Drilling Results
22 Junho 2010 - 3:01AM
UK Regulatory
TIDMCGH
Chaarat Gold Holdings Ltd
("Chaarat" or "the Company")
Drilling intersects significant mineralisation at the Chaarat Gold Property,
Kyrgyzstan
Road Town, Tortola, British Virgin Islands (22 June 2010)
Chaarat Gold Holdings Ltd (AIM:CGH) is pleased to announce encouraging drilling
results from its underground and surface drilling programme at its 100% held,
604 square kilometre, Chaarat Gold Property in Kyrgyzstan.
The drilling programme is taking place on the central Chaarat target which hosts
three parallel striking mineralisation trends, the Main, the Contact and the
Tulkubash Zones at the Chaarat Project, for which a JORC compliant resource
estimate of 4.009 million ounces at 4.14 g/t of gold has been reported.
The results reported below refer to one surface drill hole at the M3000 Project
in the Main Zone and two underground drill holes at the C5300 project in the
Contact Zone.
One of the underground drill holes was drilled from the newly constructed drill
chamber 4 which is located on the northern extension of the underground workings
of the C5300 Project. The other underground hole was drilled from the southern
end of the same project in order to explore the interval between Projects C4600
and C5300. All drill holes are HQ size diamond core holes. A map of the
underground workings can be found athttp://www.chaarat.com/content/chaarat-2
DH No. Project Section From To Intersected width True width Au g/t (IRC)
UG-012 C5300 4640 3.00 7.50 4.50 3.27 3.51
UG-012 C5300 4640 21.00 25.50 4.50 3.27 3.20
UG-012 C5300 4640 58.00 61.00 3.00 2.18 2.85
UG-012 C5300 4640 110.50 127.00 16.50 12.00 4.13
UG-401 C5300 5360 106.5 121.5 15.00 12.50 6.69
UG-401 C5300 5360 138.00 142.50 4.50 3.75 6.03
GDM-30-1 M3000 3160 144.50 188.00 43.50 26.00 6.74
The Main Zone consists of seven projects with a total current resource of
1,874,000 ounces at a grade of 4.15 g/t Au. One of these projects, M3000, hosts
a total of 730,000 ounces at 4.24 g/t Au and represents the largest potential
for an open pit operation within the Main Zone. The hole reported above was
drilled within a "pit shell" proposed by SRK, Chaarat's mining advisers and the
Company expects it will add to the open-pittable resource potential.
Drill chamber 4 was developed early in the year in the northern extremity of the
underground drift running along the mineralisation of project C5300. Drilling
from the drill chamber allows the Company to follow the Contact Zone
mineralisation trend northwards and increase the known mineralisation strike.
The results and the increase in strike will not only enhance the delineated
resource of the deposit, but will also have a positive impact on the potential
mining rate of the project.
Drill chamber 5 allows drilling towards the southern part of Project C5300
towards Project C4600. The objective is to test the section between the two
projects to ascertain if they can be merged to one larger project. Additional
drilling in the same area is currently being undertaken both from surface as
well as from drill chamber 5. The C5300 and C4600 projects have been determined
by SRK to contain 1,345,000 ounces of gold @ 4.21 g/t and 363,000 ounces of gold
@ 4.10 g/t respectively.
Dekel Golan, CEO of Chaarat, comments "The drilling programme implemented this
year is focused on adding the right type of ounces; ounces which fit well into
the emerging mining model being developed for the pre-feasibility study, ounces
in open pittable locations and strike extensions which may readily translate to
a higher mining rate."
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 analyses 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 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 Gold. 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.
Enquiries:
Chaarat Gold Holdings Ltd
c/o Central Asia Services Ltd +44 (0) 20 7499 2612
Dekel Golan dekel@chaarat.com
Linda Naylor linda.naylor@chaarat.com
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather@westhousesecurities.com
Richard Baty richard.baty@westhousesecurities.com
Mirabaud Securities LLP +44 (0) 20 7321 2508
Rory Scott rory.scott@mirabaud.com
Smith's Corporate Advisory +44 (0) 20 7239 0140
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Conduit PR +44 (0) 20 7429 6603
Jos Simson jos@conduitpr.com
Emily Fenton emily@conduitpr.com
Chaarat
Chaarat is an exploration and development 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 4.009 Moz at a
grade of 4.14 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. Chaarat's
objective is to become a low cost gold producer targeting an initial production
of over 200,000 ounces per annum by early 2013.
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.
[HUG#1425939]
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE
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