Chaarat Gold Holdings has reached another milestone at its Chaarat Gold Project with the award of licences from the Kyrgyz Government. The exploration and development company's two mining licences on its Chaarat deposit have been merged into one licence that is valid until 2032 while it has also been awarded an exploration licence that is valid until 2033 over prospective areas adjacent to the Chaarat licence.
The single licence merges together the previously awarded Tulkubash and Kiziltash mining licences and follows the AIM-listed company's decision to develop the deposit as one large project. The new exploration licence includes an on strike extension of the Chaarat deposit with trenching work having confirmed mineralization.
“The new unified mining licence is initially valid until 2032 but may be thereafter extended to life of mine which I believe will be much longer. The definitive feasibility study (DFS), which is currently in preparation, has to be submitted and adapted to local standards by the end of 2016; a requirement which will be satisfied,” says Chaarat’s chief executive Dekel Golan.
“Construction and operational permits will be issued based on the designs included in the DFS. Progress on the DFS has continued with the completion of data collection and we are currently assessing the bid packages from consultants.”
Dekel Golan says the company applied for the exploration licence having identified the continuation of the mineralized strike and a number of additional promising targets. “It is important to remember that the three parallel mineralized zones of Chaarat can be identified over 12km and of this strike only 5km has been drilled to date and about 6 million ounces of gold resource delineated.
“We anticipate that significant additional resources can be identified and delineated within the area of the new exploration licence which is valid until 2033 and may be extended after that for a further 20 years.
“I would like to thank the Kyrgyz Government for its support and acknowledgement that the Chaarat deposit is one of the world’s best undeveloped gold deposits.”
The DFS is on track to be completed in late 2014.