(Alliance News) - Chaarat Gold Holdings Ltd on Tuesday said early assay results from a drill campaign at the Tulkubash project in the Kyrgyz Republic were favourable and reiterated its objective of drilling a total of 20,000 metres at the asset in 2019.
The gold miner said that since August 28, it has drilled a further 8,100 metres at the project.
Chaarat explained: "The primary objective of this drilling programme has been to identify shallow mineralisation within and near the current pit designs and to extend mineralisation along strike to the northeast."
Assay results from 25 drill holes are still pending but "initial drill results are encouraging", Chaarat said.
Over the course of 2019, 120 holes have been drilled, totalling roughly 19,500 metres. Drilling at five remaining holes is in progress and is likely to be complete by the end of October. This would bring the total drilling for the year to 20,000 metres, in line with previous guidance.
Chaarat Senior Vice President of Exploration Dorian Nicol said: "We are encouraged by our results to date this year: infill and step-out drilling within and adjacent to the currently defined Resource, exploration drilling in a new target area (Shir Canyon), and ongoing district-scale reconnaissance exploration are all providing encouraging results."
The company expects production at Tulkubash to begin in 2021.
The company's shares were 1.6% higher at 38.00 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Chaarat Gold (CGH)