Chaarat Gold extends drilling programme in Kyrgyz Republic
Chaarat Gold Holdings said on Thursday that its drilling programme in the Tulkubash Zone of its Chaarat Gold Project in the Kyrgyz Republic had provided evidence of mineralisation open to the northeast with indications of continuity for at least three kilometres.
Chaarat Gold Holdings Ltd. (DI)
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The group, based in the British Virgin Islands, had planned to extend its drilling programme from 11,000 metres to 15,000 metres as the discovery continued to show the "substantial potential" to increase project life at the Tulkubash open pit heap leach project.
Robert Benbow, chief executive of Chaarat, said "The results reported today continue to demonstrate the untapped potential of the Tulkubash heap leach project. The 2017 drilling program, as highlighted in the sections selected above, has identified oxide mineralisation for another kilometre northeast of the current Tulkubash pit and it is still open in that direction. We have progressed ahead of schedule and, with the encouraging results to date, are adding 4,000 metres to the drilling program this season bringing the target to 15,000 metres."
"We remain confident that the reserve base of the Tulkubash Project can be enlarged to significantly extend the life of mine. Once the mine plan is updated we expect the pre-stripping required before gold production commences to be considerably reduced. A reduction in the pre-stripping and the extension of the life of mine are expected to impact positively on the economics of the Project. The Feasibility Study for the Tulkubash heap leach Project is due for completion in Q1 2018," Benbow added.
As of 1045 BST, shares had moved up 2.35% to 16.00p.