Drilling Report
08 Janeiro 2009 - 5:01AM
UK Regulatory
Drilling Report
For immediate release 8th January 2009
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Chaarat Gold Holdings Ltd (AIM:CGH) reports significant mineralised
intersections in the C4600 and C4000 Project Areas at the Chaarat
Gold Property
Road Town, Tortola, British Virgin Islands (8th January 2009).
Chaarat (the Company) is pleased to announce additional encouraging
drilling results from the C4600 and C4000 Project Areas on the
Contact Zone at its 100% held, 604 square kilometres, Chaarat gold
property in the Kyrgyz Republic. The Chaarat property had, at the end
of 2007, an audited JORC indicated and inferred resource of 3.14 Moz
at 4.41 g/t Au. During 2008 the Company carried out 14,000 meters of
drilling. The results of the 2008 have all been received and a
revised resource statement is being prepared by SRK and is expected
to be released in early 2009.
It is expected that these drilling results along with the other
drilling results already published during 2008 will add significantly
to the current resource of 3.14 million ounces as well as improve the
average grade of the resource.
Highlights
Drill hole C461 4.42m at 4.40 g/t Au
Drill hole C464 17.97m at 6.21 g/t Au
Drill hole C464 3.27m at 16.01 g/t Au
The two drill holes highlighted here are excerpts from the latest
three surface exploration drill holes (two on the C4600 Project Area
and one on the C4000 Project Area), which have been drilled recently
and for which results have been received. The C4600 & C4000 Project
Areas (which together form a part of the Contact Zone), on which a
JORC indicated and inferred resource of 230,000 ounces at an average
grade of 4.53 and 107,000 ounces at an average grade of 4.02 g/t
respectively was calculated at the end of 2007. Drill results at
that time allowed calculation to a depth of 225m (vertical) and 245m
(vertical) in, respectively, the C4600 and C4000 Project Areas.
The 2008 drill programme has extended the drilled depth of the
mineralised zone in the C4600 Project Area by a further 70m down dip,
increasing the continuous extent of mineralisation to a depth of 275m
from the surface. Similarly, in the C4000 Project Area the drilled
depth was extended by 85m down-dip, increasing the continuation of
mineralisation to a depth of 300m from the surface. The
mineralisation in C4600 and C4000 Project Areas has now been drilled
over a strike length of 330m and 250m respectively, and remains open
both along strike and down dip.
The widths and grades of intersections reported here are consistent
with the results of previous drilling on these project areas and
indicate a 10% increase in strike length and a 20% increase in depth
extension. These new drilling results will be incorporated into the
updated resource estimate, which is to be published in early 2009.
The Contact Zone
Mineralisation in the Contact Zone is hosted in a wide shear zone
that is known to extend for at least 10km 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 to 60 degrees to
the North West. 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 on a line parallel to the Contact Zone. During
the 2008 exploration season the Company has been drilling 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 excellent results confirm
management's view that the Contact Zone has a significant strike and
depth extension and is developing into a meaningful mineralised zone.
Of considerable importance is the good continuity and projectability
demonstrated by the drilling which, combined with the significant
promise demonstrated by other mineralisation in the Main Zone and the
less explored but very promising Tulkubash Zone, allows 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 C4600 and C4000 Project
Areas 2008drilling.
Drilled From Drilled To Length True Au Ag
Hole ID (metres) (metres) (metres) width ( g/t) ( g/t)
(metres)
C461 205.5 213.5 8.00 4.42 4.40 34.40
C464 258.40 291.40 33.00 17.97 6.21 22.15
including 260.40 266.40 6.00 3.27 16.01 74.13
including 268.40 271.40 3.00 1.64 8.96 6.50
including 288.40 291.40 3.00 1.64 5.11 18.46
C464 354.40 358.40 4.00 1.78 4.18 5.99
C402 329.00 333.00 4.00 1.80 3.94 11.50
including 330.00 332.00 2.00 0.90 6.54 9.75
C402 346.00 351.00 5.00 2.25 2.18 144.70
QA/QC PROCEDURES
Sampling Methodology and Quality Control
All samples are sent to the Alex Stewart laboratory in The Kyrgyz
Republic, 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 checks of
the analysis of Alex Stewart. 20% check samples in the form of 2
Standards, 1 Blank and 1 Duplicate in a batch of 20 samples are being
used for quality checks of Alex Stewart assays.
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 of the work subject of
this release.
About the Chaarat Gold Project
The Chaarat project is situated within the Middle of the Tien Shan
Mountains of the Kyrgyz Republic 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 in this document to reflect any
change in Chaarat's expectations with regard to them 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.
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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