8th Jun 2016 08:28
LONDON (Alliance News) - GoldBridges Global Resources PLC on Wednesday said its subsidiary has been awarded an exploration licence for the Karasuyskoye ore fields area in East Kazakhstan, which are adjacent to its Sekisovskoye gold mine.
The subsidiary Altai Ken Bayitu was awarded the licence, which could be converted to a full subsoil use contract at any time during this period once a commercial discovery has been made.
GoldBridges said it has received the final confirmation of this licence from the Ministry of Investment & Development in Kazakhstan and is now ready to commence a detailed exploration programme including verification work of the extensive geological database that was previously purchased in October 2013.
This geological data indicated that there were "several mineralised zones", GoldBridges said, which led it to believe that Karasuyskoye has the potential to contain significant gold resources.
GoldBridges said it will verify the database through twinning previous holes and undertaking additional metallurgical work, then finalising this through an independent competent persons report to be completed through 2016 and 2018. Once complete, GoldBridges plans to progress towards mining the site, it said.
"We are delighted to have now finalised the exploration licence for the Karasuyskoye ore fields. Our primary focus is expansion of our existing Sekisovskoye gold mine to achieve annualised gold production of 100,000 ounces by 2019. Our exploration on the adjacent Karasuyskoye ore fields will target mineralised gold zones already identified from historic exploration which we believe have to the potential to significantly increase gold production above the 100,000 ounces target in the longer term," said GoldBridges Chief Executive Aidar Assaubayev.
Shares in GoldBridges were up 8.6% at 2.42 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.