Chariot Resources Limited (TSX:CHD
- News;
"Chariot" or the "Company") is pleased to announce an
update to its drilling data base. Results from 136 holes drilled in 2008 at
the Mina Justa project have been added to the
database. These holes include 13 extensions to holes drilled in 2007 and 15
extensions to holes drilled in 2008. None of the results from the 136 holes
were included in the October 2008 Resource Estimate that is the basis for the
Definitive Feasibility Study ("the DFS").
Chariot President and CEO Ulli Rath commented:
"Notable results from the 136 holes indicate that: (a) the Northern
Oxide and Western Extension areas maybe open with copper intercepts that lie
outside the current open pit; (b) a new area of copper mineralization (MA 67
area) has been outlined that lies about 300 meters west of the current pit
outline; and (c) the Copper 40 area continues to be characterized by notably
robust copper sulphide mineralization that includes
three holes with over 100 meters each at 1.00% Cu that include very high
grade intercepts with grades up to 3.85% Cu."
Copper 40 area: The following holes
drilled in 2007 and 2008 in the Copper 40 area had intercepts of copper sulphide mineralization over 100 meters:
- Hole MJV-07-083 intercepted 104m @ 1.00% from 148m to 252m
and included 10m @ 2.88% Cu from 242m to 252m
- Hole MJV-08-038 intercepted 118m @ 1.09% Cu from 150m to 268m
and included 6m @ 3.85% Cu from 250m to 256m
- Hole MJV-08-065 intercepted 130m @ 1.07% Cu from 140m to 270m
and included 22m @ 2.83% Cu from 244m to 266m
Other notable holes from the Cu 40 area
are: Hole MJV-07-082 intercepted 40m @ 0.93% Cu; hole
MJV-07-085 intersected 32m @ 1.73% Cu; and hole MJV-07-091 intercepted 34m @
1.73% Cu. These intercepts are also copper sulphide
mineralization.
MA 67 area: This area lies about 300
meters west of the Mina Justa open pit. There are
four notable holes all of which intersected copper oxide mineralization. Hole MJV-08-261 intercepted 48m @ 0.70% Cu; hole
MJV-08-259 intercepted 38m @ 0.65% Cu; hole MJV-08-256 intercepted 40m @
0.75% Cu and hole MJV-08-263 intercepted 16m @ 1.41% Cu including 6.0m @
3.17% Cu.
Northern Oxide area: Several holes
drilled in the Northern Oxide area suggest that this zone is still open in
two directions. Hole MJV-08-200 intercepted 20m @ 0.70% Cu and hole MJV-08-
220 intercepted 10m @ 0.93% Cu; both holes suggesting that the zone is still
open to the northwest. Hole MJV-08-214 intercepted
10m @ 3.81% Cu suggesting that the zone may also be open towards the
northeast. All the holes drilled in this area intersected copper oxide
mineralization.
Western Extension Gap Area: Several
holes drilled in the Western Extension Gap area suggest that mineralization
extends outside the current pit area. Notable holes with copper oxide
mineralization include hole MJV-08-187 with 38m @
0.59% Cu; hole MJV-08-229 with 60m @ 0.56% Cu and hole MJV-08-227 with 32m @
1.32% Cu; including 8.0m @ 3.87% Cu. There are also a few intercepts of
copper sulphide mineralization such as hole
MJV-08-182 with 30m @ 1.757% Cu; including 10m @ 2.31% Cu; and hole MJV-08-
273 with 60m @ 1.10% Cu.
A map showing the drill hole locations is attached.
"The updating of our data base has
highlighted the upside potential at our Mina Justa
project" said Ulli Rath.
"We are continuing with our studies on optimization of the Mina Justa project."
All intersections were determined using
a rolling 0.20% Cu cut-off and up to 2 metres of
internal waste. Higher-grade intersections in copper sulphide
mineralization were determined using a rolling 2% Cu cut-off. All intercepts
are down-hole length and intersection true widths have not been calculated.
Sampling procedures for the current
drilling program are the same as previously reported. All RC chips are logged
at the Mina Justa project site. Holes are sampled
in their entirety in two metres runs and split at
the drill site. A 1/8 split or approximately 10 kilograms of a two metres sample is submitted to the on-site SGS Lakefield
Research ("SGS") preparation facility where samples are crushed to
95% passing 10 mesh and riffle split to obtain a 250 gram sub-sample. The
sub-sample is submitted to SGS, in Lima, for analysis. The coarse sample prep
reject is bagged and stored on site and following analysis, the analytical
pulp sample is returned to Chariot for on-site storage. All samples are
analyzed for copper (Cu) using sequential leach, resulting in four Cu analyses
per sample (Cu total, Cu soluble in sulphuric acid,
Cu soluble in sodium cyanide and a Cu residual). Gold is sampled using a 30
gram Fire Assay with an AA finish. Sulphide samples
are submitted for 38 element ICP analysis with aqua-regia
digest. Quality control procedures include insertion of certified project
standards at the drill site (1 in 30), field, crush and pulp duplicate
samples (1 in 30 each), laboratory duplicates (1 in 30) and reagent blanks
and reference material (1 in 30 each).
The exploration drilling data contained
in this news release was calculated and validated by John D. Kapusta, P. Geo, Vice-President Exploration and
Geological Services, Chariot Resources Limited, the designated Qualified
Person as defined in National Instrument 43 - 101.
ON BEHALF OF THE BOARD OF DIRECTORS
Ulli Rath,
President & CEO
CHARIOT RESOURCES LIMITED
Forward-Looking Statements: Statements
in this release that are forward-looking statements are subject to various
risks and uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian Securities Regulators. Such information contained
herein represents management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any
forward-looking statement.
To view the map related with the news
release please visit the following link: http://media3.marketwire.com/docs/CHD0106.pdf