REG - Chaarat Gold Hlgs Ld - Multiple Encouraging Karator Drilling Intercepts
23/11/2023 07:00
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RNS Number : 3679U Chaarat Gold Holdings Ltd 23 November 2023
23 November 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Multiple Encouraging 2023 Karator Drilling Intercepts
Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company, with development
projects in the Kyrgyz Republic, is pleased to announce the completion of the
2023 drilling programme in the Karator oxide gold prospect. The Karator
prospect is a northeastern extension of Tulkubash project, which could
potentially add significant reserves to the later years of the Tulkubash
development. The Karator prospect was first drilled in 2021, which included 6
metres of 5.06g/t gold(1). Tulkubash contains JORC-compliant contained gold
ounces in the Ore Reserves 647koz Au and total resources of 1,011koz Au(2).
The 2023 Drilling Programme included result highlights of 3.38g/t gold over
21.5 metres in DH23K625 and 1.43g/t gold over 95 metres in DH23K628, further
confirming the significant exploration prospectivity of Karator oxide gold
mineralisation. The completed Karator 2023 drilling programme consists of nine
drill holes, totalling 1,603 meters as an initial phase of a resource
definition drilling programme, which will systematically drill on 40 by 40
meters centres, over the entirety of the strike. All nine completed drill
holes intersected oxide gold mineralisation, confirming Karator prospectivity
for high quality additional Tulkubash oxide gold resource. Further detail can
be found in the updated Resource and Reserve presentation, which is now
available on the Chaarat website.
Dimitar Dimitrov, Senior Vice President Geology of Chaarat, said:
"I am very pleased to see the completed Karator drilling programme return
encouraging intercepts. The intercepts confirm excellent exploration
potential, as to add significant high quality oxide gold resource Tulkubash
Heap Leach project, which is located only 2km to northeast."
Table 1 Karator key drilling intercepts. *
DHID From (m) To (m) Interval (m) Au (g/t) True width (m)
DH23K621 9.0 52.5 43.5 0.85 NA
67.5 90.0 22.5 0.81 NA
DH23K622 17.5 87.5 70.0 0.65 35.1
DH23K625 84.0 105.5 21.5 3.38 10.3
138.5 184.0 25.5 0.98 12.2
DH23627 3.0 10.5 7.5 1.27 6.5
24.0 43.5 19.5 0.86 16.8
51.0 78.0 27.0 1.48 23.3
DH23K628 6.0 46.5 40.5 1.42 22.9
73.5 90.0 16.5 2.10 9.4
105.0 200.0 95.0 1.43 54.2
DH23K620bis 33.0 57.0 24.0 1.41 NA
**Appendix 1 shows all intercepts above a cut-off grade of 0.20 g/t. All
drill intercepts, related maps and cross-sections can be found on the Chaarat
website
Notes: No top capping applied. The generated drilling intercepts are estimated
on 0.2g/t Au cut off and allowing up to 6 meters internal waste. The true
width is estimated based on the ore interpretation for the most of drilling
intercepts. True width calculation is not applied for intercepts with unknown
strike and dip.
Karator mineralisation zone
The Karator zone is located approximately 2 km to the northeast of the
Tulkubash east pit, striking southwest to northeast and steeply dipping to the
southeast. The prospective zone is trenched on approximately 1,000 meters of
strike, having approximately 30 to 50 meters true width and drilled to 150-250
meters depth. The prospect is open along strike to southwest and to northeast
and at depth.
The mineralisation is tested by systematic trenching on surface, maiden
exploration drilling in 2021(1). The infill drilling at 2023 is confirming the
deeply oxidized nature and continuity of Karator gold mineralisation along
strike and in depth.
The zone structural position of the Karator mineralisation is controlled by an
extensional shear zone developed along or between the major Contact and Irisey
reverse faults. In the coming years, Chaarat is planning to continue Karator
assessment via further systematic step out and infill drilling, metallurgical,
and geotechnical test works.
Sampling, Subsampling and Laboratories
A half HQ (occasionally quarter PQ) core was sampled on average intervals of
1.5 metres considering all clear geological breaks. FA / ICP 35 analysis were
conducted by Stewart Assay and Environmental Laboratories in Kara Balta,
Kyrgyzstan. In any 20 regular samples, 1 duplicate, 1 standard (reference
material) and 1 blank sample were introduced. All received QA/QC results were
prepared in accordance with JORC code guidelines and are meeting the
international industry standards.
Competent Persons Statement
The information in this announcement that relates to exploration results is
based on and fairly represents information and supporting documentation
prepared by Dimitar Dimitrov, P. Geo, AIG member and a Competent Person as
defined in the 2012 edition of the JORC Code 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Dimitar
Dimitrov is a full-time employee of the Company. Mr. Dimitrov consents to the
publication of this new release dated 23 November 2023 by Chaarat. Mr.
Dimitrov certified that this news release fairly and accurately represents the
information for which he is responsible.
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).
(1) Per the announcement on 16 November 2021 "Encouraging Tulkubash 2021
Drilling Programme Results"
(2) Per the 2022 annual report, which also includes details of JORC
compliant ore reserves at Tulkubash, and can be found on Chaarat's website.
For further information visit www.chaarat.com (http://www.chaarat.com/) or
please contact:
Chaarat Gold Holdings Limited +44 (0)20 7499 2612
David Mackenzie (Chief Financial Officer) IR@chaarat.com (mailto:IR@chaarat.com)
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
Ritchie Balmer / James Spinney / Robert Collins
Axis Capital Markets Limited (Joint Broker) +44 (0)20 3026 0449
Ben Tadd / Lewis Jones
Panmure Gordon (UK) Limited (Joint Broker) +44 (0)20 7886 2500
John Prior / Hugh Rich
About Charaat
Chaarat is an exploration and development company which owns the Tulkubash and
Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear
strategy to build a leading emerging markets gold company through organic
growth and selective M&A.
Chaarat aims to create value for its shareholders, employees and communities
from its high-quality gold and mineral deposits by building relationships
based on trust and operating to the best environmental, social and employment
standards.
Glossary of Technical Terms
"Cut-off-grade" Lowest grade of mineralized material considered economic, used in
the calculation and / or reporting of ore resources.
"g/t" Grammes per tonne, equivalent to parts per million (ppm)
"Indicated Mineral Resource" That part of a Mineral Resource for which tonnage, densities, shape, 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.
"Inferred Mineral Resource" That part of a Mineral Resource for which the tonnage and grade and mineral
content can be estimated with a low level of confidence. It is inferred from
the geological evidence and has assumed but not verified geological and/or
grade continuity. It is based on information gathered through the appropriate
techniques from locations such as outcrops, trenches, pits, working and drill
holes which may be limited or of uncertain quality and reliability.
"JORC" The Australasian Joint Ore Reserves Committee Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves 2012 (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
"Au" The chemical symbol for Gold
'Measured Mineral Resource' A Measured Mineral Resource has a higher level of confidence than that
applying to either an Indicated Mineral Resource or an Inferred Mineral
Resource. A 'Measured Mineral Resource' is that part of a Mineral Resource for
which quantity, grade (or quality), densities, shape, and physical
characteristics are estimated with confidence sufficient to allow the
application of Modifying Factors to support detailed mine planning and final
evaluation of the economic viability of the deposit.
"Mineral Resource" Concentration or occurrence of solid material of economic interest in or on
the Earth's crust in such form, grade (or quality), and quantity that there
are reasonable prospects for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated, or interpreted from specific
geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.
"Metallurgical" Describing the science concerned with the production, purification.
and properties of metals and their applications.
"Ore Reserves" Represents the economically mineable part of a Measured and/or Indicated
Mineral Resource. It includes diluting materials and allowances for losses,
which may occur when the material is mined or extracted and is defined by
studies at Pre-Feasibility or Feasibility level as appropriate that include
application of Modifying Factors. Such studies demonstrate that, at the time
of reporting, extraction could reasonably be justified.
"Probable Ore Reserve" Represents the economically mineable part of an Indicated, and in some
circumstances, a Measured Mineral Resource. The confidence in the Modifying
Factors applying to a Probable Ore Reserve is lower than that applying to a
Proved Ore Reserve.
"Proved Ore Reserve" Represents the highest confidence category of reserve estimate and implies a
high degree of confidence in geological and grade continuity, and the
consideration of the Modifying Factors.
"Recovery" Proportion of valuable material obtained in the processing of an ore, stated
as a percentage of the material recovered compared with the total material
present.
"t" Tonne (= 1 million grammes)
"FA / ICP 35" Fire Assay gold assay method / Inductively Coupled Plasma is a multi-element.
analytical method for determination of the element content in materials, used
to assay silver, base metals etc.
Appendix 1
Gold intercept table from the 2023 infill drilling at Karator
The table was generated using cut-off grade of 0.20 g/t Au and allowing
maximum internal dilution of 6 m (4 samples). The true width was calculated
based on the interpreted strike and dip of the outlined mineralization and
drill hole trace positioning. For some drill hole intercepts with unknown
strike/dip, true with calculation is not applied.
Hole East North Elev Az Dip Dept From Drill width True width Au
# m m m deg deg m m m m g/t
DH23K620 12682612 4660940 2767 0 -90 97.8 5.5 8.9 NA 1.57
including 5.5 4.4 NA 2.56
and 38.4 21 NA 0.50
including 38.4 3 NA 1.32
including 45.9 1.5 NA 1.03
and 75.9 18.1 NA 1.30
including 78.9 3 NA 1.76
including 86.4 7.6 NA 1.79
DH23K621 12682681 4661087 2747 125 -70 90.0 9 43.5 NA 0.85
including 9 3 NA 1.87
including 18 1.5 NA 1.35
including 25.5 10 NA 1.57
including 38.5 8 NA 1.06
and 67.5 22.5 NA 0.81
including 67.5 2 NA 2.82
including 73.5 1.5 NA 1.28
including 78 1.2 NA 1.27
including 86 4 NA 1.23
DH23K622 12682682 4661086 2748 135 -40 100.0 17.5 70 35.1 0.65
including 17.5 9.5 4.8 1.78
including 63.5 1 0.5 1.30
including 74 4.5 2.3 1.19
DH23K623 12682678 4661083 2748 315 -55 100.0 8 6 4.9 0.88
including 8 4.5 3.7 1.10
and 39.5 7.5 6.1 1.61
including 39.5 1.5 1.2 1.44
including 44 1.5 1.2 4.72
and 81.5 4.5 3.7 0.54
and 96.5 3.5 2.9 0.74
DH23K624 12682680 4661081 2748 0 -90 210.0 0 19.5 NA 1.41
including 0 6 NA 2.24
including 9 4.5 NA 1.96
including 16.5 1.5 NA 1.58
and 34.5 10.5 NA 1.01
including 37.5 4.5 NA 1.65
DH23K620bis 12682620 4660943 2767 0 -90 250.0 33 24 NA 1.41
including 37.5 4.5 NA 1.83
including 51 6 NA 1.71
and 136.5 1.5 NA 1.19
and 186 9 NA 0.70
including 186 1.5 NA 1.20
including 192 1.5 NA 1.84
DH23K625 12682656 4661017 2756 0 -90 253.5 12 12 5.8 0.76
including 13.5 1.5 0.7 1.03
including 18 1.5 0.7 1.23
and 63 7.5 3.6 0.33
and 84 21.5 10.3 3.38
including 84 12.5 6.0 5.41
and 138.5 25.5 12.2 0.98
including 143 9 4.3 1.72
including 161 1.5 0.7 2.00
and 212 10.5 5.0 0.72
including 213.5 1.5 0.8 2.50
including 221 1.5 0.8 1.46
DH23K626 12682656 4661017 2756 135 -55 150.0 7.5 3 NA 0.58
DH23K627 12682652 4661020 2756 315 -55 150.0 3 7.5 6.5 1.27
including 4.5 3 2.6 2.28
and 24 19.5 16.8 0.86
including 36 6 5.2 2.03
and 51 27 23.3 1.48
including 51 4.5 3.9 2.14
including 60 4.5 3.9 1.62
including 67.5 1.5 1.3 1.23
including 73.5 4.5 3.9 3.69
DH23K628 12682619 4660943 2766 315 -65 200.0 6 40.5 22.9 1.42
including 10.5 1.5 0.9 1.44
including 16.5 4.5 2.6 2.47
including 24 13.5 7.6 2.29
including 42 1.5 0.9 1.50
and 73.5 16.5 9.4 2.10
including 75 1.5 0.9 1.53
including 81 9 5.2 3.37
and 105 95 54.2 1.43
including 105 22.5 12.9 2.44
including 130.5 3 1.7 4.56
including 141 6 3.4 1.45
including 156 15 8.5 2.11
including 174 7 4.0 2.24
including 199 1 0.6 1.43
Appendix 2
JORC_2012_Table 1_Sections_1_2
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Sampling comprises predominantly diamond core drilling, along with
specific specialised industry standard measurement tools appropriate to the trench sampling and channel sampling from the new road channelling
minerals under investigation, such as downhole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · Core was drilled through the full expected mineralization
meaning of sampling. intersection, as normal to the mineralization strike, as it is possible,
taking into account the geological knowledge and the terrain conditions
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. · The core samples are predominantly HQ diameter, occasionally PQ
· Aspects of the determination of mineralization that are Material to · The trenching and road cutting sampling was done via ordinary hammer,
the Public Report. along marked intervals
· In cases where 'industry standard' work has been done this would be · The average down-hole sample length is 1.5m and the average trench
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m and road cut sample is 2.0m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there · The samples are taking in to account all major lithological breaks
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralization types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Diamond core wireline drilling
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · HQ drilling diameter (96mm) was used as a major drilling diameter,
whether core is oriented and if so, by what method, etc). occasionally PQ at the hole upper-level zones were also sporadically used,
aiming to guarantee best drilling performance
· Diamond core drilling was occasionally conducted via triple-tube
aiming to guarantee better core recovery
· The majority of drilling is inclined, aiming to intercept the
expected mineralization strike as normal as possible
· No orientation was applied
· Drilling equipment is in good condition, provided and operated by
local subcontractor with wide experience in central Asia
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Core recovery is logged as percent of the total length, measured
results assessed. directly from the core box observation
· Measures taken to maximise sample recovery and ensure representative · Core recovery is improved by using triple - core tube and additive
nature of the samples. drilling muds
· Whether a relationship exists between sample recovery and grade and · Overall core recovery is above 90%
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material. · There doesn't appear to be a relationship bias between grade and
length, or sample weight and recovery
Logging · Whether core and chip samples have been geologically and · Drill core logging was done by company's geologists, or subcontractor
geotechnically logged to a level of detail to support appropriate Mineral company but under supervision of company's geologists
Resource estimation, mining studies and metallurgical studies.
· Road-cuts logging was done by company's geologists
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · Trench logging was done by sub-contractors, under the supervision of
company's geologists
· The total length and percentage of the relevant intersections logged.
· Total length of the logged drill holes is 2536.6m
· Core logging is including: lithology, hydrothermal alteration,
oxidation stage, degree of fracturing, mineralization, structures, RQD, core
recovery.
· Each day, the core was transported to the field core storage area for
logging. The core trays are wooden, including wooden cover as well, to prevent
core losses or extra moving
· Core logging is done in laptops, using AGR 4.0 software as a database
platform.
· Photo documentation is done on wet trays, and data is also
incorporated in the database.
· At the end of the field season all core is transported at the main
core storage facility, in Malovodnoye village, located close to the Kyrgyzstan
capital - Bishkek
· Logging procedures are meeting the industry standards, and are
suitable for Mineral Resource Estimation
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · All intact core samples are sawn along the long axis, using core saw,
taken. in case of intensively fractured zones, samples are taken with trowel
· If non-core, whether riffled, tube sampled, rotary split, etc and · Half core is packed in labelled polyethylene bags, weighted, and
whether sampled wet or dry. further transported to "Stewart Assay and Environmental Laboratory", located
in Karla Balta, Kyrgyzstan
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · All of the drilled core is sampled, except the initial diluvium /
alluvium zones
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · All in situ bedrock, outcropped in trenches and new road cuts were
samples as well, using ordinary hammer
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · All samples are transported to "Stewart Assay and Environmental
laboratory procedures used and whether the technique is considered partial or Laboratory", located in Karla Balta, Kyrgyzstan, for further sample
total. preparation and analysis
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · Through the sample preparation process, the entire sample is crushed
the parameters used in determining the analysis including instrument make and to passing 90% at 2mm. Two pulps are made by pulverizing to 85% passing 0.075
model, reading times, calibrations factors applied and their derivation, etc. mm. One pulp is return to the company as duplicate, the second one is
analysed, including: Fire Assay and ICP - 35 elements
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · The applied QAQC scheme (in 2021 and 2023 drilling campaigns) is
accuracy (ie lack of bias) and precision have been established. including more than 15% of the all-core samples and 10% of the trench and road
cut samples.
· QAQC including:
- several types of different reference material (standards) provided by
RockLab company, used for different intensity of mineralization and oxidation
- Blank material, collected from barren sediments located close to the filed
camp
-Pulp, coarse and field duplicates
-Independent sample verification in SGS (Chita, Russia)
· The applied QAQC procedures and the obtained results are meeting the
industrial standards and are confirming the representativeness of the
available results
Verification of sampling and assaying · The verification of significant intersections by either independent · SGS- Russia / Chita laboratory was used for external verification for
or alternative company personnel. portion of the pulp duplicates.
· The use of twinned holes. · No twin holes were designed in the current assessment.
· Documentation of primary data, data entry procedures, data · All the assay results are received electronically as an excel
verification, data storage (physical and electronic) protocols. spreadsheets, and further incorporated in the database by company's database
manager
· Discuss any adjustment to assay data.
· The access of the database is limited, and only authorized employees
can make corrections in it
· Prior to data interpretation, the lower detection limits of Au (0.05
ppm) are changed to half of the detection limit (0.025ppm)
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · All collar locations are reported at Gauss Kruger Pulkovo 1942 Zone
and down-hole surveys), trenches, mine workings and other locations used in 12
Mineral Resource estimation.
· The survey is conducted, using Lecia Total Station (centimetre
· Specification of the grid system used. accuracy)
· Quality and adequacy of topographic control. · All holes have a downhole survey, taken approx. at 25m interval,
using REFLEX EZ SHOT tool
· The topographic model is based on satellite data
· Roads, drill sites and other topographic details have been added
after on-the-ground survey
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Exploration hole collars are in accordance with existing profiles
designed perpendicular to the mineralized zones
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · The average space of drilling is 80m. This is considered sufficient
Resource and Ore Reserve estimation procedure(s) and classifications applied. for maiden Mineral Resource Estimation (MRE), and confirming of JORC compliant
Inferred Mineral Resources
· Whether sample compositing has been applied.
· No historical drilling was available in Karator area till 2021
campaign.
· Sample compositing will be applied when the process of MRE update
commence
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · All the holes were designed in attempt to intercept the expected NE
possible structures and the extent to which this is known, considering the striking mineralization as normal as possible, and to avoid sampling biases
deposit type.
· The mineralization strike is northeastern direction, and the drill
· If the relationship between the drilling orientation and the bearing is in southeastern and northwestern directions
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · The samples are sufficiently secure, with security guards in the
entry, on both - field camp and Malovodnoye core shed
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No external field audit was implemented
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Chaarat ZAAV CJSC (CZ) is established in Kyrgyz Republic and is
agreements or material issues with third parties such as joint ventures, wholly - owned subsidiary of Chaarat Gold Holdings Ltd (Chaarat).
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · CZ is developing Tulkubash Gold Project (Project) located in the
Sandalash Range of the Alatau Mountains in the Chatkal district of the Jalal
· The security of the tenure held at the time of reporting along with Abad region (province) of north-western Kyrgyzstan
any known impediments to obtaining a license to operate in the area.
· CZ sole holds two licenses of the area (Property)
· The Property is located at latitude 42°1'6.91" N and longitude
71°9'39.04" E and is close to the border with Uzbekistan. The Project site is
located approximately 300 km southwest of the capital Bishkek, 60 km northeast
of the regional administrative centre of Kanysh-Kiya in the Chatkal Valley,
and 300 km by road from the nearest railway station in Shamaldy-Say
· Mining (production) license: #3117AE of 700.03ha, valid to 2032 is
covering defined Mineral Resources of SW part of the Property
· Exploration license # 3319AP, valid till October 2023, retain option
is currently in progress, with area of 6776 ha is covering prospective ground
in NE direction. Karator area is within this exploration license.
· CZ is obtaining consent of the local state administration and the
local governments of Chatkal Region, required to conduct exploration work
· As per Kyrgyz Republic legislation, land allocation is granted for
subsoil use (e.g., road construction, industrial sites, or other
infrastructure facilities) for the term of license validity
· CZ bear a full legal responsibility for compliance with environmental
requirements under Kyrgyz Republic legislation. CZ is required to obtain
relevant environmental permits, make quarterly payments for environmental
pollution as per Kyrgyz Laws and submit reports on compliance with
environmental requirements
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Initial reconnaissance commenced in Soviet era, in regard with
identified antimony mineralization. Following the breakup of Soviet Union,
Apex Asia in joint venture of Newmont Overseas Ltd completed approx. 1800m
drilling and conduct geophysical survey. After 2002 CZ was formed, and
acquired what is now known as Chaarat Mining License. Till 2021 CZ mange to
confirm the presence of economic Au mineralization in the southwestern area of
the Property and to opened room for further exploration in northeastern
direction
· Karator area is part of the Exploration License and is considered as
the northeastern extension of Tulkubash oxide gold deposit. The potential for
gold mineralization was outlined by stream sediment and soil sampling, but
mainly confirmed in 2021 and 2023 via systematic drilling and trenching.
Geology · Deposit type, geological setting and style of mineralization. · Chaarat Gold Project (Project), including Karator exploration area as
part of it, is located within Tien Shan Metallogenic Belt, a Hercynian fold
and thrust belt, with length more than 2500 km. Tien Shan belt is divided by
three tectono-stratigraphic units, each of it divided by a major structural
zone, and is thought to represent accretionary prisms, on the margin of proto
Euroasian continent. The Project is in the middle Tien Shan province, made of
Ordovician - Carboniferous fragments. Structurally, the terrene is intensively
deformed by pre and post mineralization structural activities, dominated by
southeastern and northwestern dipping fore / back thrusts and steep
northeastern strike-slip faults. Genetically, the mineralization system could
be reference to "Orogenic". It has northeastern (NE) strike and is thought to
be closely related with structurally controlled Permian aged magmatism.
· Two main host rock / mineralization types can be outlined in the
deposit. Oxidized type of gold mineralization, hosted in Devonian silicified
sandstones of Tulkubash formation. Representing relatively steep, NE striking
lenses, controlled by series of dilatational jogs. The second type of
mineralization is unoxidized gold zone, containing refractory gold, hosted in
Ordovician flysch complex, dominated by fine-grained black shales, locally
appeared in green-schist facies, and with features of comprehensive structural
deformations. Both ore types are thought to represent same hydrothermal
system, developed in different facies due to difference in the host rock and
the stratigraphic position
· Tulkubash Central Pit / East Pit (CP_EP) and Karator zones are part
of the oxidized mineralization type.
· The Karator zone is located approximately 2 km to the northeast of
the Tulkubash east area and extends on about 1,000 meters of strike, having
approximately 30 to 50 metres true width and 150-250 meters depth. The deposit
is open at strike and at depth. The mineralization is tested by systematically
trenching on surface, maiden exploration drilling at 2021(5 holes) and infill
drilling at 2023 (9 holes). The zone is interpreted as following the
extensional shear zone developed along or between the major Contact and Irisey
reverse faults.
Drill hole Information · A summary of all information material to the understanding of the Hole East, m North, m Elev, m Az Dip Dept, m Year
exploration results including a tabulation of the following information for DH23K620 12682612 4660940 2767 0 -90 97.8 2023
all Material drill holes: DH23K621 12682681 4661087 2747 125 -70 90.0 2023
DH23K622 12682682 4661086 2748 135 -40 100.0 2023
o easting and northing of the drill hole collar DH23K623 12682678 4661083 2748 315 -55 100.0 2023
DH23K624 12682680 4661081 2748 0 -90 210.0 2023
o elevation or RL (Reduced Level - elevation above sea level in metres) of the DH23K625 12682656 4661017 2756 0 -90 253.5 2023
drill hole collar DH23K626 12682656 4661017 2756 135 -55 150.0 2023
DH23K627 12682652 4661020 2756 315 -55 150.0 2023
o dip and azimuth of the hole DH23K628 12682619 4660943 2766 315 -65 200.0 2023
DH23K620bis 12682620 4660943 2767 0 -90 250.0 2023
o down hole length and interception depth DH21K598 12682945 4661443 2901 135 -45 158.9 2021
DH21K601 12682610 4660940 2768 315 -45 251.0 2021
o hole length. DH21K604 12682668 4661224 2731 135 -35 180.2 2021
DH21K605 12682667 4661225 2731 135 -60 185.0 2021
· If the exclusion of this information is justified on the basis that DH21K607 12682567 4661110 2667 135 -35 160.2 2021
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Yet not available Mineral Resource Estimation (MRE)
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · For the currently reported intercepts (drilling 2023) is used cut-off
grade of 0.2 ppm Au, with allowed maximal internal dilution of 6.0m
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The reported intercepts have no applied true depth calculation.
Exploration Results.
· The mineralization strike is NE, dipping to SE with approximately 80
· If the geometry of the mineralisation with respect to the drill hole degrees. The drilling is in NW and SE direction, dipping between 50 and 80
angle is known, its nature should be reported. degrees
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Available plan and sections of the mineralization
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Comprehensive reporting for the Karator area will be completed in
practicable, representative reporting of both low and high grades and/or due course.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Rock density measurements are using field Archimedes principle
reported including (but not limited to): geological observations; geophysical approach with wax (sample length is approx. 10 cm)
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · UAV based geophysics (Magnetic and Gamma Spectrometry) available
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral In the coming years the company is planning to continue Karator assessment via
extensions or depth extensions or large-scale step-out drilling). further systematic step out and infill drilling, metallurgical, and
geotechnical test works.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, Maiden JORC compliant Mineral Resource Estimation
provided this information is not commercially sensitive.
Data aggregation methods
· In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
· Yet not available Mineral Resource Estimation (MRE)
· For the currently reported intercepts (drilling 2023) is used cut-off
grade of 0.2 ppm Au, with allowed maximal internal dilution of 6.0m
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· The reported intercepts have no applied true depth calculation.
· The mineralization strike is NE, dipping to SE with approximately 80
degrees. The drilling is in NW and SE direction, dipping between 50 and 80
degrees
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Available plan and sections of the mineralization
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· Comprehensive reporting for the Karator area will be completed in
due course.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· Rock density measurements are using field Archimedes principle
approach with wax (sample length is approx. 10 cm)
· UAV based geophysics (Magnetic and Gamma Spectrometry) available
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
In the coming years the company is planning to continue Karator assessment via
further systematic step out and infill drilling, metallurgical, and
geotechnical test works.
Maiden JORC compliant Mineral Resource Estimation
( )
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. END MSCPPGGCGUPWGAPRecent news on Chaarat Gold Holdings
See all newsREG - Chaarat Gold Hlgs Ld - Full year results for year ended 31 December 2023
AnnouncementREG - Chaarat Gold Hlgs Ld - Tulkubash Gold Project Financing Update
AnnouncementREG - Chaarat Gold Hlgs Ld - Maiden MRE at Karator Prospect
AnnouncementREG - Chaarat Gold Hlgs Ld - Award & Concurrent Cancellation of Options
AnnouncementREG - Chaarat Gold Hlgs Ld - £1.8 million Equity Issue
Announcement