Aim-quoted exploration and development company Charaat on Tuesday announced a significant increase in the mineral resource estimate for its Tulkubash oxide gold deposit in the Kyrgyz Republic.
Results of an interim resource update indicate that the Tulkubash mineral resource increased by 46% to more than 1.4-million ounces of gold and that the measured and indicated grade increased by 57% to 1.35 g/t of gold.
The resource update is based on a new, simplified geologic model. It is an interim resource update, including results received to date from 63 diamond drill holes, comprising about 10 525 m drilled since the company's last resource update in January. The company is targeting the completion of a total of 30 000 m of diamond drilling at Tulkubash this year and a further resource update will be announced in the first quarter of 2019.
"We are very excited by this interim resource update for Tulkubash. Results continue to validate our belief that Tulkubash will not only continue to grow into a world-class gold deposit, but indeed is the beginning of an emerging new gold district. The current resource boundary has been extended 1 040 m and mineralisation has also been extended by an additional 400 m. The mineralisation remains open along strike and we still have drilled only a small portion of the prospective 24 km trend of favourable geology and surface gold occurrence,” commented technical director and head of exploration, Dorian Nicol.
He added that the significant increases in tonnage, grade and contained ounces should have a positive effect on the new reserve estimate that the company planned to complete in October.
"In addition to the updated resource model, the company also now has an updated recovery model, relating measured metallurgical recoveries from various zones of the Tulkubash deposit to geological characteristics, principally the amount of oxide mineralisation in the ore. his is based on updated metallurgical testwork that was completed in the second quarter of this year. The new recovery model will also be incorporated in the new reserve calculation,” Nicol said.