Further Drill Results
10 Janeiro 2008 - 5:00AM
UK Regulatory
RNS Number:4669L
Chaarat Gold Holdings Ltd
09 January 2008
For immediate release 10th January 2008
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Chaarat Gold Holdings Ltd (AIM:CGH) Reports Further Positive Drill Results
from Wide Zones the Contact Zone at the Chaarat Property
Road Town, Tortola, British Virgin Islands (10th January 2008).
Chaarat is pleased to announce further positive drilling results from 15 drill
holes in the Contact Zone at its 100% held, 604 sq km Chaarat Licence Area in
western Kyrgyzstan. All 15 of the holes, comprising 3550 metres of drilling,
intersected significant gold mineralisation and were all drilled during the
recently completed 2007 programme on two Project Areas along the Contact Zone,
the C5300 and C4600 Project Areas. The drilling on the Contact Zone was part of
a broader 53 drill hole (10,200 metres) 2007 programme which was completed
during December (see press release of 6th December 2007).
The Contact Zone is one of three zones in the Chaarat Licence Area, in which
gold mineralisation has been discovered, and comprises some 10 kilometres of
strike and includes, inter alia, the C5300 and C4600 Project Areas. The recent
drilling has extended the mineralisation in these Project Areas and has
intersected significant additional mineralised zones in the hanging wall and
footwall.
Highlights
In the C5300 Project Area
Drill hole 117 10.50 metres* at 4.43 g/t Au
Drill hole 135 33.00 metres at 4.71 g/t Au
Drill hole 136 6.00 metres at 5.72 g/t Au and 16.5 metres at 3.3g/t Au
Drill hole 139 14.50 metres at 5.00 g/t Au and 4.50 metres at 6.13 g/t Au
Drill hole 140 14.00 metres at 4.86 g/t Au, including 3.00 metres at 14.69 g/t Au
*These are drilled width intercepts and not true thickness.
True widths given in the tables below have been measured from sections drawn
through the drill lines. These may change slightly when the Resources are
updated upon receipt of all 2007 results.
In the C4600 Project Area
Drill hole 157 3.00 metres at 11.87 g/t Au
Drill hole 158 16.5 metres at 3.50 g/t Au
In road cut at C4300
Bulldozer Cut 790: 2.00 metres at 22.7 g/t Au and 248 g/t Ag.
Comments Dekel Golan, CEO of Chaarat: "We are delighted with these results,
which confirm our view of the extensive nature of the gold mineralisation in
wide zones at Chaarat. We are particularly pleased that drilling has returned
some high grade intersections and wider zones, and that we have managed to
extend the mineralisation in the Contact Zone Project Areas, both down dip and
along strike. The added value of the high silver grades drilled in parts of the
Contact Zone is also encouraging. It is also significant that we have discovered
new mineralised zones in the hanging wall and the footwall, which enhances the
exploration potential to delineate multiple zones of mineralisation."
Table 1: Contact Zone Drilling Results, 2007
Project Drill hole From To length (m) True width Au grade Ag grade Au eq*
Area No (metres) (metres) (m) (g/t) g/t grade g/t
C5300 DH117 203.5 206.5 3 2.5 2.5 36 3.22
C5300 DH117 415 451 36 18.5 2.92 16 3.24
C5300 including 440.5 451 10.5 5.45 4.43 25 4.93
C5300 including 415 422.5 7.5 3.9 3.51 24 3.99
C5300 DH117 497.5 499 1.5 - 9.31 1 9.33
C5300 DH122 44 90.5 46.5 44 1.15 6 1.27
C5300 DH123 118.5 127.5 9 2.5 1.16 7 1.3
C5300 DH123 148.5 174 25.5 5.5 1.25 5 1.35
C5300 including 148.5 151.5 3 0.85 3.27 14.5 3.56
C5300 DH134 133.5 136.5 3 - 2.51 27 3.05
C5300 DH 135 62.5 67 4.5 3.9 3.93 59 5.11
C5300 DH135 202.5 244.5 42 10.5 4.2 26 4.72
C5300 including 211.5 244.5 33 8.25 4.71 32 5.35
C5300 DH136 81 85.5 4.5 2.8 2.19 312 8.43
C5300 DH136 102 142.5 40.5 21.6 2.18 9 2.36
C5300 including 126 132 6 3.6 5.72 12 5.96
C5300 including 126 142.5 16.5 10 3.3 9 3.48
C5300 DH137 52 62.5 10.5 - 1.59 15 1.89
C5300 DH137 142.5 145.5 3 - 2.91 17 3.25
C5300 DH 138 106.5 113.5 7 4.2 2.66 12 2.9
C5300 DH139 185 214.5 29.5 9.6 3.65 20 4.05
C5300 including 185 199.5 14.5 4.75 5 30 5.6
C5300 including 210 214.5 4.5 1.45 6.13 22 6.57
C5300 DH139 286 289 3 - 13.61 1 13.63
C5300 DH140 189 203 14 6.4 4.86 15 5.16
C5300 including 189 192 3 1.4 14.69 41 15.51
C5300 DH141 62.5 66.5 4 4 3.38 51 4.61
C5300 DH143 67.5 70.5 3 - 3.45 84 5.13
C5300 DH143 189.5 197 7.5 2.4 5.01 13.4 5.28
C4600 DH157 148 151 3 2.1 11.87 44 12.75
C4600 DH158 195.5 228.5 33 22.8 2.2 30 2.8
C4600 including 195.5 212 16.5 11.4 3.15 33 3.81
C4600 DH161 198 202.5 4.5 3.2 3.04 54 4.12
* Eq Au in this release is obtained by using an Au/Ag price ratio of 50:1
QA/QC PROCEDURES
Sampling Methodology and Quality Control
All samples are sent to a laboratory in Kyrgyzstan, the Central Scientific
Research Laboratory, JSC Kara Balta, (CSRL), accredited by the UK Accreditation
Service, for sample preparation and initial assays. All samples with gold above
1 g/t are then submitted to Genalysis, Australia, a NATA ISO/IEC 17025
accredited laboratory for analysis by fire assay. Only results received from
Genalysis are included in the Mineral Resource database and the intercept
summaries in this press release, except for one hole DH 161. Comparison of
assays from the two laboratories shows a small bias with Genalysis reporting
higher values but with an acceptable HARD value variance on the averages. With
the 817 samples submitted to Genalysis, 71 were internationally recognised
reference materials and of these only one value was marginally outside the
accepted range. It is concluded that the Genalysis assays are of sufficient
quality to be included in the Resource database although no up-dated Resource
has been estimated at this stage.
The Contact Zone
Mineralisation in the Contact Zone is hosted by a 10-15 metre wide shear zone
which extends for at least 10 kilometres along the contact between the
underlying Ordovician Chaarat Formation (siltstones and sandstones) and the
overlying Devonian Tulkubash Formation (quartzites). The mineralised zones dip
at 50-60 degrees to the NW. The gold mineralisation is associated with
sulphides, sericitic alteration and minor quartz veinlets. Locally high silver
and antimony values are associated with the gold mineralisation. Prospecting to
date has been focused mainly on three Project Areas within the contact zone, the
C5300, C4600 and C4000 and the mineralisation has been traced over a cumulative
strike length of 1,900 metres. Based on drilling to the end of 2006, a JORC
compliant (indicated and inferred) resource containing 903,000 oz at a grade of
3.8 g/t Au had been delineated in the Contact Zone Project Areas to depths of
150-270 metres down the dip, except for one drill hole where exploration was
carried to 400m down dip. When Ag is added, the resource is 1 MOZ at an average
equivalent grade of 4.22 g/t. Surface exploration undertaken this year
substantiates earlier indications for the existence of additional mineralised
bodies above and below the Contact Zone. The strike length of the C5300 zone has
been extended by drilling to 490m.
For better understanding of the structure and significance of the results the
reader is referred to the maps at the end of this press release.
C5300 Project Area
During 2007, a total of 12 drill holes (2823 metres) were completed on the C5300
Project Area, bringing the total number of holes to 25. Of the recently
completed holes, 10 were infill drilling, which reduced the drill spacing to 40
metres in some parts of the body, one tested the down dip extension and one
drilled the strike extension to the mineralisation. As a result of this
drilling, the strike length of the mineralisation increased from 450 metres to
490 metres and the down dip extent of the mineralization increased in an
additional section from 250 metres to 460 metres down dip and remains open at
depth and along strike to the south west.
Significantly, the deeper drilling indicates that the mineralised zone appears
to increase in width with increasing depth (Table 2). In the 2006 resource
estimate for mineralisation down to a depth of 120-250 metres down dip in most
sections, the average mineralised widths were measured at 5.8 metres, whereas
the one deep hole drilled in 2006 and recent deeper drilling indicates the
mineralisation is between 10 and 15 metres wide in the depths ranges of 290 to
460 metres, down dip below outcrop.
Table 2: C5300 Project Area - Mineralised Width and Depth Relationship.
C5300 dh Intersection from (m) to (m) length True Au g/t Ag g/t Au eq g/t
grid elevation (m) width (m)
section ASL
C 0+ 680 dh135 2392 202.5 244.5 42.00 10.00 4.21 26 4.73
C 0+ 640 dh86 2260 448.5 469.5 21.00 12.30 3.1 11 3.32
C 0+ 590 dh139 2456 185 214.5 29.50 9.60 3.58 19 3.96
C 0+ 550 dh56 2469 181.9 200.5 18.60 7.00 3.81 17 4.15
C 0+ 480 dh117 2286 415 451 36.00 18.50 2.92 16 3.84
C 0+ 420 dh 143 2515 189.5 197 7.50 2.40 5.01 13.4 5.28
Elevation is absolute elevation (ASL) at the bottom of the mineralized interval
Hole locations are shown on the map below
Additional Mineralization in Hanging Wall
The recent drilling also intersected additional mineralised zones in the hanging
wall and in the footwall of the principal mineralisation in the Contact Zone,
which indicates multiple zones within the broader mineralised envelope. Five
holes intersected a shallow-dipping mineralised zone in the hanging wall over a
strike length of 200 m in the centre of the Project Area (Table 3). This
mineralisation is of lower grade than the principal zone but is between 2.5 and
10 m wide with gold grades of between 2.2 and 3.45 g/t and variable but high
associated silver values.
This mineralised zone is situated between 35 and 180 metres in the hanging wall
of the principal mineralised zone. It remains open down dip and represents an
additional drilling target.
Table 3: Hanging Wall Mineralisation in the C5300 Project Area
C5300 grid Drill from (m) to (m) length True width Au g/t Ag g/t Au eq
section hole (m) (m)
C 0+510 DH117 203.5 206.5 3 2.5 2.5 36 3.22
C 0+650 DH135 62.5 67 4.5 3.9 3.4 59 4.58
C 0+640 DH136 81 85.5 4.5 2.8 2.19 445 11.09
C 0+640 DH136 126 142.5 16.5 10 3.3 10 3.5
C 0+450 DH143 67.5 70.5 3 2.5 3.45 84 5.13
Footwall Mineralization
In addition to the mineralizations described above, two drillholes intersected a
narrow high grade (3.00 metres at 9.31 g/t and 1.50 metres 13.61 g/t Au)
mineralised zone, situated 30-50 metres in the footwall of the main zone(Table
2). The potential of this zone will be determined by further drilling.
Table 4: Footwall mineralisation in the C5300 Project Area
Section Drill hole From (m) To (m) Length (m) Au g/t Ag Au eq.
g/t
C 0+600 DH139 286 289 3 13.61 3 13.66
C 0+450 DH117 497.5 499 1.5 9.31 2 9.35
C4600 Project Area
During 2007, three holes (726.5metres) were completed on the C4600 Project Area,
bringing the total number of holes drilled on this Area to nine. These holes
were drilled from the hanging wall side (as opposed to last year's shallow
drilling from the footwall side) and give a clearer picture of mineralisation.
Drilling indicated an increase in the width of the mineralisation in this zone
compared to drilling from the foot wall side, which had cumulative widths of
between 7 m and 11 m (DH 158 intersected 16.5 metres at 3.15g/t Au). Drilling in
the south west of the Project Area indicates that the mineralised zone is
narrower (DH 157, 3 metres at 11.87g/t Au) but has considerably higher grades.
Silver grades are between 30 and 54 g/t. Mineralisation remains open at depth
and along strike to both the north east and south west.
Table 5: C4600 Project Area Drilling Results
C4600 grid Drill hole From (m) To (m) length (m) True width Au g/t Ag g/t Au eq g/t
Section (m)
C 0-50 DH157 148 151 3 1.9 11.87 44 12.75
C 0+80 DH158 195.5 228.5 33 23 2.2 30 2.8
C 0+80 including 195.5 212 16.5 11.4 3.15 33 3.81
C 00 DH161 198 202.5 4.5 2.9 3.04 54 4.12
Road cuts:
Results from outcrops in road cuts between C4600 and C4000 returned the following grades:
Location True Width Au g/t Ag g/t Sb % Au eq g/t
(m)
C4250 3 5.03 72 0.37 6.47
C4300 2 22.7 248 1.08 27.66
These new outcrops are located 100m to the NE of the northernmost trench of zone
C4000 and present additional scope for expansion of resources in this direction.
Additional work and results:
The Company is currently receiving and processing assay results from a further
40 holes drilled in 2007 on the Main Zone Project Areas (M2400, M6000) and the
outstanding Contact Zone Project Area (C4000), as well as for the Tulkubash Zone
and regional prospecting. These results, as well as an updated resource
statement, and the results of ongoing metallurgical testwork and the scoping
study will be released periodically, as the work is completed, over the next
three months.
The excavation of the exploration adit on the C5300 Project Area is continuing
and underground drilling of the mineralisation from the adit access is scheduled
to commence in February.
Competent Person
The Competent Person with overall responsibility for this press release is
Anthony Martin, PrSciNat, MGSZ, MAuS IMM, PhD who is an employee of SRK
(Zimbabwe) (Pvt) Limited. Dr Anthony Martin is an exploration geologist with 35
years experience in the resource industry and has been responsible for the
reviewing of exploration programmes on various properties internationally during
the past five years and the Chaarat project since August 2005; he has made four
site visits since that time.
About the Chaarat Gold Project
The Chaarat project is situated within the Middle Tien Shan Mountains of
Kyrgyzstan which form part of the Tien Shan gold belt. At the completion of the
2006 exploration season, a Mineral Resource of 1.87Moz Au (JORC compliant in the
Indicated and Inferred categories) had been delineated. The Company's
exploration programme is aimed at increasing the confidence levels in this
Resource through infill drilling and increasing the resource through down-dip
and along-strike extension drilling. In addition the company intends to explore
the remaining gold occurrences outside of those currently drilled in the central
6km of the 40km strike length within the Chaarat Licence Area.
About Chaarat Gold Holdings or The Company
Chaarat Gold Holding is an exploration company founded for the purpose of
developing its sole asset, being the Chaarat License Area. Chaarat was admitted
to AIM on 8 November 2007.
Disclaimer
This press release includes forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors beyond Chaarat's control that would cause the actual results,
performance or achievements of Chaarat to be materially different from future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements are based on numerous
assumptions regarding Chaarat's present and future business strategies and the
environment in which Chaarat will operate in the future. Any forward-looking
statements speak only as at the date of this document. Chaarat expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained herein to reflect any change in
Chaarat's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statements are based. As a result of these
factors, the events described in the forward-looking statements in this press
release may not occur either partially or at all.
Enquiries:
Chaarat Gold Holdings Ltd Tel: +44 (0) 20 7499 2612
Dekel Golan - Dekel@chaarat.com
Terry Cross - Terry@caserve.co.uk
Canaccord Adams Limited Tel: +44 (0) 20 7050 6500
Mike Jones
Robin Birchall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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