Chariot Resources Limited

September 13, 2007 08:33 ET

Chariot Announces Additional High Grade Cu Oxide Intercepts at Potential Starter Pit

22.0 Metres @ 2.08% Cu including 10.0 Metres @ 3.57% Cu; 42.0 Metres @ 1.26% Cu including 18.0 Metres @ 2.46% Cu

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to announce additional drill results from its planned 40,000 metre 2007 drilling campaign at the Marcona Copper Project. Results reported today are from a follow-up round of drilling at the Magnetite Manto area. Previous drill results from this area were released on May 10 and August 1, 2006 and May 17, 2007.

Magnetite Manto is located approximately 1 km west of the Mina Justa Main Pit. The current results cover an estimated strike length of about 380 metres out of a projected strike length of about 550 metres for the entire Magnetite Manto zone. The Scoping Study has identified this area as having the potential to become a high grade copper oxide starter pit.

Notable highlights from the follow-up round of drilling at Magnetite Manto are (all results are copper oxide mineralization):

- MJV-07-103 28.0 metres at 0.979% Cu (122m to 150m)

- MJV-07 107 22.0 metres at 1.07% Cu (138m to 160m)

- MJV-07-111 30.0 metres at 1.46% Cu (78m to 108m), including
12.0 metres at 2.60% Cu (90m to 102 m)

- MJV-07-114 32.0 metres at 1.39% Cu (160m to 192m), including
18.0 metres at 2.24% Cu (166m to 184m)

- MJV-07-117 24.0 metres at 1.23% Cu (120m to 144m)

- MJV-07-123 38.0 metres at 1.09% Cu (126m to 164m)

- MJV-07-128 42.0 metres at 1.26% Cu (144m to 186m), including
18.0 metres at 2.46% Cu (162m to 180m)

- MJV-07-130 22.0 metres at 2.08% Cu (108m to 130m), including
10.0 metres at 3.57% Cu (110m to 120m)

- MJV-07-135 20.0 metres at 1.47 % Cu (130m to 150m)

- MJV-07-141 10.0 metres at 1.97% Cu ( 160m to 170m)

- MJV-07-163 16.0 metres at 1.25% Cu (38m to 54m)

All intersections were determined using a rolling 0.25% Cu cut-off and up to 2 metres of internal waste. High-grade intersections in copper oxide mineralization were calculated using a rolling 1% 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 5 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 from which a 250 gram sub-sample is taken. 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).

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.

Mr. Ulli Rath, President and CEO, said, "The follow-up round of drilling at Magnetite Manto has reinforced our belief that this area will become the project starter pit. With the potential for several years of high grade output, the area's size, grade, and location make it ideal from which to start our vat leaching operations."

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.

Additional details about Chariot can be viewed at the Company's website,


Ulrich (Ulli) Rath, President & CEO

Contact Information

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