2nd Jan 2019 16:01
LONDON (Alliance News) - Chaarat Gold Holdings Ltd on Wednesday reported a 15% increase in the mineral resource estimate for the Tulkubash oxide gold deposit located in the Kyrgyz Republic.
The company said the overall contained ounces of gold in the measured and indicated resource has increased by 210,000 ounces to 1.6 million ounces. It added that mineralization remains open along strike and the remainder of the 24-kilometre strike length of prospective geology remains undrilled.
The new 2018 year-end resource update includes results from the latest 48 diamond drill holes, comprising approximately 9,370 metres, drilled since the September 2018 resource update.
The average grade of the Tulkubash deposit has decreased by 0.15 grammes per tonne gold, to 1.2 grammes per tonne, relative to the September 2018 update, due to the inclusion of some lower grade resource in the northeast strike extension.
Discovery costs in 2018 were approximately USD11.40 per ounce of measured and indicated resource and 33 ounces of gold per metre drilled.
"We are further encouraged by the continuing increase in the M&I Resource within the current strike length. The addition of new mineralisation and demonstration of continuity of mineralisation as well as the updated metallurgical recovery model will be incorporated in the ongoing reserve and financial model updates," said Technical Director & Head of Exploration Dorian Nicol.
Shares in Chaarat were up 2.9% at 28.00 pence on Wednesday.
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