Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
Drilling update - Contact Project (Kiziltash)
Road Town, Tortola, British Virgin Islands (13 April 2011)
Chaarat Gold Holdings Ltd (AIM:CGH) is pleased to report current drilling results from the Contact Project (Kiziltash). The results from the 7 new drill holes show further consistency and continuity in the mineralisation at the Contact Project. The Contact Project is located within the Contact Zone of the Kiziltash Project and comprises the mineralised body which has been created by combining the C4600 and C5300 projects.
Selected results from the Contact Project of the Kiziltash Project
|
� UG-28 |
24.00m |
at |
4.88 g/t Au |
|
including |
5.10m |
at |
6.74 g/t Au |
|
� UG-411 |
7.88m |
at |
4.17 g/t Au |
|
� UG-412 |
5.00m |
at |
4.76 g/t Au |
|
� UG-412 |
7.50m |
at |
7.17 g/t Au |
|
� UG-27 |
5.63m |
at |
4.08 g/t Au |
|
� UG-27 |
9.00m |
at |
3.74 g/t Au |
|
� UG-602 |
19.00m |
at |
2.66 g/t Au |
|
including |
6.00m |
at |
3.91 g/t Au |
A further 20 underground holes have been drilled since the announcement on 7 February 2011 of the Company's total JORC compliant resource of 4.41Moz grading 4.2g/t. The holes were all drilled in the Contact Project, which of the resource announced on 7 February 2011, was estimated previously to contain 2.001Moz at 4..20g/t gold. The results of 10 drill holes were released on 3 March 2011 and the results of 7 drill holes are included in this announcement. Drilling in the Contact Project continues and the Company will report further results regularly.
Mineralisation in the Contact Project has been established over a strike length of 1,160 metres and vertical extension to a maximum depth of 900 metres from the surface. The mineralisation is open both along strike and down dip. A copy of this announcement including additional technical illustrations is available at the Investors section of the Company's website - www.chaarat.com.
Dekel Golan, CEO of Chaarat, commented: "The Contact Project is emerging as a spectacular project. We believe there is considerable scope for increasing this resource body and the Company intends to continue focusing drilling activity at the Contact Project.
"The significance of the Contact Project is not only due to its size and scalability, but also in its continuity, which has enabled the Company to drill 68 underground holes which have each encountered mineralisation. The continuity, consistency and predictability makes the Contact Project a linchpin for the future Chaarat mine."
Full drill hole results:
|
DH No. |
Project |
Section |
From |
To |
Intersected width |
True width |
Au g/t |
|
UG-602 |
CP |
4960 |
72.00 |
81.00 |
9.00 |
6.00 |
2.41 |
|
UG-602 |
CP |
4960 |
141.50 |
147.50 |
6.00 |
4.00 |
2.56 |
|
UG-602 |
CP |
4960 |
352.00 |
380.50 |
28.50 |
19.00 |
2.66 |
|
including |
CP |
4960 |
353.50 |
362.50 |
9.00 |
6.00 |
3.91 |
|
including |
CP |
4960 |
373.00 |
376.00 |
3.00 |
2.00 |
3.15 |
|
including |
CP |
4960 |
379.00 |
380.50 |
1.50 |
1.00 |
5.28 |
|
UG-411 |
CP |
5280 |
117.50 |
120.00 |
2.50 |
1.88 |
3.57 |
|
UG-411 |
CP |
5280 |
186.00 |
192.00 |
6.00 |
4.50 |
4.54 |
|
UG-411 |
CP |
5280 |
198.00 |
201.00 |
3.00 |
2.25 |
4.58 |
|
UG-411 |
CP |
5280 |
222.00 |
232.50 |
10.50 |
7.88 |
4.17 |
|
including |
CP |
5280 |
222.00 |
225.00 |
3.00 |
2.25 |
5.66 |
|
including |
CP |
5280 |
228.00 |
232.50 |
4.50 |
3.38 |
5.35 |
|
UG-411 |
CP |
5280 |
274.50 |
277.50 |
3.00 |
2.25 |
3.08 |
|
UG-412 |
CP |
5280 |
225.50 |
231.50 |
6.00 |
5.00 |
4.76 |
|
UG-412 |
CP |
5280 |
249.50 |
258.50 |
9.00 |
7.50 |
7.17 |
|
UG-412 |
CP |
5280 |
285.50 |
291.50 |
6.00 |
5.00 |
3.37 |
|
UG-412 |
CP |
5280 |
302.00 |
305.00 |
3.00 |
2.50 |
2.10 |
|
UG-412 |
CP |
5280 |
309.50 |
312.50 |
3.00 |
2.50 |
4.37 |
|
UG-412 |
CP |
5280 |
318.50 |
326.00 |
7.50 |
6.25 |
2.09 |
|
UG-414 |
CP |
5440 |
107.00 |
110.00 |
3.00 |
2.50 |
2.30 |
|
UG-414 |
CP |
5440 |
120.50 |
123.50 |
3.00 |
2.50 |
2.52 |
|
UG-414 |
CP |
5440 |
134.00 |
137.00 |
3.00 |
2.50 |
2.12 |
|
UG-415 |
CP |
5440 |
158.50 |
166.00 |
7.50 |
6.25 |
3.36 |
|
UG-415 |
CP |
5440 |
181.00 |
184.00 |
3.00 |
2.45 |
2.76 |
|
UG-27 |
CP |
4640 |
1.50 |
9.00 |
7.50 |
5.63 |
4.08 |
|
UG-27 |
CP |
4640 |
160.00 |
169.00 |
9.00 |
6.75 |
3.45 |
|
UG-27 |
CP |
4640 |
179.50 |
191.50 |
12.00 |
9.00 |
3.74 |
|
UG-27 |
CP |
4640 |
194.50 |
202.00 |
7.50 |
5.63 |
3.06 |
|
UG-27 |
CP |
4640 |
247.50 |
252.00 |
4.50 |
3.38 |
2.78 |
|
UG-27 |
CP |
4640 |
269.50 |
272.50 |
3.00 |
2.25 |
3.13 |
|
UG-28 |
CP |
4720 |
1.50 |
10.50 |
9.00 |
7.00 |
2.95 |
|
UG-28 |
CP |
4720 |
196.50 |
201.00 |
4.50 |
3.50 |
2.29 |
|
UG-28 |
CP |
4720 |
224.00 |
273.40 |
49.40 |
24.00 |
4.88 |
|
including |
CP |
4720 |
224.00 |
231.50 |
7.50 |
3.64 |
5.70 |
|
including |
CP |
4720 |
251.00 |
261.50 |
10.50 |
5.10 |
6.74 |
Note to Editors:
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 delineated a JORC compliant mineral resource of 4.406Moz at a grade of 4.20g/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 key objective is to become a low cost gold producer; with initial production from the Tulkubash project in 2012, targeting increased production of over 200,000 ounces per annum during 2014 from the Kiziltash project.
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 more than 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.