1st Apr 2014 11:29
LONDON (Alliance News) - Chaarat Gold Holdings Ltd said it has increased its measured and indicated JORC resource for the Chaarat Gold Project in the Kyrgyz Republic, but its total resource has decreased due to a fall in the size of its inferred category.
The exploration and development company said that as a result of positive results from additional drilling during 2013, it has increased its total measured and indicated JORC resource on site by 20% to 3.59 million ounces at a grade of 3.3 grams per tonne with a 2 grams per tonne cut-off grade.
Chaarat Gold Holdings said that drilling on the mostly oxide open pittable Tulkabash Zone had increased the measured and indicated resources of the zone by 95% to 639,171 ounces at 2 grams per tonne with a cut off grade of 1 gram per tonne.
However, the company also said that due to stricter criteria for inclusion of material in its inferred category it has decreased its overall measured, indicated and inferred resource by 8.1% to 5.29 million ounces from 5.76 million ounces previously.
Chaarat Gold said that, due to different mining methods expected to be used at the mine, it has presented the resource information at a range of cut-off grades.
Chaarat Gold shares were up 10% to 12.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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