Kingsgate Consolidated (ASX:KCN) achieves record monthly production at Chatree gold mine in August since restart
Watch the video or read the article by Bianca Gimondo, Markets Reporter at The Market Herald
Read the full article HERE
View the video HERE
Video: The Chatree Gold Mine is named after “Chatree”, one of its founding geologists,
The Chatree Gold Mine is named after “Chatree”, one of its founding geologists, who was tragically killed in a car accident in 1992, only a few years after making the discovery. Our Akara Resources colleagues recently caught up with Chatree’s mother in Northern Thailand, to reassure her that her son’s honour and memory remains at the forefront of everything we do at Chatree, more than 31 years after his untimely passing. We’ve put together a short video to commemorate his life, and to provide a snapshot of the enormous legacy he still leaves today.
Chatree Gold Mine Production Update
Chatree Gold Mine Production Update
Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate or the Company”) is pleased to announce that after less than 2 months of commissioning, that production from Plant #2 is already performing above nameplate capacity (as high as 370 tonnes throughput per hour).
Production has built up to approximately 500 ounces of gold per week, at an average feed grade of 0.5 g/t Au, with recoveries consistently averaging around 85%. Bearing in mind we are only processing ore from the low grade stockpiles so far, this is an excellent result, and the plant is already operating beyond expectations so early after start-up, with only minimal downtime to date.
Work has commenced on the refurbishment of Plant #1, and long lead time items are being ordered. The focus also remains on restarting mining operations sooner than anticipated, beginning with stripping of the Quartz Lease in the A Pit. The expected strip ratio is approximately 5:1 early in the process, which will also contribute additional low grade ore to the stockpile with remnant material earmarked for TSF #2 lifts.
Ross Smyth-Kirk OAM
Executive Chairman
Kingsgate Consolidated Limited
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Significant Gold Exploration Results near Chatree
Significant Gold Exploration Results near Chatree
Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate” or the “Company”) is pleased to announce that Akara Resources, (“Akara”) has found more significant gold intercepts only a few kilometres from the Chatree Gold Mine (“Chatree”).
After reporting significant gold intercepts of 26m@3.02 g/t Au and 7m@5.77g/t Au from RC drilling (Hole ID: 7642RC) earlier this year (See ASX:KCN release titled “Significant Gold Exploration Intercepts in Thailand” dated 1 February 2023), follow-up Reverse Circulation (“RC”) drilling returned the following significant intercepts:
- 0766RC: 11m@0.67 g/t Au from 2m to 13m;
- 0767RC:
- 2m@1.31 g/t Au from 3m to 5m;
- 2m@1.40 g/t Au from 19m to 21m; and
- 4m@2.01 g/t Au from 37m to 41m.
The end of hole (50m to 111m) assay results for 0767RC are pending.
In addition, Kingsgate is pleased to advise that significant Rotary Air Blast (“RAB”) assay results were reported in an area immediately to the south of the above reported RC drilling results, and includes highly significant gold mineralization intercepts as follows:
- 33858RA: 8m@5.02 g/t Au from 6m to 14m;
- 33856RA: 10m@1.97 g/t Au from 9m to 19m; and
- 33859RA: 2m@1.27 g/t Au from 5m to 7m.
All intercepts end at the last meter drilled and in phyllic-altered and silicified rhyolitic tuff.
These results are exceptional for RAB drilling, in particular, being mineralized to the end of the drill hole, with the intensity of gold mineralization and proximity to the surface showing similar characteristics to Chatree mineralization.
RAB drilling in SPL10/2563 which is also nearby these 2 aforementioned areas, exposed widespread phyllic alteration and silicified rhyolitic tuff with quartz veins. Significant intercepts from SPL10/2563 include:
- 33800RA: 2m@1.14 g/t Au from 4m to 6m in saprolite; and
- 33799RA: 2m@1.03 g/t Au from 4m to 6m in phyllic-altered rhyolitic tuff.
RAB drilling will continue to focus on these highly prospective near mine and SPL10/2563 areas, with additional RC drilling a priority to prove the continuity of mineralization down depth.
In addition, infilled soil and rock sampling was also undertaken in these areas. Infill soil sampling confirmed an anomalous gold area of +50 ppb, approximately 0.2kms wide and 2.0kms long with a maximum assay result of 0.98 ppm, while rock channel samples from an old quarry returned encouraging assay results of:
- 27m@1.13 g/t Au;
- 18m@0.91 g/t Au;
- 3m@7.3 g/t Au; and
- 6m@1.1 g/t Au in polymictic rhyolitic breccias crosscut by various percentage quartz veins.
Host rocks in this area comprise breccias and quartz veins similar to those at Chatree in a mineralized system currently extending for about 2,000m in length.
Further RAB and RC drilling is proposed for the above areas, as well as for the broader exploration region within the 32 granted Phetchabun Special Prospecting Licence (SPL) areas. Akara has identified 40 potential areas that require additional follow-up, including 6 highly prospective areas that require immediate deep drilling…
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Ross Smyth-Kirk OAM
Executive Chairman
Kingsgate Consolidated Limited
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Kingsgate’s BOI Application Approved
Kingsgate’s BOI Application Approved
Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate or the Company”) is pleased to to announce that the Thailand Board of Investment (“BOI”), has approved Akara Resources’ (“Akara”) investment promotion application for the Chatree Gold Mine.
This approval provides Akara with a number of substantial benefits over an 8 year period including, exemptions from:
- the 20 per cent corporate income tax rate, up to a cap of 3.25 billion Thai Baht (~A$142m1);
- the 10 per cent withholding tax on dividends remitted overseas; and
- import duties on machinery, raw materials used in research and development, and raw materials used in production for export.
Kingsgate’s Executive Chairman, Mr Ross Smyth-Kirk, said “This welcome decision by the Board of Investment, with its substantial benefits, acknowledges the importance that the Thai Government places on the Chatree Gold Mine’s economic significance to the Thai economy. It also highlights the co-operation Kingsgate has experienced from the government in recent times in order to re-open the mine, to the great benefit of the local community”.
Ross Smyth-Kirk OAM
Executive Chairman
Kingsgate Consolidated Limited
1. Calculated on a THB to AUD exchange rate of 22.9 THB equals 1 AUD, as at 21 March 2023.
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