- RTG is purchasing a 90 per cent stake in a Kyrgyzstan based high-grade gold project
- It is forecast the project contains 484,000 ounces of gold and 64,000 tonnes of copper
- Only five per cent of identified targets have been tested so far
- RTG’s share price is up 12.36 per cent today, currently sitting at $0.10 apiece
RTG Mining is buying a 90 per cent stake in a Kyrgyzstan-based high-grade gold project from White Cliff Minerals.
The Chanach gold and copper project is forecast to contain 484,000 ounces of gold and 64,000 tonnes of copper.
Running along the Tien Shan metallogenic belt, the project is situated along the 1500 kilometre strip which hosts one of the world’s largest open pit gold mines, Murantau.
Only five per cent of the identified strike length has been tested so far, leading RTG to believe there is plenty of room for discovery.
According to the company, the Kyrgyz Republic is a “stable, democratic and mining-friendly jurisdiction in Central Asia.” The country is known for supporting new mining projects, and appreciating the economic contribution.
RTG is buying the project from White Cliff for US$2.15 million in cash and US$0.5 million worth of RTG shares.
The company also operates four copper and gold projects in the Phillipines and a copper-gold mine in Ecuador.
RTG’s share price is up 12.36 per cent today, currently sitting at $0.10 apiece, as of 1:35 pm AEST.