Chaarat Gold Holdings’ 2017 exploration program at the Chaarat Gold Project in the Kyrgyz Republic has resulted in the indicative length of the proposed Tulkubash open pit doubling to around 2200 metres. The current pit now connects with other previously drilled satellite pits.
The program resulted in the company completing 17,420 metres of drilling, 60% more than the planned 11,000 metres.
Chaarat Gold says the oxide mineralisation is open to the northeast with potential continuity for at least 3km. There is also further potential along strike.
The company will begin exploiting Chaarat with the Tulkubash Heap Leach Project and work has started on design of the heap leach pad.
A resource update is under way and will form the basis of the reserves estimate in the feasibility study due for completion in the first quarter of next year.
Chief executive Robert Benbow said, “We are increasingly confident that the mineralisation extends for at least 3km. Mineralisation has been extended to the south, new hanging wall lodes in the main pit area have been developed and the gold-bearing lodes in the satellite pit area have been expanded.
“Based on these results, the anticipated increase in the reserve base and hence the life of mine, as well as a reduction in pre-stripping are expected to impact positively on the economics of the Tulkubash project.
Currently, the Chaarat project boasts a gold resource of over 7 million ounces of which Tulkubash accounts for just over 800,000 ounces.