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.
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.
Hole ID
|
Drilled From
(metres)
|
Drilled To
(metres)
|
Length
(metres)
|
True
width (metres)
|
Au
( g/t)
|
Ag
( g/t)
|
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
|
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.
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.
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
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c/o Central Asia Services Ltd
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Tel: +44 (0) 20 7499 2612
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Tel: +44 (0) 20 7050 6500
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Smith's Corporate Advisory
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Tel: +44 (0) 20 7239 0140
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