Chaarat has published a maiden Mineral Resource Estimate (MRE) for its Karator prospect, 2km from its most advanced asset, the 1.01Moz resource Tulkubash gold project in Kyrgyzstan.
Karator contains 207,000oz at 0.96 g/t gold not including 5-10Mt of oxide gold material at 0.8-0.9 g/t, subject to further exploration, resource definition and upgrade.
Chaarat will use production from Karator and other satellite deposits to extend the Tulkubash Life of Mine from the current six years towards the eventual target of 10-15 years.
Next steps at Karator will include further systematic step-out and infill drilling, aiming to advance and extend the maiden resource.
A comprehensive technical assessment will also be undertaken, including field activities covering metallurgical, geotechnical, and hydrogeological test works, and a further Feasibility Study (FS) report with confirmed JORC compliant Reserves.
David Mackenzie, chief financial officer, commented: “Our +1Moz Tulkubash Gold Project is the most advanced in our portfolio and should move into construction in the first half of 2024, subject to financing.
Tulkubash, in isolation, will be a significant gold operation, producing 95,000 ounces of gold per annum, and today’s news further enhances these already robust fundamentals.
“By deploying the same simple mining and processing methodology as envisaged at Tulkubash, developing Karator into a satellite operation will directly contribute to the economics of the project, whilst keeping Chaarat largely insulated from technical and execution risk.”
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