TIDMCGH
RNS Number : 3163K
Chaarat Gold Holdings Ltd
28 August 2019
28 August 2019
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
2019 Tulkubash Exploration and Drilling Programme Underway
Chaarat Gold Holdings Ltd (AIM: CGH), the AIM-quoted gold mining
company with an operating mine in Armenia and assets at various
stages of development in the Kyrgyz Republic, is pleased to provide
further drilling results from its ongoing 2019 exploration and
drilling programme at its Tulkubash oxide gold development project
in the Kyrgyz Republic (the "Tulkubash Project"), which will become
the Company's second operating gold mine, scheduled to commence
production in 2021.
Highlights
-- The primary objective of this drilling programme is to
identify shallow mineralisation within and near the current pit
designs, with the aim of adding new ounces to the resource and
upgrade existing ounces to the reserve confidence level. The
current year's programme forms part of a staged drilling programme
focussed on adding further reserves with the objective of
demonstrating a mine life of at least 15 years at the Tulkubash
Project.
-- An additional 9078 metres drilled since last exploration
update dated 18 June 2019 with a total of 12,078 metres of drilling
now completed of a planned 20,000 metres scheduled in 2019. The
most prospective target is still to be drilled.
-- Drilling continues to identify new shallow mineralisation
within and adjacent to current pit outlines, including:
o DH19T503: 10.5 metres @ 2.99 g/t Au starting at the
surface;
o DH19T511 12.0 metres @ 1.58 g/t Au starting at 38.5
metres;
o DH19T512: 10.5 metres @ 1.20 g/t Au starting at 6.5
meters;
o DH19T481: 28.5 metres @ 0.82 starting at 21.0 metres.
-- Roadcut and outcrop mapping and sampling northeast along
strike from the current resource boundary have identified a broad
area of > 1 g/t Au in rock chip samples.
-- This surface mineralization is comparable in grade to that
over the Main Pit zone of Tulkubash (1 million ounces Au).
-- One sample, 2 metres of 19.67 g/t Au within 8 metres of 5.12
g/t Au is in a different host rock and may define a new target
area. Drilling is just starting in this area.
-- District-scale exploration continues to identify new gold
targets and supports the hypothesis that the 24-km Tulkubash
Exploration License is an emerging gold district with the potential
to host numerous gold deposits.
To date, 77 holes have been completed totalling 12,078 metres of
the 2019 planned 20,000 metre drill programme. Drilling this year
has been focused on adding Measured and Indicated Resources, with
potential for conversion into reserves as part of a year-end
Resource and Reserve Update. Additionally, the Company has begun
drilling on an approximately 3,000 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 test drill targets identified along strike and to
validate the district-scale potential of Tulkubash.
The following link provides a plan showing the location of 2019
completed and planned 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. District
scale exploration this season is providing us with encouraging
results. The resource identified to date lies within only 4 kms of
the Company's 24 km long exploration licence.
"Having completed a number of drill roads and drill pads, we are
now able to transport drilling equipment into our most prospective
target area, the potential strike extension to the northeast of our
current (2018 year-end) resource boundary, where a broad area of +1
g/t Au mineralization has been identified on surface. This is
comparable to the surface rock chip geochemistry over the Tulkubash
Main Pit zone. Drill testing of this new target has just started,
and we await the results.
"We have 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.
"Field work is also being integrated 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 data
base 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 18 June 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. A table of
all drill results this season appears in the Appendix to this press
release.
Drill Thickness True Au
Hole Interval (m) Thickness (g/t)
(m)
From To
------ ------
DH19T500 22.5 25.5 3.0 2.5 3.79
DH19T516 103.5 115.5 12.0 10.8 1.30
incl 112.5 115.5 3.0 2.7 2.56
DH19T481 21.0 49.5 28.5 24.2 0.82
DH19T511 38.5 50.5 12.0 11.1 1.58
incl 40.0 44.5 4.5 4.1 3.50
DH19T514 164.0 171.5 7.5 6.7 1.15
DH19T497 85.5 94.5 9.0 7.8 1.47
DH19T512 6.5 17.0 10.5 9.2 1.20
incl 9.5 15.5 6.0 5.2 1.68
DH19T512 165.5 168.5 3.0 2.7 1.37
DH19T520 25.5 28.5 3.0 2.7 1.43
DH19T509 118.5 121.5 3.0 2.6 0.90
DH19T515 3.0 6.0 3.0 2.7 0.91
DH19T485 81.0 85.5 4.5 4.1 4.90
DH19T485 169.5 172.5 3.0 2.6 7.90
DH19T485 217.0 220.0 3.0 2.6 6.37
DH19T485 242.5 250.0 7.5 6.0 4.50
incl 242.5 245.5 3.0 2.6 6.16
DH19T474 105.0 111.0 6.0 5.1 2.77
DH19T503 0.0 10.5 10.5 9.1 2.99
DH19T475 0.0 7.0 7.0 6.0 1.23
DH19T475 133.5 136.5 3.0 2.6 0.98
DH19T492 91.5 102.0 10.5 9.8 0.50
incl 91.5 94.5 3.0 2.8 0.91
The ongoing results of the 2019 drill program are encouraging.
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.
The following link tabulates the drill results received to date
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 has exposed strongly altered and mineralized
Tulkubash Quartzites in road cuts. Rock chip sampling along the new
exposures has identified wide zones of continuous gold
mineralization, that combined, define a mineralized corridor 100 to
150m in width and at least 550m along strike. Road construction is
continuing along trend and new exposures may provide further
positive information in this direction.
This link provides a plan showing the location and results of
the road cut sampling:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
One road cut exposed a faulted contact between the Tulkubash
Quartzite and a formation of mudstones and fine grained quartzites.
Road cut sampling across this structural contact identified 8.0
metres that averaged 5.12 g/t Au with one 2.0 metre sample assaying
19.67 g/t Au. This fault zone and rock unit represent an additional
new drill target. Drilling commenced within this target area in
late July and assays are pending.
District-Scale Potential
The current resource of 1.6 million ounces Au is located within
approximately 4.0 kilometres of a 24-kilometrestrike length of
favourable geology. Reconnaissance work to date indicates that the
favourable geology along this strike length is associated with
multiple occurrences of anomalous gold geochemistry, favourable
structural geology (crackle brecciation), and favourable
hydrothermal alteration. This supports the likelihood that
Tulkubash is an emerging gold district with the potential to host
numerous deposits
A 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. Two priority drill targets, Ishakuldy and Karator, are
being drilled this season.
This link provides a plan showing the location of drill targets
and exploration sampling:
https://www.chaarat.com/investors/reports/agm-notices-and-other/
The Ishakuldy Target, 5 kms from the current resource boundary,
is defined by intense crackle brecciation in the Tulkubash
Quartzite associated with widespread gold anomalies in soil, rock
samples, and trenches. Of note, trench TR121006 returned 26.0m at
2.02 g/t Au and trench TR121007 contained 14.0m of 1.22 g/t Au. One
drill hole has been completed and a second hole is in progress.
Assays are pending.
The Karator Target is 1.5 kms from the current resource boundary
and is also defined by favourable geology and geochemistry. Trench
TR18017, along the crest of the Karator Ridge, contained 13.0m of
1.27 g/t Au. A new drill road was recently constructed onto the
ridge and has exposed strong alteration in the road cuts, across
Shir Canyon from the Shir Canyon anomalies described above. Mapping
and sampling along the road cuts are currently in progress and
drilling is planned this season, continuing into next year.
Active exploration is progressing between the Ishakuldy and
Karator Targets and a continuous zone of crackle breccia has been
mapped between the two targets. Trenching along this zone continues
to find ore grade gold mineralization (Trench TR19044 returned 23.0
meters that assayed 2.32 g/t Au).
Reconnaissance mapping and geochemical exploration indicate that
the zone of favourable geology associated with Tulkubash gold
mineralization 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 multiple
additional exploration targets. Exploration management believes
that these intrusive rocks may have provided the heat source for
the Tulkubash mineralization, in which case the intensity of
mineralization 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 begun satellite image interpretation to develop a
better understanding of structural geology and to identify new
target areas. Initial results are encouraging. This work has
already 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:
-- Summer 2019: Reconnaissance geologic mapping and geochemical
sampling is in progress and has disclosed multiple areas for
follow-up. Reconnaissance mapping and sampling combined with stream
sediment exploration geochemistry is being extended into the
northeast part of the exploration license. Initial follow-up of
targets generated by satellite image interpretation.
-- 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: More aggressive field work following up on
targets generated by previous work, including drilling where
warranted.
Ongoing exploration will continue focusing 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.
https://www.chaarat.com/investors/reports/agm-notices-and-other/
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.
Appendix - 2019 Drill hole intercepts (>0.25 g/t Au
cut-off)
Drill Interval Thickness True Au
Thickness
Hole Cross From To (m) (m) (g/t)
Section
--------- ----------- ------ ----------- ----------- ------
DH19T465 360 0.0 3.0 3.0 2.0 0.32 18-Jun
DH19T466 480 39.0 43.5 4.5 2.8 0.63 18-Jun
DH19T466 480 114.0 130.5 16.5 9.7 1.49 18-June Significant
incl 480 114.0 121.5 7.5 4.4 2.09 18-June Significant
DH19T466 480 135.0 144.0 9.0 5.3 3.90 18-June Significant
DH19T466 480 159.0 163.5 4.5 2.4 0.44 18-Jun
DH19T468 560 31.5 33.0 1.5 1.0 0.35 18-Jun
DH19T468 560 66.0 78.0 12.0 8.9 0.91 18-June Significant
incl 560 69.0 73.5 4.5 3.0 1.78 18-June Significant
DH19T473 560 36.0 39.0 3.0 2.7 1.07 18-June Significant
DH19T473 560 48.0 49.5 1.5 1.4 1.07 18-Jun
DH19T473 560 60.0 82.5 22.5 20.3 0.94 18-June Significant
DH19T473 560 99.0 105.0 6.0 5.2 0.34 18-Jun
DH19T473 560 126.0 129.0 3.0 2.7 0.57 18-Jun
DH19T473 560 141.0 145.5 4.5 3.9 0.67 18-Jun
DH19T473 560 157.5 159.0 1.5 1.4 0.27 18-Jun
DH19T467 720 3.0 4.5 1.5 1.0 0.27 18-Jun
DH19T467 720 66.0 67.5 1.5 1.0 1.47 18-Jun
DH19T467 720 93.0 99.0 6.0 4.5 0.29 18-Jun
DH19T467 720 105.0 106.5 1.5 1.0 0.70 18-Jun
DH19T467 720 111.0 117.0 6.0 4.5 1.12 18-June Significant
DH19T467 720 121.5 123.0 1.5 1.0 0.26 18-Jun
DH19T467 720 156.0 168.0 12.0 9.0 0.30 18-Jun
DH19T467 720 160.5 168.0 7.5 9.0 0.38 18-Jun
DH19T499 1600 110.5 115.0 4.5 3.8 0.29 18-Jun
DH19T499 1600 137.5 139.0 1.5 1.8 0.31 27-August
27-August
DH19T500 1700 22.5 25.5 3.0 2.5 3.79 Significant
DH19T477 2880 49.5 51.0 1.5 1.2 0.32 27-August
DH19T477 2880 88.5 90.0 1.5 1.2 0.28 27-August
DH19T477 2880 132.0 133.5 1.5 1.2 0.39 27-August
DH19T477 2880 138.0 139.5 1.5 1.2 0.29 27-August
DH19T477 2880 169.5 171.0 1.5 1.2 0.31 27-August
DH19T477 2880 174.0 175.5 1.5 1.2 0.35 27-August
DH19T477 2880 183.0 184.5 1.5 1.2 0.45 27-August
DH19T477 2880 196.5 201.0 4.5 3.8 0.52 27-August
DH19T493 2920 71.5 74.5 3.0 2.8 0.48 27-August
DH19T493BIS 2920 76.0 79.0 3.0 2.8 0.51 27-August
DH19T476 2960 0.0 1.5 1.5 1.3 0.30 27-August
DH19T476 2960 100.5 105.0 4.5 3.8 0.30 27-August
DH19T476 2960 117.0 118.5 1.5 1.3 0.32 27-August
DH19T476 2960 130.5 132.0 1.5 1.3 0.36 27-August
DH19T498 3040 137.5 140.5 3.0 2.8 0.70 27-August
DH19T470 3600 35.5 37.0 1.5 1.4 0.27 27-August
DH19T470 3600 94.0 112.0 18.0 16.0 0.81 18-June Significant
DH19T470 3600 121.0 127.0 6.0 5.6 0.71 18-June Significant
No mineralized intersection
DH19T472 3600 (315 Azimuth hole) 27-August
DH19T516 3600 22.5 25.5 3.0 2.7 0.55 27-August
DH19T516 3600 58.5 60.0 1.5 1.3 0.32 27-August
DH19T516 3600 94.5 96.0 1.5 1.3 0.36 27-August
27-August
DH19T516 3600 103.5 115.5 12.0 10.8 1.30 Significant
27-August
incl 3600 112.5 115.5 3.0 2.7 2.56 Significant
DH19T516 3600 120.0 121.5 1.5 1.3 3.92 27-August
DH19T516 3600 135.0 136.5 1.5 1.3 0.44 27-August
DH19T469 3680 157.5 159.0 1.5 1.3 0.25 27-August
No mineralized intersection
DH19T480 3760 (315 Azimuth hole) 27-August
DH19T518 3760 66.0 67.5 1.5 1.4 0.36 27-August
DH19T518 3760 72.0 76.5 4.5 4.1 0.36 27-August
DH19T518 3760 82.5 84.0 1.5 1.4 0.56 27-August
DH19T518 3760 111.0 115.5 4.5 4.1 0.78 27-August
DH19T478 3800 10.5 13.5 3.0 2.3 0.40 18-Jun
DH19T478 3800 19.5 22.5 3.0 2.3 0.49 18-Jun
DH19T478 3800 27.0 46.5 19.5 15.5 2.20 18-June Significant
DH19T481 3800 10.5 15.0 4.5 4.3 0.50 27-August
27-August
DH19T481 3800 21.0 49.5 28.5 24.2 0.82 Significant
DH19T481 3800 66.0 67.5 1.5 1.2 0.54 27-August
DH19T481 3800 84.0 85.5 1.5 1.2 1.46 27-August
DH19T481 3800 93.0 94.5 1.5 1.2 0.65 27-August
DH19T481 3800 99.0 100.5 1.5 1.2 0.36 27-August
DH19T481 3800 112.5 114.0 1.5 1.2 0.38 27-August
DH19T481 3800 126.0 127.5 1.5 1.2 0.29 27-August
DH19T481 3800 135.0 136.5 1.5 1.2 0.80 27-August
DH19T481 3800 153.0 154.5 1.5 1.2 0.55 27-August
DH19T511 3800 8.5 17.5 9.0 8.2 0.72 27-August
DH19T511 3800 22.0 28.0 6.0 5.4 0.89 27-August
27-August
DH19T511 3800 38.5 50.5 12.0 11.1 1.58 Significant
27-August
incl 3800 40.0 44.5 4.5 4.1 3.50 Significant
DH19T511 3800 64.0 68.5 4.5 4.1 0.33 27-August
DH19T511 3800 101.5 103.0 1.5 1.3 2.01 27-August
DH19T511 3800 134.5 136.0 1.5 1.3 0.27 27-August
DH19T511 3800 142.0 143.5 1.5 1.3 0.61 27-August
DH19T511 3800 157.0 158.5 1.5 1.3 0.27 27-August
DH19T511 3800 172.0 173.5 1.5 1.3 0.43 27-August
DH19T514 3880 69.5 71.0 1.5 1.3 0.51 27-August
No mineralized intersection
DH19T479 3880 (315 Azimuth hole) 27-August
DH19T506 3880 111.0 112.5 1.5 1.3 0.45 27-August
DH19T506 3880 136.5 138.0 1.5 1.3 0.39 27-August
DH19T506 3880 146.0 153.0 7.0 6.3 0.35 27-August
DH19T506 3880 163.1 164.6 1.5 1.3 0.28 27-August
DH19T506 3880 169.1 172.1 3.0 2.7 0.34 27-August
DH19T506 3880 179.6 185.6 6.0 5.3 0.29 27-August
DH19T506 3880 200.6 202.1 1.5 1.3 0.76 27-August
DH19T514 3880 96.5 98.0 1.5 1.3 0.33 27-August
DH19T514 3880 113.0 116.0 3.0 2.7 0.46 27-August
DH19T514 3880 137.0 140.0 3.0 2.7 0.32 27-August
27-August
DH19T514 3880 164.0 171.5 7.5 6.7 1.15 Significant
DH19T497 3960 39.0 40.5 1.5 1.3 0.32 27-August
DH19T497 3960 49.5 52.5 3.0 2.6 0.17 27-August
27-August
DH19T497 3960 85.5 94.5 9.0 7.8 1.47 Significant
27-August
DH19T512 3960 6.5 17.0 10.5 9.2 1.20 Significant
27-August
incl 3960 9.5 15.5 6.0 5.2 1.68 Significant
DH19T512 3960 75.5 80.0 4.5 4.1 0.30 27-August
27-August
DH19T512 3960 165.5 168.5 3.0 2.7 1.37 Significant
27-August
DH19T520 3960 25.5 28.5 3.0 2.7 1.43 Significant
DH19T484 4040 126.0 130.5 4.5 3.9 0.79 27-August
DH19T484 4040 172.5 174.0 1.5 1.2 1.27 27-August
DH19T495 4040 No mineralized intersection 27-August
DH19T507 4040 45.0 46.5 1.5 1.4 0.28 27-August
DH19T507 4040 154.5 160.5 6.0 5.3 0.36 27-August
DH19T509 4120 7.5 9.0 1.5 1.3 0.41 27-August
DH19T509 4120 25.5 27.0 1.5 1.3 0.62 27-August
DH19T509 4120 105.0 109.5 4.5 3.9 0.47 27-August
27-August
DH19T509 4120 118.5 121.5 3.0 2.6 0.90 Significant
DH19T509 4120 172.5 174.0 1.5 1.3 1.39 27-August
27-August
DH19T515 4120 3.0 6.0 3.0 2.7 0.91 Significant
DH19T515 4120 43.5 48.0 4.5 4.0 0.68 27-August
DH19T515 4120 57.0 58.5 1.5 1.3 0.60 27-August
DH19T485 4200 3.0 4.5 1.5 1.3 0.24 27-August
DH19T485 4200 18.0 19.5 1.5 1.3 1.02 27-August
DH19T485 4200 70.5 72.0 1.5 1.3 0.31 27-August
27-August
DH19T485 4200 81.0 85.5 4.5 4.1 4.90 Significant
DH19T485 4200 159.0 165.0 6.0 5.2 0.36 27-August
27-August
DH19T485 4200 169.5 172.5 3.0 2.6 7.90 Significant
DH19T485 4200 178.0 179.5 1.5 1.3 0.52 27-August
DH19T485 4200 211.0 212.5 1.5 1.3 0.31 27-August
27-August
DH19T485 4200 217.0 220.0 3.0 2.6 6.37 Significant
27-August
DH19T485 4200 242.5 250.0 7.5 6.0 4.50 Significant
27-August
incl 4200 242.5 245.5 3.0 2.6 6.16 Significant
incl 4200 247.7 250.0 2.3 1.9 7.33 27-August
DH19T510 4200 7.5 9.0 1.5 1.3 0.88 27-August
DH19T510 4200 75.0 76.5 1.5 1.3 0.29 27-August
DH19T510 4200 105.0 112.5 7.5 6.7 0.87 27-August
DH19T510 4200 214.1 215.6 1.5 1.3 0.66 27-August
DH19T487 4200 7.0 13.0 6.0 8.2 0.57 27-August
DH19T487 4200 17.5 20.5 3.0 2.4 0.71 27-August
DH19T487 4200 28.0 29.5 1.5 1.3 0.73 27-August
DH19T487 4200 74.5 80.5 6.0 5.2 0.33 27-August
DH19T487 4200 94.0 95.5 1.5 1.3 0.47 27-August
DH19T494 4200 62.5 64.0 1.5 1.3 0.52 27-August
DH19T494 4200 98.5 106.0 7.5 6.5 0.47 27-August
DH19T494 4200 160.0 161.5 1.5 1.3 0.26 27-August
DH19T494 4200 194.5 196.0 1.5 1.3 0.74 27-August
No mineralized intersection
DH19T488 4200 (Lower Structure) 27-August
DH19T474 4280 0.0 6.0 6.0 5.3 0.65 18-Jun
DH19T474 4280 33.0 36.0 3.0 2.7 0.58 18-Jun
27-August
DH19T474 4280 105.0 111.0 6.0 5.1 2.77 Significant
27-August
DH19T503 4280 0.0 10.5 10.5 9.1 2.99 Significant
DH19T503 4280 45.0 46.5 1.5 1.4 0.58 27-August
DH19T503 4280 126.0 127.5 1.5 1.4 1.06 27-August
DH19T503 4280 139.5 141.0 1.5 1.4 0.48 27-August
DH19T508 4280 30.0 31.5 1.5 1.4 0.71 27-August
DH19T513 4280 55.5 57.0 1.5 1.4 0.25 27-August
DH19T513 4280 78.0 79.5 1.5 1.4 0.28 27-August
27-August
DH19T475 4360 0.0 7.0 7.0 6.0 1.23 Significant
27-August
DH19T475 4360 133.5 136.5 3.0 2.6 0.98 Significant
DH19T491 4360 55.5 57.0 1.5 1.4 0.21 27-August
No mineralized intersection
DH19T490 4440 (Upper Structure) 27-August
DH19T496 4440 195.0 196.5 1.5 1.3 0.31 27-August
DC19T077 4440 206.0 208.0 2.0 1.5 0.54 27-August
DH19T505 4520 66.0 67.5 1.5 1.3 0.58 27-August
DH19T492 4600 60.0 61.5 1.5 1.4 0.57 27-August
27-August
DH19T492 4600 91.5 102.0 10.5 9.8 0.50 Significant
27-August
incl 4600 91.5 94.5 3.0 2.8 0.91 Significant
DH19T492 4600 140.5 145.0 4.5 4.0 0.59 27-August
DH19T492 4600 167.5 169.0 1.5 1.4 1.12 27-August
DH19T492 4600 200.5 202.0 1.5 1.4 1.10 27-August
DH19T504 4600 64.5 67.5 3.0 2.7 0.38 27-August
DH19T504 4600 109.5 111.0 1.5 1.3 0.46 27-August
DH19T483 4680 9.0 10.5 1.5 1.3 0.40 27-August
DH19T483 4680 22.5 25.5 3.0 2.6 0.38 27-August
# Pink highlighted rows - significant intercepts reported
earlier
# Yellow highlighted rows - significant intercepts (current
release)
Glossary of Technical Terms
"Au" chemical symbol for gold
"Breccia" A rock composed of fragments of rocks cemented
by a finer-grained matrix
"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)
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 fininsh. Mulit-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 analyzer.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * In total, 77,954 m of sampling across 560 drillholes
hammer, rotary air blast, auger, Bangka, sonic, etc) and channels has been completed across the Tulkubash
and details (eg core diameter, triple or standard deposit.
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc). * 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 analyses 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 0.25 g/t Au.
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.
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
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 compelted
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 * 11,280m of a planned 20,000m field season exploration
tests for lateral extensions or depth extensions or campaign has been completed. Further exploration
large-scale step-out drilling). 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
DRLPRMATMBITBLL
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