TIDMCGH
RNS Number : 4454S
Chaarat Gold Holdings Ltd
16 November 2021
16 November 2021
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Encouraging Tulkubash 2021 Drilling Programme Results
Chaarat Gold (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 announce the
completion of the Tulkubash 2021 drilling programme. The Tulkubash
project presently hosts JORC compliant Probable Reserves of 571koz
Au and Measured, Indicated and Inferred ("M&I,I") Resources of
1,177koz Au .
The infill drilling programme targeted the Inferred and
unclassified areas in the Central Pit and Tulkubash east area. The
drill holes intersected consistent oxide gold intercepts as
expected. The current Mineral Resource estimate ("MRE") of the
Tulkubash deposit is in the process of being updated to include the
results of the 2021 exploration programme.
The exploration drilling campaign has also confirmed two
previously identified potential zones of gold mineralisation at
Karator and Ishakuldy, located 2 kilometres and 6 kilometres to the
northeast of the Tulkubash east area respectively.
Highlights of the Drilling Programme
- 4,835 metres of drilling in 33 drill holes completed on time and budget
- 12 of 14 infill drill holes, drilled at Tulkubash Central Pit
confirm grade and consistency of expected gold mineralisation based
on previous drilling
- 7 of 10 infill drill holes in the Tulkubash east oxide gold
area also confirm expected mineralisation
- Trenching and the initial 5 drill holes at Karator oxide gold
zone returned encouraging intercepts in line with expectations from
the prior season's exploration programme and area review.
- All the initial 4 drill holes at Ishakuldy intersected gold mineralisation
- The new drill holes include(1) :
o Tulkubash Central Pit zone, oxidised: 16.5 metres of 2.04g/t
gold, including 6 metres of 4.10g/t gold in DH21T593
o Tulkubash east area, oxidised: 6 metres of 6.58g/t gold in
DH21T611
o Karator, oxide gold: 60 metres of 1.32g/t gold, including 6
metres of 5.06g/t gold in DH21K601
o Ishakuldy, new outlined prospect, transitional oxide to
sulphide: 12.3 metres of 3.18g/t gold in DH21I608 and 53.6 metres
of 0.52g/t gold in DH21I596
Next Steps
- Tulkubash MRE update planned to be published in early 2022,
targeting an upgrade of material in Central Pit and east area from
Inferred to Indicated categories
- At Karator, advancing drill programme towards resource
definition drilling over the entire 800 metres strike of the
mineralised oxide gold zone over the next few years
- Continue systematic drilling and trenching over the entire
strike of the prospective zone at Ishakuldy
- Perform a drone based geophysical survey in 2022 over the full
75 km(2) of the exploration licence aimed at delineation of other
prospective zones within the Chaarat exploration permit to further
confirm the district wide potential of the region
(1) All drill metres quoted are drilling width, believed to be
close to true widths. All drill results are shown in appendix
2.
Dimitar Dimitrov, Senior Vice President Geology of Chaarat,
said:
"The confirmation of gold grades in the infill drill holes in
the Central Pit and east area is very positive and supports an
update of the Resource estimate for the Tulkubash ore body The
successfully outlined Karator and Ishakuldy zones are confirmation
of the extensive geological potential of Chaarat's licence area and
the broader district for further Tulkubash and Kyzyltash style
deposits."
The Tulkubash Central Pit and east area Infill Drill
Programme
The recently completed infill drill programme consisted of 24
drill holes which were selected with the aim of converting the
Tulkubash Inferred Resource and unclassified areas in the Central
Pit and east area to Indicated Resources. The drill holes were on
40 by 40 metres spacing. As mentioned above, the results of the
2021 drilling programme will be included in the updated MRE for the
Tulkubash project.
Geological maps and sections illustrating the location of the
drill holes and Tulkubash mineralized zones are available at
https://www.chaarat.com/kyrgyzstan/tulkubash/ .
The Karator Exploration Drill Programme
The recently completed exploration programme included 5 drill
holes and systematic trenching which resulted in the delineation of
an oxide gold zone of Tulkubash style mineralisation.
The trenching results included 50 metres of 1.32g/t gold in
TR21T102 and 46 metres of 1.14g/t gold in TR21T604. All 5 drill
holes intersected gold, confirming the trenching results. DH21K601
showed the presence of 60 metres of 1.32g/t gold, including 6
metres of 5.06g/t gold .
The Karator zone is located approximately 2 kilometres to the
northeast of the Tulkubash east area and extends along more than
800 metres of strike, with approximately 30 to 50 metres true width
extending to approximately 150 metres depth. The deposit is open at
strike and at depth.
The zone is interpreted to strike southwest to northeast,
dipping southeast, following the extensional shear zone developed
along or between the major Contact and Irisey reverse faults.
Chaarat is planning to continue evaluating the Karator prospect
with systematic resource definition drilling in the coming years
leading to an initial MRE.
The Ishakuldy Exploration Drill Programme
Ishakuldy is a well-defined exploration target, outlined along
approximately 1.5 kilometres strike and approximately 100 metres
width. This is based on a f avourable structurally extensional
environment in the vicinity of the major Contact fault which is
intruded by a sin-mineralised diorite to granodiorite stock/dyke
magmatic complex. The programme showed an intensive +0.5 g/t gold
soil anomaly over approximately 2 square kilometres. The presence
of overlapping high magnetic and high chargeability anomalies with
the soil anomaly and mineral outcrops mineralisation are
encouraging indications of potential widespread mineralisation.
The trenching results include 28 metres of 2.36g/t gold in
TR21T611, including 10 metres of 5.09g/t gold. All 4 drill holes
intersected gold confirming the trench results. DH 21I608 showed
12.3 metres of 3.18g/t gold associated with silicified, fractured
and partly oxidised conglomerate/sandstones from the base of the
Devonian Tulkubash unit, or, from the top of the Ordovician Chaarat
unit.
As a result of the 2021 drill testing and trenching, three
parallel prospective zones were outlined at Ishakuldy on more than
600 metres strike, open in both directions.
Chaarat will continue to follow this mineralisation along the
entire prospective strike targeting both oxide and transitional to
sulphide lithologies.
Sampling, Subsampling and Laboratories
A half HQ (occasionally PQ) core was sampled on average
intervals of 1 to 2 metres considering all clear geological
boundaries. FA / ICP 35 analysis were conducted by Stewart Assay
and Environmental Laboratories in Kara Balta, Kyrgyzstan. In any 20
regular samples, 1 duplicate, 1 standard (reference material) and 1
blank sample were introduced. SGS laboratory in Russia, city of
Chita, is used for external laboratory control. All received QA/QC
results were prepared in accordance with JORC code guidelines and
are meeting the international industry standards.
Competent Persons Statement
The information in this announcement that relates to exploration
results is based on and fairly represents information and
supporting documentation prepared by Dimitar Dimitrov, P. Geo, AIG
member and a Competent Person as defined in the 2012 edition of the
JORC Code 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' . Mr. Dimitar Dimitrov is a
full-time employee of the company. Mr. Dimitrov consents to the
publication of this new release dated November 16(th) , 2021 by
Chaarat. Mr. Dimitrov certified that this news release fairly and
accurately represents the information for which he is
responsible.
Enquiries
+44 (0)20 7499
Chaarat Gold Holdings Limited 2612
Patrick Henze (VP Corporate Development info@chaarat.com
& IR)
Canaccord Genuity Limited (NOMAD and + 44 (0)20 7523
Joint Broker) 8000
Henry Fitzgerald-O'Connor
James Asensio
+44 (0)20 7220
finnCap Limited (Joint Broker) 0500
Christopher Raggett
+44 (0)20 7886
Panmure Gordon (UK) Limited (Joint Broker) 2500
John Prior
Hugh Rich
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 the
FSU through organic growth and selective M&A.
Chaarat aims to create value for its shareholders, employees and
communities from its high-quality gold and mineral deposits by
building relationships based on trust and operating to the best
environmental, social and employment standards. Further information
is available at www.chaarat.com/ .
Glossary of Technical Terms
"Central Pit" Tulkubash deposit area as defined in the bankable
feasibility study 2021
"FA / ICP 35" Fire Assay gold assay method / Inductively Coupled
Plasma is a multi-element analytical method for
determination of the element content in materials,
used to assay silver, base metals etc.
"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 Resource" that part of a Mineral Resource for 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 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
a concentration or occurrence of material of
"Mineral Resource" 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
"MRE" Mineral Resource Estimate
"Mt" million tonnes
"oz" troy ounce (= 31.103477 grammes)
"PQ Core" Diamond drill core with 122.6mm hole diameter
"O re Reserves" the part of a Measured and/or Indicated Mineral
Resource that can be mined at a profit. Reserves
are subdivided in order of increasing confidence
into Probable and Proven categories when reporting
under JORC.
"Probable Reserve" the part of Indicated and in some cases Measured
Resource that can be mined at a profit. It includes
diluting materials and allowances for losses
that may occur during mining.
"Proven Reserve" the part of Indicated a nd Measured Resource
that can be mined at a profit. It includes diluting
materials and allowances for losses that may
occur during mining.
"t" tonne (= 1 million grammes)
"QA/QC" Quality assurance and quality control (QA/QC)
procedures during exploration ensures the trustworthiness
of the data produced.
Quality assurance (QA) and quality control (QC)
are procedures used in the laboratory to ensure
that all analytical measurements made are accurate.
Appendix 1: JORC_2012_Table 1_Sections_1_2_Chaarat
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
============================================================
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, * Sampling comprises predominantly diamond core
random chips, or specific specialised industry drilling, along with trench channel sampling and chip
standard measurement tools appropriate to the sampling from the new road cuts
minerals under investigation, such as downhole gamma
sondes, or handheld XRF instruments, etc.). These
examples should not be taken as limiting the broad * Core was drilled through the full expected
meaning of sampling. mineralization intersection, as normal to the strike
as possible
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * All drilling is diamond core, triple-tube,
measurement tools or systems used. predominantly at HQ diameter
* Aspects of the determination of mineralization that * All trench and road cut sampling was done with
are Material to the Public Report. ordinary hammer, according to marked sample boundary
* In cases where 'industry standard' work has been done * The average down-hole sample length is 1.5m and the
this would be relatively simple (e.g. 'reverse average trench and road cut sample is 2.0m
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more * The samples were contoured along all major
explanation may be required, such as where there is lithological breaks
coarse gold that has inherent sampling problems.
Unusual commodities or mineralization types (e.g.
submarine nodules) may warrant disclosure of detailed * All sampling practices are meeting the industry
information. standards
* Handled XRF instrument was also available, and
certain data from core and road cut measurements made
through the exploration activities is available as
well, although this data is not used for direct
mineral assessment
============= ============================================================ ===============================================================
Drilling
techniques * Drill type (e.g. core, reverse circulation, open-hole * HQ (96mm) was used as a major drilling diameter, PQ
hammer, rotary air blast, auger, Bangka, sonic, etc.) at the hole upper level and NQ at the hole deeper
and details (e.g. core diameter, triple or standard zones were also sporadically used, aiming to
tube, depth of diamond tails, face-sampling bit or guarantee best drilling performance
other type, whether core is oriented and if so, by
what method, etc.).
* Diamond core drilling was conducted with triple-tube
to guarantee better core recovery
* The majority of drilling is inclined, SE orientated,
aiming to intercept the expected mineralization
strike as normal as possible
* No orientation was applied in the exploration
drilling, although oriented geotechnical drilling
campaign was completed in Main Pit area
* Five drill rigs (HYDX) were engaged in the 2021
drilling campaign, as between 1 and 4 of them were
used for the exploration drilling
* Drilling equipment is in good condition, provided and
operated by local subcontractor with wide experience
in central Asia
* All drilling procedures are meeting the industry
standards
* 33 exploration drill holes with total length of
4834.8m were drilled at 2021 campaign, including:
-Tukubash Central Pit and Est Pit areas: 24 drill holes,
2760.3m
-Karator area - 5 drill holes, 935.3m
-Ishakuldy area- 4 drill holes, 1139.2m
============= ============================================================ ===============================================================
Drill sample
recovery * Method of recording and assessing core and chip * Core recovery is logged as percent of the total
sample recoveries and results assessed. length, measured directly from the core box
observation
* Measures taken to maximise sample recovery and ensure
representative nature of the samples. * Core recovery is improved by using triple - core tube
and additive drilling muds
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred * Overall core recovery is approximately 95%, only one
due to preferential loss/gain of fine/coarse hole has recovery below 90%
material.
* The average down-hole sample length is 1.5m
* The average trench / road cut sample length is 2.0m
* All samples were collected along the observed major
lithological breaks
* There doesn't appear to be a relationship bias
between grade and length, or sample weight and
recovery
* Core samples are cut in two halves, along their long
axis, 1/2core is further sent to "Stewart Assay and
Environmental Laboratories" in Karla Balta -
Kyrgyzstan.
* Total of 3826 core samples (3228 regular and 598
QAQC) were taken
* Total of 6561 rock chip samples from trenches & road
cuts samples were taken as well (5961 regular and 600
QAQC)
* All sampling practices are meeting the industry
standards
============= ============================================================ ===============================================================
Logging
* Whether core and chip samples have been geologically * Drill core logging was done by company's geologists
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies. * Road-cuts logging was done by company's geologists
* Whether logging is qualitative or quantitative in * Trench logging was done by sub-contractors, under the
nature. Core (or costean, channel, etc.) photography. supervision of company's geologists
* The total length and percentage of the relevant * Total length of the logged exploration drill holes is
intersections logged. 4834.8m (all)
* Total length of the logged exploration trenches and
road cuts is 13521.4m
* Core logging include lithology, hydrothermal
alteration, oxidation stage, degree of fracturing,
mineralization, structures, RQD, core recovery.
* Additionally approx.1550m of geotechnical drilling /
logging (RMR 89) was done in the Main Pit area, which
have available regular geological logging as well.
Anyway, these holes were not assayed and currently
are not considering as a part of the exploration
drilling assessment
* Each day, the core was transported to the field core
storage area for logging. The core trays are wooden,
including wooden cover as well, to prevent core
losses or extra moving
* Core logging is done in laptops, using AGR 4.0
software as a base platform.
* Photo documentation is done on wet trays, and data is
also incorporated in the database.
* At the end of the field season all core is
transported at the main core storage facility, in
Malovodnoye village, close to Bishkek
* Logging procedures are meeting the industry standards
,
and are suitable for Mineral Resource Estimation
============= ============================================================ ===============================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * All intact core samples are cut along the long axis,
and sample half or all cores taken. using core saw, in case of intensively fractured
preparation zones, samples are taken with trowel
* If non-core, whether riffled, tube sampled, rotary
split, etc. and whether sampled wet or dry. * Half core is packed in labeled polyethylene bags,
weighted, and further transported to "Stewart Assay
and Environmental Laboratory", located in Karla Balta,
* For all sample types, the nature, quality and Kyrgyzstan
appropriateness of the sample preparation technique.
* All of the drilled core is sampled, except the top
* Quality control procedures adopted for all diluvium / alluvium cover
sub-sampling stages to maximise representivity of
samples.
* All in situ bedrock, outcropped in trenches and new
road cuts were samples as well
* Measures taken to ensure that the sampling is
representative of the in-situ material collected,
including for instance results for field * Rock density measurements are using field Archimedes'
duplicate/second-half sampling. principle, approach with wax. Density sampling is
designed as per 1 sample (approx. 10 cm) for each 5
metres of core. In areas of intensively fractured
* Whether sample sizes are appropriate to the grain rock this interval is wider due lack of proper
size of the material being sampled. material
* The collection of geological data meets the
industrial standards
============= ============================================================ ===============================================================
Quality of
assay data * The nature, quality and appropriateness of the * All samples are transported to "Stewart Assay and
and assaying and laboratory procedures used and whether Environmental Laboratory", located in Karla Balta,
laboratory the technique is considered partial or total. Kyrgyzstan, for further sample preparation and
tests analysis
* For geophysical tools, spectrometers, handheld XRF
instruments, etc., the parameters used in determining * Through the sample preparation process, the entire
the analysis including instrument make and model, sample is crushed to passing 90% at 2mm. Two pulps
reading times, calibrations factors applied and their are made by pulverizing to 85% passing 0.075 mm. One
derivation, etc. pulp is return to the company as duplicate, the
second one is analyzed, including: Fire Assay and ICP
- 35 elements
* Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * The applied QAQC scheme including approx. 15% of the
lack of bias) and precision have been established. core samples and 10% of the trench and road cut
samples.
* QAQC including:
- 5 types of different reference material (standards)
provided by RockLab company, used for
different stages of mineralization and oxidation
- Blank material, collected from barren sediments located
close to the filed camp
- Field duplicate samples - quarter core duplicate sample
of the parent one (also quarter
in this case)
* Reference material (standards) analysis shows just a
single outlier (+/- 3 X data stdv. as a limit), no
failed samples, observed unnatural trends or other
room for improvement at all
* Approx. 1.3 % (8 samples) of the blanks are showing
higher grades (but all below 0.4 ppm) relatively to
the expected 0.05 ppm (lower detection limit of the
analysis). It is considering that this is due to
anomaly in the sediments (sandstones) used for blank
material, rather than laboratory issue
* Field duplicates are showing equal mean, median and
mode and slightly lower ( 17 %) stdv. relatively to
the original sample. The difference is considered to
be due to nugget effect
* The applied QAQC procedures and the obtained results
are meeting the industrial standards
============= ============================================================ ===============================================================
Verification
of sampling * The verification of significant intersections by * Approximately 40 pulp duplicates of the 2021
and assaying either independent or alternative company personnel. exploration drilling were sent for verification in
SGS- Russia / Chita
* The use of twinned holes.
* No twin holes were designed in the current
assessment. Anyway 16 (approximately 3500m)
* Documentation of primary data, data entry procedures, metallurgical twin holes were done in the Kyzyltash
data verification, data storage (physical and area. They are not considered as a part of the
electronic) protocols. exploration domain, but indirectly improving the
reliability of the old data
* Discuss any adjustment to assay data.
* All the assay results are received electronically as
an excel spreadsheets, and further incorporated in
the database by company's database manager
* The access of the database is limited, and only
authorized employees can make corrections in it
* Prior to data interpretation, the lower detection
limits of Au (0.05 ppm) are changed to half of the
detection limit (0.025ppm)
============= ============================================================ ===============================================================
Location of
data points * Accuracy and quality of surveys used to locate drill * All collar locations are reported at Gauss Kruger
holes (collar and down-hole surveys), trenches, mine Pulkovo 1942 Zone 12
workings and other locations used in Mineral Resource
estimation.
* The survey is conducted, using Lecia Total Station
(centimetre accuracy)
* Specification of the grid system used.
* All holes have a downhole survey, taken approx. at
* Quality and adequacy of topographic control. 25m interval, using REFLEX EZ SHOT tool
* The topographic model is based on satellite data
* Roads, drill sites and other topographic details have
been added after on-the-ground survey
============= ============================================================ ===============================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Exploration hole collars are in accordance with
distribution existing profiles, designed perpendicular to the
mineralized zones
* Whether the data spacing, and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Central Pit / East Pit holes are located in several
and Ore Reserve estimation procedure(s) and most promising clusters, aiming to infill the
classifications applied. existing data, and to upgrade the Resource in this
area. The average space of drilling within the
mentioned clusters is between 40 and 80m, and it is
* Whether sample compositing has been applied. sufficient for the planned updating
* No historical drilling was available in Karator area
till 2021 campaign. 2021 drill holes along with
certain trenching and road cut sampling successfully
confirmed the grade continuity outlined by earlier
soil sampling. The drilling is sufficient to open
room for further exploration activities aiming to
advance the outlined prospective zone.
* Similar with Karator, no historical drilling was
available in Ishakuldy area till 2021. The last
exploration holes, along with certain trenching and
road cut sampling manage to confirm grade continuity
in this area as well, and to provide reasonable
ground for further activities. The average drilling
space is between 80 and 160m
* Compositing in 1.5m will be applied in Central Pit /
East Pit area, through the process of Resource
updating.
* Currently no sufficient ground for detailed Resource
modeling in Karator and Ishakuldy areas. No Inferred,
Measured or Indicated Resource will be reported.
Compositing will not be applied
============= ============================================================ ===============================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * All the exploration holes were designed in attempt to
relation to sampling of possible structures and the extent to intercept the expected NE striking of the
geological which this is known, considering the deposit type. mineralization as normal as possible, and to avoid
structure any sampling biases. The average bearing of 2021
holes is approximately 150 degrees, with average dip
* If the relationship between the drilling orientation around 50 degrees
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
============= ============================================================ ===============================================================
Sample
security * The measures taken to ensure sample security. * The samples are sufficiently secure, with security
guards in the entry, on both - field camp and
Malovodnoye core shed
============= ============================================================ ===============================================================
Audits or
reviews * The results of any audits or reviews of sampling * External field audit was not implemented at 2021
techniques and data. exploration campaign
============= ============================================================ ===============================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
===============================================================
Mineral
tenement and * Type, reference name/number, location and ownership * Chaarat ZAAV CJSC (CZ) is established in Kyrgyz
land tenure including agreements or material issues with third Republic and is wholly - owned subsidiary of Chaarat
status parties such as joint ventures, partnerships, Gold Holding Ltd (Chaarat).
overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * CZ is developing Tulkubash Gold Project (Project)
located in the Sandalash Range of the Alatau
Mountains in the Chatkal district of the Jalal Abad
* The security of the tenure held at the time of region (province) of north-western Kyrgyzstan
reporting along with any known impediments to
obtaining a license to operate in the area.
* The Property is located at latitude 42deg1'6.91" N
and longitude 71deg9'39.04" E and is close to the
border with Uzbekistan. The Project site is located
approximately 300 km southwest of the capital Bishkek,
60 km northeast of the regional administrative center
of Kanysh-Kiya in the Chatkal Valley, and 300 km by
road from the nearest railway station in Shamaldy-Say
* CZ sole holds two licenses, controlling the Property.
* Mining (production) license: #3117AE of 700.03ha,
valid to 2032 is covering defined Mineral Resources
of SW part of the Property, which comprising Main Pit
/ Central Pit and East pit areas. The Central Pit /
East Pit exploration drilling from 2021 is within
this license
* Exploration license # 3319AP, valid till October
2023y (including retain option), with area of 6776 ha
is covering prospective ground in NE direction.
Karator and Ishakuldy drilling from 2021 is within
this license.
* CZ is obtaining consent of the local state
administration and the local governments of Chatkal
Region, required to conduct exploration work
* As per Kyrgyz Republic legislation, land allocation
is granted for subsoil use (e.g. road construction,
industrial sites, or other infrastructure facilities)
for the term of license validity
* CZ bear a full legal responsibility for compliance
with environmental requirements under Kyrgyz Republic
legislation. CZ is required to obtain relevant
environmental permits, make quarterly payments for
environmental pollution as per Kyrgyz Laws and submit
reports on compliance with environmental requirements
=============== =============================================================== =========================================================================
Exploration
done by other * Acknowledgment and appraisal of exploration by other * Initial reconnaissance commences in Soviet era, in
parties parties. regard with identified antimony mineralization.
Following the breakup of Soviet Union, Apex Asia in
joint venture of Newmont Overseas Ltd complete
approx. 1800m drilling and conduct geophysical
survey. After 2002 CZ was formed,and acquired what is
now known as Chaarat Mining License. Till 2021 CZ
mange to confirm the presence of economic Au
mineralization in the SW area of the Property and to
open room for further exploration in NE direction
=============== =============================================================== =========================================================================
Geology
* Deposit type, geological setting and style of * Chaarat Gold Project (Project) is located within Tien
mineralization. Shan Metallogenic Belt, a Hercynian fold and thrust
belt, with length more than 2500 km. Tien Shan belt
is divided by three tectono-stratigraphic units, each
of it divided by a major structural zone, and is
thought to represent accretionary prisms, on the
margin of proto Eurasian continent. The Project is
located in the middle Tien Shan province, build by
Ordovician - Carboniferous fragments. Structurally,
the terrene is intensively deformed by pre and post
mineralization structural activities, dominated by SE
and NW verging fore / back thrusts and steep N-NE
strike-slip faults. Genetically, the mineralization
system could be reference to " Orogenic" and
"Intrusion Related" types. It has NE strike and is
thought to be closely related with structurally
controlled Permian aged magmatism.
* Two main host rock / mineralization types can be
outlined in the deposit. Oxidized type of gold
mineralization, hosted in Devonian silicified
sandstones of Tulkubash formation. Representing
relatively steep, NE striking lenses, controlled by
series of dilatational jogs. The second type of
mineralization is unoxidized Au zone, containing
refractory gold, hosted in Ordovician flysch complex,
dominated by fine-grained black shales, locally
appeared in green-schist facies, and with features of
comprehensive structural deformations. Both ore types
are thought to represent same hydrothermal system,
developed in different facies due to difference in
the host rock and the stratigraphic position
* Central Pit / East Pit (CP_EP) and Karator zones are
part of the oxidized mineralization type, Ishakuldy
is considered to be part of transitional to
unoxidized mineralization type
=============== =============================================================== =========================================================================
Drill hole BHID Az DIP East North RL Depth ZONE
Information * A summary of all information material to the ---- ---- --------- -------- ----- ------
understanding of the exploration results including a DH21I596 136 -55 12685033 4663326 3015 285 ISH
tabulation of the following information for all DH21I603 316 -45 12685031 4663196 3008 201.4 ISH
Material drill holes: DH21I608 136 -55 12684760 4663253 3184 300.1 ISH
DH21I615 135 -55 12684595 4663190 3148 352.7 ISH
DH21K598 135 -45 12682945 4661443 2901 158.9 Karator
o easting and northing of the drill hole collar DH21K601 315 -45 12682610 4660940 2768 251 Karator
o elevation or RL (Reduced Level - elevation above sea DH21K604 135 -35 12682668 4661224 2731 180.2 Karator
level in metres) of the drill hole DH21K605 135 -60 12682667 4661225 2731 185 Karator
collar DH21K607 135 -35 12682567 4661110 2667 160.2 Karator
o dip and azimuth of the hole DH21T587 140 -55 12680050 4657226 2853 134.6 CP_EP
o down hole length and interception depth DH21T588 140 -55 12680084 4657241 2855 163.1 CP_EP
o hole length. DH21T589 140 -47 12679982 4657121 2781 80.1 CP_EP
* If the exclusion of this information is justified on DH21T590 140 -50 12680458 4657549 2722 80.7 CP_EP
the basis that the information is not Material and DH21T591 140 -55 12680481 4657579 2725 80 CP_EP
this exclusion does not detract from the DH21T592 135 -55 12680602 4657748 2821 140 CP_EP
understanding of the report, the Competent Person DH21T593 135 -60 12680894 4658292 3084 175.2 CP_EP
should clearly explain why this is the case. DH21T594 136 -70 12681103 4658543 3117 149.8 CP_EP
DH21T595 135 -50 12680948 4658294 3063 110.2 CP_EP
DH21T597 136 -50 12681105 4658543 3117 71.5 CP_EP
DH21T599 135 -60 12680739 4658062 2997 90.5 CP_EP
DH21T600 135 -65 12680706 4658090 3021 150.4 CP_EP
DH21T602 135 -50 12680771 4658146 3034 150 CP_EP
DH21T606 95 -55 12681281 4658537 3037 100.2 CP_EP
DH21T609 135 -55 12681179 4658588 3132 80.5 CP_EP
DH21T610 135 -50 12681182 4658740 3129 85 CP_EP
DH21T611 135 -58 12681146 4658608 3146 150.4 CP_EP
DH21T612 135 -60 12681226 4658634 3120 85 CP_EP
DH21T613 135 -50 12680097 4657281 2857 130.2 CP_EP
DH21T614 135 -65 12680042 4657176 2819 120.4 CP_EP
DH21T616 135 -50 12681190 4658682 3139 160 CP_EP
DH21T617 135 -60 12681151 4658663 3156 85.1 CP_EP
DH21T618 136 -50 12681231 4658755 3140 60.2 CP_EP
DH21T619 135 -58 12679996 4657168 2817 127.2 CP_EP
---------- ---- ---- --------- -------- ----- ------ --------
=============== =============================================================== =========================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * Only Central Pit / East Pit holes will be currently
methods techniques, maximum and/or minimum grade truncations incorporated in to block model, aiming to advance the
(e.g. cutting of high grades) and cut-off grades are existing Unclassified and Inferred Resources in the
usually Material and should be stated. area. In this regard different geostatistical
approaches including grade population histograms, Q-Q
and P-P plots will be implemented for choosing
* Where aggregate intercepts incorporate short lengths reasonable domains, sample compositing and top
of high grade results and longer lengths of low grade cutting grades, prior to data interpolation
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail. * Overall, the results from 2021 exploration campaign,
have available grade intercepts, with COG of 0.21g/t,
accepted for Tulkubash style mineralization, certain
* The assumptions used for any reporting of metal rules are applied. For a maximum length of interval
equivalent values should be clearly stated. below the COG, but included in the calculations, is
considered 6.0m. Each interval should start and end
with sample >= COG. For top cap grade is considered
20 ppm, weighting averaging (length X grades)
techniques are used for mean grades calculations
=============== =============================================================== =========================================================================
Relationship
between * These relationships are particularly important in the * No historical drilling is available in Karator and
mineralisation reporting of Exploration Results. Ishakudy areas Nevertheless, based on the surface
widths and observation and the experience from the already well
intercept explored Main Pit and Kyzyltash areas, which have
lengths * If the geometry of the mineralisation with respect to similar structural and mineralization style with the
the drill hole angle is known, its nature should be exploration targets, it is considering that the
reported. majority of the exploration holes are intercepting
the expected zone close to normal, and significant
fluctuations between intercepts and the true width
* If it is not known and only the down hole lengths are are not expected
reported, there should be a clear statement to this
effect (e.g. 'down hole length, true width not
known'). * Central Pit / East Pit collars are supported by
sufficient amount of historical data, aiming to avoid
any significant fluctuation between the intercepts
and the true width as well
* Except some drill intercepts at Karator, true widths
are estimated based on az/dip hole orientation and
strike/dip of intersected mineralization
=============== =============================================================== =========================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Wide variety of 2D and 3D graphics, maps, plots and
tabulations of intercepts should be included for any wireframes are available, the combination of which is
significant discovery being reported These should fully sufficient to visual description of the
include, but not be limited to a plan view of drill reported data
hole collar locations and appropriate sectional
views.
=============== =============================================================== =========================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * No comprehensive reporting will be done for Karator
Results is not practicable, representative reporting and Ishakuldy areas. All low and high grades and
of both low and high grades and/or widths should be widths are reported
practiced avoiding misleading reporting of
Exploration Results.
* Central Pit and East Pit results will be used for
updating the already available Resource model in this
SW area (last update 2020)
=============== =============================================================== =========================================================================
Other
substantive * Other exploration data, if meaningful and material, * Along with the pure exploration activities at 2021
exploration should be reported including (but not limited to): several other technical assessments, were also done
data geological observations; geophysical survey results; including geotechnical and hydrogeological survey in
geochemical survey results; bulk samples - size and Main Pit (oxidized type of mineralization), based on
method of treatment; metallurgical test results; bulk 13 holes (approx. 1550m) and 16 more metallurgical
density, groundwater, geotechnical and rock holes (approx.3500m) in Kyzyltash area (unoxidized
characteristics; potential deleterious or mineralization type)
contaminating substances.
=============== =============================================================== =========================================================================
Further work
* The nature and scale of planned further work (eg * Magnetic drone-based geophysics in the whole Property
tests for lateral extensions or depth extensions or area, to define additional exploration targets
large-scale step-out drilling).
* Additional drilling and trenching in Karator and
* Diagrams clearly highlighting the areas of possible Ishakuldy areas, accompanied by metallurgical,
extensions, including the main geological geotechnical and hydrogeological surveys, aim to
interpretations and future drilling areas, provided develop comprehensive Mineral Resource Estimation
this information is not commercially sensitive.
* Additional drilling and trenching in Kyzyltash area,
for obtaining more details of the existing Resource
and for defining the NE extension of the zone
=============== =============================================================== =========================================================================
Appendix 2: Gold intercept table from the 2021 infill and
exploration drilling at Tulkubash Oxide Gold Project Deposit and
new exploration prospects Karator and Ishakuldy. The table
generated using Tulkubash COG 0.21g/t cut-off grade and allowing 6
metres internal dilution. Where possible true widths are
estimated.
Hole East, m North, m Elev, m Az Dip Dept, From, Drill Au, Interpreted
m m width g/t
, m
-------
True width,
m
------- ------------
T u l
k u b
a s h
C e n
t r a
l P i
t DH21T587 12680049,91 4657225,666 2853,452 140 -55 134,6 84,0 4,5 1,70 4,5
=======
and 100,5 3,0 1,25 3,0
and 111,0 3,0 0,48 3,0
DH21T588 12680084,44 4657240,535 2854,777 140 -55 163,1 67,5 3,0 1,46 2,8
and 81,0 15,0 0,52 12,5
and 108,0 3,0 1,08 2,8
DH21T589 12679981,77 4657120,88 2781,138 140 -47 80,1 52,5 4,5 4,85 4,5
including 54,0 1,5 11,91 1,5
DH21T590 12680457,97 4657549,03 2722,01 140 -50 80,7 36,0 4,5 3,20 3,6
including 37,5 1,5 8,04 1,2
DH21T591 12680481,42 4657579,25 2725,068 140 -55 80,0 21,0 13,5 0,57 10,5
no
significant
DH21T592 12680601,85 4657748,128 2820,656 135 -55 140,0 intercepts
DH21T593 12680893,76 4658292,118 3084 135 -60 175,2 60,0 10,5 0,37 8,4
and 84,0 7,5 0,52 6,0
and 103,5 16,5 2,04 13,2
including 109,5 6,0 4,10 4,8
DH21T595 12680947,89 4658294,395 3063,11 135 -50 110,2 9,0 4,5 0,35 3,6
and 67,5 3,0 0,45 2,8
no
significant
DH21T599 12680738,95 4658062,009 2997,36 135 -60 90,5 intercepts
DH21T600 12680706,42 4658090,035 3020,845 135 -65 150,4 82,9 15,0 1,44 15,0
including 91,9 1,5 4,00 1,5
DH21T602 12680770,9 4658145,67 3033,75 135 -50 150,0 70,6 21,9 0,45 21,9
and 103,0 7,5 0,55 7,5
DH21T613 12680096,67 4657280,656 2856,884 135 -50 130,2 93,0 3,0 0,306 2,7
and 105,0 3,0 0,583 2,7
DH21T614 12680041,7 4657175,543 2818,992 135 -65 120,4 45,9 5,3 1,94 5,3
==== ====
including 46,8 2,9 3,017 2,9
and 72,2 4,5 0,44 4,5
and 106,7 6,0 0,33 6,0
DH21T619 12679996,22 4657167,505 2816,575 135 -58 127,2 55,7 3,0 0,46 3,0
and 87,2 11,6 0,83 11,6
including 87,2 1,1 5,45 1,1
T u l
k u b
a s h
e a s
t
area DH21T594 12681103,45 4658543,28 3116,99 136 -70 149,8 114,0 3,0 1,17 2,6
=======
no
significant
DH21T597 12681104,95 4658542,645 3116,967 136 -50 71,5 intercepts
DH21T606 12681280,62 4658536,825 3036,603 95 -55 100,2 51,0 22,8 0,45 18,2
DH21T609 12681179,18 4658587,5 3132,117 135 -55 80,5 73,5 6,0 0,99 4,8
no
significant
DH21T610 12681181,98 4658739,918 3129,259 135 -50 85,0 intercepts
DH21T611 12681145,6 4658607,7 3145,99 135 -58 150,4 130,6 6,0 6,58 4,8
including 132,1 4,5 8,40 3,6
DH21T612 12681225,84 4658633,969 3119,845 135 -60 85,0 18,4 1,5 2,96 1,2
DH21T616 12681190,2 4658681,715 3139,476 135 -50 160,0 12,5 7,5 1,14 6,0
DH21T617 12681150,6 4658662,533 3156,208 135 -60 85,1 43,3 5,5 2,09 4,4
including 43,3 4,0 2,64 3,2
no
significant
DH21T618 12681230,57 4658755,278 3139,59 136 -50 60,2 intercepts
K a r
a t o
r DH21K598 12682944,84 4661442,501 2900,712 135 -45 158,9 128,2 25,5 0,88 *
=======
including 134,2 3,0 3,29 *
DH21K601 12682609,69 4660940,015 2767,835 315 -45 251,0 9,9 6,0 1,05 6,0
and 63,9 60,0 1,32 60,0
including 68,4 3,0 2,14 3,0
including 83,4 6,0 5,06 6,0
DH21K604 12682668,21 4661224,256 2731,091 135 -35 180,2 30,0 3,0 0,69 *
and 49,5 6,0 0,60 *
and 130,0 3,0 0,64 *
and 141,5 6,0 1,07 4,5
and 155,0 16,5 0,89 12,4
DH21K605 12682667,15 4661225,425 2730,892 135 -60 185,0 53,0 25,0 0,91 18,0
and 90,9 7,7 0,44 5,5
DH21K607 12682566,59 4661110,331 2666,559 135 -35 160,2 105,0 26,5 0,38 *
I s h
a k u
l d y DH21I596 12685032,7 4663326,49 3015,103 136 -55 285,0 83,7 12,1 0,28 9,1
=======
and 125,7 6,0 1,67 4,8
including 125,7 1,5 5,66 1,2
and 231,4 53,6 0,52 48,2
DH21I603 12685030,93 4663196,361 3007,725 316 -45 201,4 172,5 4,5 1,14 *
and 198,0 3,4 0,49 *
------------------- ------------ ------------ --------- ---- ---- ------ ------ ------ ------- ------------
DH21I608 12684759,96 4663252,664 3184,031 136 -55 300,1 0,0 3,0 0,46 2,2
and 79,6 24,0 0,58 18,0
and 129,1 3,0 0,59 2,7
and 253,5 12,3 3,18 11,1
DH21I615 12684594,87 4663189,876 3147,648 135 -55 352,7 19,9 7,1 0,50 5,3
and 40,5 3,0 0,52 2,3
and 78,0 3,0 0,52 2,3
and 135,5 9,3 0,34 7,0
and 205,6 12,7 0,28 10,8
and 249,6 2,7 2,15 2,3
and 279,6 9,4 1,13 8,4
------------------- ------------ ------------ --------- ---- ---- ------ ------ ------ ------- ------------
* No sufficient data to estimate, or interpret true width
------------------- ------------------------------------------------------------------------------------------------
Appendix 3: Gold intercept table from the 2021 trenching at
Tulkubash Oxide Gold Deposit and new exploration prospects Karator
and Ishakuldy. The table generated using Tulkubash COG 0.21g/t
cut-off grade and allowing 6 metres internal dilution. The trench
widths are close to true widths.
Trenches East, m North, m Elev, m Length, Az From, m To, m Trench Au, g/t
m width, m
----------
T u l k u
b a s h
C e n t
r a l P
i t TR21T066 12680693 4657954 2980 545,0 169,0 8,0 16,0 8,0 5,61
==========
including 10,0 14,0 4,0 10,34
and 526,0 534,0 8,0 0,518
TR21T067 12680915 4658248 3068 365,0 154,7 44,0 78,0 34,0 0,58
and 160,0 164,0 4,0 0,45
TR21T070 12680041 4657280 2896 458,0 102,2 157,0 165,0 8,0 1,56
including 163,0 165,0 2,0 4,77
and 175,0 180,5 5,5 0,64
and 249,0 253,0 4,0 0,79
and 279,0 285,0 6,0 0,90
and 356,0 360,0 4,0 0,44
T u l k u
b a s h
east
area TR21T083 12681556 4658810 3006 100,0 111,5 no significant intercepts
==========
TR21T086 12681354 4658728 3111 84,0 134,6 no significant intercepts
TR21T087 12681488 4658542 2932 41,0 135,1 no significant intercepts
TR21T088 12681190 4658561 3115 144,0 145,0 52,0 64,0 12,0 0,32
K a r a t
o r TR21T074 12683182 4661441 3012 82,0 242,2 12,0 20,0 8,0 0,46
==========
and 28,0 32,0 4,0 0,95
and 44,0 64,0 20,0 0,77
TR21T075 12682923 4661429 2900 214,0 254,3 no significant intercepts
TR21T077 12683004 4661273 2916 171,0 289,0 2,0 6,0 4,0 0,28
and 74,0 102,0 28,0 1,68
including 94,0 100,0 6,0 3,09
TR21T078 12682909 4661091 2914 275,0 314,2 178,0 190,0 12,0 1,06
and 200,0 220,0 20,0 0,64
and 234,0 254,0 20,0 1,45
including 238,0 240,0 2,0 4,89
TR21T100 12682514 4660886 2717 132,5 235,1 54,0 58,0 4,0 1,41
and 68,0 70,0 2,0 1,68
TR21T101 12682643 4660883 2742 143,0 241,3 48,0 62,0 14 3,61
and 133,0 143,0 10 0,32
TR21T102 12682573 4660951 2756 127,0 276,4 61,0 65,0 4,0 2,89
and 81,0 127,0 46,0 1,15
including 85,0 91,0 6,0 4,02
TR21T103 12682715 4660971 2823 82,0 307,88 52,0 58,0 6,0 0,98
TR21T104 12682636 4661034 2747 99,0 301,22 8,0 58,0 50,0 1,32
including 18,0 20,0 2,0 6,00
including 40,0 42,0 2,0 9,89
I s h a k
u l d y TR21T093 12683696 4662589 3401 383,0 179,8 0,0 4,0 4,0 0,25
==========
and 189,0 195,0 6,0 0,67
and 335,0 239,0 4,0 0,49
TR21T094 12683710 4662692 3409 416,0 103,3 61,0 67,0 6,0 1,06
and 77,0 81,0 4,0 0,56
and 122,0 146,0 24,0 0,45
TR21T096 12683950 4662898 3365 459,5 98,2 259,0 263,0 4,0 0,89
and 275,0 279,0 4,0 0,56
and 297,0 301,0 4,0 1,53
and 409,0 413,0 4,0 1,23
TR21T107 12684957 4663138 3071 176,0 132,0 48,0 54,0 6,0 0,32
and 98,6 122,0 23,4 0,34
and 142,0 150,0 8,0 1,38
TR21T108 12685065 4663330 3001 100,0 126,8 52,0 62,0 10,0 0,39
and 78,0 98,0 20,0 0,41
TR21T109 12685186 4663320 2915 206,0 89,5 30,0 32,0 2,0 2,86
and 84,0 104,0 20,0 0,40
TR21T110 12685092 4663015 2984 435,0 140,4 no significant intercepts
TR21T111 12684787 4663244 3187 330,0 168,2 8,0 26,0 18,0 0,68
and 38,0 66,0 28,0 2,36
including 50,0 60,0 10,0 5,09
and 96,0 102,0 6,0 0,82
ENDS
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