Chaarat Gold Holdings Ltd (AIM:CGH) has updated the JORC-compliant mineral resource estimate (MRE) for the Kapan polymetallic mine in Armenia by 25% to 722,000 gold equivalent ounces in the measured and indicated (M&I) categories.
M&I tonnes increased by 30% to 2.602 Mt from 1.955 Mt, while grade dropped by 5% from 9.1 g/t gold equivalent to 8.6 g/t.
Michael Fraser, chief executive, said: “The new MRE shows a 25% increase in measured and indicated ounces compared to 2021.
“New drilling converted mineralization to M&I to replace depletion during the period and the improvements to the mining methods employed at Kapan have enabled an increase to the resource."
The updated MRE will be used as the basis for the updated 2022 ore reserves estimate, Chaarat added.