Chaarat Gold touts optimism after drilling encounters 'significant' intercepts at Tulkubash mine
StockMarketWire.com - Chaarat Gold said it had encountered 'significant' intercepts at its Tulkubash oxide gold deposit in the Kyrgyz Republic as it got its exploration and drilling season underway.
To date, 26 holes had been completed totalling 3,860 metres of a total 20,000 metre drilling programme scheduled for 2019, with results so far showing new shallow mineralisation within and adjacent to current pit outlines.
Among the significant drill results was the 19.5 metres (15.5 metres true thickness) of 2.2 grams per tonne of gold in Hole DH19T478, the company added.
Looking ahead, the company said the bulk of drilling would target priority areas along the northeast strike of the mine, which it considered to be a 'highly prospective zone of geochemical anomalies, crackle breccia, and hydrothermal alteration identified by last year's mapping.'
The company said it aimed to exceed 2 million ounces of gold in measured and indicated JORC resource categories (currently 1.6m ounces), increasing reserve and extending the life of the mine.
'We are very excited to have begun the exploration and drilling season at Tulkubash. Last year's programme discovered 650,000 ounces of gold in Measured and Indicated Resource categories at a discovery cost of $11.40 per ounce,' said Dorian L. (Dusty) Nicol, the Company's Senior Vice President Exploration.
'We have every reason to expect similar or greater rates of success with this year's programme.'
'Already drill results received to date have extended hanging wall mineralization in the Tulkubash Main Pit area and have discovered new mineralization in the "satellite pits" area northeast of the Main Pit.'
At 9:29am: (LON:CGH) Chaarat Gold Holdings Ltd share price was -0.1p at 29.6p
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