TIDMCGH
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
Increase in the Chaarat Gold Project Calculated Resource to 4.406 million ounces
Road Town, Tortola, British Virgin Islands (7 February 2011).
Highlights
* Indicated and Inferred Resource increases by 397,000 ounces from 4.009
million ounces in 2010 to 4.406 million ounces, an increase of 10%
* The resource of the Contact Project (previously C5300 - C4600 now combined
to form a single project) within the Kiziltash Project, where the majority
of the 2010 drilling took place, increased by 17% to 2.001 million ounces
and is open in all directions
Chaarat (AIM-CGH), the gold exploration and development company operating in the
Kyrgyz Republic, is pleased to announce an updated estimate of the gold
resources at its 100% owned Chaarat deposit to 4.406 million ounces.
During the 2010 exploration season 66 new core drill holes (10,119 metres) have
been drilled and subsequently incorporated into the Resource database. The
resource was estimated to JORC compliant standards by Wardell Armstrong
International ("WAI"), an internationally recognised consulting group,
independent of Chaarat
Dekel Golan CEO comments:
"During 2010, which was a challenging year, our exploration work focused
primarily on improving our understanding of the Contact Project (previously
C5300 and C4600). These sections have now been combined into one large project
which now comprises more than 2 million ounces of gold resource. Exploration
work on this section is ongoing and we firmly believe that the Contact Zone will
grow to become a significant linchpin for our future production.
"The other area on which we focused this season was the Tulkubash Zone which we
intend to fast track to non-refractory production. The mineralisation trend and
controls are now much better understood and, with further strike extension and
infill drilling to be completed in the coming months, greater understanding of
potential production rates should also become available."
Table 1: Summary of Estimated Resources at Chaarat (February 2011)
+-----------------+--------------------+--------------------+--------------------+
| At 2.0g/t Cut- | | | |
|off |Indicated Resources |Inferred Resources |Total Resources |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
| | | |Gold |Gold | | | | | | |
| | |Mass |Grade|Content|Mass |Grade|Content|Mass |Grade|Content|
| | +------+-----+-------+------+-----+-------+------+-----+-------+
|Zone |Project|kt |g/t |Koz |kt |g/t |koz |kt |g/t |koz |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
| KIZILTASH |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |Contact| | | | | | | | | |
|Contact |Project|7,585 |4.3 |1,050 |7,080 |4.2 |951 |14,665|4.2 |2,001 |
|Zone +-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |C4000 |279 |3.1 |28 |591 |3.4 |64 |870 |3.3 |92 |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
|Contact Zone | | | | | | | | | |
|Totals |7,864 |4.3 |1,078 |7,671 |4.1 |1,015 |15,535|4.2 |2,093 |
|/Averages | | | | | | | | | |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |M2400 |1,941 |4.5 |282 |1,882 |4.0 |244 |3,823 |4.3 |526 |
| +-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |M3000 |2,548 |4.5 |371 |2,979 |4.1 |395 |5,527 |4.3 |766 |
| +-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |M3400 |45 |3.0 |4 |913 |4.8 |140 |958 |4.7 |144 |
| +-------+------+-----+-------+------+-----+-------+------+-----+-------+
|Main Zone|M3900 |621 |3.7 |74 |1,804 |3.9 |224 |2,425 |3.8 |298 |
| +-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |M4400 | | | |321 |6.3 |65 |321 |6.3 |65 |
| +-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |M5000 | | | |413 |5.7 |76 |413 |5.7 |76 |
| +-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |M6000 | | | |927 |3.9 |117 |927 |3.9 |117 |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
|Main Zone Totals | | | | | | | | | |
|/Averages |5,155 |4.4 |731 |9,239 |4.2 |1,261 |14,394|4.3 |1,992 |
+-----------------+------+-----+-------+------+-----+-------+------+-----+-------+
|TULKUBASH |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
|Tulkubash|T0700 |219 |4.6 |32 |2,280 |3.9 |289 |2,499 |4.0 |321 |
+---------+-------+------+-----+-------+------+-----+-------+------+-----+-------+
| |
+-----------------+------+-----+-------+------+-----+-------+------+-----+-------+
| Grand |13,238|4.3 |1,841 |19,190|4.2 |2,565 |32,428|4.2 |4,406 |
|Totals/Averages | | | | | | | | | |
+-----------------+------+-----+-------+------+-----+-------+------+-----+-------+
Quantity and Quality of Data
The Mineral Resource estimate has been compiled from all core drill holes
completed on 10 project areas at Chaarat to date and supersedes the resource
update announced on 9 March 2010.
The 282 holes included in the Mineral Resource estimate were drilled on the
three sub-parallel zones of mineralisation at Chaarat, the Main, the Contact and
the Tulkubash Zones, which are characterised by mineralisation up to 37 metres
wide and dipping at 55 to 70 degrees to the northwest.
The deepest drill intersection on the Contact Project is 499 metres. On the
other nine project areas, included in the Mineral Resource estimate, drilling is
limited to depths of between 82 to 350 metres.
On all project areas, the mineralisation remains open down dip, and on the
majority, also open along strike. Underground drilling will continue from the
adit on the Contact Project Area with the aim of increasing the Resource in the
coming year, as well as converting the existing Inferred Resources to the
Indicated category. Surface drilling will focus on Tulkubash project to upgrade
the category of resource so that it can be taken to production at the earliest
opportunity.
The Indicated Resource portion of the Main Zone decreased from 1,127,000 to
731,000 ounces. The reason for the decrease is that WAI set more conservative
parameters for the definition of Indicated Resource than were applied previously
by SRK. Since the drilling during the 2010 season was planned on the basis of
the SRK parameters, a number of blocks were no longer classified as Indicated by
WAI. With additional infill drilling to be undertaken in the coming months,
Chaarat is of the view that a substantial proportion of the Inferred Resource in
the Main zone will be converted into the Indicated category.
The Resource database contains 56,458 gold assay records from surface, adit and
drill-core samples. WAI has reviewed 4,027 umpire assays, 1,328 results of
reference materials and 2,450 blanks sent to three laboratories and concluded
that the quality and quantity of data are sufficient to support the Mineral
Resource estimates reported herein.
Methodology
The Mineral Resources for the Main and Contact Zones at the Chaarat gold deposit
in Kyrgyzstan were estimated by WAI in January 2011 using industry-standard
geological modelling and Mineral Resource estimation software.
The revised 2011 estimation has used all available exploration data from
previous (2004 to 2010) exploration campaigns, including assays from drill
holes, bulldozer-cuts, trenches and underground.
The data was used to develop new, three-dimensional, geological wireframe models
for each mineralised zone using a boundary definition cut-off grade of 2g/t Au.
Once the 3-D geological solids were built, a two-dimensional estimation was
undertaken for the mineralised zones.
WAI used ordinary kriging for the estimation of all sub-zones within the Main
and Contact Zones using a block size of 20m by 20m by 10m.
All WAI estimates were validated by comparing the global mean statistics of the
sample data with the estimates and a swath analysis exercise, which compared the
composite data with the block estimates within a given swath, validating the
quality of the local estimates.
WAI has taken into account the data distribution, grade variability, geological
interpretations, structure of the variograms and the quality of the estimation
in the classification of the Mineral Resource.
The recent infill drilling has demonstrated the depth and width continuity of
the geological boundaries of the Main and Contact Zones and has resulted in an
increase in the volume of the mineralisation compared with the previous Resource
estimates.
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. Sunit is an exploration geologist
with more than 22 years of experience in the resource industry who has
sufficient experience relevant to the style of mineralisation and type of
deposit under consideration.
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 4.406Moz at a grade of 4.2 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 mid 2012.
www.chaarat.com
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.
Enquiries
Chaarat Gold Holdings Limited
c/o Central Asia Services Limited +44 (0) 20 7499 2612
Dekel Golan dekel@chaarat.com
Linda Naylor 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 7239 0140
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Glossary of Technical Terms
"assay" qualitative or quantitative analysis of a metal or ore to determine
its components
"Au" chemical symbol for gold
"cut-off" the lowest grade value that is included in a resource statement. It
must comply with JORC requirement 19: "reasonable prospects for
eventual economic extraction" the lowest grade, or quality, of
mineralised material that qualifies as economically mineable and
available in a given deposit. It may be defined on the basis of
economic evaluation, or on physical or chemical attributes that
define an acceptable product specification
"g/t" grammes per tonne, equivalent to parts per million
"Inferred that part of a Mineral Resource for which tonnage, grade and mineral
Resource" content can be estimated with a low level of confidence. It is
inferred from geological evidence and assumed but not verified
geological and/or grade continuity. It is based on information
gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes which may be
limited or of uncertain quality and reliability
"Indicated that part of a Mineral Resource for which tonnage, densities, shape,
Resource" physical characteristics, grade and mineral content can be estimated
with a reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings
and drill holes. The locations are too widely or inappropriately
spaced to confirm geological and/or grade continuity but are spaced
closely enough for continuity to be assumed
"JORC" The Australasian Joint Ore Reserves Committee Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves, 2004 (the
"JORC Code" or "the Code"). The Code sets out minimum standards,
recommendations and guidelines for Public Reporting in Australasia
of Exploration Results, Mineral Resources and Ore Reserves
"kriging" an inverse distance weighting technique where weights are selected
via the variogram according to the samples' distance and direction
from the point of estimation. The weights are not only derived from
the distance between samples and the block to be estimated, but also
the distance between the samples themselves. The kriging estimates
are controlled by the variogram parameters which are interpreted
from the data
"Measured that part of a Mineral Resource for which tonnage, densities, shape,
Resource" physical characteristics, grade and mineral content can be estimated
with a high level of confidence. It is based on detailed and
reliable exploration, sampling and testing information gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. The locations are spaced
closely enough to confirm geological and grade continuity
"Mineral a concentration or occurrence of material of intrinsic economic
Resource" interest in or on the Earth's crust in such form, quality and
quantity that there are reasonable prospects for eventual economic
extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge. Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories when reporting under JORC
"Moz" million troy ounces
"ordinary commonly used type of kriging which assumes a constant but unknown
kriging" grade
"oz" troy ounce (= 31.103477 grammes)
"t" tonne (= 1 million grammes)
"variogram" a method of displaying and modelling the difference in grade between
two samples separated by a distance "h", called the "lag" distance.
It provides the mathematical model of variability with distance and
is used during kriging
"wireframe" this is created by using triangulation to produce an isometric
projection of, for example, a rock type, mineralisation envelope or
an underground stope. Volumes can be determined directly of each
solid
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
[HUG#1485804]
Chaarat Gold (LSE:CGH)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Chaarat Gold (LSE:CGH)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
