Drilling Report
10 Fevereiro 2010 - 5:00AM
UK Regulatory
TIDMCGH
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Significant mineralised intersections reported in the C5300 Project Area at the
Chaarat Gold Property
Road Town, Tortola, British Virgin Islands (10 February 2010).
Chaarat (AIM:CGH) is pleased to announce encouraging results from two drives and
eight drill holes in the underground section of Project Area C5300, part of the
area in the Company's licence known as the "Contact Zone". Chaarat holds a
licence over 100 per cent of a 604 km ² area in Kyrgyzstan (the "Chaarat Gold
Property"). The Company has identified three parallel zones of gold
mineralisation within the Chaarat Gold Property: the Main Zone, the Contact Zone
and the Tulkubash Zone.
The Contact Zone has been delineated over a strike length of 1,340 metres and is
host to a JORC compliant resource of 1.42 million ounces at a grade of 4.21 g/t,
representing approximately 43 per cent of the overall resource of the Chaarat
Gold Property of 3.34Moz at a grade of 4.30 g/t gold.
The Contact Zone has been further sub-divided into three project areas C5300,
C4600 and C4000. This announcement together with a location map can be found at
www.chaarat.com/press-releases <http://www.chaarat.com/press-releases>.
Highlights (True widths)
Project C5300 CCH09UG008 7.50m at 4.21 g/t Au
CCH09UG009 8.94m at 4.06 g/t Au
CCH09UG009 7.82m at 4.34 g/t Au
CCH09UG010 6.26m at 4.13 g/t Au
CCH09UG010 4.47m at 5.01 g/t Au
Drive S-2 21.00m at 3.72 g/t Au
CCH09UG001 14.30m at 3.48 g/t Au
CCH09UG001 6.50m at 5.97 g/t Au
CCH09UG011 18.00m at 3.66 g/t Au
including 7.84m at 5.37 g/t Au
CCH09UGDC18 14.85m at 3.82 g/t Au
including 8.66m at 4.92 g/t Au
CCH09UGDC18A 4.95m at 5.11 g/t Au
CCH09UGDC18A 9.90m at 4.17 g/t Au
CCH09UGDC11 9.00m at 7.00 g/t Au
Drive N-1 15.83m at 4.03 g/t Au
including 5.36m at 5.36 g/t Au
Dekel Golan , CEO of Chaarat, comments "These results are additional evidence
of management's view that the Contact Zone represents a large viable mining
target and will form part of the revised resource statement, which will be
released later this quarter. The C5300 Project Area demonstrates excellent
continuity and persistent wide intersections that will allow the Company to
pursue, with increased confidence, its intention to establish a low cost bulk
mining operation on these wide zones of mineralisation".
General Description of the Contact Zone
Within the Contact Zone, the Company has drill tested, partially, only 1340
metres of the zone length and delineated three Project Areas - C5300, C4600 and
C4000.
In order to allow better access to the Contact Zone mineralisation at depth, the
Company started in 2007 the development of underground workings at 275 metres
below the outcrop elevation. After penetrating the mineralised zone a drift was
developed parallel to the mineralisation extending 485 metres to the south and
200 metres to the north. Drilling chambers were built to allow drilling towards
the mineralised body. A map of the underground work can be seen in the version
of this announcement which is to be found on the Company website
(www.chaarat.com).
Three drives (sometimes referred to as cross-cuts) were developed through the
mineralisation in order to give the Company better access to the face of the
mineralised body and enable the collection of bulk samples as well as
geotechnical information needed for the mine planning. In addition three
drilling chambers were developed to enable drilling down dip.
The main adit intersected the Contact Zone mineralisation along Section 5160
with 22.45 metres (true width) at 5.78 g/t of Au. Subsequent drifting enabled
the establishment of three underground drilling chambers from which a total of
6,819 metres were drilled during 2008. Furthermore, during 2008, drill hole
CCH08C464 located in the C4600 Project area along Section 4520, intersected
17.97 metres (true width) at 6.21 g/t Au. These encouraging results motivated
the further work that was needed to close the gap along strike between the
Contact Zone project areas C5300 and C4600.
Project Area C5300
The C5300 Project Area is the northernmost of the three projects along the
Contact Zone ore body. The resource calculated for the C5300 project at the end
of 2008 has been calculated at 1.01 million ounces at an average grade of 4.27
g/t to a drill defined depth of up to 520m below surface.
During the 2009 exploration season underground drilling to test the C5300
Project Area was conducted from two underground drilling chambers. Three holes
were drilled from Drill chamber 1, adding information about the section of the
mineralisation above the adit level. Nine additional drill holes were drilled
from Drill Chamber 3 adding information about both below and above the adit
level.
The above results demonstrate the continuity of thickness and grade of
mineralisation between the C5300 Project Area and the other two projects in the
Contact Zone along strike to the south.
During 2009, the underground development drifting along strike southwards
towards Project Area C4600 has continued. Three drives were developed but only
the first one has been reported thus far. The second southern drive (Drive S-2)
is located on Section 4920 which is 240m south west of the main adit and has
further confirmed the strike continuity of mineralisation to the south, towards
the C4600 Project area. This drive intersected 24 metres of mineralisation with
a true thickness of 21m at 3.72 g/t Au. The northern drive (Drive N-1) was
developed along Section 5280 to probe the north eastern continuity of the
mineralisation intersected in the adit. This drive intersected 19 metres of
mineralisation with a true thickness of 15.83m at 4.03 g/t Au. The details of
mineralised intersections along these cross-cuts are presented in Table 1.
Five as yet unreported holes were drilled from Drill chamber 3. The mineralised
intersections of all eight drill holes are presented in Table 1. Three of the
eight drill holes being reported are located on Section 4880 which is the south
western most section of the C5300 Project towards C4600. In addition, one hole
each was drilled along sections 4960, 5040, 5200 and two holes were drilled
along section 5120. The drilling results from the holes on Section 4880
effectively extend the strike to the south by a further 80 metres to 640 metres,
potentially adding significant additional resources. This strike extension to
the south further demonstrates the strike continuity and closes the gap between
C5300 and the C4600 Project Areas, suggesting that these two project areas may
converge to form a large continuous body. The mineralisation in the C5300
Project Area remains open both along strike and down dip.
Table 1: Drill intervals
Hole ID Section Drilled from Drilled to Length True width Au
(metres) (metres) (metres) (metres) (g/t)
CCH09UG008 4880 132.00 141.00 9.00 7.50 4.21
CCH09UG008 4880 153.00 159.00 6.00 5.00 3.63
CCH09UG009 4880 142.50 148.50 6.00 4.47 4.65
CCH09UG009 4880 163.50 184.50 21.00 15.64 3.28
including 4880 169.50 181.50 12.00 8.94 4.06
CCH09UG009 4880 196.00 202.00 6.00 4.47 3.96
CCH09UG009 4880 205.50 216.00 10.50 7.82 4.34
CCH09UG010 4880 174.00 177.00 3.00 1.79 2.21
CCH09UG010 4880 180.00 184.00 4.00 2.38 2.64
CCH09UG010 4880 189.00 192.00 3.00 1.79 3.79
CCH09UG010 4880 198.00 222.00 24.00 14.30 2.54
including 4880 201.00 210.00 9.00 5.36 3.26
including 4880 202.50 207.00 4.50 2.68 3.76
CCH09UG010 4880 229.50 234.00 4.50 2.68 2.71
including 4880 229.50 232.50 3.00 1.79 3.21
CCH09UG010 4880 264.00 274.50 10.50 6.26 4.13
including 4880 264.00 271.50 7.50 4.47 5.01
CCH09UG010 4880 280.50 285.00 4.50 2.68 3.5
CCH09UG010 4880 297.00 300.00 3.00 1.79 2.66
Drive S-2 4920 34.00 58.00 24.00 21.00 3.72
including 4920 35.00 39.00 4.00 3.23 4.94
including 4920 45.00 48.00 3.00 2.42 4.99
including 4920 54.00 58.00 4.00 3.23 11.10
CCH09UG001 4960 166.50 171.50 4.50 3.90 2.04
CCH09UG001 4960 175.50 192.00 16.50 14.30 3.48
including 4960 175.50 183.00 7.50 6.50 5.97
CCH09UG011 5040 164.00 195.00 31.00 18.00 3.66
including 5040 164.00 192.00 28.00 16.26 3.93
including 5040 164.00 180.00 16.00 9.29 4.85
including 5040 164.00 177.50 13.50 7.84 5.37
including 5040 187.50 192.00 4.50 2.61 4.63
CCH09UGDC18 5120 81.00 99.00 18.00 14.85 3.82
including 5120 88.50 99.00 10.50 8.66 4.92
including 5120 88.50 93.00 4.50 3.71 7.87
CCH09UGDC18A 5120 45.00 48.00 3.00 2.48 3.68
CCH09UGDC18A 5120 66.00 72.00 6.00 4.95 5.11
CCH09UGDC18A 5120 76.50 88.50 12.00 9.90 4.17
including 5120 78.00 84.00 6.00 4.95 5.44
CCH09UGDC11 5200 33.00 42.00 9.00 9.00 7.00
Drive N-1 5280 29.00 34.00 5.00 3.83 2.22
Drive N-1 5280 40.00 59.00 19.00 15.83 4.03
including 5280 47.00 54.00 7.00 5.36 5.13
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
Laboratory Services Pty Ltd, Australia, a NATA ISO/IEC 17025 accredited
laboratory for analysis is being used for QA/QC check of the analyses of Alex
Stewart. 20% check samples in form of two Standards, one Blank and one Duplicate
in a batch of 20 samples are being used for quality checks of the Alex Stewart
assays.
Competent Person
The Competent Person with overall responsibility for this press release, and who
has reviewed the information contained herein, is Sunit Patel, M.Sc (Geology),
FGS, GSSA, who is an employee of Chaarat. Mr. Patel is an exploration geologist
with 22 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.
Chaarat
Chaarat is an exploration company operating in the Kyrgyz Republic with its
current main activity being the development of the Chaarat Gold Project. The
Chaarat Gold Project is situated within the Middle Tien Shan Mountains of
Kyrgyzstan which form part of the Tien Shan gold belt. The Company has thus far
delineated a JORC compliant mineral resource of 3.34Moz at a grade of 4.30 g/t
gold. A scoping study demonstrating the economic viability of the Chaarat Gold
Project was completed at the end of 2008. The Company is currently in the
process of compiling a pre-feasibility study. Following the continuous
exploration works undertaken during 2009 the Company expects to announce an
updated resource report in the first quarter of 2010. Chaarat's objective is to
become a low cost gold producer targeting an initial production of over 200,000
ounces per annum by late 2012.
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 these 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 +44 (0) 20 7499 2612
Dekel Golan dekel@chaarat.com <mailto:dekel@chaarat.com>
Linda Naylor linda.naylor@chaarat.com
<mailto:linda.naylor@chaarat.com>
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather@westhousesecurities.com
<mailto:tim.feather@westhousesecurities.com>
Richard Baty richard.baty@westhousesecurities.com
<mailto:richard.baty@westhousesecurities.com>
Mirabaud Securities LLP +44 (0) 20 7321 2508
Rory Scott rory.scott@mirabaud.com
<mailto:rory.scott@mirabaud.com>
Smith's Corporate Advisory +44 (0) 20 7239 0140
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
<mailto:tomkinson@smiths-ca.com>
Conduit PR +44 (0) 20 7429 6603
Jos Simson jos@conduitpr.com <mailto:jos@conduitpr.com>
[HUG#1382167]
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