EXPLORATION & DEVELOPMENT

Chaarat ups Tulkubash resource by 15%

Chaarat (AIM:CGH) has increased the mineral resource at the Tulkubash gold deposit at its Chaarat gold project in the Kyrgyz Republic off the back of a major drill programme.

Staff reporter
Chaarat has drilled only a small portion of the Tulkubash deposit's prospective 24km trend

Chaarat has drilled only a small portion of the Tulkubash deposit's prospective 24km trend

The latest 48 diamond drill holes, 9,370m in total, boosted the measured and indicated mineral resource by 210,000 ounces from the last update in September to over 1.6 million ounces of gold, which was also 67% higher than the resource used in last year's feasibility study.
 
"There has been a 15% increase in metal within the same drilled strike length of 3,200m due to discovery of new mineralisation and extension of known gold lodes within the existing footprint," Chaarat said.
 
However, the average grade of the deposit fell 0.15g/t to 1.2 g/t gold, due to the inclusion of some lower grade resource in the northeast strike extension. 
 
"This decrease in grade is compensated by an increase in tonnage and continuity of mineralisation," the company said.
 
Since the last update in September, Chaarat has focused on infill drilling within the current strike length.
 
The company is aiming to improve the quality of the resource in terms of continuity and reserve conversion.
 
Chaarat said it was preparing an updated reserve estimate and financial model for Tulkubash based on the year-end resource model, with completion expected by the end of February.
 
Technical director and head of exploratiom Dorian Nicol said Chaarat believed Tulkubash was the beginning of an emerging new gold district. 
 
"The mineralisation remains open along strike and we have drilled only a small portion of the prospective 24km trend of favourable geology and surface gold occurrences," he said.
 
"The addition of new mineralisation and demonstration of continuity of mineralisation, as well as the updated metallurgical recovery model will be incorporated in the ongoing reserve and financial model updates."
 
Chaarat's shares closed 2.94% lower Wednesday at 26.4p (US33.15c).

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.