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Chaarat Gold Holdings Ltd - gold miner with operations in Armenia and assets in Kyrgyzstan - Completes the first phase metallurgical test programme on its Kyzyltash gold project in the Kyrgyz Republic. Says it estimates the project has the potential to produce about 300,000 ounces of gold per year. Currently, Kyzyltash gold project has a JORC-compliant measured, indicated and inferred sulphide resource of 5.4 million ounces of gold at 3.8 grams per tonne of ore. Says results on oxidative testwork are expected in the third quarter this year.
Chief Executive Officer Mike Fraser says: ‘The development of the Kyzyltash project is continuing as planned. These first results of the Kyzyltash metallurgical test work have provided confirmation that the gold is favourably recoverable with various technologies.’
Says more than 80,000 metres of drilling have been completed to date on the project. Chaarat Gold aims to progress towards an updated feasibility study on the Kyzyltash project after the test work has been analysed in an economic trade-off study.
Current stock price: 11.84 pence each, down 2.9%
12-month change: 50%
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