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RTG to Acquire 90% Stake in the High Grade Chanach Gold Project in the Kyrgyz Republic

Thursday, 05 September 2019 10:51 AM

RTG Mining Inc.

Announcement to the Australian Securities Exchange and Toronto Stock Exchange

SUBIACO, WESTERN AUSTRALIA / ACCESSWIRE / September 5, 2019 / RTG Mining Inc. (ASX:RTG)(TSX:RTG)(OTCQB:RTGGF) (“RTG” or “the Company”) is pleased to announce that it has entered into a Sale and Purchase Agreement (“SPA”) with White Cliff Minerals Limited (“WCN”) to acquire its majority (90%) stake in the high grade Chanach Gold and Copper Project (“Chanach Project”) in the Kyrgyz Republic (“Transaction”).

Highlights of the Transaction include:

  • Strategic addition to RTG’s portfolio with an existing high grade JORC compliant Inferred Mineral Resource of 2.95 Mt @ 5.11 g/t Au for 484,000 ounces of Au and 17.23 Mt @ 0.37% Cu for 64,000t of Cu1 (141.1 Mlbs Cu) from only limited drilling to date.
  • Acquisition cost of US$3.65 / ounce of Gold and US$0.0063 / pound of Copper.
  • Consideration of US$2.15 million cash and US$0.5m in RTG shares (escrowed for 12 months).
  • Transaction subject to WCN shareholder approval with a target completion date of mid to late October 2019.
  • Unanimous WCN board recommendation and shareholder support statements from 20% of WCN’s shareholders to vote in favour of the Transaction (both in the absence of a superior proposal).
  • Experienced technical expert, advising RTG, believes the exploration potential at the Chanach Project is excellent.

The Chanach Project is located in the prolific southern Tien Shan metallogenic belt, which runs more than 1,500 km from Uzbekistan through to China and hosts one of the world’s largest open pit gold mines, Murantau (175 Moz2) with production believed to be in the order of 2 million ounces per annum2. RTG have appointed Mr. Greg Hall of Phoenix Gold International and former Chief Geologist for Placer Dome, as a consultant given his knowledge of the Chanach Project and other projects in similar geological settings.

The Chanach Project has extensive outcropping mineralised geology with high grade gold veins from surface and significant gold and copper Inferred Mineral Resources. With only 5% of the identified strike length tested to date, RTG believes the Chanach Project has substantial upside. The Chanach Project area is considered to be highly prospective for world class epithermal gold, porphyry copper-gold and polymetallic skarn deposits with numerous targets already identified.

To date the limited exploration activities have defined an Inferred Mineral Resource of 2.95 Mt @ 5.11 g/t Au for 484,000 ounces of Au and 17.23 Mt @ 0.37% Cu for 64,000t of Cu1.

RTG Mining Inc., Thursday, September 5, 2019, Press release picture

Figure 1: Chanach Project Location


RTG has agreed to acquire a 90% interest in the high grade Chanach Project in the Kyrgyz Republic (License AP590) through the acquisition of 100% of PB Partners (Malaysia) Pte Ltd, a wholly owned subsidiary of WCN. The Transaction is subject to the approval of WCN shareholders under Chapter 11.2 of the ASX Listing Rules. The purchase price consists of: (i) cash consideration of US$2.15 million: and (ii) US$0.5 million in new RTG shares to be issued at a price equal to the 5-day VWAP of the RTG shares on the ASX for the 5 trading days leading up to completion of the Transaction.

The purchase price, together with the planned initial drill program have been fully funded by a new unsecured loan of US$2.5 million, obtained by RTG from an external financier, on arm’s length terms and conditions.

This represents a highly attractive and value accretive deal for RTG with an acquisition cost of only US$3.65 per gold ounce and US$0.0063 per pound copper (metal contained in Inferred Mineral Resources).

On completion, RTG will be manager and operator of the Chanach Project Joint Venture company (Chanach LLC) and will solely fund operating expenditures until completion of a Bankable Feasibility Study at which time, funding will then be contributed on a pro-rata basis in accordance with Chanach Project interests.

The 10% joint venture partner is represented by two local brothers, both geologists, who have a strong understanding of the region, orebodies and new targets for extension, with good local support and strong relationships with the mining authorities. They have been very supportive of the RTG acquisition, waiving their pre-emptive rights.

WCN has provided customary exclusivity undertakings to RTG in connection with the Transaction, including no shop and no talk restrictions, and provided RTG with a notification right in respect of any competing proposal.

In addition to WCN shareholder approval, the Transaction and the transactions contemplated in the SPA are subject to any applicable regulatory approvals and no material adverse change/breach of warranties.


The Kyrgyz Republic is a stable, democratic and mining-friendly jurisdiction in Central Asia bordering China and Kazakhstan. With four new mines approved since 2014 and with another mine under construction by Chaarat Gold Holdings Limited (AIM:CGH “Chaarat”), there is strong government support for new mining projects and a growing awareness and recognition of both; the significant economic contribution made by the country’s biggest industry and the potential for this contribution to grow rapidly, with the gold industry already contributing half of the country’s industrial output and 60% of export earnings.

Chaarat has two new projects planned, with the Tulkubash Mine under construction (target production of 94,000 to 110,000 ounces per annum2) to be followed by the Kyzyltash mine which has measured and indicated resources of 4.5 million ounces @ an average grade of 3.7 g/t2, with target production in the order of 200,000 to 300,000 ounces per annum3.

The Kumtor mine operated by TSX listed Centerra Gold Inc. (TSX:CG “Centerra”) has produced over 12 million ounces during its 22 years of uninterrupted profitable production since inception in 1997, with current production in excess of 500,000 ounces per annum4. It has recently finalised negotiations with the Kyrgyz Government which has resulted in a significant re-rating of the company on the Toronto Stock Exchange, trading now with a market capitalisation of approximately C$3.5 billion. In addition to Centerra, there are other major players including Zijin Mining Group Co. Ltd who are operating, exploring and expanding their investment in the country.

The Kyrgyz Republic has a simple revenue-based tax system, strong rule of law, secure licensing processes and does not have local project ownership requirements. Mining infrastructure is well established, with a readily available and skilled mining labour force.


The Chanach Project (prospecting license AP590) is located in the North Western part of the Kyrgyz Republic in the Jalal-Abad province and covers an area of 57.25 km2 of the Chatkal Ranges inside the south-western Tien Shan metallogenic belt.

Regionally, the world class Tien Shan system spans from Uzbekistan in the west across the Kyrgyz Republic and into Mongolia and China and is one the best-endowed gold provinces in the world. It hosts multiple styles of mineralisation due to its complex tectonic history. The juxtaposition of multiple crustal sections within the Tien Shan, including volcanic arcs, continental margins, accretionary and fore-arc complexes, and continental collisional zones, has resulted in a complex mix of overlapping mineralised systems which developed in different crustal environments. These mineralising systems are prolific producers of base and precious metals. The geology of the south-western Tien Shan is generally regarded as being highly fertile ground for sedimentary hosted gold deposits, copper-gold porphyry deposits and their associated epithermal and polymetallic skarn deposits.

The underexplored system plays host to some significant discoveries and operations including very large sediment hosted gold deposits such as Kumtor in Kyrgyzstan (19 million ounces5) and Muruntau in Uzbekistan (175 million ounces6), which is recognised as one of the world’s largest gold deposits. It also hosts large porphyry copper deposits like Almakyr in Uzbekistan. Major deposits located within 100km of Chanach contain inventories of up to 93 million ounces of gold and 25 million tonnes of copper (Figure 1 and Figure 2).

RTG Mining Inc., Thursday, September 5, 2019, Press release picture

Figure 2: The Gold Endowment of the Tien Shan Metallogenic Belt7


The Chanach Project area was discovered around 1963 with geological mapping and surface sampling intermittently up to 2010. The geology of the Chanach Project area is prospective for epithermal gold deposits, porphyry copper deposits and polymetallic skarn deposits. The project area has outcropping mineralised geology seen as multiple high grade outcropping epithermal veins and skarns, which have indicated several porphyry targets.

From 2010 more modern exploration has taken place with approximately US$8.0 million spent by WCN on exploration, of which US$5.7 million is attributable to the Chanach Gold Project, with the balance spent on Chanach Copper Project exploration and resource development.

Targeting has been enhanced by various structural and geophysical surveys including a structural geology study completed by Orefind in 2017, a ground magnetics study by Southern Geoscience in 2016 and a geophysical study completed by Baoding Geological Engineering Institute in 2011.

The Chanach Project is a target-rich environment with 2019 planned exploration focussing on multiple gold targets designed to extend the current Inferred Mineral Resource.

Total exploration drilling includes 142 reverse circulation and diamond holes totalling approximately 19,500 metres, of which 111 drill holes (87 RC and 24 diamond) for a total length of 14.1km can be attributed to the Chanach Gold Project and the balance to copper exploration and the development of the Chanach Copper Project.

To date, the Chanach Project has generated an Inferred Gold Mineral Resource of 484,000 ounces Au at a grade of 5.1 g/t at an extremely cost-effective rate of US$11.80 / ounce and this metric is expected to improve with the ongoing enhancement and refinement of geological understanding and targeting.

Exploration drilling at the Chanach Gold Project commenced in 2014 and to date there have been spectacular intersections of gold mineralisation spanning across the project area, as previously reported by WCN.

Significant intervals from the Quartz Gold Zone include:

  • UGZ-15-35 - 8m @ 57.08 g/t Au from 75m including 1m @ 85.53 g/t Au from 76m, 1m @ 89.34 g/t Au from 80m followed by 1m @ 73.28 g/t Au from 81m.
  • ERC16-035 - 7m @ 23.52 g/t Au from 45m including 1m @ 149.41 g/t Au from 45m.
  • ERC16-036 - 12m @ 15.65 g/t Au including 1m @ 63.24 g/t Au from 82m followed by 1m @ 95.12 g/t Au from 83m.

Significant intervals from the Sandstone Gold Zone include:

  • UGZ-15-33 - 4m @ 99.15 g/t Au from 65m including 1m @ 348.48 g/t Au from 67m.
  • UGZ-15-32A - 3m @ 41.45 g/t Au including 1m @ 71.58 g/t Au from 53m.

Significant intervals from the Lower & Upper Gold Zone include:

  • LGZ-15-29A - 6m @ 38.40 g/t Au from 26m with 4m @ 56.46 g/t Au from 26m including 1m @ 49.79 g/t Au from 26m, 1m @ 23.55 g/t Au from 27m, 1m @ 95.22 g/t Au from 28m and 1m @ 57.29 g/t Au from 29m.
  • CH14-18 - 4m @ 23.83 g/t Au from 85m including 1m @ 30.19 g/t Au from 86m.

Readers are advised that these assay intervals have not been top-cut prior to reporting and true mineralisation widths are not reported. Mineralisation is expected to be sub-vertical. Intervals selected have used a lower cut-off of 0.50 g/t Au. Locations of significant drill intercepts with respect to the mapped mineralised zones are shown in Figure 3.

RTG Mining Inc., Thursday, September 5, 2019, Press release picture

Figure 3: Locations of Significant Drill Intercepts at Chanach Gold Project


The current gold resources at Chanach are open at depth and along strike. RTG Consultant and Chartered Professional Geologist, Greg Hall of Phoenix Gold International and former Chief Geologist for Placer Dome, has visited the Chanach Project area and notes: “the extensive red hematite staining in the project area is an indication of the size of the system, which along with other geological factors and anomalies would indicate an exploration target materially greater than the current Inferred Gold Mineral Resource with further upside in several porphyry and skarn targets that remain untested”

The mineralised faults (vein groups), that are currently defined by field mapping at the Chanach Gold Project, span over a 3km strike length with drilling along only 5% of the strike length identified and mapped to date and with drilling to an average depth of only 120m. Given the existing resource is open at depth, with 95% of veins as yet untested by drilling over the existing 3km strike length and recent mapping programs likely to extend the mineralised strike length by a further 4km, the potential for resource growth is thought to be significant. Additionally; the Chanach Copper Inferred Mineral Resource is open at depth and along strike, with multiple additional porphyry targets identified for testing including several outcropping copper zones 4km to the east of the current resource. Copper skarn mineralisation has also been identified along porphyry-limestone contacts over a 2km trend within the Chanach Project area.

RTG Mining Inc., Thursday, September 5, 2019, Press release picture

Figure 4: Mineralised Faults (Blue) Relative to Inferred Gold Resources (Red)

Anomalous antimony, which is used as a proxy to estimate the distribution of ore stage pyrite that accompanies gold mineralisation (defined by antimony assays in soil sample), extends more than 3km in an east-west direction and 2km in a north-south direction. The anomaly is coincident and thought to define the Chanach low sulphidation epithermal gold vein system (Figure 4).

Three of the gold vein zones have an expression along the western contact of the antimony anomaly. The eastern extent of the antimony anomaly is defined by outcropping porphyry copper mineralisation and its causative intrusion. Ground magnetic data supports the interpretation that the mineralised intrusion (and its precursor variably magnetic intrusion) underlie the full extent of the antimony anomaly.

Fluid flow has been vertical from this underlying intrusion into the limestone where the mineralising fluid has intersected a groundwater aquifer within the limestone, resulting in oxidation of the iron within the mineralised fluid and extensive deposition of red hematite (Figure 5). This hematite staining is another indicator of the size of the system and extends the full length of the antimony anomaly (3km in an east-west direction). The sequence is tilted 15-20 degrees north, so the veins now dip 70-75 degrees to the south.

It is believed that the drilling of the gold vein systems to date, using relatively shallow holes to an average of 120m, is representative of the overall strike and dip length of veins over the three-kilometre strike length (mapped and coincident with the antimony anomaly). Given that only 5% of the mineralised veins have been drilled and the veins are likely to extend vertically at least to the limestone contact, or the base of the valley (approximately 400 vertical meters), then it is believed by RTG consultant, Greg Hall, that there is an exploration target materially greater than the current Inferred Gold Mineral Resource.

RTG Mining Inc., Thursday, September 5, 2019, Press release picture

Figure 5: Highly Visible Geology Showing Extensive Hematitic Red Staining at the Chanach Project Area

RTG Mining Inc., Thursday, September 5, 2019, Press release picture

Figure 6: Mineral Resources & Targets at the Chanach Project


Although currently in the exploration stage, the Chanach Project has a number of factors that would favour the development of a new mining operation. The RTG team is experienced in international mine development and operations and experienced in unlocking resource project value in emerging markets. With previous experience in Kyrgyzstan and Central Asia and excellent in-country capability, RTG believes the coupling of the potential for rapid resource growth and scalability at Chanach, strong government support and good infrastructure will be highly conducive to a project development opportunity. Access to the Chanach Project area is straight forward, there is a proximal grid power line and the Chanach Project area resides in an uninhabited valley void of any artisanal mining activity. From a technical standpoint, preliminary metallurgical test work performed for the Chanach Gold Project indicates that the sandstone hosted gold mineralisation will be free milling with a high gravity gold component and is likely to be amenable to standard gold processing methods.


In May 2018, WCN reported an Inferred Mineral Resource of 2.95 Mt at 5.1 g/t gold for 484,000 ounces and 17.23 Mt at 0.37% copper for 64,000 copper tonnes.

The most recent mineral resource estimates for the Chanach Gold Project are summarised in Table 1 for gold and Table 2 for copper. These Mineral Resources are reported in accordance with JORC Code, 2012 and were first publicly reported 30 May 2018 by WCN. Refer to the cautionary statement below.







Lower Gold Zone





Upper Gold Zone





Sandstone Zone





Quartz Main





Quartz Min





Eastern Gold Zone





Camp Gold Zone









Table 1: Chanach May 2018 Gold Mineral Resource (cut-off grade 1.0g/t Au)*







Quartz Cu














Table 2: Chanach May 2018 Copper Mineral Resource (cut-off grade 0.25% Cu)*

* The Mineral Resource estimates were originally compiled and announced by WCN on 30 May 2018, in accordance with the JORC Code, 2012 and was last disclosed in WCN’s March, 2019 quarterly report on 30 April, 2019.

RTG believes that this information has not materially changed since it was last reported. The Mineral Resources have been reviewed by RTG’s Competent Person.

However, it is important to note that:

  • an 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  • that nothing has come to the attention of RTG’s Competent Person that causes it to question the accuracy or reliability of the former owner’s estimates.

Refer to Appendix 1 for further details on the Mineral Resource.

Technical Summary - Mineral Resource Estimation Methodology and Data

WCN Mineral Resource Estimates (MRE) were compiled by Optiro and has been reviewed by the Competent Person.

Geology and Geological Interpretation

The reported Chanach Inferred Gold Mineral Resource occurs in quartz veining and faults 1-10 metres wide within sandstone and porphyries. The sandstones dip at -20 degrees to the NNE and the porphyry intrusions are sub-vertical in several orientations. The quartz veins and fault zones are orientated NW to NNW are sub-vertical and cross all lithologies indicating that they formed after the sandstone deposition and after the main porphyry intrusion. The mineralised faults and veins cover an extensive area of over 5km2 and less than 5% of the identified faults have been drilled. The reported Chanach Inferred Copper Resource occurs entirely within a main porphyry intrusion as several ENE to easterly trending shear zones that are sub-vertical.

Drilling Techniques

The Inferred Mineral Resource drilling has been conducted with a Korean Hanjin tracked reverse circulation rig drilling 130mm diameter holes using a pneumatic hammer and face sampling bit. This technique shatters the rock into small sub 10mm chips which flow into the centre of the drill rod and are transported to surface using high pressure air. The sample is collected in a cyclone before passing into a sample bag. Diamond Drilling has also been conducted using the same drill rig configured for collection of NQ (50mm) rock core. Drilling has been conducted on approximately 50m spaced lines with approximately 20 to 25m spaced drill holes at the Chanach gold deposit. Drilling has been conducted on approximately 100m spaced lines with approximately 50m spaced drill holes at the Chanach copper deposit.


Sampling of 1m drill chip intervals takes place by splitting the 30kg sample using a three-tier riffle splitter that reduces the sample to 3kg for laboratory analysis. The remnant sample is stored for metallurgical test work if required. At the laboratory the 3kg drill sample is dried, crushed to 90% passing a 1mm screen then subsampled via Jones riffle splitter to 300 grams. The 300-gram sample is milled to 90% passing 75 microns (0.075mm). A 30-gram subsample is weighed and analysed for gold via either an acid digest (aqua regia) with Atomic Absorption Spectroscopy (AAS) or via Fire Assay and an AAS analysis. Copper and base metals are assayed using a 2-10 gram sample four acid digest followed by ICP-MS.

Estimation Methodology

Mineralisation envelopes were constructed by WCN using a minimum grade of 0.3 g/t for gold and 0.25% for copper. Up to 2 metres of internal dilution has been allowed for at zero grade. Mining industry consultants Optiro Pty Ltd were engaged to estimate the gold and copper Mineral Resource. Samples were selected with each mineralisation envelope and composited to 1 metre. Where required top-cuts were applied before estimation of grade using ordinary kriging within the mineralisation envelopes. There are no assumptions in any of the estimates relating to by-products, deleterious elements, selective mining units or correlations between estimation variables. The model estimates are validated by comparing model inputs (composites) to model outputs (panel or block estimates) on a global and moving window (trend-plot) basis for each estimation domain. The models and composites are also inspected on-screen to confirm that the trends in the input data are reproduced as expected in the block estimate.

Cut-off Grade

The Chanach Mineral Resource has been classified as Inferred and reported in accordance with the JORC Code, 2012 using a cut-off of 1 g/t gold and 0.25% copper. The cut-offs were chosen based on assumed economic mining scenarios.

Resource Classification Criteria

The resource classification of Inferred is based on the quality of information for the geological domaining, as well as the drill spacing and geostatistical measures to provide confidence in the tonnage and grade estimates. The Mineral Resource estimate appropriately reflects the Competent Person’s view of the deposit.

About RTG Mining Inc.

RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange, Australian Securities Exchange Limited and the OTCQB Venture Market. RTG is focused on a proposal with a landowner lead consortium to secure an exploration licence at the high tonnage copper-gold Panguna Project in Bougainville PNG and the high grade copper/gold/magnetite Mabilo Project in the Philippines, while also identifying major new projects which will allow the Company to move quickly and safely to production, such as the Chanach Gold and Copper Project.

RTG has an experienced management team which has to date developed seven mines in five different countries, including being responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited, RTG has some of the most respected and international institutional investors as shareholders including Franklin Templeton, Sun Valley, Sprott and Equinox.


Australian Contact
President & CEO - Justine Magee
Tel: +61 8 6489 2900
Fax: +61 8 6489 2920
Email: [email protected]

US Contact
Investor Relations - Jaime Wells
Tel: +1 970 640 0611
Email: [email protected]

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian and applicable securities legislation. Statements regarding the anticipated benefits of the Transaction to RTG, WCN and their respective shareholders; the timing and receipt of required shareholder, stock exchange regulatory approvals for the Transaction; the ability of RTG and WCN to satisfy the other conditions to, and to complete the Transaction; the closing of the Transaction; future growth potential for RTG, WCN and their respective businesses; future mine development plans at the Chanach Project, including anticipated drill programs and feasibility studies; interpretation of exploration results, exploration targets, plans for further exploration and accuracy of mineral resource and mineral reserve estimates and related assumptions and inherent operating risks, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from RTG’s expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of RTG’s mineral projects; the need to obtain additional financing to develop RTG’s mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for RTG’s mineral projects and other risks and uncertainties disclosed under the heading “Risk Factors” in RTG’s Annual Information Form for the year ended 31 December 2017 filed with the Canadian securities regulatory authorities on the SEDAR website at The forward‐looking statements made in this announcement relate only to events as of the date on which the statements are made. RTG will not release publicly any revisions or updates to these forward‐looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

Qualified Person and Competent Person Statement

The information in this release that relates to Exploration Results and Mineral Resource Estimates is based upon information compiled, reviewed and approved by Elizabeth Haren who is a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Elizabeth Haren is employed by Haren Consulting Pty Ltd and is a consultant to RTG. Elizabeth Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person and a Qualified Person for the purposes of NI 43-101. Elizabeth Haren consents to the inclusion in the release of the matters based on her information in the form and the context in which it appears.

The information in this release that relates to Exploration Targets is based upon information compiled, reviewed and approved by Greg Hall who is a Qualified Person under NI 43-101 and a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ who is a Member and Chartered Professional of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Greg Hall is employed by Golden Phoenix International Pty Ltd and is a consultant to RTG. Greg Hall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person and a Qualified Person for the purposes of NI 43-101. Greg Hall consents to the inclusion in the release of the matters based on his information in the form and the context in which it appears.

JORC Code, 2012 Edition - Appendix 1
Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)


JORC Code Explanation


Sampling Techniques

  • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
  • RC Drill samples were collected using a face sampling hammer with each metre of drilling deposited in a plastic bag that is fed through a three-tier riffle splitter to obtain a 2.5-3kg sample.
  • Diamond drill samples were collected by cutting NQ (50mm) core in half along its axis and sampling one half of the core. This generates approximately 2.5kg of core.
  • Sample bags were visually inspected for volume to ensure minimal size variation. Where variability was observed, sample bags were weighed. Sampling was carried out under standard industry protocols and QAQC procedures
  • A 300 gram subsample was extracted using a Jones Splitter and pulverized to 200 mesh (75 micron).
  • A 30 gram sample is digested for gold analysis by Aqua Regia digest and Atomic Adsorption Spectrophotometry (AAS), and for copper analysis via pressed pellet X-ray florescence (XRF).
  • A 0.2 gram sample is digested for multi-element analysis by Aqua-Regia digest and Inductive Coupled Plasma (ICP) using Mass Spectroscopy (MS) or Optical Emission Spectroscopy (OES).

Drilling Techniques

  • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
  • Reverse Circulation Drilling, 900CFM/350PSI compressor, with 133mm (5.25 inch) diameter face sampling hammer bit. Industry standard processes for RC drilling.
  • Diamond drilling, NQ (50mm) diameter orientated core via Reflex ACT3.

Drill sample recovery

  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • The calculated volume of 1m RC sample is 30kg based on rock density of 2.6 g/cm3. Sample bags were visually inspected for volume to ensure minimal size variation. Where variability was observed, sample bags were weighed. Sampling was carried out under standard industry protocols and QAQC procedures.
  • Visual inspection of sample size of 1 metre samples.
  • Diamond Core recovery calculations are based on recorded recovery measurements taken on core.
  • No studies on relationships between sample recovery and grade have been carried out.


  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
  • The total length and percentage of the relevant intersections logged.
  • Drill samples have been geologically logged and have been submitted for petrological studies. Samples have been retained and stored. The logging is considered sufficient for JORC compliant resource estimations.
  • Logging is considered qualitative.
  • All of the intersections have been logged.

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • NQ core is cut via a diamond saw and half core sampled.
  • Samples were riffle split from 30kg down to 3kg. Where samples were too wet to riffle split, samples were tube sampled.
  • RC Samples were collected using a face sampling hammer which pulverises the rock to chips. The chips are transported up the inside of the drill rod to the surface
  • Half NQ diamond core (2.5 kg) is sampled.
  • At this stage of the exploration no sub sampling is undertaken during the collection stage.
  • The whole sample collected is crushed to 1mm and a 200g sub-sample pulverised. A 2-10 gram sub sample of the pulverised sample is analysed. Field duplicates for diamond core are not routinely collected.
  • The sample sizes are considered to be appropriate to correctly represent the mineralisation style.

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • The analytical techniques used Aqua Regia acid digest, Atomic adsorption Spectrophotometry for gold analysis and ICP MS or OES for multi-element analysis are considered suitable for the reconnaissance style sampling undertaken.
  • Gold analysis was carried out using a Thermo Scientific Solar S2 AA-Spectrometer with Atom Trap STAT (Slotted Tube Atom Trap), gaseous hydride generation system (VP100 Continuous Flow Vapour System)
  • Multi-element analysis was carried out by aqua regia digest with ICP MS and OES analysis using an iCAP 6300 ICP-instrument manufactured by Thermo-Scientific (USA-UK).
  • All mineralised intervals have been re-assayed at Bureau Veritas laboratory In Perth by Fire assay and ICP-OES using 40g samples and reported for Au, Pt, Pd
  • All mineralised multi-element intervals have been digested and refluxed with a mixture of Acids including Hydrofluoric, Nitric, Hydrochloric and Perchloric Acids.
  • Cu and Zn have been determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry.
  • Ag, As, Mo, Pb, and Sb have been determined by Inductively Coupled Plasma (ICP) Mass Spectrometry.
  • Laboratory QAQC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of the in house procedures.

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • An executive director of White Cliffs has visually verified significant intersections in rock samples from the Chanach project.
  • Twinned holes have not been used.
  • Primary data was collected using a set of standard Excel templates on paper and re-entered into laptop computers. The information was sent to WCNin-house database manager for validation and compilation into an Access database. Assay data is received in digital and hard copy directly from the laboratory and imported into the database.
  • No adjustments or calibrations were made to any assay data used in this report.

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • Sample locations were recorded using handheld Garmin GPS60s. Elevation values were in AHD RL and values recorded within the database. Expected accuracy is + or - 5 m for easting, northing and 10m for elevation coordinates.
  • All holes are downhole surveyed to provide an accurate 3D drill trace.
  • The grid system is WGS84 UTM (zone 42 north).
  • Topographic surface uses handheld GPS elevation data, which is adequate at the current stage of the project.

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.
  • The nominal sample spacing is 1 metre intervals down the hole.
  • In the opinion of the Competent Persons the mineralisation has demonstrated sufficient continuity to be classified as a Mineral Resource under the guidelines of the JORC Code (2012).
  • Samples have not been composited before geochemical analysis. Samples are composited to 1 metre for grade estimation.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • The sampling orientation for drilling is designed to be as perpendicular as possible to the known orientation of the structures.
  • No orientation based sampling bias has been identified in the data at this point.

Sample security

  • The measures taken to ensure sample security.
  • Sample security is managed by White Cliff. Samples are collected by Company employees and transported by Company vehicles to the Laboratory in Kara Balta. The sample processing facility has Security Officers on duty 24 hours per day. The Company stores all mineralised intervals and all laboratory samples in a secured steel vault within the secured processing facility.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.
  • The Company carries out its own internal data audits. No problems have been detected.

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)


JORC Code Explanation


Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • The mineralisation is located within Exploration License AP590 which is a Joint Venture between WCN Limited (90%) and BW3 Pty Ltd (10%)
  • There are no other material issues.
  • The tenement is in good standing and no known impediments exist.

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.
  • No other exploration has been carried out


  • Deposit type, geological setting and style of mineralisation.
  • The geological setting is of Cambrian to Permian aged intrusive porphyry systems, bounded by overlying basaltic, and sedimentary rocks. Mineralisation is mostly situated within granitic porphyry units as broad alteration containing copper sulphides and within narrow quartz veins and faults.

Drill Hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
    • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
    • dip and azimuth of the hole
    • down hole length and interception depth
    • hole length.
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • This data has been provided in previous announcements and the volume of information would detract from a clear understanding of the current Mineral Resource.

Data Aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • No length weighting has been applied due to the nature of the sampling technique.
  • No top-cuts have been applied in reporting of the intersections.
  • No aggregate intercepts are used.
  • No metal equivalent values are used for reporting exploration results.

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
  • The majority of mineralisation is steeply dipping therefore the length of mineralised intercepts in the drill holes will be longer than the true width of the mineralised zones due to the angle between the orientation of the structure and the drill hole. In general, the length relationship between true width and down hole length is ~0.5.


  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • Appropriate maps and sections are included in the body of this report and in previous announcements.

Balanced Reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
  • Representative reporting is included within the body of this report and in previous announcements.
  • The Mineral Resource is based on all available drill hole data at the time of its estimation.

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • Extensive metallurgical test work has been conducted on all mineralised zones. The test work includes total recoverable gold, gravity recoverable gold, cyanide recoverable gold, sequential copper leach and bottle leach.
  • Exploration targeting has been enhanced by a structural study completed by Orefind in 2017, a ground magnetics study by Southern Geoscience in 2016 and a geophysical study completed by Baoding Geological Engineering Institute in 2011. The project is a target rich environment with 2019 planned exploration focussing on multiple targets.

Further Work

  • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • Ongoing reverse circulation and diamond drilling will be used to further define the nature and extent of the geochemical anomalism, and to gain lithological information.
  • Most mineralisation is open both along strike and down dip.

Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)


JORC Code Explanation


Database integrity

  • Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.
  • Data validation procedures used.
  • Assay data digitally received directly from the laboratory and electronically transferred into an access database. Geological and survey data is received in excel spreadsheets and imported electronically into the database.
  • Once in the database, the data is exported to a Map-info drill hole file where it Is validated for consistency. The drill-holes are displayed in sections and the geology visually validated for consistency.

Site visits

  • Comment on any site visits undertaken by the Competent Person and the outcome of those visits.
  • If no site visits have been undertaken indicate why this is the case
  • The prior Competent Person for Exploration results was been with WCNfor 9 years and managed the Chanach project since acquisition in 2009. He is intimately involved in the Chanach deposits, with 18 site visits being undertaken including managing drilling programs on site, field mapping, drill hole logging and geological interpretation.
  • A Competent Person from Optiro Pty Ltd the consulting company that carried out the mineral resource estimate visited the site in July 2017 and confirmed all material aspects of the drilling programs, assay laboratory and QAQC.
  • The current Competent Person has not visited the site due to tight timing constraints.

Geological Interpretation

  • Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.
  • Nature of the data used and of any assumptions made.
  • The effect, if any, of alternative interpretations on Mineral Resource estimation.
  • The use of geology in guiding and controlling Mineral Resource estimation.
  • The factors affecting continuity both of grade and geology.
  • There is a moderate level of confidence in the geological interpretation due to the presence of outcropping mineralisation at surface.
  • Wireframes used to constrain the estimation are based on drill hole intercepts and geological boundaries. All wireframes at the Chanach copper deposit have been constructed to 0.25% Cu cut-off grade and at the Chanach gold deposit have been constructed to a 0.3 ppm Au cut-off grade for shape consistency.
  • The current interpretation of controls on and interpretation of mineralisation are relatively simple and no alternative interpretations have been considered. Further exploration may result in slight changes to interpreted mineralisation zones.
  • Wireframes are used to constrain the estimation and are based on drill hole intercepts and geological boundaries.
  • Wireframes are constructed to a 0.3 ppm Au cut-off grade for gold and a 0.25% Cu cut-off grade for copper for shape consistency.


  • The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource
  • The gold Mineral Resource comprises four main zones, LGZ, UGZ, SSZ and QZ which have a strike length of 300 m and extend vertically for approximately 150 m below surface along with three minor zones.
  • The copper Mineral Resource has one zone with a total strike length of 600 m and which extends vertically for approximately 350 m below surface and another smaller zone.

Estimation and modelling techniques

  • The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.
  • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.
  • The assumptions made regarding recovery of by-products.
  • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).
  • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.
  • Any assumptions behind modelling of selective mining units.
  • Any assumptions about correlation between variables.
  • Description of how the geological interpretation was used to control the resource estimates.
  • Discussion of basis for using or not using grade cutting or capping.
  • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.
  • Grade estimation using Ordinary Kriging (OK) was completed using Datamine software for Au and Cu. Drill grid spacing at the gold zones approximates 50 m and 100 m at the main copper zone.
  • Variogram orientations were largely controlled by the strike of mineralisation and downhole variography. Variograms for estimation purposes were determined for each zone.
  • Other estimation parameters, such as search distance, minimum and maximum sample numbers were derived from KNA. Search distances varied depending on the element being estimated and the domain.
  • There has been no production at Chanach of gold or copper.
  • No assumptions have been made regarding recovery of any by-products.
  • No deleterious elements were estimated, and none are known to exist.
  • The block model dimensions and parameters were based on the geological boundaries and average drill grid spacing. Sub-blocks were used to ensure that the block model honoured the domain geometries and volume. Block estimates were controlled by the original parent block dimensions.
  • The individual parent block dimensions were 25 mE by 5 mN by 25 mRL, with sub-blocking allowed.
  • Estimation into parent blocks used a discretisation of 10 (X points) by 5 (Y points) by 10 (Z points) to better represent estimated block volumes.
  • No selective mining units were modelled in this estimate due to the wide drill spacing. It is assumed that the SMU is equal to the block model parent cell or smaller.
  • Gold and copper were estimated for each deposit.
  • Drill hole sample data was flagged using domain codes generated from three dimensional mineralisation domains. RC sampling was at 1 m intervals and diamond drilling was composited to 1 m.
  • Mineralisation domains were treated as hard boundaries in the estimation process.
  • Top cuts were established by investigating univariate statistics and histograms of sample values. Top cut values were selected to reduce the influence of outliers and varied by deposit.
  • Model validation was carried out using visual comparisons between composites and estimated blocks, checks for negative or absent grades, and statistical comparison against the input drill hole data and graphical profile (swath) plots.


  • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.
  • Tonnages are estimated on a dry basis.

Mining factors or assumptions

  • Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.
  • No minimum mining assumptions were made for each deposit during the resource wireframing or estimation process. The wireframing of gold mineralisation generally required a minimum of 2 samples to be included in the wireframe.
  • Mining parameters, including minimum width assumptions, will be applied during the conversion to Ore Reserves.

Metallurgical factors or assumptions

  • The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.
  • No metallurgical factors or assumptions are made during the resource estimation process as this will be addressed during conversion to Ore Reserve.

Environmental factors or assumptions

  • Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.
  • No environmental factors or assumptions have been made during the resource estimation process.

Bulk density

  • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.
  • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.
  • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.
  • Bulk Densities were collected across the Chanach gold project in the mineralised intervals from both RC and diamond drill holes. The average bulk density was calculated as 2.54 t/m3 based on 125 samples.
  • Bulk density was measured using the wax encapsulation and weight in water displacement analytical method
  • A bulk density of 2.74 t/m3was used for the fresh material in the Chanach deposit and 2.50 t/m3 for the oxide material. These measurements were based on the host rock types and experience from similar deposits.


  • The basis for the classification of the Mineral Resources into varying confidence categories.
  • Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).
  • Whether the result appropriately reflects the Competent Person’s view of the deposit.
  • Classification of the resource models is based primarily on drill density and geological understanding, in conjunction with extensive QAQC data and bulk density measurements.
  • The classification takes into account the relative contributions of geological and data quality and confidence, as well as grade confidence and continuity.
  • The classification reflects the view of the Competent Person.

Audits or reviews

  • The results of any audits or reviews of Mineral Resource estimates
  • No external audits or reviews have been carried out. The resource estimate has been internally peer reviewed.

Discussion of relative accuracy/ confidence

  • Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.
  • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.
  • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.
  • The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code. The statement relates to global estimates of tonnes and grade.
  • The estimate is considered to be relevant to a global report of tonnage and grade.
  • There has been no production.

1 The Mineral Resource estimates were originally compiled and announced by WCN on 30 May 2018, in accordance with the JORC Code, 2012 and was last disclosed in WCN’s March, 2019 quarterly report on 30 April, 2019.

2 Wilde, A. and Gilbert, D. 2000. Setting of the giant Muruntau Gold Deposit: Implications for ore genesis. In: (Ed.) Gordon Lister, Geological research for the exploration industry, Journal of the Virtual Explorer, Electronic Edition, ISSN 1441-8142, volume 1, paper 1, doi:10.3809/jvirtex.2000.00004

3 Chaarat (AIM:CGH) investor presentation June 2019

4 Centerra (TSX:CG) Kumtor Production and Reserves

5 Centerra (TSX:CG) Kumtor Production and Reserves

6 Wilde, A. and Gilbert, D. 2000. Setting of the giant Muruntau Gold Deposit: Implications for ore genesis. In: (Ed.) Gordon Lister, Geological research for the exploration industry, Journal of the Virtual Explorer, Electronic Edition, ISSN 1441-8142, volume 1, paper 1, doi:10.3809/jvirtex.2000.00004

7 Indicative gold endowment shown as aggregation of historical production and mineral inventory

SOURCE: RTG Mining Inc.

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