Drilling Report
15 Novembro 2010 - 5:00AM
UK Regulatory
TIDMCGH
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Drilling update
* Main project renamed the Kiziltash project
* Drilling at Kiziltash project suggests mineralisation is thickening at depth
* Drilling at M2400 and M3000 reveal ore bodies are now approximately 100
metres apart. Further drilling planned to establish if they form one ore
body
Road Town, Tortola, British Virgin Islands (15 November 2010)
Chaarat (AIM: CGH) reports significant mineralised intersections in the Main
zone at the Chaarat Gold Property in north west Kyrgyzstan.
As previously announced, the central Chaarat target (which hosts three parallel
striking mineralisation trends) has been divided into two Projects, the
Tulkubash project and the Main project. The Main project contains two parallel
zones of gold mineralisation; the Main zone and the Contact zone. To avoid
confusion between the Main project and the Main zone, the Main project will now
be known as the Kiziltash project.
The Main zone has been delineated over a strike length of 4 kilometres. It has
been further sub-divided into seven Project Areas (the location map can be found
on the Chaarat website; www.chaarat.com).
Kiziltash project: Main zone - highlights (True widths)
The Main zone is one of the two major zones which comprise the Kiziltash
project. A total of 1.87 million ounces at a grade of 4.15 g/t Au was
delineated in this zone based on drilling during the 2009 season. During
2010 10 holes have been drilled. The results of GDM-30-1 in Project Area M3000
(as announced on 22 June 2010) showed an intersected width of 43.50 metres at a
grade of 6.74 g/t. The results of the remaining nine drill holes are included
in this announcement. Highlights of the results of those holes are set out
below:
Project Area Hole ID True width (metres) Au
(g/t)
M3000 CCH10M3002 17.00 at 6.57
CCH10M3001 6.00 at 3.55
M3900 CCH10M3903 15.00 at 4.50
M2400 CCH10M24101 10.20 at 8.21
CCH10M2408 18.40 at 5.95
The mineralisation seems to be consolidating and the results suggest it is
thickening at depth. The importance of these results goes well beyond their
addition to the current 4.009 million ounces JORC compliant resource. There is
now a long strike of relatively wide mineralisation within three areas in the
Kiziltash project which supports the Company's plan to build a significant
underground operation. Two of these areas, M2400 and M3000, have been drilled
on strike and are now approximately 100 metres apart. If the two areas prove to
be continuous, it will further enhance the economics of the entire Kiziltash
project.
Dekel Golan, CEO of Chaarat, comments: "Drilling in the Main zone is gradually
revealing a larger than expected, more continuous and exciting mineralised
system. The 196 holes already drilled have delineated a system with the grade,
width and strike extension to support a major mining operation. Combined with
the large and growing Contact zone mineralisation, the Kiziltash project may
support a significant underground mining rate.
"These results provide us with further encouragement and confidence for the
establishment of a large, low cost mining operation, in addition to the open pit
Tulkubash project which we aim to bring into production by early 2012."
General Description of the Main zone
The Main zone is one of the three major mineralisation trends of Chaarat.
Mineralisation in the Main zone is hosted in a 10-15 metre wide shear zone,
which extends for at least 4 km 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 north-west. The
gold is associated with sulphides, sericitic alteration and minor quartz
veinlets.
Based on drilling completed in 2009, a JORC compliant (indicated and inferred)
resource containing 1.87 million oz at a grade of 4.15 g/t Au had been
delineated in the Main zone to depths up to 350m, down the dip from outcrop.
The mineralisation remains open down dip all along the Main zone.
Of the seven identified mineralised bodies along strike, work has focused on
three Project Areas - the M2400, M3000 and M3900. In total 2,337.20 metres were
drilled in the Main zone during 2010.
Project Area M3000
Prior to these drilling results, SRK Consulting Group ("SRK") estimated that
Project Area M3000 contained 730,000 ounces at a grade of 4.24 g/t of gold and
extended to a strike of 350 metres.
Drilling in 2010 has increased the down dip continuation of mineralisation by a
further 80 metres. The mineralisation remains open down dip and was defined by
drilling to a depth of 350 metres below surface, being 1,950 metres above sea
level.
Drilled
From Drilled To Length True width Au
Hole ID Section (metres) (metres) (metres) (metres) (g/t)
CCH10M3001 2920 44.00 45.50 1.50 1.20 4.18
CCH10M3001 2920 131.80 133.30 1.50 1.20 5.54
CCH10M3001 2920 176.00 183.50 7.50 6.00 3.55
CCH10M3002 3000 307.50 328.50 21.00 17.00 6.57
CCH10M3002 3000 334.50 337.50 3.00 2.43 3.56
CCH10M3003 3080 106.40 109.40 3.00 2.00 2.13
CCH10M3003 3080 193.00 196.00 3.00 2.00 2.77
CCH10M3003 3080 214.00 218.50 4.50 3.00 2.10
CCH10M3003 3080 224.50 227.50 3.00 2.00 2.98
CCH10M3003 3080 238.00 242.50 4.50 3.00 2.40
CCH10M3003 3080 245.50 250.00 4.50 3.00 2.80
CCH10M3003 3080 266.50 272.50 6.00 4.00 3.23
Tr303_10 3000 1.00 3.00 2.00 1.50 2.83
Tr303_10 3000 72.00 75.00 3.00 2.25 2.82
Tr303_10 3000 108.00 117.00 9.00 6.75 3.59
Tr303_10 3000 114.00 117.00 3.00 2.25 8.62
Tr303_10 3000 144.00 146.00 2.00 1.50 3.45
Tr303_10 3000 172.00 174.00 2.00 1.50 5.19
Project Area M3900
Prior to these drilling results, SRK estimated that Project Area M3900 contained
272,000 ounces at a grade of 3.79 g/t of gold along a strike of 400 metres. The
down dip extension of mineralisation in the Project Area has been increased by a
further 80 metres. The mineralisation remains open down dip and has been
confirmed by drilling to a depth of 250 metres below surface, being 2,135 metres
above sea level.
Only one hole has been drilled on M3900 in 2010.
Drilled
From Drilled To Length True width Au
Hole ID Section (metres) (metres) (metres) (metres) (g/t)
CCH10M3903 4040 119.00 125.00 6.00 4.50 2.71
CCH10M3903 4040 141.50 144.00 2.50 1.88 6.12
CCH10M3903 4040 161.00 164.00 3.00 2.25 5.50
CCH10M3903 4040 231.00 251.00 20.00 15.00 4.50
Project Area M2400
Prior to these drilling results, SRK estimated that Project Area M2400 contained
496,000 ounces at a grade of 4.08 g/t of gold along a strike of 720 metres.
Drilling in 2010 has increased strike to 800 metres. The mineralisation remains
open down dip and has been confirmed by drilling to a depth of 270 metres below
surface, being 2,207 metres above sea level.
Drilled
From Drilled To Length True width Au
Hole ID Section (metres) (metres) (metres) (metres) (g/t)
CCH10M2402 1880 207.00 211.50 4.50 3.00 2.35
CCH10M2402 1880 249.00 250.50 1.50 1.00 3.69
CCH10M2402 1880 256.50 258.00 1.50 1.00 4.06
CCH10M2402 1880 282.00 296.00 14.00 9.33 2.26
CCH10M24101 1880 194.50 206.50 12.00 10.20 8.21
CCH10M2407 2040 40.50 43.50 3.00 2.40 5.04
CCH10M2407 2040 111.00 114.00 3.00 2.40 2.06
CCH10M2407 2040 118.50 120.00 1.50 1.20 3.90
CCH10M2407 2040 169.50 172.50 3.00 2.40 3.40
CCH10M2407 2040 197.00 201.50 4.50 3.60 2.24
CCH10M2407 2040 209.00 212.00 3.00 2.40 3.23
CCH10M2408 2120 20.50 22.00 1.50 1.15 4.31
CCH10M2408 2120 46.00 49.00 3.00 2.30 5.07
CCH10M2408 2120 70.00 73.00 3.00 2.30 3.30
CCH10M2408 2120 110.50 134.50 24.00 18.40 5.95
Further information about the Company:
Chaarat Gold Holdings Ltd +44 (0) 20 7499 2612
c/o Central Asia Services Ltd dekel@chaarat.com
linda.naylor@chaarat.com
Westhouse Securities Limited +44 (0) 20 7601 6100
Tim Feather tim.feather@westhousesecurities.com
Richard Baty richard.baty@westhousesecurities.com
Smith's Corporate Advisory +44 (0) 20 7321 2508
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Conduit PR +44 (0) 20 7429 6603
Jos Simson jos@conduitpr.com
Emily Fenton emily@conduitpr.com
Note to Editors:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz
Republic. The Company's main activity is the development of the Kiziltash and
Tulkubash projects 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
across both deposits. The Company is currently in the process of compiling a
Pre-Feasibility study on the Kiziltash project and a Definitive Feasibility
Study on the Tulkubash project. Chaarat's objective is to become a low cost
gold producer targeting production of over 200,000 ounces per annum by early
2014 from the Kiziltash project with first production from the smaller Tulkubash
project in early 2012.
www.chaarat.com
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.
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#1462355]
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.
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE
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