Drilling results
29 Novembro 2010 - 5:00AM
UK Regulatory
TIDMCGH
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Tulkubash drilling update
Road Town, Tortola, British Virgin Islands (29 November 2010)
Chaarat (AIM: CGH) reports the drilling results from six trenches and the first
ten of 42 holes to be drilled during the Company's Tulkubash 2010 exploration
programme. The drilling programme at Tulkubash commenced in June 2010 and is
expected to be completed in the next few weeks with the completion of the final
two drill holes.
The Tulkubash project forms part of the Company's principal property the wholly
owned, 604 km ², Chaarat Licence Area in western Kyrgyzstan. A general
description and a location map can be found on the Chaarat website:
(www.chaarat.com).
The Tulkubash project includes relatively clean, free milling mineralisation and
has now been delineated, discontinuously, over a strike length of four
kilometres. The 2010 exploration programme was focused on a 500 metre section
at the southern end of the Tulkubash project and was designed to generate an
initial open pittable resource which can quickly be developed into an open pit
mine. Highlights include:
Highlights (True widths)
Hole / Channel sample ID Section True width (metres) Au (g/t)
Tr073_10 600 34.08 3.86
Incl. Tr073_10 600 14.80 5.66
Incl. Tr073_10 600 4.80 4.01
CCH10-T0714 680 7.20 6.05
Tr075_10 680 16.00 3.54
CCH10-T0718 760 11.00 3.34
CCH10-T0701 920 10.00 10.09
Adit-2_L 960 12.86 5.04
The 2010 exploration programme of the Tulkubash project comprises 42 holes over
a total of 4,923 metres, including 100 metres of underground development and
414 metres of trenching. Only two holes in the programme remain to be
completed. It is anticipated that drilling and assay analysis will be available
in the next few weeks and that a revised resource for the Tulkubash project
incorporating the new drilling information will be completed during the first
quarter of 2011.
Prior to the 2010 exploration season 25 holes, a total of 4,721.6 metres, had
been previously drilled on the Tulkubash project. The Company believes that
results from the 2010 drilling programme will go towards an updated resource
which will in turn substantiate the economic viability of the currently designed
Tulkubash project. SNC Lavalin has been commissioned to complete the definitive
feasibility study for the project which is expected to be ready during the first
half of 2011.
Dekel Golan, CEO of Chaarat, comments "As we are approaching the completion of
the exploration programme for the first stage of the Tulkubash project, we are
pleased to update the market on some of the early results we have encountered.
These results represent a small but significant portion of the drilling which
took place and we expect to announce the balance of the results in January 2011
followed by a resource update.
"The Tulkubash project holds great promise for Chaarat and we look forward to
the definitive feasibility study results next year which we hope will confirm
our understanding that the project can support low cost, open pit production
which is the precursor to the development of the much larger Kiziltash
project."
General Description of the Tulkubash Zone
The Tulkubash zone is one of the three major mineralisation trends of the
Chaarat Gold Property. Mineralisation in the Tulkubash zone is hosted in
silicified quartzites and mineralised zones exhibit pervasive silicification and
some argillic alteration, together with elevated contents of sulphides of up to
5%-10% by volume. The Tulkubash zone strikes parallel to the Contact and Main
zones (collectively known as the Kiziltash project) and extends to the north-
east into the Karator and Ishakuldy areas. The mineralised zones dip at 40-50
degrees to the North West. The gold is associated with sulphides, sericitic
alteration and minor quartz veinlets.
Based on drilling completed in 2009, a JORC compliant (inferred) resource
containing 336,000 oz at a grade of 4.18 g/t Au had been delineated in the
Tulkubash project area to depths up to 330m metres, down dip from outcrop. The
mineralisation remains open both down dip and strike.
A selection of results from the six trenches, underground channel samples and
first ten holes is set out in the table below:
Drilled
Hole / Channel From Drilled To Length True width
sample ID Section (metres) (metres) (metres) (metres) Au (g/t)
CCH10-T07108 600 43.50 48.00 4.50 3.00 2.56
CCH10-T07108 600 58.50 64.50 6.00 6.00 2.71
Tr073_10 600 4.00 46.60 42.60 34.08 3.86
Incl. Tr073_10 600 6.70 25.20 18.50 14.80 5.66
Incl. Tr073_10 600 34.00 40.00 6.00 4.80 4.01
Tr074_10 600 12.00 16.00 4.00 3.40 4.39
Tr074_10 600 36.00 42.00 6.00 5.10 2.71
CCH10-T0706 620 30.50 35.00 4.50 3.75 2.00
CCH10-T0706 620 74.00 81.50 7.50 6.23 4.10
CCH10-T0713 640 19.50 25.50 6.00 5.00 2.90
Incl.T0713 640 22.50 25.50 3.00 2.49 4.61
CCH10-T0713 640 51.00 58.50 7.50 6.23 5.31
CCH10-T0715 640 19.50 22.50 3.00 2.50 5.15
CCH10-T0715 640 43.50 46.50 3.00 2.50 2.00
CCH10-T0714 680 3.00 7.00 4.00 3.20 2.06
CCH10-T0714 680 19.00 28.00 9.00 7.20 6.05
CCH10-T0714 680 46.00 52.00 6.00 4.80 3.12
Tr072_10 680 30.50 34.00 3.50 3.00 2.73
Tr075_10 680 15.00 35.00 20.00 16.00 3.54
CCH10-T0718 760 131.00 144.00 13.00 11.00 3.34
CCH10-T0717 800 90.00 91.50 1.50 1.20 10.3
CCH10-T0717 800 118.50 124.50 6.00 4.80 2.77
CCH10-T0716 840 61.50 63.00 1.50 1.20 4.50
CCH10-T0716 840 87.00 91.50 4.50 3.60 2.15
CCH10-T0711 880 74.00 80.00 6.00 5.00 4.10
CCH10-T0701 920 62.00 75.50 13.50 10.00 10.09
CCH10-T0701 920 101.00 108.50 7.50 5.56 2.35
Adit-2_L 960 67.00 74.00 7.00 6.00 3.09
Adit-2_L 960 81.00 96.00 15.00 12.86 5.04
Adit-2_L 960 81.00 83.30 2.30 1.97 5.08
Adit-2_L 960 86.50 95.70 9.20 7.91 6.51
Tr071_10 960 18.00 24.00 6.00 4.80 3.44
Tr078_10_II 960 1.00 19.50 18.50 15.73 2.84
Incl.
Tr078_10_II 960 5.00 7.00 2.00 1.70 4.98
Incl.
Tr078_10_II 960 14.50 17.50 3.00 2.55 6.07
Further information about the Company:
Chaarat Gold Holdings Ltd +44 (0) 20 7499 2612
c/o Central Asia Services Ltd dekel@chaarat.com
linda.naylor@chaarat.com
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather@westhousesecurities.com
Richard Baty richard.baty@westhousesecurities.com
Smith's Corporate Advisory +44 (0) 20 7321 2508
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Conduit PR +44 (0) 20 7429 6603
Jos Simson jos@conduitpr.com
Emily Fenton emily@conduitpr.com
Note to Editors:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz
Republic. The Company's main activity is the development of the Kiziltash and
Tulkubash projects 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
across both deposits. The Company is currently in the process of compiling a
Pre-Feasibility study on the Kiziltash project and a Definitive Feasibility
Study on the Tulkubash project. Chaarat's objective is to become a low cost
gold producer targeting production of over 200,000 ounces per annum by early
2014 from the Kiziltash project with first production from the smaller Tulkubash
project in early 2012.
www.chaarat.com
Competent Person
The Competent Person with overall responsibility for this press release, and who
has reviewed the information contained herein, is Sunit Patel M.Sc (Geology),
FGS, GSSA, who is an employee of Chaarat Gold. Mr. Patel is an exploration
geologist with 22 years of experience in the resource industry who has
sufficient experience relevant to the style of mineralisation and type of
deposit under consideration and was supervisor to the work subject of this
release.
Disclaimer
This press release includes forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors beyond Chaarat's control that would cause the actual results,
performance or achievements of Chaarat to be materially different from future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements are based on numerous
assumptions regarding Chaarat's present and future business strategies and the
environment in which Chaarat will operate in the future. Any forward-looking
statements speak only as at the date of this document. Chaarat expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained in this document to reflect any
change in Chaarat's expectations with regard to these or any change in events,
conditions or circumstances on which any such statements are based. As a result
of these factors, the events described in the forward-looking statements in this
press release may not occur either partially or at all.
[HUG#1466304]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE
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