TIDMCGH
RNS Number : 3679U
Chaarat Gold Holdings Ltd
23 November 2023
23 November 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Multiple Encouraging 2023 Karator Drilling Intercepts
Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company,
with development projects in the Kyrgyz Republic, is pleased to
announce the completion of the 2023 drilling programme in the
Karator oxide gold prospect. The Karator prospect is a northeastern
extension of Tulkubash project, which could potentially add
significant reserves to the later years of the Tulkubash
development. The Karator prospect was first drilled in 2021, which
included 6 metres of 5.06g/t gold(1) . Tulkubash contains
JORC-compliant contained gold ounces in the Ore Reserves 647koz Au
and total resources of 1,011koz Au(2) .
The 2023 Drilling Programme included result highlights of
3.38g/t gold over 21.5 metres in DH23K625 and 1.43g/t gold over 95
metres in DH23K628, further confirming the significant exploration
prospectivity of Karator oxide gold mineralisation. The completed
Karator 2023 drilling programme consists of nine drill holes,
totalling 1,603 meters as an initial phase of a resource definition
drilling programme, which will systematically drill on 40 by 40
meters centres, over the entirety of the strike. All nine completed
drill holes intersected oxide gold mineralisation, confirming
Karator prospectivity for high quality additional Tulkubash oxide
gold resource. Further detail can be found in the updated Resource
and Reserve presentation, which is now available on the Chaarat
website.
Dimitar Dimitrov, Senior Vice President Geology of Chaarat,
said:
"I am very pleased to see the completed Karator drilling
programme return encouraging intercepts. The intercepts confirm
excellent exploration potential, as to add significant high quality
oxide gold resource Tulkubash Heap Leach project, which is located
only 2km to northeast."
Table 1 Karator key drilling intercepts. *
DHID From (m) To (m) Interval (m) Au (g/t) True width (m)
DH23K621 9.0 52.5 43.5 0.85 NA
67.5 90.0 22.5 0.81 NA
--------- ------- ------------- --------- ---------------
DH23K622 17.5 87.5 70.0 0.65 35.1
--------- ------- ------------- --------- ---------------
DH23K625 84.0 105.5 21.5 3.38 10.3
--------- ------- ------------- --------- ---------------
138.5 184.0 25.5 0.98 12.2
--------- ------- ------------- --------- ---------------
DH23627 3.0 10.5 7.5 1.27 6.5
--------- ------- ------------- --------- ---------------
24.0 43.5 19.5 0.86 16.8
--------- ------- ------------- --------- ---------------
51.0 78.0 27.0 1.48 23.3
--------- ------- ------------- --------- ---------------
DH23K628 6.0 46.5 40.5 1.42 22.9
--------- ------- ------------- --------- ---------------
73.5 90.0 16.5 2.10 9.4
------------- ------- ------------- --------- ---------------
105.0 200.0 95.0 1.43 54.2
------------- ------- ------------- --------- ---------------
DH23K620bis 33.0 57.0 24.0 1.41 NA
--------- ------- ------------- --------- ---------------
**Appendix 1 shows all intercepts above a cut-off grade of 0.20
g/t. All drill intercepts, related maps and cross-sections can be
found on the Chaarat website
Notes: No top capping applied. The generated drilling intercepts
are estimated on 0.2g/t Au cut off and allowing up to 6 meters
internal waste. The true width is estimated based on the ore
interpretation for the most of drilling intercepts. True width
calculation is not applied for intercepts with unknown strike and
dip.
Karator mineralisation zone
The Karator zone is located approximately 2 km to the northeast
of the Tulkubash east pit, striking southwest to northeast and
steeply dipping to the southeast. The prospective zone is trenched
on approximately 1,000 meters of strike, having approximately 30 to
50 meters true width and drilled to 150-250 meters depth. The
prospect is open along strike to southwest and to northeast and at
depth.
The mineralisation is tested by systematic trenching on surface,
maiden exploration drilling in 2021(1) . The infill drilling at
2023 is confirming the deeply oxidized nature and continuity of
Karator gold mineralisation along strike and in depth.
The zone structural position of the Karator mineralisation is
controlled by an extensional shear zone developed along or between
the major Contact and Irisey reverse faults. In the coming years,
Chaarat is planning to continue Karator assessment via further
systematic step out and infill drilling, metallurgical, and
geotechnical test works.
Sampling, Subsampling and Laboratories
A half HQ (occasionally quarter PQ) core was sampled on average
intervals of 1.5 metres considering all clear geological breaks. 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. 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 23 November 2023 by Chaarat.
Mr. Dimitrov certified that this news release fairly and accurately
represents the information for which he is responsible.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
(1) Per the announcement on 16 November 2021 "Encouraging
Tulkubash 2021 Drilling Programme Results"
(2) Per the 2022 annual report, which also includes details of
JORC compliant ore reserves at Tulkubash, and can be found on
Chaarat's website.
For further information visit www.chaarat.com or please
contact:
+44 (0)20 7499
Chaarat Gold Holdings Limited 2612
David Mackenzie (Chief Financial Officer) IR@chaarat.com
+ 44 (0)20 7409
Strand Hanson Limited (Nominated Adviser) 3494
Ritchie Balmer / James Spinney / Robert
Collins
Axis Capital Markets Limited (Joint +44 (0)20 3026
Broker) 0449
Ben Tadd / Lewis Jones
Panmure Gordon (UK) Limited (Joint + 44 (0)20 7886
Broker) 2500
John Prior / Hugh Rich
About Charaat
Chaarat is an exploration and development company which owns the
Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The
Company has a clear strategy to build a leading emerging markets
gold company 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.
Glossary of Technical Terms
"Cut-off-grade" Lowest grade of mineralized material considered
economic, used in
the calculation and / or reporting of ore resources.
"g/t" Grammes per tonne, equivalent to parts per million
(ppm)
"Indicated Mineral 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.
"Inferred Mineral That part of a Mineral Resource for which the
Resource" tonnage and grade and mineral content can be
estimated with a low level of confidence. It
is inferred from the geological evidence and
has assumed but not verified geological and/or
grade continuity. It is based on information
gathered through the appropriate techniques from
locations such as outcrops, trenches, pits, working
and drill holes which may be limited or of uncertain
quality and reliability.
"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
"Au" The chemical symbol for Gold
'Measured Mineral A Measured Mineral Resource has a higher level
Resource' of confidence than that applying to either an
Indicated Mineral Resource or an Inferred Mineral
Resource. A 'Measured Mineral Resource' is that
part of a Mineral Resource for which quantity,
grade (or quality), densities, shape, and physical
characteristics are estimated with confidence
sufficient to allow the application of Modifying
Factors to support detailed mine planning and
final evaluation of the economic viability of
the deposit.
"Mineral Resource" Concentration or occurrence of solid material
of economic interest in or on the Earth's crust
in such form, grade (or quality), and quantity
that there are reasonable prospects for eventual
economic extraction. The location, quantity,
grade (or quality), continuity and other geological
characteristics of a Mineral Resource are known,
estimated, or interpreted from specific geological
evidence and knowledge, including sampling. Mineral
Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated
and Measured categories.
"Metallurgical" Describing the science concerned with the production,
purification.
and properties of metals and their applications.
"Ore Reserves" Represents the economically mineable part of
a Measured and/or Indicated Mineral Resource.
It includes diluting materials and allowances
for losses, which may occur when the material
is mined or extracted and is defined by studies
at Pre-Feasibility or Feasibility level as appropriate
that include application of Modifying Factors.
Such studies demonstrate that, at the time of
reporting, extraction could reasonably be justified.
"Probable Ore Represents the economically mineable part of
Reserve" an Indicated, and in some circumstances, a Measured
Mineral Resource. The confidence in the Modifying
Factors applying to a Probable Ore Reserve is
lower than that applying to a Proved Ore Reserve.
"Proved Ore Represents the highest confidence category of
Reserve" reserve estimate and implies a high degree of
confidence in geological and grade continuity,
and the consideration of the Modifying Factors.
"Recovery" Proportion of valuable material obtained in the
processing of an ore, stated as a percentage
of the material recovered compared with the total
material present.
"t" Tonne (= 1 million grammes)
"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.
Appendix 1
Gold intercept table from the 2023 infill drilling at
Karator
The table was generated using cut-off grade of 0.20 g/t Au and
allowing maximum internal dilution of 6 m (4 samples). The true
width was calculated based on the interpreted strike and dip of the
outlined mineralization and drill hole trace positioning. For some
drill hole intercepts with unknown strike/dip, true with
calculation is not applied.
Hole East North Elev Az Dip Dept From Drill True Au
width width
# m m m deg deg m m m m g/t
--------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K620 12682612 4660940 2767 0 -90 97.8 5.5 8.9 NA 1.57
including 5.5 4.4 NA 2.56
and 38.4 21 NA 0.50
including 38.4 3 NA 1.32
including 45.9 1.5 NA 1.03
and 75.9 18.1 NA 1.30
including 78.9 3 NA 1.76
including 86.4 7.6 NA 1.79
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K621 12682681 4661087 2747 125 -70 90.0 9 43.5 NA 0.85
including 9 3 NA 1.87
including 18 1.5 NA 1.35
including 25.5 10 NA 1.57
including 38.5 8 NA 1.06
and 67.5 22.5 NA 0.81
including 67.5 2 NA 2.82
including 73.5 1.5 NA 1.28
including 78 1.2 NA 1.27
including 86 4 NA 1.23
------------- --------- -------- ----- ---- ---- ------ ------ ------- -----
DH23K622 12682682 4661086 2748 135 -40 100.0 17.5 70 35.1 0.65
including 17.5 9.5 4.8 1.78
including 63.5 1 0.5 1.30
including 74 4.5 2.3 1.19
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K623 12682678 4661083 2748 315 -55 100.0 8 6 4.9 0.88
including 8 4.5 3.7 1.10
and 39.5 7.5 6.1 1.61
including 39.5 1.5 1.2 1.44
including 44 1.5 1.2 4.72
and 81.5 4.5 3.7 0.54
and 96.5 3.5 2.9 0.74
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K624 12682680 4661081 2748 0 -90 210.0 0 19.5 NA 1.41
including 0 6 NA 2.24
including 9 4.5 NA 1.96
including 16.5 1.5 NA 1.58
and 34.5 10.5 NA 1.01
including 37.5 4.5 NA 1.65
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K620bis 12682620 4660943 2767 0 -90 250.0 33 24 NA 1.41
including 37.5 4.5 NA 1.83
including 51 6 NA 1.71
and 136.5 1.5 NA 1.19
and 186 9 NA 0.70
including 186 1.5 NA 1.20
including 192 1.5 NA 1.84
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K625 12682656 4661017 2756 0 -90 253.5 12 12 5.8 0.76
including 13.5 1.5 0.7 1.03
including 18 1.5 0.7 1.23
and 63 7.5 3.6 0.33
and 84 21.5 10.3 3.38
including 84 12.5 6.0 5.41
and 138.5 25.5 12.2 0.98
including 143 9 4.3 1.72
including 161 1.5 0.7 2.00
and 212 10.5 5.0 0.72
including 213.5 1.5 0.8 2.50
including 221 1.5 0.8 1.46
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K626 12682656 4661017 2756 135 -55 150.0 7.5 3 NA 0.58
------------- --------- -------- ----- ---- ---- ------ ------ ------- -----
DH23K627 12682652 4661020 2756 315 -55 150.0 3 7.5 6.5 1.27
including 4.5 3 2.6 2.28
and 24 19.5 16.8 0.86
including 36 6 5.2 2.03
and 51 27 23.3 1.48
including 51 4.5 3.9 2.14
including 60 4.5 3.9 1.62
including 67.5 1.5 1.3 1.23
including 73.5 4.5 3.9 3.69
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
DH23K628 12682619 4660943 2766 315 -65 200.0 6 40.5 22.9 1.42
including 10.5 1.5 0.9 1.44
including 16.5 4.5 2.6 2.47
including 24 13.5 7.6 2.29
including 42 1.5 0.9 1.50
and 73.5 16.5 9.4 2.10
including 75 1.5 0.9 1.53
including 81 9 5.2 3.37
and 105 95 54.2 1.43
including 105 22.5 12.9 2.44
including 130.5 3 1.7 4.56
including 141 6 3.4 1.45
including 156 15 8.5 2.11
including 174 7 4.0 2.24
including 199 1 0.6 1.43
------------- --------- -------- ----- ---- ---- ------ ------ ------- --------- -----
Appendix 2
JORC_2012_Table 1_Sections_1_2
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, * Sampling comprises predominantly diamond core
random chips, or specific specialised industry drilling, along with trench sampling and channel
standard measurement tools appropriate to the sampling from the new road channelling
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
mineralization strike, as it is possible, taking into
account the geological knowledge and the terrain
* Include reference to measures taken to ensure sample conditions
representivity and the appropriate calibration of any
measurement tools or systems used.
* The core samples are predominantly HQ diameter,
occasionally PQ
* Aspects of the determination of mineralization that
are Material to the Public Report.
* The trenching and road cutting sampling was done via
ordinary hammer, along marked intervals
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples * The average down-hole sample length is 1.5m and the
from which 3 kg was pulverised to produce a 30 g average trench and road cut sample is 2.0m
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * The samples are taking in to account all major
Unusual commodities or mineralization types (eg lithological breaks
submarine nodules) may warrant disclosure of detailed
information.
------------------------------------------------------------ ---------------------------------------------------------------
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Diamond core wireline drilling
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or * HQ drilling diameter (96mm) was used as a major
other type, whether core is oriented and if so, by drilling diameter, occasionally PQ at the hole
what method, etc). upper-level zones were also sporadically used, aiming
to guarantee best drilling performance
* Diamond core drilling was occasionally conducted via
triple-tube aiming to guarantee better core recovery
* The majority of drilling is inclined , aiming to
intercept the expected mineralization strike as
normal as possible
* No orientation was applied
* Drilling equipment is in good condition, provided and
operated by local subcontractor with wide experience
in central Asia
------------------------------------------------------------ ---------------------------------------------------------------
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 above 90%
due to preferential loss/gain of fine/coarse
material.
* There doesn't appear to be a relationship bias
between grade and length, or sample weight and
recovery
------------------------------------------------------------ ---------------------------------------------------------------
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 or subcontractor company but under supervision of
support appropriate Mineral Resource estimation, company's geologists
mining studies and metallurgical studies.
* Road-cuts logging was done by company's geologists
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* Trench logging was done by sub-contractors, under the
supervision of company's geologists
* The total length and percentage of the relevant
intersections logged.
* Total length of the logged drill holes is 2536.6m
* Core logging is including: lithology, hydrothermal
alteration, oxidation stage, degree of fracturing,
mineralization, structures, RQD, core recovery.
* 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 database 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, located close to the Kyrgyzstan
capital - 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 sawn along the long axis,
and sample half or all core 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 labelled polyethylene bags,
weighted, and further transported to "Stewart Assay
and Environmental Laboratory", located in Karla Balta
* For all sample types, the nature, quality and ,
appropriateness of the sample preparation technique. Kyrgyzstan
* Quality control procedures adopted for all * All of the drilled core is sampled, except the
sub-sampling stages to maximise representivity of initial diluvium / alluvium zones
samples.
* All in situ bedrock, outcropped in trenches and new
* Measures taken to ensure that the sampling is road cuts were samples as well, using ordinary hammer
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 * All samples are transported to "Stewart Assay and
data 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 analysed, including: Fire Assay and ICP
- 35 elements
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * The applied QAQC scheme (in 2021 and 2023 drilling
lack of bias) and precision have been established. campaigns) is including more than 15% of the all-core
samples and 10% of the trench and road cut samples.
* QAQC including:
- several types of different reference material
(standards) provided by RockLab company, used
for different intensity of mineralization and
oxidation
- Blank material, collected from barren sediments
located close to the filed camp
-Pulp, coarse and field duplicates
-Independent sample verification in SGS (Chita,
Russia)
* The applied QAQC procedures and the obtained results
are meeting the industrial standards and are
confirming the representativeness of the available
results
------------------------------------------------------------ ---------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * SGS- Russia / Chita laboratory was used for external
and assaying either independent or alternative company personnel. verification for portion of the pulp duplicates.
* The use of twinned holes. * No twin holes were designed in the current
assessment.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and * All the assay results are received electronically as
electronic) protocols. an excel spreadsheets, and further incorporated in
the database by company's database manager
* Discuss any adjustment to assay data.
* 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 * Accuracy and quality of surveys used to locate drill * All collar locations are reported at Gauss Kruger
points 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 * The average space of drilling is 80m. This is
and Ore Reserve estimation procedure(s) and considered sufficient for maiden Mineral Resource
classifications applied. Estimation (MRE), and confirming of JORC compliant
Inferred Mineral Resources
* Whether sample compositing has been applied.
* No historical drilling was available in Karator area
till 2021 campaign.
* Sample compositing will be applied when the process
of MRE update commence
------------------------------------------------------------ ---------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * All the holes were designed in attempt to intercept
in relation sampling of possible structures and the extent to the expected NE striking mineralization as normal as
to which this is known, considering the deposit type. possible, and to avoid sampling biases
geological
structure
* If the relationship between the drilling orientation * The mineralization strike is northeastern direction,
and the orientation of key mineralised structures is and the drill bearing is in southeastern and
considered to have introduced a sampling bias, this northwestern directions
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 * No external field audit was implemented
or reviews * The results of any audits or reviews of sampling
techniques and data.
------------------------------------------------------------ ---------------------------------------------------------------
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 * Chaarat ZAAV CJSC (CZ) is established in Kyrgyz
and land including agreements or material issues with third Republic and is wholly - owned subsidiary of Chaarat
tenure status parties such as joint ventures, partnerships, Gold Holdings 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.
* CZ sole holds two licenses of the area (Property)
* 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 centre
of Kanysh-Kiya in the Chatkal Valley, and 300 km by
road from the nearest railway station in Shamaldy-Say
* Mining (production) license: #3117AE of 700.03ha,
valid to 2032 is covering defined Mineral Resources
of SW part of the Property
* Exploration license # 3319AP, valid till October
2023, retain option is currently in progress, with
area of 6776 ha is covering prospective ground in NE
direction. Karator area is within this exploration
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 * Acknowledgment and appraisal of exploration by other * Initial reconnaissance commenced in Soviet era, in
other parties parties. regard with identified antimony mineralization.
Following the breakup of Soviet Union, Apex Asia in
joint venture of Newmont Overseas Ltd completed
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 southwestern area of the
Property and to opened room for further exploration
in northeastern direction
* Karator area is part of the Exploration License and
is considered as the northeastern extension of
Tulkubash oxide gold deposit. The potential for gold
mineralization was outlined by stream sediment and
soil sampling, but mainly confirmed in 2021 and 2023
via systematic drilling and trenching.
--------------------------------------------------------------- --------------------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * Chaarat Gold Project (Project), including Karator
mineralization. exploration area as part of it, is located within
Tien 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 Euroasian continent. The Project is
in the middle Tien Shan province, made of Ordovician
- Carboniferous fragments. Structurally, the terrene
is intensively deformed by pre and post
mineralization structural activities, dominated by
southeastern and northwestern dipping fore / back
thrusts and steep northeastern strike-slip faults.
Genetically, the mineralization system could be
reference to "Orogenic". It has northeastern (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 gold 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
* Tulkubash Central Pit / East Pit (CP_EP) and Karator
zones are part of the oxidized mineralization type.
* The Karator zone is located approximately 2 km to the
northeast of the Tulkubash east area and extends on
about 1,000 meters of strike, having approximately 30
to 50 metres true width and 150-250 meters depth. The
deposit is open at strike and at depth. The
mineralization is tested by systematically trenching
on surface, maiden exploration drilling at 2021(5
holes) and infill drilling at 2023 (9 holes). The
zone is interpreted as following the extensional
shear zone developed along or between the major
Contact and Irisey reverse faults.
--------------------------------------------------------------- --------------------------------------------------------------------------
Drill hole Hole East, North, Elev, Az Dip Dept,
Information * A summary of all information material to the m m m m Year
understanding of the exploration results including a DH23K620 12682612 4660940 2767 0 -90 97.8 2023
tabulation of the following information for all --------- -------- ------ ---- ---- ------ -----
Material drill holes: DH23K621 12682681 4661087 2747 125 -70 90.0 2023
--------- -------- ------ ---- ---- ------ -----
DH23K622 12682682 4661086 2748 135 -40 100.0 2023
o easting and northing of the drill hole collar --------- -------- ------ ---- ---- ------ -----
o elevation or RL (Reduced Level - elevation DH23K623 12682678 4661083 2748 315 -55 100.0 2023
above sea level in metres) of the drill hole --------- -------- ------ ---- ---- ------ -----
collar DH23K624 12682680 4661081 2748 0 -90 210.0 2023
o dip and azimuth of the hole --------- -------- ------ ---- ---- ------ -----
o down hole length and interception depth DH23K625 12682656 4661017 2756 0 -90 253.5 2023
o hole length. --------- -------- ------ ---- ---- ------ -----
* If the exclusion of this information is justified on DH23K626 12682656 4661017 2756 135 -55 150.0 2023
the basis that the information is not Material and --------- -------- ------ ---- ---- ------ -----
this exclusion does not detract from the DH23K627 12682652 4661020 2756 315 -55 150.0 2023
understanding of the report, the Competent Person --------- -------- ------ ---- ---- ------ -----
should clearly explain why this is the case. DH23K628 12682619 4660943 2766 315 -65 200.0 2023
--------- -------- ------ ---- ---- ------ -----
DH23K620bis 12682620 4660943 2767 0 -90 250.0 2023
--------- -------- ------ ---- ---- ------ -----
DH21K598 12682945 4661443 2901 135 -45 158.9 2021
--------- -------- ------ ---- ---- ------ -----
DH21K601 12682610 4660940 2768 315 -45 251.0 2021
--------- -------- ------ ---- ---- ------ -----
DH21K604 12682668 4661224 2731 135 -35 180.2 2021
--------- -------- ------ ---- ---- ------ -----
DH21K605 12682667 4661225 2731 135 -60 185.0 2021
--------- -------- ------ ---- ---- ------ -----
DH21K607 12682567 4661110 2667 135 -35 160.2 2021
--------- -------- ------ ---- ---- ------ -----
--------------------------------------------------------------- --------------------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * Yet not available Mineral Resource Estimation (MRE)
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated. * For the currently reported intercepts (drilling 2023)
is used cut-off grade of 0.2 ppm Au, with allowed
maximal internal dilution of 6.0m
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
--------------------------------------------------------------- --------------------------------------------------------------------------
Relationship
between * These relationships are particularly important in the * The reported intercepts have no applied true depth
mineralisation reporting of Exploration Results. calculation.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * The mineralization strike is NE, dipping to SE with
the drill hole angle is known, its nature should be approximately 80 degrees. The drilling is in NW and
reported. SE direction, dipping between 50 and 80 degrees
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
--------------------------------------------------------------- --------------------------------------------------------------------------
Diagrams * Available plan and sections of the mineralization
* 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
reporting * Where comprehensive reporting of all Exploration * Comprehensive reporting for the Karator area will be
Results is not practicable, representative reporting completed in due course.
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, * Rock density measurements are using field Archimedes
exploration should be reported including (but not limited to): principle approach with wax (sample length is approx.
data geological observations; geophysical survey results; 10 cm)
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock * UAV based geophysics (Magnetic and Gamma
characteristics; potential deleterious or Spectrometry) available
contaminating substances.
--------------------------------------------------------------- --------------------------------------------------------------------------
Further In the coming years the company is planning
work * The nature and scale of planned further work (eg to continue Karator assessment via further
tests for lateral extensions or depth extensions or systematic step out and infill drilling, metallurgical,
large-scale step-out drilling). and geotechnical test works.
Maiden JORC compliant Mineral Resource Estimation
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
--------------------------------------------------------------- --------------------------------------------------------------------------
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