Chaarat Gold

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Chaarat is an exploration and development company operating in the Kyrgyz Republic with its current main activity being the development of the Chaarat Gold Project. The Chaarat Gold Project is situated within the Middle Tien Shan Mountains of Kyrgyzstan which form part of the Tien Shan gold belt. The Company has thus far delineated a JORC compliant mineral resource of 4.009 Moz at a grade of 4.14 g/t gold. A scoping study demonstrating the economic viability of the Chaarat Gold Project was completed at the end of 2008. The Company is currently in the process of compiling a pre-feasibility study. Chaarat's objective is to become a low cost gold producer targeting an initial production of over 200,000 ounces per annum by early 2013.

Chaarat Gold says latest results from Kyrgyzstan encouraging, ‘fit well’ into PFS

Tuesday, June 22, 2010 by Sergei Balashov
company news image Mining camp at Chaarat project

Chaarat Gold Holdings (LON:CGH) said that the ongoing drilling programme at its flagship Chaarat gold property in Kyrgyzstan has returned a new set of “encouraging” results with the gold grades reaching 6.74 g/t (grammes per tonne) over 43.5 metres.

“The drilling programme implemented this year is focused on adding the right type of ounces; ounces which fit well into the emerging mining model being developed for the pre-feasibility study, ounces in open pittable locations and strike extensions which may readily translate to a higher mining rate,” said chief executive Dekel Golan.

The drilling programme is taking place on the central Chaarat target hosting three trends, the Main, the Contact and the Tulkubash zones, which have a JORC compliant resource of 4.009 Moz (million ounces) at 4.14 g/t gold. One of the underground drill holes was drilled from the newly constructed drill chamber 4 and the other was drilled from the southern end of the same project to explore intervals between projects C4600 and C5300.

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The results, reported from  one surface drill hole at the M3000 project in the Main zone and two underground drill holes at the C5300 project in the Contact zone, include intersections of 4.5 metres grading 3.51 g/t (grammes per tonne) gold, 4.5 metres at 3.2 g/t gold, 3 metres at 2.85 g/t gold, 16.5 metres at 4.13 g/t gold, 15 metres at 6.69 g/t gold, 4.5 metres at 6.03 g/t gold and 43.5 metres at 6.74 g/t gold.

The Main Zone consists of seven projects with a total current resource of 1.87 Moz at a grade of 4.15 g/t gold. M3000 hosts a total of 730,000 oz at 4.24 g/t gold and represents the largest potential for an open pit operation within the Main zone.

Drill chamber 4 was developed in the northern extremity of the underground drift running along the mineralisation of project C5300. Drilling here allows to follow the Contact zone mineralisation trend northwards and to increase the known mineralisation strike, which would enhance the delineated resource of the deposit as well as have a positive impact on the potential mining rate of the project.

The objective of drilling at the southern part of project C5300 towards C4600 is to test the section between the two projects and ascertain if they can be merged into one project. The C5300 and C4600 projects have been determined by SRK to contain 1.34 Moz of gold at 4.21 g/t and 363,000 oz at 4.10 g/t respectively.

Chaarat has recently stated that its operations were not affected by the recent revolution and resulting unrest in Kyrgyzstan.


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Additional Information

Market:AIM
Sector:General Mining - Gold
EPIC:CGH
Latest Price: 38.25p  (-1.31% Descending)
52-week High:60.50p
52-week Low:21.75p
Market Cap:51.44M

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