TIDMCGH
RNS Number : 5709O
Chaarat Gold Holdings Ltd
23 September 2013
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
POSITIVE DRILLING RESULTS AT THE CHAARAT GOLD PROJECT
Road Town, Tortola, British Virgin Islands (23rd September
2013)
Chaarat (AIM - CGH), the AIM quoted exploration and development
company with assets in the Kyrgyz Republic, is pleased to provide
an update on the in-fill drilling programme in the Main Zone of the
Chaarat Gold Project.
In recent months, the Company has been drilling a number of test
holes as part of the data collection process for the Definitive
Feasibility Study. The latest results have now been analysed. The
Board is delighted to report that the grades of the samples
recovered are higher than previously anticipated.
Highlights
-- Positive in-fill drill results including:
-- Section 3160: CCH13M30116: 60 metres of 4.11 g/t Au
-- Section 3040: CCH13M30117: 25.50 metres of 5.57 g/t Au
-- Section 2560: CCH13M24149: 16.50 meters of 5.02 g/t Au
-- Substantial potential to significantly increase the open pit
potential and reduce the upfront project cost.
Dekel Golan, CEO of Chaarat, commented:
"The results reported today continue to demonstrate why Chaarat
is one of the best undeveloped gold deposits in the world. With the
uncertainty surrounding the gold price and costs of production, a
high grade near surface open pit operation is the best way to
ensure the viability of a mining project."
Enquiries:
+ 44 23 800 11747/+ 44 20 7499
Chaarat Gold Holdings Limited 2612
c/o Central Asia Services Limited info@chaarat.com
Dekel Golan CEO
Linda Naylor FD
Numis Securities Limited +44 (0) 20 7260 1000
John Prior, Stuart Skinner (NOMAD)
James Black (Broker)
Further information is available at www.chaarat.com.
General description of the Main Zone
The Main Zone is one of three zones of mineralisation within the
Chaarat Gold Project, the others being the Contact and Tulkubash
Zones. The Main Zone strikes parallel to the other two zones and
extends discontinuously over 10 kilometres from M2400 in the
southwest to the Ishakuldy areas in the northeast. The mineralised
zones dip at 65-80 degrees to the NW.
Data collection for the Definitive Feasibility study (DFS) has
included a 10,000 metre in-fill and step-out exploration drilling
programme. The objective of the drilling programme is to extend the
shallow high grade-open pit-partially heap leachable reserve base
of the Project. Increasing production from this portion of the
deposit will significantly improve the Project cash flow as capital
expenditure on the costly oxidation unit can be delayed.
Positive results to date have been obtained in the Main Zone
where the Company has delineated a mineralization strike of 2.5 km,
which includes some outstanding gold intervals. The results from of
all drill holes as well as a map of the Main Zone are available at
www.chaarat.com.
The mine design is in progress and indications are that this
portion of the deposit will support increased lower cost early
stage production than originally envisaged when the Pre-Feasibility
Study was prepared in 2011. This will contribute considerably to
the objective value of the deposit. If the deposit can sustain
initial production without the need to use oxidation, the early
stage cost of production, as well as the initial capital cost, will
be significantly reduced. The impact of these parameters on project
value will considerably improve the project's value.
Drilling in the Main Zone
A total of 143 holes have been drilled in the Main Zone along
the 2.5 km strike, of which 29 were drilled in 2013, and 23 more
are planned to be drilled before the end of the season.
Geology of the Main Zone
Mineralisation in the Main Zone is hosted in a 10-15 metre wide
shear zone as an anatomising strike slip fault system; within the
Ordovician age Chaarat formation (siltstones and sandstones). The
gold mineralization is associated with sulphides, sericitic
alteration and minor quartz veinlets.
Further update
Chaarat will provide a further update on the Definitive
Feasibility Study in its half year results statement to 30 June
2013 which will be released shortly.
Appendix 1: The table below includes the results from holes
drilled and assayed (only gold grades are included).
Holes drilled this year
----------------------------------------------------------------------------------------------------
Section Hole Number From To length True Au Grade
width
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1680 CCH13M24126 1.00 9.00 8.00 6.93 3.86
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1680 CCH13M24126 2.00 5.00 3.00 2.60 6.64
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1720 CCH13M24139 63.50 65.50 2.00 1.74 1.77
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1760 CCH13M24123 15.00 18.00 3.00 2.60 1.94
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1760 CCH13M24123 27.00 34.00 7.00 6.06 2.29
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1760 CCH13M24123 36.00 47.00 11.00 9.53 3.14
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1760 CCH13M24123 94.00 98.00 4.00 3.46 3.41
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1760 incl 96.00 97.00 1.00 0.87 5.33
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1840 CCH13M24134 52.50 57.00 4.50 4.00 2.00
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1840 CCH13M24134 70.50 78.00 7.50 6.00 1.85
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1840 CCH13M24134 79.50 85.50 6.00 4.80 2.66
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1880 CCH13M24128 76.00 77.50 1.50 1.31 4.23
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1880 CCH13M24128 88.00 89.50 1.50 1.31 2.43
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1920 CCH13M24127 257.50 281.50 24.00 20.88 2.75
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1920 incl 262.00 266.50 4.50 3.92 4.12
------------ ------------------- ----------- ----------- ----------- ----------- -------------
1920 CCH13M24127 296.00 299.00 3.00 2.61 4.14
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2080 CCH13M24130 55.50 60.00 4.50 3.92 2.38
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2080 CCH13M24130 112.50 118.50 6.00 5.22 4.45
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24132 45.50 50.00 4.50 3.90 2.96
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24132 65.00 76.20 11.20 9.30 2.24
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24132 69.50 72.50 3.00 2.75 5.26
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24140 71.00 74.00 3.00 2.40 3.71
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24140 75.50 78.50 3.00 2.40 2.33
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24140 80.00 84.50 4.50 3.60 2.18
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2120 CCH13M24140 103.50 108.50 5.00 4.00 2.19
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2160 CCH13M24138 28.50 36.35 7.85 7.00 4.82
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2440 CCH13M24151 30.00 48.00 18.00 14.40 2.83
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2440 incl 30.00 34.50 4.50 3.60 4.41
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2440 incl 40.50 43.50 3.00 2.40 4.38
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2480 CCH13M24137bis 15.00 21.00 6.00 5.22 1.90
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2480 CCH13M24137bis 54.00 58.50 4.50 3.92 3.86
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2480 CCH13M24141 30.00 46.50 16.50 14.36 3.15
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2480 CCH13M24141 58.50 63.50 5.00 4.35 4.16
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2480 incl 61.50 63.00 1.50 1.20 7.12
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2480 CCH13M24141 69.00 73.50 4.50 3.92 8.05
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 CCH13M24146 2.50 13.00 10.50 9.14 1.97
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 incl 2.50 7.00 4.50 3.60 2.59
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 CCH13M24146 25.00 26.50 1.50 1.31 6.40
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 CCH13M24146 42.00 52.50 10.50 8.40 3.70
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 incl 42.00 46.50 4.50 3.60 4.65
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 CCH13M24147 1.50 13.00 11.50 9.20 2.10
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2520 incl 1.50 4.00 2.50 2.00 3.71
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2560 CCH13M24135 70.00 79.50 9.50 8.27 7.80
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2560 incl 72.00 79.50 7.50 6.53 9.27
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2560 incl 76.50 79.50 3.00 2.61 13.98
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2560 CCH13M24136 46.00 49.00 3.00 2.61 2.76
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2560 CCH13M24149 40.00 56.50 16.50 13.20 5.02
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2560 incl 43.00 50.50 7.50 6.00 10.14
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2600 CCH13M24143 24.00 34.50 10.50 9.14 1.96
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2600 CCH13M24143 37.00 39.50 2.50 2.18 4.27
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2640 CCH13M24142 26.00 30.50 4.50 3.92 3.07
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2840 CCH13M30118 34.00 41.50 7.50 6.00 2.54
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2840 CCH13M30118 34.00 37.00 3.00 2.64 3.89
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2840 CCH13M30118 79.00 82.00 3.00 2.40 4.05
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2920 CCH13M30111 108.00 125.00 17.00 13.60 3.12
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2920 incl 120.50 125.00 4.50 3.60 5.96
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2920 CCH13M30111 130.00 137.50 7.50 6.00 4.47
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2920 incl 130.00 133.00 3.00 2.40 7.08
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2960 CCH13M30112 15.00 30.00 15.00 12.00 2.21
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2960 incl 15.00 18.00 3.00 2.40 5.83
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2960 CCH13M30112 34.50 37.50 3.00 2.40 2.13
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2960 CCH13M30112 48.00 54.00 6.00 4.80 3.79
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2960 CCH13M30113 23.00 26.00 3.00 2.40 3.51
------------ ------------------- ----------- ----------- ----------- ----------- -------------
2960 CCH13M30113 95.50 98.60 3.10 2.48 2.74
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3000 CCH13M30115 4.50 9.00 4.50 3.60 2.56
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3000 CCH13M30115 22.50 28.50 6.00 4.80 5.77
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3000 CCH13M30115 128.50 132.50 4.00 3.20 4.02
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3000 CCH13M30115 150.50 155.00 4.50 3.60 2.00
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3000 CCH13M30115 156.50 165.50 9.00 7.20 4.17
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3040 CCH13M30117 62.50 88.00 25.50 20.40 5.57
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3040 incl 76.00 88.00 12.00 9.60 7.39
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 CCH13M30116 146.50 206.50 60.00 42.00 4.11
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 incl 146.50 187.00 40.50 28.35 4.93
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 incl 155.50 164.50 9.00 6.30 6.88
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 incl 167.50 172.00 4.50 3.60 5.41
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 incl 176.50 187.50 11.00 7.70 6.64
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 CCH13M30120bis 40.00 46.00 6.00 4.80 2.30
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 CCH13M30120bis 104.00 114.50 10.50 8.40 3.47
------------ ------------------- ----------- ----------- ----------- ----------- -------------
3160 incl 110.00 114.50 4.50 3.60 5.48
------------ ------------------- ----------- ----------- ----------- ----------- -------------
4000 CCH13M34001 61.50 71.50 10.00 8.00 5.12
------------ ------------------- ----------- ----------- ----------- ----------- -------------
4000 incl 61.50 67.00 5.50 4.40 8.03
------------ ------------------- ----------- ----------- ----------- ----------- -------------
4000 CCH13M34001 134.50 137.50 3.00 2.40 2.33
------------ ------------------- ----------- ----------- ----------- ----------- -------------
4000 CCH13M34001 155.50 164.50 9.00 7.20 4.33
------------ ------------------- ----------- ----------- ----------- ----------- -------------
QA/QC Procedures: Sampling Methodology and Quality Control
All samples are sent to a laboratory in the Kyrgyz Republic,
Alex Stewart, accredited by the UK Accreditation Service, for
sample preparation and assays. Genalysis, Australia, a NATA ISO/IEC
17025 accredited laboratory for analysis is being used for QA/QC
check of the analyses of Alex Stewart. 20% check samples in form of
2 Standards, 1 Blank and 1 Duplicate in a batch of 20 samples are
being used for quality checks of the Alex Stewart assays.
Competent Person
The Competent Person with overall responsibility for this press
release, and who has reviewed the information contained herein, is
Sunit Patel, M.Sc. (Geology), FGS, GSSA, who is an employee of
Chaarat. Sunit is an exploration geologist with more than 24 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 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' and he was supervisor
to the work which is the subject of this release. Mr Patel consents
to the inclusion in the report of the matters based on this
information in the form and context in which it appears.
NOTES TO EDITORS:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating
in the Kyrgyz Republic. Situated in the highly prospective Tien
Shan gold belt, a JORC compliant resource of 5.76Moz at a grade of
4.03g/t has been delineated at the Chaarat Gold Project. The
Company's key objective is to become a low cost gold producer
targeting annual production of 200,000 ounces from the development
of the Chaarat Gold Project.
Chaarat has several other promising prospects also located
within the Kyrgyz Republic. An exploration programme is underway at
the Company's Chontash project, located in the Akshirak range of
mountains. A mining licence has been obtained for the Mironovskoye
asset.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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