Chaarat Gold Holdings Limited (LON:CGH), has reported positive results from the drilling program in the Tulkubash Zone of the Chaarat Gold Project in the Kyrgyz Republic, with the pit length increased and the drilling programme extended to 15,000 meters from 11,000 metres.
In a statement, the AIM-listed exploration and development said additional mineralisation has been identified within the current Tulkubash pit, and the mineralisation there extends from to connect with other drilled areas - satellite pits - to increase pit length from approximately 1,100 to 2,200 metres.
READ: Chaarat puts new incentives in place for achievement of Tulkubash milestones
It added that mineralisation also opens to the northeast, with indications of continuity for at least three kilometres, and the group sees substantial potential to increase the life of the Tulkubash open pit heap leach project.
Robert Benbow, Chaarat’s CEO said: "The results reported today continue to demonstrate the untapped potential of the Tulkubash heap leach project.”
He added: “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.”
Confident the reserve base of the project can be enlarged
The CEO continued: “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.”
He concluded: “The Feasibility Study for the Tulkubash heap leach Project is due for completion in Q1 2018."