Drilling Results - Main Zone
15 Janeiro 2008 - 7:26AM
UK Regulatory
RNS Number:7623L
Chaarat Gold Holdings Ltd
14 January 2008
For immediate release 15th January 2008
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Chaarat Gold Holdings Ltd (AIM:CGH) increases the strike length in multiple
zones of gold mineralisation drilled in the Main Zone 2400 Project Area at the
Chaarat Property
Road Town, Tortola, British Virgin Islands (15th January 2008).
Chaarat is pleased to announce further encouraging drilling results from 8 drill
holes in the M2400 Project Area of the Main Zone at its 100% held, 604 sq km,
Chaarat Licence Area in western Kyrgyzstan. All 8 of the holes drilled,
comprising 1628 metres of drilling, intersected significant gold mineralisation
and were all drilled during the recently completed 2007 programme. This drilling
was part of a broader 53 drill hole (10,200 metre) drilling programme, completed
on the Licence Area in 2007 (see press release 6 December 2007).
The Main Zone is one of three zones in the Chaarat Licence Area, in which gold
mineralisation is developed in multiple shears (Projects) and comprises at
least 4 kilometres of strike. The recently completed exploration has extended
the strike length and down dip extent of the mineralisation within the M2400
Project Area.
Highlights
Drilling results show good continuity in the Main Zone deposit
Higher grades and thicker intersections encountered at depth
Additional Hangingwall mineralisation intersected
Apparent strike extended to approximately 680m
Confirmation that depth potential could be extended by at least 200m
Drill hole 98 4.63 metres at 4.05 g/t Au
Drill hole 99 8,51 metres at 3.55 g/t Au
Drill hole 101 21.83 metres at 5.66 g/t Au including 11.73m at 8.65 g/t
Drill hole 105 9.60 metres at 3.74 g/t Au including 3.84m at 6.93 g/t
Bulldozer Cut 762 57.00 metres at 4.66 g/t Au
CEO Dekel Golan says "We are very pleased with these results, as the M2400
Project Area, although only drilled to a down-dip depth of 150 metres, is an
important target to increase the resources on the Chaarat Property. The fact
that these results indicate an increase in the strike length and down dip
extensions to the mineralisation and that we continue to drill multiple zones of
mineralisation, many with wide or high grade intersections, is very encouraging.
Table 1: Main Zone Drilling Results, 2007
Project Section DH From (m) To (m) length (m) True width (m) Au g/t Ag g/t
M2400 2380 DH98 106 113.5 7.5 4.63 4.05 9
M2400 2380 DH98 122.5 124 1.5 0.9 3.83 3
M2400 2380 DH98 143.5 149.5 6 2.95 1.58 3
M2400 2370 DH98 167.5 169 1.5 1.37 3.08 14
M2400 2350 DH99 120 129 9 8.51 3.55 5
M2400 2330 DH99 172.5 178.5 6 5.74 1.75 2
M2400 2350 DH100 94.5 96 1.5 1.12 3.26 1
M2400 2170 DH101 82.5 111 33.5 21.83 1.67 1
M2400 2170 including 82.5 91.5 9 5.86 3.3 1
M2400 2200 DH101 136.5 169.5 33 21.5 5.66 1
M2400 2200 including 139.5 157.5 18 11.73 8.21 1
M2400 2620 DH105 45 60 15 9.6 3.74 6
M2400 2620 including 54 60 6 3.84 6.93 11
M2400 2620 DH105 72 76.5 4.5 2.88 2.59 1
M2400 2160 DH124 91 113.5 22.5 8.7 2.06 1
M2400 2160 including 104.5 113.5 9 3.48 3.02 1
M2400 2150 DH124 154 158.5 4.5 2 2.88 1
M2400 2150 DH124 164.5 169 4.5 2 3.38 1
M2400 2280 DH125bis* 210 216 6 4.91 3 1
M2400 2270 DH125bis* 249 255 6 4.75 2.06 1
M2400 2150 DH127 88.5 91.5 3 2.45 4.57 1
M2400 2160 DH127 127.5 130.5 3 2.75 2.7 1
M2400 2160 DH127 139.5 151.5 12 11.3 2.93 1
M2400 2160 including 139.5 142.5 3 2.36 5.56 1
M2400 2160 including 148.5 151.5 3 2.79 4.24 1
M2400 2170 DH127 159 161 3 1.9 2.66 1
* DH 125 bis failed to reach target depth and provides only a partial result of the zone.
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. 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 Main Zone
Mineralisation in the Main Zone is hosted in a shear zone, which is up to 15
metres wide, and which extends for at least 4 kilometres on strike, as an
anatomising strike slip fault system, within the Ordovician age Chaarat
Formation (siltstones and sandstones). The mineralised zones dip at 70-80
degrees to the NW. The gold is associated with sulphides, sericitic alteration
and minor quartz veinlets. Prospecting, to date, within the Main Zone has been
focused on four Project Areas - the M2400, M3000, M3900 and M4000 Project
Areas, and the mineralisation has been traced over a cumulative strike length of
3000 metres, out of the total 4km strike length of the Main Zone.
Based on drilling completed in 2006, a JORC compliant (indicated and inferred)
resource containing 923,500 oz at a grade of 4.29 g/t Au had been delineated in
the Main Zone Project Areas to depths varying between 80 metres to 250m metres
down the dip from outcrop. The mineralisation remains open down dip all along
the Main Zone. Surface exploration undertaken this year discovered additional
mineralisation along strike in the now designated M4600 and M5000 Project Areas
(See attached maps).
http://www.rns-pdf.londonstockexchange.com/rns/7623l_-2008-1-14.pdf
M2400 Project Area
Resources of 2.06 M at 4.5g/t Au (JORC compliant indicated and inferred) were
delineated in the mineralised zone in the M2400 Project Area, based on the 2006
drilling data. The average true width of the mineralised zone was measured at
7.5 metres.
During 2007, a total of 8 drill holes (1628.1metres) were completed on the M2400
Project Area, bringing the total number of holes drilled to 16. Of the recently
completed holes, four were infill drilling, which reduced the drill spacing to
40 metres in some parts of the mineralised zone, and four tested the down dip
extension to the mineralisation. In addition, the surface expression of the
mineralisation was exposed in a bulldozer cut, DC762, along strike on the
northern part of the Project Area, with a channel sampled width of 57 metres at
a grade of 4.66 g/t Au. This increased the strike length of the mineralisation
from 570 metres to 620 metres.
Of significance, 7 of the 8 drill holes reported here intersected multiple zones
of mineralisation, which in the case of DH 98 and DH 127, both intersected four
such zones within the shear zone. The additional mineralised intersections are
developed both in the hanging wall and the footwall of the main mineralised zone
and have the potential to add to the resource in this Project Area. In
particular, the significant intersection in DH 101 of wide, high grade
mineralisation (21.83 metres at a grade of 5.66 g/t Au) in the hanging wall of
the main mineralised zone represents an attractive additional exploration target
for the forthcoming spring drilling programme.
Furthermore, all the drilling completed to date on this Project Area has
intersected mineralisation to a depth, down dip below outcrop, of only 150
metres and it remains open both along strike and down dip. Furthermore,
elsewhere in the Main Zone, drilling has established that the mineralisation
extends for an additional 200 metres below from the corresponding current lower
limit of drilling in the M2400 Project Area. Drilling of both the down dip and
strike extensions to the mineralisation will also be a focus of the proposed
spring drilling programme.
The drilling results reported here will be incorporated into the resource
estimate, which will be revised by March 2008. The Company continues to process
drilling and sampling results from another seven Project Areas, in the Main,
Contact and Tulkubash Zones, as well as from regional targets, as they are
received. These results will be reported, in batches, in the coming weeks.
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 Holdings 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.
Chaarat has 71.9 million outstanding shares and approximately $12.8million in
cash allowing it to comfortably continue its exploration program for 2008 and
beyond.
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
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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