(Alliance News) - Chaarat Gold Holdings Ltd on Wednesday said drilling has continued to identify new shallow mineralisation at its Tulkubash oxide gold mine in Kyrgyzstan.
The mineralisation has been found in and near the current pit outlines at Tulkubash, including 10.5 metres at 3.0 grammes of gold per tonne of ore at hole DH19T503, starting at the surface.
At hole DH19T511, 12.0 metres at 1.6 grammes of gold per tonne of ore starting at 38.5 metres was identified and hole DH19T512 had 10.5 metres at 1.2 grammes of gold per tonne or ore starting at 6.5 metres.
So far the company has drilled 12,078 metres of a planned 20,000 metres scheduled for 2019, with the most prospective target not yet drilled.
Dorian Nicol, Chaara's senior vice president of Exploration, said: "Having completed a number of drill roads and drill pads, we are now able to transport drilling equipment into our most prospective target area, the potential strike extension to the northeast of our current resource boundary, where a broad area of [more than 1 gramme of gold per tonne of ore] mineralization has been identified on surface. This is comparable to the surface rock chip geochemistry over the Tulkubash main pit zone. Drill testing of this new target has just started, and we await the results.
Nicol added: "Field work is also being integrated with satellite imagery and geochemical data to identify multiple new target areas throughout the company's exploration license. Our objective remains to continue developing a database of these geological and geochemical data that will allow the application of advanced data handling techniques to optimize ongoing exploration and discovery. The data base being developed will lend itself to the application of artificial intelligence/machine learning to identify new drill targets."
Shares in Chaarat were up 1.9% at 27.60 pence in London on Wednesday afternoon.
Chaarat Gold (CGH)