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9 Oct 2012 07:00
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
Tulkubash drilling update
Road Town, Tortola, British Virgin Islands (9 October 2012)
Chaarat (AIM-CGH), the gold exploration and development company operating in the Kyrgyz Republic, announces positive results from its ongoing drilling programme in the Tulkubash Zone in the north west of the country. The Tulkubash zone forms part of the Chaarat Gold Project.
Highlights
·; All planned 37 drill holes drilled during 2012 intersected mineralisation
·; Selected drill hole results include:
·; T07149: Section 1000 12.50m at 3.07 g/t Au
·; T07152: Section 1040 16.24m at 2.10 g/t Au
·; T07146: Section 1080 8.75m at 3.77 g/t Au
·; T07136: Section 1120 13.74m at 3.22 g/t Au
·; T07136: Section 1120 10.00m at 3.62 g/t Au
·; T07155: Section 1120 5.00m at 4.81 g/t Au
·; T07134: Section 1200 11.25m at 2.66 g/t Au
·; T07129: Section 1240 14.99m at 3.27 g/t Au
·; T07126: Section 1280 8.75m at 11.08 g/t Au
·; T07148: Section 1320 17.49m at 8.36 g/t Au
·; T07160: Section 1360 12.08m at 3.13 g/t Au
·; T07131: Section 1400 6.25m at 6.16 g/t Au
Dekel Golan, CEO of Chaarat, commented: "These results confirm the potential to substantially increase the size of the open pit at Tulkubash and more than double initial plant throughput to 2,500tpd. This was first identified on the basis of the 2011 drilling results. These results also endorse an increase in strike length of the deposit and would allow us to reduce the strip ratio during the early years of operation. On this basis we can investigate additional options for optimizing this part of the Project, whilst these results also give the Company further strategic options in the development of the Chaarat Project as a whole."
Enquiries:
Chaarat Gold Holdings Limited | +44 (0) 20 7499 2612 |
c/o Central Asia Services Limited | |
Dekel Golan CEO | dekel@chaarat.com |
Linda Naylor FD | linda.naylor@chaarat.com |
Numis Securities Limited | +44 (0) 20 7260 1000 |
Alastair Stratton, Stuart Skinner (NOMAD) | |
James Black (Broker) | |
Bankside Consultants | +44 (0) 20 7367 8888 |
Simon Rothschild | simon.rothschild@bankside.com |
Smith's Corporate Advisory | +44 (0) 20 7601 6100 |
Dominic Palmer- Tomkinson | tomkinson@smiths-ca.com |
Further information is available at www.chaarat.com
General description of the Tulkubash Zone
The Tulkubash Zone is one of three zones of mineralisation within the Chaarat Gold Project, the others being the Main and Contact Zones. The Tulkubash Zone strikes parallel to the other two zones and extends discontinuously over 10 kilometres from T0700 in the southwest to the Karator and Ishakuldy areas in the northeast. The mineralised zones dip at 65-75 degrees to the NW.
During 2011 closed spaced drilling was carried out in the open-pittable part of the Tulkubash Central Sections (TCX) over a length of 440 metres from Section 520 to 960 and the bulk of the resource between these sections was confirmed as mineable. The design of the open pit was completed with a production schedule of 1,200tpd. A mining licence has been obtained for Tulkubash, as announced on 27 June 2012. A map and longitudinal projection can be seen at www.chaarat.com.
Also as part of the 2011 campaign, wide spaced drilling was carried out in the Tulkubash Northern Sections (TNX) (Sections 1000 to 1440) to probe the continuity of mineralisation to the north. The effort was successful and the resource of about 130koz was categorised as inferred (in addition to the 214koz Measured and Indicated resource already delineated in the Central Tulkubash target (TCX)).
In 2012, close spaced drilling was carried out in the TNX to convert the inferred resource to the measured and indicated categories which will provide the basis for the mineable reserve. All the 37 drill holes drilled intersected mineralisation. The calculation and categorization of the resource will now be prepared by the Company and its advisers. A map and longitudinal projection can be seen at www.chaarat.com.
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic. The Company's main activity is the development of the Chaarat Gold Project situated within the Middle Tien Shan Mountains, which form part of the Tien Shan gold belt. A JORC compliant mineral resource of 5.59Moz at a grade of 4.08g/t gold has been delineated at the Chaarat Gold Project. Chaarat's key objective is to become a low cost gold producer; with initial production from the Tulkubash project, targeting increased combined annual production of over 200,000 ounces as the full project comes on stream.
In addition to the Chaarat Gold Project, the Company has initiated an exploration programme at Chontash, located in the Akshirak range of mountains of the Kyrgyz Republic. A maiden resource for Chontash was compiled by Wardell Armstrong International and announced in April 2011.
Geology of the Tulkubash
Mineralisation in the Tulkubash Zone is hosted in silicified quartzites and mineralised zones exhibiting pervasive silicification and some argillic alteration.The gold is associated with sulphides, sericitic alteration and minor quartz veinlets although the open-pittable resource is largely oxidised.
QA/QC Procedures: Sampling Methodology and Quality Control
All samples are sent to a laboratory in the Kyrgyz Republic, Alex Stewart, accredited by the UK Accreditation Service, for sample preparation and assays. Genalysis, Australia, a NATA ISO/IEC 17025 accredited laboratory for analysis is being used for QA/QC check of the analyses of Alex Stewart. 20% check samples in form of 2 Standards, 1 Blank and 1 Duplicate in a batch of 20 samples are being used for quality checks of the Alex Stewart assays.
Competent Person
The Competent Person with overall responsibility for this press release, and who has reviewed the information contained herein, is Sunit Patel, M.Sc. (Geology), FGS, GSSA, who is an employee of Chaarat. Sunit is an exploration geologist with more than 24 years of experience in the resource industry who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration.
Disclaimer
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Chaarat's control that would cause the actual results, performance or achievements of Chaarat to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Chaarat's present and future business strategies and the environment in which Chaarat will operate in the future. Any forward-looking statements speak only as at the date of this document. Chaarat expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in Chaarat's expectations with regard to these or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements in this press release may not occur either partially or at all.
Appendix 1: The results of the drilled holes are presented below:
DH No. | Section | From | To | Intersected width (m) | True width (m) | Au g/t |
(m) | (m) | |||||
T07138 | 1000 | 105.00 | 108.00 | 3.00 | 2.50 | 2.64 |
T07138 | 1000 | 169.50 | 183.00 | 13.50 | 11.25 | 2.23 |
incl | 1000 | 169.50 | 174.00 | 4.50 | 3.75 | 1.83 |
incl | 1000 | 175.50 | 178.50 | 3.00 | 2.50 | 4.38 |
T07149 | 1000 | 94.00 | 100.00 | 6.00 | 5.00 | 2.10 |
T07149 | 1000 | 107.50 | 109.00 | 1.50 | 1.25 | 3.10 |
T07149 | 1000 | 131.50 | 146.50 | 15.00 | 12.50 | 3.07 |
T07149 | 1000 | 149.50 | 151.00 | 1.50 | 1.25 | 1.26 |
T07149 | 1000 | 190.00 | 194.50 | 4.50 | 3.75 | 1.29 |
T07149 | 1000 | 205.00 | 206.50 | 1.50 | 1.25 | 1.14 |
T07156 | 1000 | 69.00 | 72.00 | 3.00 | 2.50 | 2.91 |
T07156 | 1000 | 114.00 | 120.00 | 6.00 | 5.00 | 2.95 |
T07144 | 1040 | 195.50 | 198.50 | 3.00 | 2.50 | 1.10 |
T07144 | 1040 | 228.50 | 236.00 | 7.50 | 6.25 | 2.06 |
T07152 | 1040 | 154.50 | 174.00 | 19.50 | 16.24 | 2.10 |
T07158 | 1040 | 87.00 | 90.00 | 3.00 | 2.50 | 1.17 |
T07158 | 1040 | 106.50 | 108.00 | 1.50 | 1.25 | 1.10 |
T07158 | 1040 | 115.00 | 123.00 | 8.00 | 6.66 | 2.02 |
T07158 | 1040 | 148.00 | 150.00 | 2.00 | 1.67 | 1.59 |
T07158 | 1040 | 156.00 | 159.00 | 3.00 | 2.50 | 1.05 |
T07161 | 1040 | 66.00 | 67.50 | 1.50 | 1.25 | 1.10 |
T07161 | 1040 | 90.00 | 93.00 | 3.00 | 2.50 | 1.63 |
T07133BIS | 1080 | 54.50 | 56.00 | 1.50 | 1.25 | 8.35 |
T07133BIS | 1080 | 75.50 | 78.50 | 3.00 | 2.50 | 1.18 |
T07133BIS | 1080 | 97.50 | 109.50 | 12.00 | 10.00 | 1.54 |
T07133BIS | 1080 | 114.50 | 116.00 | 1.50 | 1.25 | 1.08 |
T07137BIS | 1080 | 97.50 | 103.50 | 6.00 | 5.00 | 1.56 |
T07146 | 1080 | 123.00 | 127.50 | 4.50 | 3.75 | 1.52 |
T07146 | 1080 | 168.00 | 178.50 | 10.50 | 8.75 | 3.77 |
T07154 | 1080 | 78.00 | 88.50 | 10.50 | 8.75 | 1.93 |
incl | 1080 | 84.00 | 88.50 | 4.50 | 3.75 | 3.40 |
T07154 | 1080 | 127.50 | 132.00 | 4.50 | 3.75 | 1.75 |
T07136 | 1120 | 76.50 | 93.00 | 16.50 | 13.74 | 3.22 |
T07136 | 1120 | 111.00 | 123.00 | 12.00 | 10.00 | 3.62 |
T07136 | 1120 | 169.50 | 193.50 | 24.00 | 19.99 | 1.67 |
T07142 | 1120 | 58.50 | 79.00 | 20.50 | 17.08 | 3.25 |
T07142 | 1120 | 81.00 | 85.50 | 4.50 | 3.75 | 1.27 |
T07142 | 1120 | 141.00 | 144.00 | 3.00 | 2.50 | 2.65 |
T07150 | 1120 | 31.50 | 46.50 | 15.00 | 12.50 | 2.35 |
T07150 | 1120 | 84.00 | 94.50 | 10.50 | 8.75 | 1.76 |
T07155 | 1120 | 18.00 | 19.50 | 1.50 | 1.25 | 1.03 |
T07155 | 1120 | 27.00 | 33.00 | 6.00 | 5.00 | 4.81 |
T07155 | 1120 | 67.50 | 75.00 | 7.50 | 6.25 | 1.90 |
T07155 | 1120 | 81.00 | 84.00 | 3.00 | 2.50 | 1.06 |
T07132BIS | 1160 | 30.00 | 37.50 | 7.50 | 6.25 | 1.76 |
T07132BIS | 1160 | 73.50 | 76.50 | 3.00 | 2.50 | 1.12 |
T07132BIS | 1160 | 96.00 | 97.50 | 1.50 | 1.25 | 7.25 |
T07143 | 1160 | 111.00 | 115.50 | 4.50 | 3.75 | 4.23 |
T07143 | 1160 | 169.50 | 177.00 | 7.50 | 6.25 | 1.37 |
T07147 | 1160 | 51.00 | 61.50 | 10.50 | 8.75 | 2.22 |
T07147 | 1160 | 78.00 | 79.50 | 1.50 | 1.25 | 1.22 |
T07147 | 1160 | 82.50 | 87.00 | 4.50 | 3.75 | 2.15 |
T07147 | 1160 | 90.00 | 91.50 | 1.50 | 1.25 | 3.03 |
T07147 | 1160 | 93.00 | 96.00 | 3.00 | 2.50 | 1.12 |
T07147 | 1160 | 100.50 | 108.00 | 7.50 | 6.25 | 1.52 |
T07147 | 1160 | 133.50 | 135.00 | 1.50 | 1.25 | 2.43 |
Т07139 | 1160 | 54.00 | 57.00 | 3.00 | 2.50 | 1.36 |
Т07139 | 1160 | 136.50 | 142.50 | 6.00 | 5.00 | 2.36 |
Т07139 | 1160 | 168.00 | 172.50 | 4.50 | 3.75 | 1.65 |
T07134 | 1200 | 61.50 | 64.50 | 3.00 | 2.50 | 2.09 |
T07134 | 1200 | 93.00 | 94.50 | 1.50 | 1.25 | 1.34 |
T07134 | 1200 | 102.00 | 105.00 | 3.00 | 2.50 | 1.78 |
T07134 | 1200 | 135.00 | 148.50 | 13.50 | 11.25 | 2.66 |
T07134 | 1200 | 157.50 | 160.50 | 3.00 | 2.50 | 1.32 |
T07134 | 1200 | 163.50 | 169.50 | 6.00 | 5.00 | 1.83 |
Т07140 | 1200 | 156.00 | 169.50 | 13.50 | 11.25 | 1.76 |
T07125 | 1240 | 18.00 | 21.00 | 3.00 | 2.50 | 3.46 |
T07125 | 1240 | 106.50 | 111.00 | 4.50 | 3.75 | 1.53 |
T07125 | 1240 | 127.50 | 132.00 | 4.50 | 3.75 | 1.20 |
T07125 | 1240 | 217.50 | 223.50 | 6.00 | 5.00 | 1.21 |
T07129 | 1240 | 78.00 | 84.00 | 6.00 | 5.00 | 1.24 |
T07129 | 1240 | 94.50 | 112.50 | 18.00 | 14.99 | 3.27 |
T07129 | 1240 | 147.00 | 151.50 | 4.50 | 3.75 | 2.50 |
T07145 | 1240 | 141.00 | 147.00 | 6.00 | 5.00 | 1.71 |
T07145 | 1240 | 180.00 | 186.00 | 6.00 | 5.00 | 1.41 |
T07126 | 1280 | 64.50 | 75.00 | 10.50 | 8.75 | 11.08 |
T07126 | 1280 | 133.50 | 139.50 | 6.00 | 5.00 | 2.45 |
T07151 | 1280 | 93.00 | 102.00 | 9.00 | 7.50 | 1.89 |
T07157 | 1280 | 45.00 | 54.00 | 9.00 | 7.50 | 1.43 |
T07157 | 1280 | 57.00 | 58.50 | 1.50 | 1.25 | 1.76 |
T07157 | 1280 | 82.50 | 90.00 | 7.50 | 6.25 | 2.55 |
T07130 | 1320 | 80.50 | 88.00 | 7.50 | 6.25 | 2.03 |
T07135 | 1320 | 90.00 | 100.50 | 10.50 | 8.75 | 1.41 |
T07135 | 1320 | 136.50 | 145.50 | 9.00 | 7.50 | 1.79 |
T07141 | 1320 | 106.50 | 114.00 | 7.50 | 6.25 | 1.65 |
T07148 | 1320 | 30.50 | 51.50 | 21.00 | 17.49 | 8.36 |
T07148 | 1320 | 87.50 | 89.00 | 1.50 | 1.25 | 1.36 |
T07148 | 1320 | 92.00 | 95.00 | 3.00 | 2.50 | 1.22 |
T07153 | 1360 | 40.50 | 57.00 | 16.50 | 13.74 | 4.26 |
T07153 | 1360 | 63.00 | 64.50 | 1.50 | 1.25 | 1.71 |
T07159 | 1360 | 90.50 | 93.50 | 3.00 | 2.50 | 1.88 |
T07159 | 1360 | 125.00 | 128.00 | 3.00 | 2.50 | 2.95 |
T07160 | 1360 | 100.00 | 109.50 | 9.50 | 7.91 | 1.68 |
T07160 | 1360 | 121.50 | 136.00 | 14.50 | 12.08 | 3.13 |
T07127 | 1400 | 163.50 | 168.40 | 4.90 | 4.08 | 1.68 |
T07128 | 1400 | 105.00 | 126.00 | 21.00 | 17.49 | 2.06 |
T07131 | 1400 | 85.50 | 93.00 | 7.50 | 6.25 | 6.16 |
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