- -------- ------ Inferred 2,340 0.67 50 3,782 0.68 83 1,442 0.71 33 ----------- -------- ------- ------ ------- ------- ------ -------- -------- ------ Total MI&I 28,770 0.79 735 39,026 0.84 1,054 10,256 0.97 319 ----------- -------- ------- ------ ------- ------- ------ -------- -------- ------
1. The original 2016 resource update for Tulkubash was based on a block model developed for the November 2014 resource update with the following key attributes:
a. All mineralisation constrained within a 0.3g/t wireframe b. Drill hole data composited to 1.5m intervals c. Gold grades in Tulkubash estimated via Indicator Modified Ordinary Kriging
d. Block model constructed from sub-cells with a minimum size of 2m x 2m x 2m with a parent block size of 10m x 10m x 10m.
e. Grades were estimated into sub-cells. The reported resource was based on the undiluted sub-celled grades assuming that it would be mined by selective underground mining methods
2. The 2016 resource as originally reported represented an in-situ resource above a 0.5g/t cut-off grade and was not constrained within a conceptual open pit shell
3. The re-calculated 2016 resource has been prepared using all data available up to November 2014 on the same basis as the 2018 resource update with the following key attributes:
a. Wireframes prepared on the basis of a 0.25g/t grade boundary b. Drill hole data composited to 3m intervals c. Gold grades in Tulkubash estimated via Ordinary Kriging
d. Block model constructed with a parent block size of 10m x 10m x 5m, with sub-celling to the geological boundaries to increase the resolution of the contacts in the block model
e. Grades reported on the basis of the diluted parent blocks suitable for mining in an open pit environment
4. The re-calculated 2016 resource has been constrained within a US$1,500/oz pit shell on the same basis as the 2018 resource update and reported above a 0.3g/t cut-off grade
The 2017 drilling has resulted in 43% more contained gold within Tulkubash within an additional 36% more tonnes at a 25% higher grade than the original 2016 resource when reported on a like for like basis. The majority of this increase is within the measured and indicated resource, suitable for conversion to a reserve. Inferred resources remain a small amount of the total resource at Tulkubash.
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 oxidised and contains free milling ore.
Kyzyltash Resources
Following the update to the 2016 resource for Tulkubash, the Kyzyltash resources have also been restated at a cut-off grade of 2.0 g/t. This is based on a block model which had been prepared on a basis suitable for selective mining in an underground environment.
Underground Tonnes Au grade Content COG 2.0 g/t Au (kt) (g/t) (koz) ---------------------- ------- --------- -------- Measured 6,722 3.26 681 ---------------------- ------- --------- -------- Indicated 32,794 3.79 3,864 ---------------------- ------- --------- -------- Measured & Indicated 39,516 3.70 4,545 ---------------------- ------- --------- -------- Inferred 6,611 4.05 832 ---------------------- ------- --------- -------- Total 46,127 3.75 5,377 ---------------------- ------- --------- --------
1. The Kyzyltash resource is based on the block model originally developed for the November 2014 resource update
2. Resources have been stated on the basis of underground mining as this reflects the selectivity of mining consistent with the estimation parameters
3. The potentially open pitable resources at Kyzyltash, previously announced in 2016, have not been re-estimated to understand the impact of dilution - all resources have been included within the underground mineable resource table
4. A new block model would be required prior to reporting resources at Kyzyltash suitable for open pit mining
5. The underground resources at Kyzyltash have been reported at a cut-off grade of 2.0g/t. The previously reported underground mineable resources in 2016 were reported at a cut-off grade of 1.8g/t.
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.
Chaarat aims to create value for its shareholders, employees and communities 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
Competent Person
The Competent Person with overall responsibility for this press release, and who has reviewed the information contained herein, is Mario Rossi (Fellow AusIMM, Member CIM, Member SME). Mr Rossi is Principal Geostatistician of GeoSystems International, Inc. and has more than 25 years' experience in mining and environmental geostatistics, mineral resource and reserves estimation, audits, and reviews, and continued simulation studies of different scales and purposes. He has worked in over 100 different mining projects at various stages of development and operations around the world. Mr Rossi 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
"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 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)
TULKUBASH RESOURCE ESTIMATE
CHAARAT GOLD HOLDINGS
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
------------------ ----------------------------------- -------------------------------------------------------------
Sampling Nature and quality of sampling.
techniques Include reference to measures * Samples for geological logging, assay, geotechnical,
taken metallurgical, and density test work are collected
to ensure sample representivity via a combination of HQ Diamond Drill Holes,
and underground adit sampling, trench channel sampling,
the appropriate calibration of any and chips from exploration road cuts.
measurement tools or systems used.
Aspects of the determination of
mineralisation * Drilling for collection of samples for assay is
that are Material to the Public conducted on an East-West (rotated 42deg degrees
Report. East) grid at 40 m × 40 m collar spacing. All
In cases where 'industry standard' intervals in bedrock are sampled.
work has been done this would be
relatively simple (eg 'reverse
circulation * Dry bulk density is measured using a paraffin-coated
drilling was used to obtain 1 m immersion method.
samples
from which 3 kg was pulverised to
produce a 30 g charge for fire * The presence of mineralisation is determined by a
assay'). combination of geological logging (core observations)
In other cases more explanation and assay results.
may
be required, such as where there
is coarse gold that has inherent
sampling problems. Unusual
commodities
or mineralisation types (eg
submarine
nodules) may warrant disclosure of
detailed information.
------------------ ----------------------------------- -------------------------------------------------------------
Drilling Drill type (eg core, reverse
techniques circulation, * Drilling is diamond core, predominantly HQ in
open-hole hammer, rotary air diameter, down to NQ at depth; occasional use of
blast, triple-tube when required to improve recoveries.
auger, Bangka, sonic, etc) and
details
(eg core diameter, triple or * The majority of drilling is inclined attempting to
standard cut the mineralized structures at a closest to a
tube, depth of diamond tails, normal angle to the strike orientation as possible.
face-sampling
bit or other type, whether core is
oriented and if so, by what * Drilling from underground stations is orientated
method, normal to the strike of the structure.
etc).
------------------ ----------------------------------- -------------------------------------------------------------
Drill Method of recording and assessing
sample core and chip sample recoveries * Diamond core recovery is maximised via the use of
recovery and triple-tube sampling and additive drilling muds.
results assessed.
Measures taken to maximise sample
recovery and ensure representative * Nominal down-the-hole sample length is 1.5m
nature of the samples.
Whether a relationship exists
between * Diamond core recovery is recorded as a percentage of
sample recovery and grade and total length drilled, estimated directly from core
whether box observations.
sample bias may have occurred due
to preferential loss/gain of
fine/coarse * Also rock quality designation (RQD) measurements are
material. taken.
* Overall recovery from diamond drill core showed
acceptable levels of recovery (>90%) for all holes.
* Sample recovery in some friable mineralisation may be
reduced; however it is unlikely to have a material
impact on the reported assays for these intervals.
* Analysis of duplicate samples performance does not
indicate any chemical bias as a result of
inequalities in samples weights/core recovery.
------------------ ----------------------------------- -------------------------------------------------------------
Logging Whether core and chip samples have
been geologically and * All drill samples are geologically described
geotechnically utilising logging codes.
logged to a level of detail to
support
appropriate Mineral Resource * Geological logging is performed on nominal 1.5 m
estimation, intervals.
mining studies and metallurgical
studies.
Whether logging is qualitative or * When required, logging is done on shorter intervals,
quantitative in nature. Core (or as well as across the mineralized zone's boundaries.
costean, channel, etc)
photography.
* All core to date has been photographed, logged, and
stored in the database.
------------------ ----------------------------------- -------------------------------------------------------------
Sub-sampling If core, whether cut or sawn and
techniques whether quarter, half or all core * Sample intervals are designated and marked by project
and sample taken. geologists prior to sampling. Samples are typically
preparation If non-core, whether riffled, tube 1.5 meter intervals, but can vary to log structural,
sampled, rotary split, etc and alteration, or lithological contacts.
whether
sampled wet or dry.
For all sample types, the nature, * Core samples are split using a diamond saw, with
quality and appropriateness of the highly fractured intervals being split manually. One
sample preparation technique. half of the core is selected and bagged for assay.
Quality control procedures adopted
for all sub-sampling stages to
maximise * Samples are packaged in individually labelled
representivity of samples. polyethylene bags, top rolled and stapled, weighed,
Measures taken to ensure that the and packaged with 5- 6 samples per rice sack.
sampling is representative of the
in situ material collected,
including * Individual rice sacks are tied with wire, labelled,
for instance results for field and set aside for pickup by Chaarat Logistics for
duplicate/second-half transport to IRC Laboratories (IRC) in Kara Balta for
sampling. sample preparation.
Whether sample sizes are
appropriate
to the grain size of the material * The second half of the core is retained in numbered
being sampled. and labelled wooden core boxes for future reference
and possible check analysis. These core boxes are
stored in a Chaarat storage facility in Bishkek.
* Sample intervals are designated and marked by project
geologists prior to cutting.
* At IRC's sample preparation facility, samples are
dried, crushed in a laboratory jaw crusher to 100%
passing 2 mm mesh (10 mesh) and two 120 to 150 g
manual splits are taken.
* These subsamples are pulverized to minus 0.075 mm
(200 mesh) in a ring and puck pulveriser and stored
in numbered paper packets. One packet is sent to the
IRC assay lab where a 2 g split is assayed for gold
by Aqua regia digestion with AA finish.
* Assay values from IRC are reported electronically to
Chaarat. The second packet, along with coarse reject
material, is shipped to Chaarat's core and sample
storage facility in Bishkek.
* For those samples over 0.3 gpt Au from IRC, the
sample packets are transported to Stewart Assay and
Environmental Laboratory (Stewart), also in Kara
Balta. Stewart logs the samples into the LIMS system,
re-labels the sample packets with ALS barcoded labels,
and assays for gold by 30 g charge Fire Assay, Aqua
regia digestion, and AA finish, and reported
electronically to Chaarat.
* Starting in 2017, the core samples were sent directly
to Stewart. The entire sample is crushed to 90%
passing 2mm. Two pulps are made by pulverizing to 85%
passing 0.075mm. One pulp is returned to the Chaarat
Bishkek core yard. The second was analysed by fire
assay per the procedure above.
* The Competent Person with responsibility for this
resource estimate visited the IRC sample prep
facility, as well as both the IRC and Stewart
laboratories.
* Selected pulps were submitted for referee assay by
SGS (Chita, Russia). Review of duplicate samples
shows good agreement between different assay labs.
------------------ ----------------------------------- -------------------------------------------------------------
Quality The nature, quality and
of assay appropriateness * Five assay labs have been used during the life of the
data and of the assaying and laboratory project. Labs currently used are the Information
laboratory procedures Research Centre (IRC) in Kara Balta, a Kyrgyz Lab
tests used and whether the technique is which is ISO 9001:2008 certified by Bureau Veritas;
considered partial or total. Stewart Assay and Environmental Laboratories
For geophysical tools, (Stewart) in Kara Balta, a subsidiary of ALS, which
spectrometers, is also ISO 9001:2008 certified; and Genalysis
handheld XRF instruments, etc, the Laboratory Services Pty Ltd (Genalysis) of Perth,
parameters used in determining the Western Australia, a subsidiary of Intertek, which is
analysis including instrument make ISO/IEC 17025 Certified by NATA. A fourth lab, not
and model, reading times, used since 2007, was Central Scientific Research
calibrations Laboratory (CSRL) in Kara Balta. And in this 2017
factors applied and their season, a fifth laboratory was used as a check
derivation, laboratory, SGS in Chita, Russia which is ISO/IEC
etc. 17025 Certified.
Nature of quality control
procedures
adopted (eg standards, blanks, * Samples are dried, crushed in a laboratory jaw
duplicates, crusher to 100% passing 2 mm mesh (10 mesh) and two
external laboratory checks) and 120 to 150 g manual splits are taken. These
whether subsamples are pulverized to minus 0.075 mm (200
acceptable levels of accuracy (ie mesh) in a ring and puck pulveriser and stored in
lack of bias) and precision have numbered paper packets. One packet is sent to the IRC
been established. assay lab where a 2 g split is assayed for gold by
Aqua regia digestion with AA finish.
* Assay values from IRC are reported electronically to
Chaarat. For those samples over 0.3 gpt Au from IRC,
the sample packets are transported to Stewart Assay
and Environmental Laboratory (Stewart), also in Kara
Balta. Stewart logs the samples into the LIMS system,
re-labels the sample packets with ALS barcoded labels,
and assays for gold by 30 g charge Fire Assay, Aqua
regia digestion, and AA finish. ALS Stewart assay
values are reported electronically to Chaarat.
* The Competent Person with responsibility for this
resource estimate visited the IRC sample prep
facility, as well as both the IRC and Stewart
laboratories.
* Previously, mineralized intervals were selected by
Chaarat personnel and pulps transported to Genalysis
for referee analysis. At the end of the 2017 drilling
campaign, SGS (Chita, Russia) was used as a further
check laboratory.
------------------ ----------------------------------- -------------------------------------------------------------
Verification The verification of significant
of sampling intersections * No twinned drilling has been conducted at Tulkubash.
and assaying by either independent or
alternative
company personnel. * There is a quality assurance-quality control process
The use of twinned holes. in place that has to be followed prior to accepting a
Documentation of primary data, batch of assay results from the laboratory.
data
entry procedures, data
verification, * Significant intercepts are routinely re-assayed to
data storage (physical and confirm higher grade intercepts.
electronic)
protocols.
Discuss any adjustment to assay * Sample blanks are inserted into the sample stream at
data. site at a rate of 1 blank per 18 samples. Blank
material is un-mineralized limestone. However, it is
preferable that blanks have the same matrix as the
regular mineralised samples.
* Standards are inserted into the sample stream upon
transport from IRC to Stewart at a rate of 1 standard
per 18 samples. Pulps used by Chaarat are
commercially certified reference material from
Geostats Pty Ltd, Malcolm Smith Reference Materials,
and Rocklabs.
* Review of the available blanks, duplicates, and
standards data for the entire Chaarat project reveals
very good results.
* Inter-laboratory duplicate samples show excellent
agreement between different assay labs.
* The laboratories send the information back to Chaarat
Gold electronically, which is stored in secured Excel
spreadsheets.
------------------ ----------------------------------- -------------------------------------------------------------
Location Accuracy and quality of surveys
of data used * Project surveys use the Pulkovo 1942 datum, and a
points to locate drill holes (collar and Gauss Krueger projection, which is standard for
down-hole surveys), trenches, mine Kyrgyzstan for consistency with government geologic
workings and other locations used and infrastructure databases.
in Mineral Resource estimation.
Specification of the grid system
used. * All surface drill holes have been surveyed by total
Quality and adequacy of station. Underground drill collars have likewise been
topographic surveyed by total station. Collar locations are
control. assumed to be accurate to within centimetres.
* All of the surface drill holes and underground drill
holes have downhole surveys, typically taken at 15
meters and then every 50 meters using Reflex EzShot
electronic single-shot downhole survey equipment.
Equipment is serviced and factory set for declination
annually.
* The resource area has been resurveyed by total
station along roads, ridges, valleys, and additional
traverses and the resulting surface elevation points
have been contoured. Surface elevations from the
resulting topographic surface correspond well to
surveyed drill collar, trench sample, and drill road
locations and are assumed to be accurate to within
less than 5 meters.
------------------ ----------------------------------- -------------------------------------------------------------
Data spacing Data spacing for reporting of
and distribution Exploration * Drill spacing is typically 30-40 meter spacing, but
Results. can vary depending on road construction and access.
Whether the data spacing and
distribution
is sufficient to establish the * Not all the data available is used in Resource
degree estimation. Only assays from surface core drillhole
of geological and grade continuity data; trenched; and underground drilling are used to
appropriate for the Mineral estimate resources.
Resource
and Ore Reserve estimation
procedure(s) * Drill sampling is typically done on 1.5 m intervals,
and classifications applied. except where interval length is adjusted to
Whether sample compositing has accommodate changes in lithology, alteration, or
been mineralization.
applied.
* The drill spacing is deemed appropriate by the
Competent Person to estimate resources to the level
of confidence provided by Mineral Resource
classification applied.
* The mineralised domains (structures) at Tulkubash
have demonstrated sufficient continuity in both
geology and grade to support the definition of
Mineral Resources and the classifications applied
under the 2012 JORC Code guidelines.
------------------ ----------------------------------- -------------------------------------------------------------
Orientation Whether the orientation of
of data sampling * Drill lines are oriented East-West on a 42degrotated
in relation achieves unbiased sampling of grid to the East, and perpendicular to the deposit
to geological possible strike.
structure structures and the extent to which
this is known, considering the
deposit * Drilling is predominantly inclined at multiple angles,
type. including underground drill stations.
If the relationship between the
drilling
orientation and the orientation of * Considering the multiple orientations of drill holes
key mineralised structures is at Tulkubash, there is no sampling bias due to
considered drilling orientation.
to have introduced a sampling
bias,
this should be assessed and
reported
if material.
------------------ ----------------------------------- -------------------------------------------------------------
Sample The measures taken to ensure
security sample * Samples are bagged in labelled polyethylene bags on
security. site and consolidated in rice sacks for transport.
Samples are transported by Chaarat personnel directly
to the prep lab in Kara Balta. Core boxes are
collected on site by Chaarat personnel and
transported to a core storage facility in Bishkek.
* Samples are transported between IRC and Stewart labs
by laboratory personnel. Samples are picked up from
IRC and/or ALS Stewart for transport to Bishkek by
Chaarat Personnel. A Sample Dispatch Form listing the
samples and sample weight is signed by the Chaarat
driver on receiving the samples and by the driver and
the Stewart representative on the transfer of the
samples to the lab. A copy of the Sample Dispatch
Form is then signed by the Chaarat driver at the
pickup at the assay lab and the samples are signed in
to the Bishkek core and sample storage facility.
------------------ ----------------------------------- -------------------------------------------------------------
Audits The results of any audits or
or reviews reviews * No external audits have been performed.
of sampling techniques and data.
* Resource estimation work and report developed by an
independent third party.
* Internal Chaarat Gold peer review processes have been
completed. These reviews concluded that the
fundamental data collection, geological modelling,
and grade estimation are appropriate.
------------------ ----------------------------------- -------------------------------------------------------------
Section 2 Reporting of Exploration Results
Criteria JORC Code Commentary
explanation
--------------- ----------------- -----------------------------------------------------------------------------------------
Mineral Type, reference
tenement name/number, * Chaarat Zaav (the Kyrgyzstan subsidiary of Chaarat)
and land location received its initial exploration license (No.
tenure and ownership Au-174-02) for the property on 10th December 2002.
status including The current exploration license number 3319 AP was
agreements issued on 7th October 2013 and is valid through 7th
or material October 2023. The Chaarat Project consists of the 10
issues with kilometres of strike length in the centre of the
third parties 15,425 hectare license area.
such as joint
ventures,
partnerships, * An additional developmental license number 3117AE was
overriding issued 22nd January 2014 covering the core 700
royalties, hectares of the Chaarat Project. This license is
native title valid through 25th June 2032.
interests,
historical
sites, * The Competent Person (CP) for this report relies on
wilderness the client's assertion that all relevant permits, tax
or national park payments, and filings are current and correct.
and
environmental
settings.
The security of
the tenure held
at
the time of
reporting along
with any
known
impediments to
obtaining a
licence
to operate in
the area.
--------------- ----------------- -----------------------------------------------------------------------------------------
Exploration Acknowledgment
done by and appraisal of * Initial exploration work conducted at the Project was
other exploration carried out during the 1970s under the Soviet regime.
parties by other The initial work involved construction of three
parties. exploration adits (two of which remain open). The
primary mineral target at the time was antimony and
there was no sampling carried out for precious metals
as part of this exploration program.
* The first modern exploration was carried out in the
1990s by a joint venture between Apex Asia and
Newmont. This program included 7 drill holes, 5634
surface trench samples, and geophysical surveys. The
results of this work are included in the current
project database.
* Chaarat acquired the project in 2002 and began
exploration work in 2004. Chaarat exploration has
included the construction of Adit 4 in the Contact
zone, surface and underground drilling, and surface
and underground sampling.
* All work since 2002 has been carried out by Chaarat
and its contractors.
--------------- ----------------- -----------------------------------------------------------------------------------------
Geology Deposit type,
geological * There are three main mineralised zones: Contact, Main,
setting and and Tulkubash; these zones present different geologic
style of characteristics, but share the overall continuity of
mineralisation. the mineralized zones.
* The current Resource Estimate and Report refer only
to Tulkubash.
* Tulkubash is a mineralised shear zone that is
continuous along strike; all mineralized zones share
in having similar geometries, strikes, and dips; and
are traceable for more than a kilometre with diamond
drill holes. They have been traced for several
kilometres along strike through mapping and
trenching.
* Tulkubash is lower grade, generally free-milling
mineralisation and wider in general, compared to the
other zones within Chaarat; some cross-cutting high
grade stibnite veins have been observed, which are
sub-parallel to the section lines.
* There are clear visual clues to detect the
mineralised shear zone, such as quartz-carbonate
veining, shearing, and veining.
--------------- ----------------- -----------------------------------------------------------------------------------------
Drill A summary of all
hole information * All drilling data has been used for geological
Information material interpretation and Mineral Resource estimation.
to the
understanding of
the exploration * The following is the summary of the database for
results Chaarat, and includes Tulkubash:
including a
tabulation of
the following No No
information for Surface Total of Underground Total of
all Zone Drillholes Length samples Drillholes Length Samples
Material drill ----------- ------------ --------- --------- ------------ -------- ---------
holes: Tulkubash 427 56928.94 37029 11 1091.70 324
easting and ----------- ------------ --------- --------- ------------ -------- ---------
northing of the
drill
hole collar
elevation or RL
(Reduced Level -
elevation
above sea level
in metres) of
the
drill hole
collar
dip and azimuth
of the hole
down hole length
and interception
depth
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 In reporting
aggregation Exploration * The Tulkubash assay database was prepared in
methods Results, MineSight using the desurveying process which assigns
weighting to each drill hole interval with Au grades a X/Y/Z
averaging coordinate. The assay database was coded with the
techniques, geologic information and the interpreted mineralized
maximum zones.
and/or minimum
grade
truncations (eg * Sampling procedures at Tulkubash are such that most
cutting of high of the samples are 1.5m long, although there are
grades) and exceptions to this. Three-meter composites were
cut-off obtained to maintain or achieve mostly uniform
grades are support; to introduce some down the hole dilution to
usually Material better reflect the grade mixing expected at the time
and should of mining; and to reduce the variability of gold
be stated. grades in the samples.
Where aggregate
intercepts
incorporate * Spatial restrictions for outlier Au grades were used
short lengths of during the estimation of the Tulkubash resources. The
high grade definition of "outlier Au grades" changed according
results to the grade estimation domain defined.
and longer
lengths of low
grade results,
the procedure
used for such
aggregation
should be stated
and some typical
examples of such
aggregations
should
be shown in
detail.
The assumptions
used for any
reporting
of metal
equivalent
values should
be clearly
stated.
--------------- ----------------- -----------------------------------------------------------------------------------------
Relationship These
between relationships * Drill holes, surface trenches, and underground
mineralisation are particularly sampling channels intersect mineralized zones at a
widths important in the number of different angles, ranging from
and intercept reporting of perpendicular to oblique to the mineralization.
lengths Exploration
Results.
If the geometry * Since the work is performed in cross sections, and
of the also because of the large amount of drill data, it is
mineralisation not expected that the drill hole orientations have a
with respect to material impact on the estimation of grade.
the drill hole
angle
is known, its
nature should be
reported.
If it is not
known and only
the down
hole lengths are
reported, there
should
be a clear
statement to
this effect
(eg 'down hole
length, true
width
not known').
--------------- ----------------- -----------------------------------------------------------------------------------------
Diagrams Appropriate maps
and sections * See main body and other appendices of the Report
(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 Where
reporting comprehensive * Not applicable in the context of a Resource Estimate
reporting of all Report.
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 Other
substantive exploration * Chaarat Gold has carried out extensive geologic
exploration data, if mapping and surface sampling along extensions of the
data meaningful drilled structures within the project area, and for
and material, some 5km of strike length to the northeast of the
should be main project area.
reported
including
(but not limited * There are several additional areas of mineralization
to): geological which have been identified, and which are slated for
observations; further exploration as time and funding permit.
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 The nature and
work scale of planned * Additional drilling targeted at extending Tulkubash
further zone mineralization would be beneficial to the
work (eg tests project. Tulkubash is also open at depth. Drilling to
for lateral date has been focused on the upper, oxidized portion
extensions of Tulkubash because it is amenable to cyanide
or depth leaching, and there has been limited drilling at
extensions or depth.
large-scale
step-out
drilling).
Diagrams clearly
highlighting the
areas of
possible
extensions,
including
the main
geological
interpretations
and future
drilling areas,
provided
this information
is not
commercially
sensitive.
--------------- ----------------- -----------------------------------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
Criteria JORC Code explanation Commentary
---------------- ------------------------------------- -------------------------------------------------------------
Database Measures taken to ensure that data
integrity has not been corrupted by, for * All drilling data is securely stored in Excel
example, spreadsheets. The database is backed up by Chaarat
transcription or keying errors, off- and on site, as well as GSI keeping multiple
between secure copies of the database.
its initial collection and its use
for Mineral Resource estimation
purposes. * The drill hole database used for Mineral Resource
Data validation procedures used. estimation has been internally validated and
externally audited, by Gustavson and Associates
(2014), and by GeoSystems International (GSI, 2017),
in the context of preparing the current Resource
Model update.
* Drill hole data is validated visually by domain and
compared to the geological model.
* Multiple checks have been completed on the database,
such as: checks of grades against original laboratory
certificates; checks by grade ranges; checks of hole
locations; checks of duplicate and overlapping
intervals; checks of geological coding; checks by
zone coding; checks for intervals with poor
recoveries; higher grade interval checks; etc.
---------------- ------------------------------------- -------------------------------------------------------------
Site visits Comment on any site visits
undertaken * The Competent Person visited Chaarat from August
by the Competent Person and the 25(th) through August 28(th) , 2014. And again from
outcome August 30(th) through September 3(rd) , 2017.
of those visits.
If no site visits have been
undertaken
indicate why this is the case.
---------------- ------------------------------------- -------------------------------------------------------------
Geological Confidence in (or conversely, the
interpretation uncertainty of ) the geological * Overall the Competent Person's confidence in the
interpretation geological interpretation of the area is good, based
of the mineral deposit. on the quantity and quality of data available, and
Nature of the data used and of any the continuity and nature of the mineralisation.
assumptions made.
The effect, if any, of alternative
interpretations on Mineral Resource * Geological modelling was performed by Chaarat
estimation. geologists, and checked by GSI's contractors. The
The use of geology in guiding and method involves interpretation on cross sections of
controlling Mineral Resource the 0.25 gpt Au grade envelope which defines the
estimation. mineralisation boundaries. Three-dimensional
The factors affecting continuity wireframes of the sectional interpretations are
both created to produce the geological model.
of grade and geology.
* There are also geologic interpretations of several
logged attributes: oxidation level; lithology; type
of alteration; intensity of alteration; and
silicification; these interpretations were also
modelled in three-dimensions (wireframe), and for the
basis for the grade estimation domains used within
the grade shells.
* Mineralisation is continuous. It is affected by
structures, but the drill hole spacing is sufficient
to capture grade and geology changes at the scale of
observation.
* The geological model is sub-divided into 7 grade
domains, in addition to the mineralized zones, and
both the composites and model blocks are coded with
these domains. The grade domains are used to
constrain further the estimation, and are used in
addition to the wireframes that represent the
mineralized zones.
---------------- ------------------------------------- -------------------------------------------------------------
Dimensions The extent and variability of the
Mineral Resource expressed as length * Mineralisation extends for several kilometres along
(along strike or otherwise), plan strike in an SW-NE. The Tulkubash zone extends for
width, and depth below surface to several hundred metres along strike.
the upper and lower limits of the
Mineral Resource.
* The mineralised structures are between a few metres
and up to 20-40 metres across strike, and to a depth
of no less than 250m below current topographical
surface.
---------------- ------------------------------------- -------------------------------------------------------------
Estimation The nature and appropriateness of
and modelling the estimation technique(s) applied * Tulkubash was estimated using ordinary kriging for Au,
techniques and key assumptions, including Ag, As, and Sb.
treatment
of extreme grade values, domaining,
interpolation parameters and maximum * Inverse Distance Squared was used to estimate in situ
distance of extrapolation from data bulk dry density in the vicinity where data has been
points. If a computer assisted collected; other regions of the model with sparse
estimation information were assigned in situ bulk dry density
method was chosen include a averages by lithology.
description
of computer software and parameters
used. * Correlogram models as required by the estimation
The availability of check estimates, method chosen were obtained for all variables and
previous estimates and/or mine grade domains.
production
records and whether the Mineral
Resource * These methods are appropriate for estimating the
estimate takes appropriate account tonnes and grade of the reported Mineral Resources.
of such data.
The assumptions made regarding
recovery * A block size of 10 m (X) × 10 m (Y) × 5 m
of by-products. (Z) was used for parent blocks. Parent blocks are
Estimation of deleterious elements sub-celled to the geological boundaries to increase
or other non-grade variables of the resolution of the contacts in the block model.
economic
significance (eg sulphur for acid
mine drainage characterisation). * The Tulkubash mineralized zones were estimated using
In the case of block model only composites within the 0.25 gpt Au grade
interpolation, wireframe that describes the zone. An additional
the block size in relation to the estimation of spotty mineralization outside the
average sample spacing and the mineralized zones was also performed using the 3m
search composites lying outside of the mineralized zones.
employed. This external estimation was constrained by the same
Any assumptions behind modelling of grade domains defined inside the grade shells, in
selective mining units. addition to an external envelope that limits
Any assumptions about correlation extrapolation to less than 40m. This material adds a
between variables. small percentage of the total resource.
Description of how the geological
interpretation was used to control
the resource estimates. * Detailed statistical analysis was performed on the
Discussion of basis for using or not assay and the composite data.
using grade cutting or capping.
The process of validation, the
checking * High yield limit were applied to all grades to
process used, the comparison of restrict higher grade samples' to a 10m radii range
model of influence. In the case of Au, these limits varied
data to drill hole data, and use of by grade estimation domain.
reconciliation data if available.
* The grade estimation process was completed using
MineSight software.
* Grades are mostly interpolated, and only extrapolated
at depth down to approximately 30m below the deepest
composites. Some lateral extrapolation is also
present outside the mineralized zones, up to a
maximum of 40m.
* The block model was validated using a combination of
visual and statistical techniques.
---------------- ------------------------------------- -------------------------------------------------------------
Moisture Whether the tonnages are estimated
on a dry basis or with natural * All Mineral Resource tonnages are estimated and
moisture, reported on a dry basis.
and the method of determination of
the moisture content.
---------------- ------------------------------------- -------------------------------------------------------------
Cut-off The basis of the adopted cut-off
parameters grade(s) * Cutoff of interest begin at approximately 0.2 gpt Au.
or quality parameters applied.
* The Resources reported are within a "resource pit"
which has been optimized using a Lerchs-Grossman-type
algorithm. The economic parameters for obtaining the
pit are the same as those used by Chaarat Gold on the
upcoming Feasibility Study, except that the gold
price was set at USD 1,500/oz. The breakeven economic
cutoff using these parameters is approximately 0.22
gpt.
* The final economic cutoff will be determined with
further engineering studies, which will include
variable cutoff optimization, and will likely result
in a cutoff higher than the reserves breakeven
cutoff.
---------------- ------------------------------------- -------------------------------------------------------------
Mining Assumptions made regarding possible
factors mining methods, minimum mining * Development of this Mineral Resource assumes mining
or assumptions dimensions using standard open pit methods, including
and internal (or, if applicable, conventional truck and shovel at an appropriate bench
external) height.
mining dilution. It is always
necessary
as part of the process of * Mining practices will include grade control, likely
determining utilising blast hole data.
reasonable prospects for eventual
economic extraction to consider
potential
mining methods, but the assumptions
made regarding mining methods and
parameters when estimating Mineral
Resources may not always be
rigorous.
Where this is the case, this should
be reported with an explanation of
the basis of the mining assumptions
made.
---------------- ------------------------------------- -------------------------------------------------------------
Metallurgical The basis for assumptions or
factors predictions * Current metallurgical testing shows that free milling
or assumptions regarding metallurgical amenability. (heap leaching) of the Tulkubash ore is possible, and
It is always necessary as part of that a standard beneficiation method will be applied.
the process of determining
reasonable
prospects for eventual economic * The Resource has been defined with a "resource pit",
extraction which, among other economic parameters, assumes a 72%
to consider potential metallurgical metallurgical recovery for Au, and a 48%
methods, but the assumptions metallurgical recovery for Ag. These metallurgical
regarding recovery factors have been obtained as averages of
metallurgical treatment processes the metallurgical sampling of Tulkubash ore reported
and parameters made when reporting to date.
Mineral Resources may not always be
rigorous. Where this is the case,
this should be reported with an
explanation
of the basis of the metallurgical
assumptions made.
---------------- ------------------------------------- -------------------------------------------------------------
Environmen-tal Assumptions made regarding possible
factors waste and process residue disposal * There are no environmental issues or assumptions made
or assumptions options. It is always necessary as that would impact on the Mineral Resource estimate.
part of the process of determining
reasonable prospects for eventual
economic extraction to consider the
potential environmental impacts of
the mining and processing operation.
While at this stage the
determination
of potential environmental impacts,
particularly for a greenfields
project,
may not always be well advanced, the
status of early consideration of
these
potential environmental impacts
should
be reported. Where these aspects
have
not been considered this should be
reported with an explanation of the
environmental assumptions made.
---------------- ------------------------------------- -------------------------------------------------------------
Bulk density Whether assumed or determined. If
assumed, the basis for the * Dry core densities are generated by first covering
assumptions. the 15 to 20 cm long piece of core with paraffin; and
If determined, the method used, then using the immersion method to obtain the density
whether value, and taking into account the paraffin weight.
wet or dry, the frequency of the
measurements,
the nature, size and * Dry bulk density was estimated using the Inverse
representativeness Distance Squared method
of the samples.
The bulk density for bulk material
must have been measured by methods
that adequately account for void
spaces
(vugs, porosity, etc), moisture and
differences between rock and
alteration
zones within the deposit.
Discuss assumptions for bulk density
estimates used in the evaluation
process
of the different materials.
---------------- ------------------------------------- -------------------------------------------------------------
Classification The basis for the classification of
the Mineral Resources into varying * The model has been classified into the categories of
confidence categories. Measured, Indicated and Inferred.
Whether appropriate account has been
taken of all relevant factors (ie
relative confidence in tonnage/grade * Resources were classified with consideration to the
estimations, reliability of input following criteria: 1) The quality of the data
data, confidence in continuity of gathering, data management, assays and geologic
geology and metal values, quality, information; 2) Confidence in the geological
quantity and distribution of the conceptual model, mapping and interpretation, and
data). limitations of the geological model related to drill
Whether the result appropriately hole spacing and the characteristics of the
reflects wireframes modelled; 3) Drill hole spacing and
the Competent Person's view of the orientation within the mineralized zone; and 4) Gold
deposit. grade's spatial distribution and continuity, as
observed from statistical and geostatistical
analyses. Ag, Sb, and As continuity was not a
resource classification criteria.
* The determination of the applicable Mineral Resource
category has considered the average data density for
the respective domains, the interpreted geological
continuity and the estimation strategy.
* The Competent Person is satisfied that the stated
Mineral Resource classification reflects the data
spacing, data quality, level of geological continuity
and the estimation constraints of the deposits.
---------------- ------------------------------------- -------------------------------------------------------------
Audits The results of any audits or reviews
or reviews of Mineral Resource estimates. * All stages of Mineral Resource estimation have
undergone a documented internal peer review process,
which has documented all phases of the process.
---------------- ------------------------------------- -------------------------------------------------------------
Discussion Where appropriate a statement of the
of relative relative accuracy and confidence * The Mineral Resource data collection and estimation
accuracy/ level techniques used for the Tulkubash deposit are
confidence in the Mineral Resource estimate consistent with those applied at other deposits of
using similar characteristics.
an approach or procedure deemed
appropriate
by the Competent Person. For * No production reconciliation is currently possible.
example, Further infill drilling has been recommended to test
the application of statistical or possible extensions to the current resource, as well
geostatistical procedures to as further reduce uncertainties in the Resource
quantify Estimate.
the relative accuracy of the
resource
within stated confidence limits, or,
if such an approach is not deemed
appropriate, a qualitative
discussion
of the factors that could affect the
relative accuracy and confidence of
the estimate.
The statement should specify whether
it relates to global or local
estimates,
and, if local, state the relevant
tonnages, which should be relevant
to technical and economic
evaluation.
Documentation should include
assumptions
made and the procedures used.
These statements of relative
accuracy
and confidence of the estimate
should
be compared with production data,
where available.
---------------- ------------------------------------- -------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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