Chaarat announces additional encouraging Drilling Report
27 Novembro 2008 - 5:01AM
UK Regulatory
Chaarat announces additional encouraging Drilling Report
For immediate release 27th November 2008
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Chaarat Gold Holdings Ltd (AIM:CGH) reports significant mineralised
intersections in the C5300 Project Area at the Chaarat Gold Property
Road Town, Tortola, British Virgin Islands (27 November 2008).
Chaarat is pleased to announce additional encouraging drilling
results from surface and underground drilling at the C5300 Project
Area on the Contact Zone at its 100% held, 604 square kilometre,
Chaarat Gold Property in Kyrgyzstan. The Chaarat property had, at the
end of 2007, an audited JORC indicated and inferred resource of
3.14Moz at 4.44g/t.
Highlights
Drill hole 535 7.96m at 5.03 g/t Au
Drill hole 535 2.27m at 5.99 g/t Au
Drill hole UG179 4.19m at 7.39 g/t Au
Drill hole UG180 1.04m at 12.30 g/t Au
Drill hole UG183 7.70m at 4.12 g/t Au
Drill hole UG185 22.41m at 4.25 g/t Au
Drill hole UG185 7.13m at 6.38 g/t Au
Drill hole UG186 10.52m at 4.06 g/t Au
Drill hole UG188 10.89m at 4.09 g/t Au
Drill hole UG188 3.35m at 7.63 g/t Au
Drill hole UG190 11.02m at 4.82 g/t Au
Drill hole UG190 8.50m at 6.05 g/t Au
Drill hole UG190 3.15m at 7.49 g/t Au
Drill hole UG191 3.03m at 4.73 g/t Au
The results reported here are from five surface exploration drill
holes and ten underground drill holes on the C5300 Project Area,
which have been drilled recently and for which results have been
received. The C5300 Project Area forms a part of the Contact Zone, on
which a previous JORC indicated and inferred resource was calculated
at the end of 2007 as 912,000 oz at an average grade of 4.44 g/t over
a strike length of 450m. Drill results at that time allowed
calculation to a depth of up to 320m. The Contact Zone is one of
three major areas of mineralisation already identified on the Chaarat
project.
The ten underground drill holes were drilled from drill chamber-2,
which is accessed from the adit and was constructed in the hanging
wall, 100m from the mineralised zone. The significant intersections
of those ten holes are presented in Table-1.
The 2008 drill programme has extended the drilled depth of the
mineralised zone for a further 260m down dip increasing the
continuous extent of the mineralisation to a depth of 520m from the
surface but only 230m below the level of the valley floor. The
mineralisation in the C5300 Project Area has now been drilled over a
strike length of 490 metres, and remains open both along strike and
down dip.
In addition, the widths and grades of these intersections reported
here are consistent with the results of previous drilling on this
project area, and indicate a 10% increase in strike length and a 62%
increase in depth extension. The results of these new drill results
will be incorporated into the updated resource estimate, which is to
be undertaken in early 2009.
The Contact Zone
Mineralisation in the Contact Zone is hosted in a wide shear zone
which is known to extend for at least 10 km on strike on the contact
between the underlying Ordovician Chaarat Formation (siltstones and
sandstones) and the overlying Devonian Tulkubash Formation
(quartzites). The wide mineralised zones dip at 50-60 degrees to the
NW. The gold mineralisation is associated with sulphides, sericitic
alteration and minor quartz veinlets.
Within the Contact Zone, the Company has delineated three Project
Areas - C5300, C4600 and C4000. The project area numbers represent
the on-strike location, in metres, on a base line parallel to the
Contact Zone. During the 2008 exploration season the Company has
drilled all three Projects Areas (in addition to other Project Areas
within the Chaarat licence area) from both surface and underground
(see previous Press releases on the Company's web site
www.chaarat.com).
Dekel Golan, CEO of Chaarat, comments "These results confirm
management's view of the significant potential of the Chaarat
deposit, which continues to demonstrate excellent continuity with
depth and strike extensions, and persistent wide intersections that
will allow us to pursue, with increased confidence, our intention to
establish a low cost bulk mining operation on these wide zones of
mineralisation".
Table 1: Significant drill intervals from the C5300 Project Area
drilling, 2008.
Drilled From Drilled To Length True Au Ag
Hole ID (metres) (metres) (metres) width ( g/t) ( g/t)
(metres)
Surface
DH-531 83.50 92.50 9.00 4.50 2.51 30.87
including 89.50 92.50 3.00 1.50 4.69 78.25
DH-532 133.50 138.00 4.50 2.07 2.12 17.00
DH-532 142.50 147.00 4.50 2.37 2.29 2.83
DH-532 169.50 172.50 3.00 1.58 2.03 3.45
DH-535 193.50 247.50 54.00 20.47 3.53 22.47
including 211.50 216.00 4.50 1.70 5.50 14.60
including 219.00 240.00 21.00 7.96 5.03 21.10
including 219.00 225.00 6.00 2.27 5.99 57.30
including 228.00 235.50 7.50 2.84 6.07 6.56
DH-536 169.50 190.50 21.00 10.98 3.19 32.66
including 172.50 175.50 3.00 1.57 5.35 33.35
including 187.50 190.50 3.00 1.57 6.10 22.80
DH-537 51 55.5 4.50 2.95 3.23 28.67
DH-537 168 172.5 4.50 2.95 3.07 12.6
including 169.5 172.5 3.00 1.97 4.17 17.75
Underground
UGDH-179 219.00 235.00 16.00 8.37 3.09 6.08
including 220.00 223.00 3.00 1.57 4.35 10.17
including 232.00 235.00 3.00 1.57 6.54 5.03
UGDH-179 263.00 271.00 8.00 4.19 7.39 5.38
including 265.00 269.00 4.00 1.57 12.76 10.25
UGDH-180 114.00 117.00 3.00 1.56 7.47 2.60
UGDH-180 274.50 282.50 8.00 4.16 3.09 14.30
including 278.50 280.50 2.00 1.04 4.50 26.25
UGDH-180 326.50 328.50 2.00 1.04 12.30 12.45
UGDH-182 244.00 248.00 4.00 1.97 4.40 0.83
UGDH-183 246.00 284.00 38.00 16.25 3.36 9.15
including 246.00 264.00 18.00 7.70 4.12 6.16
including 254.00 257.00 3.00 1.28 8.93 8.93
UGDH-183 273.00 276.00 3.00 1.28 4.24 7.87
UGDH-185 169.50 202.50 33.00 22.41 4.25 8.90
including 186.00 196.50 10.50 7.13 6.38 5.06
UGDH-186 109.50 138.00 28.50 22.20 3.45 10.22
UGDH-186 109.50 123.00 13.50 10.52 4.06 14.01
UGDH-186 132.00 138.00 6.00 4.02 4.75 8.40
UGDH-187 181.50 196.50 15.00 6.16 3.04 10.99
including 183.00 187.50 4.50 1.85 4.14 10.17
including 190.50 195.00 4.50 1.85 4.53 16.90
UGDH-187 208.50 211.50 3.00 1.44 4.25 5.10
UGDH-188 240.00 265.50 25.50 14.24 3.58 16.18
including 246.00 265.50 19.50 10.89 4.09 18.95
including 259.50 265.50 6.00 3.35 7.63 34.58
UGDH-188 276.00 279.00 3.00 1.68 4.82 5.55
UGDH-190 154.00 171.50 17.50 11.02 4.82 17.11
Including 157.00 170.50 13.50 8.50 6.05 21.36
Including 160.50 163.50 3.00 1.89 9.95 9.37
Including 164.50 169.50 5.00 3.15 7.49 25.66
UGDH-190 248.00 250.15 2.15 1.35 4.15 21.10
UGDH-191 204.00 209.00 5.00 3.03 3.03 11.36
UGDH-191 247.00 270.00 23.00 13.94 2.59 3.39
including 247.00 253.00 6.00 3.64 3.82 4.13
including 269.00 274.00 5.00 3.03 4.73 4.80
QA/QC Procedures: Sampling Methodology and Quality Control
All samples are sent to a laboratory in Kyrgyzstan, Alex Stewart,
accredited by the UK Accreditation Service, for sample preparation
and assays. Genalysis, Australia, a NATA ISO/IEC 17025 accredited
laboratory for analysis is being used for QA/QC check of the analysis
of Alex Stewart. 20% check samples in form of 2 Standards, 1 Blank
and 1 Duplicate in a batch of 20 samples are being used for quality
check of Alex Stewart assay.
Competent Person
The Competent Person with overall responsibility for this press
release is Mr. Sunit Patel, M.Sc (Geology), FGS, GSSA, who is an
employee of Chaarat Gold. Mr. Patel is an exploration geologist with
21 years of experience in the resource industry who has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and was supervisor to the work subject of
this release.
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 2007 exploration season, a Mineral Resource of
3.14Moz at a grade of 4.41 g/t gold (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.
About Chaarat Gold Holdings or the Company
Chaarat Gold Holdings is an exploration company founded for the
purpose of developing the Chaarat Licence 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
c/o Central Asia Services Ltd Tel: +44 (0)
20 7499 2612
Dekel Golan
dekel@chaarat.com
Harry Lopes
harry.lopes@chaarat.com
Canaccord Adams Limited Tel: +44 (0)
20 7050 6500
Mike Jones
mike.jones@canaccordadams.com
Smith's Corporate Advisory Tel: +44 (0)
20 7239 0140
Dominic Palmer-Tomkinson
tomkinson@smiths-ca.com
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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