Chariot Resources Limited
TSX : CHD

January 22, 2007 09:14 ET

Chariot Announces Results from La Apreciada Prospect

MINERALIZED TREND IS 2 KM LONG WITH TWO ZONES GRAB SAMPLES UP TO 4.50% Cu FROM SEVERAL LOCATIONS CHANNEL SAMPLES OF 1.14% Cu ACROSS SEVERAL METRES

TORONTO, ONTARIO--(CCNMatthews - Jan. 22, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to provide an update on the regional exploration program and announces results from a preliminary surface sampling program at the La Apreciada prospect. The La Apreciada prospect is located approximately 15 km from the Mina Justa project. The start of the regional exploration program was announced on August 23, 2006.

La Apreciada:

At La Apreciada copper mineralization has been sampled along a trend that is approximately 2 km long and 100 to 150 metres wide. To date two major zones have been identified. A preliminary geological map has been completed and 395 chip, grab and trench samples have been collected from the La Apreciada prospect. The samples come from two zones: The Southern Zone which is approximately 200 metres long and 100 metres wide; and the Northern Zone which is about 500 to 600 metres long and up to 150 metres wide.

The Southern Zone is characterized by a granodiorite intrusive into andesites and conglomerates. There are over 26 trenches in the Southern Zone. Grab samples and samples from trenches have returned grades of up to 4.50% Cu. One area is characterized by grab samples of around 2.0% Cu.

The Northern Zone is characterized by faults, veins and a prominent discordant structure in predominantly andesitic rocks. In the northern section of this zone grab samples have returned grades of up to 4.51% Cu from local fracture zones. In the southern section of this zone grab samples have returned up to 3.19 % Cu. A channel sample across the major discordant structure in the southern section has returned 1.14% Cu over several metres.

Regional Exploration Program:

As previously reported, Marcobre SAC has initiated a regional exploration program on lands surrounding the Mina Justa project. The Marcona Copper Property covers approximately 32,899 hectares. The Mina Justa project, which is the focus of a feasibility study, is located on the "Target Area 1" property which covers approximately 3,969 hectares. The "Rio Tinto Claims" which consist of 44 contiguous claims around Target Area 1 cover approximately 28,930 hectares.

Four copper prospects have, to date, been identified on lands surrounding the Mina Justa project. These are:
- Achupallas prospect, located on Target Area 1, about 6 km north of Mina Justa

- Miramar prospect, located on the Rio Tinto Claims about 18 km northwest of Mina Justa

- Clavelinas prospect, located on the Rio Tinto Claims about 5 km east from Mina Justa, and

- La Apreciada prospect, located on the Rio Tinto Claims about 15 km east of Mina Justa.

The initial regional exploration program will consist of geological mapping, surface sampling, geophysical surveys and trenching in order to better define these prospects and to develop additional drill targets.

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). Quality control procedures include insertion of certified project standards at the drill site (1 in 30), field duplicate samples (1 in 30 each), laboratory duplicates (1 in 30) and reagent blanks and reference material (1 in 30 each).

Data contained in this news release was validated and intersections calculated 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.

"The preliminary results from La Apreciada are very encouraging" said Ulli Rath, President and CEO of Chariot. He went on to say that "Our regional exploration program is continuing. We have budgeted 5,000 metres of drilling for this program".

Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer by 2009.

Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.

Contact Information

  • Chariot Resources Limited
    Toronto, Canada Office
    Ulli Rath, President & CEO
    (416) 363-4554 or Cell phone (416) 270-4481
    or
    Forbes West
    Investor Relations
    (416) 203-2200 or Toll Free: 1-888-655-5532
    or
    Chariot Resources Limited
    Lima, Peru Office
    John Kapusta - VP Exploration & Geological Services
    +51 1 617-1313
    Website: www.chariotresources.com