4th Sep 2018 09:04
LONDON (Alliance News) - Chaarat Gold Holdings Ltd said Tuesday a new resource study has indicated a 46% increase in resource estimate for the Tulkubash gold deposit located in Kyrgyz Republic.
The exploration company said the new study indicates a 46% increase in Tulkubash's measured and indicated resource to over 1.4 million ounces of gold and 57% increase in gold grade to 1.35 grammes per tonne gold.
The new estimate is based on results received to date from 63 diamond drill holes, comprising approximately 10,525 metres drilled since the company's last resource update in January. Chaarat is targeting to complete 30,000 metres of diamond drilling at Tulkubash in 2018 and intends to release another resource update in the first quarter of 2019.
"Results continue to validate our belief that Tulkubash will not only continue to grow into a world-class gold deposit, but indeed is the beginning of an emerging new gold district. The current resource boundary has been extended 1,040 metres and mineralisation has also been extended by an additional 400 metres. The mineralisation remains open along strike, and we still have drilled only a small portion of the prospective 24-kilometre trend of favourable geology and surface gold occurrences," said Dorian Nicol, the company's technical director and exploration head.
Shares in Chaarat Gold were untraded at 24.15 pence each.
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