RTG Mining (ASX:RTG) has reported ‘encouraging’ gold and copper results from an extensive fieldwork program at its Chanach Project in the Kyrgyz Republic.
The $39.50 million market capitalisation company says the results highlight gold (Au) and copper (Cu) mineralisation along 6.5km of skarns and new structures within the Chanach area.
RTG says under previous ownership, there had been limited mapping and no detailed work conducted on the skarn areas — the extent of which was only uncovered in the last field season.
Channel samples collected from the area confirm the ‘high-grade’ nature and ‘strong’ prospectivity of the skarns, combined with ‘high-grade’ epithermal quartz veins within the tenement.
RTG reports ‘high-grade’ trench sampling assays include 2m @ 4.05g/t Au and 1.56% Cu; 7m @ 2.94g/t Au (including 4m @ 4.87g/t Au) and 1.12% Cu; and 5m @ 5.53g/t Au.
RTG shares climbed 12.9% to close at $0.035 on Monday afternoon (9 October).
Commenting on the results, RTG Mining Chief Executive Officer (CEO) Justine Magee says: “These results further increase our confidence that Chanach can evolve into both a high-grade, large copper-gold porphyry skarn system, similar to or even better than the Mabilo Project, combined with a high-grade epithermal gold system.
“Follow-up work next field season is planned to include a 3DIP survey and drilling of defined targets”
Follow-up work next field season is planned to include a 3DIP survey and drilling of defined targets.
Whilst we are excited to see the excellent results coming from Chanach, progress at our Mabilo Project in the Philippines continues to gain momentum, with the new partnership with the Villar-controlled TVI Resource Development Inc. working well, with the current focus on updating budgets for start-up so we can refresh financing plans for the project.
We have again been approached by a number of parties who have expressed a keen interest in both the financing and offtake arrangements for the project.”
The recent exploration activities conducted at Chanach included ground-truthing, the collection of 1,154 soil samples focused on the 6.5km skarn and new structures uncovered in last year’s structural survey, as well as the digging of 7 dozer cut trenches across the skarn and outcropping quartz.
RTG also conducted a magnetic survey over the tenement, which was flown with drones by Geoscan. The data collected will be processed by Southern Geoscience Consultants in Perth.
RTG Mining is a dual-listed gold and copper mining and exploration company. As of 30 June 2023, the company had just under US$369,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: RTG Mining
