The Asia Miner

JAN-FEB 2018

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Volume 15 • Issue 1 | 2018 | ASIA Miner | 73 Central Asia KENADYR Mining's 2017 drilling program at the Borubai Gold Proj- ect in the Kyrgyz Republic has demonstrated that significant min- eralisation continues to the east and south of the Zijin-KyrgyzAltyn Mining Lease. Kenadyr's tenements surround the TBL gold mine, which is operated by Zijin Mining. The drilling was designed to intersect the various areas surround- ing the TBL lease which were previously drilled by the Soviets be- tween 1970 and 1990. Highlights of the program include 40 metres @ 6.17 g/t gold, 50 metres @ 8.15 g/t and 29 metres @ 5.35 g/t. A second section, EZ-2, was recently completed at the East Zone, which is approximately 25 metres west of Section EZ-1. These sec- tions demonstrate good continuity of mineralisation in this area and will provide clear guidance for step out drilling to the east, which is planned in 2018. Kenadyr's chief executive officer Alexander Becker said, "The 2017 drill program has demonstrated that the mineralisation com- prising the ore body found at TBL continues strongly in two direc- tions along strike onto Kenadyr's Borubai licence. "The new section EZ-2, in combination with EZ-1, clearly demon- strates that the mineralisation found at the East Zone is an en ech- elon body of mineralisation separate from the TBL deposit, and that this recently drilled zone can be considered a new discovery." Kenadyr's Borubai project comprises a 100%-owned exploration licence covering a contiguous 164 square kilometre land package that encircles the newly constructed and operational TBL mine in the country's north. Zijin, the majority owner of TBL, is one of China's largest gold producers, second-largest copper and zinc producer, as well as a major producer of tungsten and iron ore. TBL is designed to annu- ally produce 125,000 ounces of gold. Kenadyr recently entered option agreements with Realgold Re- sources for the acquisition of nine Kyrgyz mineral exploration licenc- es, including some near Centerra Gold's Kumtor project, which is the country's largest mine. The licences cover approximately 1200sqkm of the most prospec- tive gold ground within the Middle Tien Shan carbonaceous shale belt and occur within a strike length of 800km from west to east. CHAARAT Gold Holdings expects to complete a feasibility study for the Tulkubash Heap Leach Project in the Kyrgyz Republic during the current quarter. The study will include an updated resource estimate for the oxide zone incorporating assay results from the 2017 drilling program. Tulkubash forms part of the Chaarat Gold Project. During 2017, the feasibility study was progressed in draft form and by December was around 80% complete. Resources, reserves and the mining sections are expected to be updated, costs re-eval- uated and the study put into final form. The ongoing infrastructure upgrade is crucial to ensure that con- struction of the heap leach project can commence in a timely man- ner following completion of the feasibility study. The access road from the Chatkal Valley to the top of the Kumbel Pass is the only access to the mine and needs to be improved to ensure the safe delivery of equipment and construction supplies to site. By December the road was 65% complete with work to con- tinue over the winter, as weather allows, with completion expected in the June quarter. The recently completed bridge over the Sandalash River will pro- vide access to the Tulkubash open pit for heavy mining equipment and service vehicles. Establishing reliable mobile communications is a high priority for construction and operations at the mine and the company is well advanced to achieve this. Earthworks for the heap leach pad are on the critical path and beginning detailed design helps de-risk the construction schedule. The 2017 exploration program doubled the indicative length of the proposed Tulkubash open pit to around 2200 metres. The pit will connect with other previously drilled satellite pits. The program resulted in the company completing 17,420 metres of drilling, 60% more than the planned 11,000 metres. Chaarat's CEO Robert Benbow said, "The development activities initiated and advanced this year will give us an advantage when we start construction. Improving access to site and communications will assist our team in delivering the project. "It is clear that an ongoing exploration program will be an integral part of our business plan. We look forward to commencing our next season of drilling and project development to deliver Tulkubash as an oxide heap leach operation of significant scale." Tulkubash feasibility nears completion Kenadyr Mining has an extensive tenement package that encircles the op- erating TBL gold mine. Kenadyr drilling extends Borubai project

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