Chariot Resources Limited
TSX : CHD

June 05, 2006 09:17 ET

Chariot Announces Cu Drill Intercepts of 92 Metres at 2.27%, 74 Metres at 2.18%, 50 Metres at 1.72% and 46 Metres at 2.51%

TORONTO, ONTARIO--(CCNMatthews - June 5, 2006) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to announce further drill results from its 2006 drilling campaign at the Marcona Copper Project. These results are from two zones that lie within the ultimate pit boundary of the Mina Justa Main Pit as defined in the Scoping Study recently completed by independent consulting engineers, GRD Minproc. Highlights from the Scoping Study were released on May 3, 2006.

HG Sulphide zone: This zone has both copper oxide mineralization and copper sulphide mineralization with both types often occurring in the same drill hole. The most recent drill results from the HG Sulphide zone where released on April 12, 2006.

Notable highlights at the HG Sulphide zone are (all results are copper sulphide mineralization):



- MJV-06-112 74 metres at 2.18% Cu (250 to 324 m), including
18 metres at 3.21% Cu (298 to 316 m)

- MJV-06-132 92 metres at 2.27% Cu (202 to 294 m), including
22 metres at 5.19% Cu (254 to 276 m)

- MJV-06-134 22 metres at 2.98% Cu (254 to 276 m), including
18 metres at 3.44% Cu (256 to 274 m)

- MJV-06-135 50 metres at 1.72% Cu (204 to 254 m), including
6 metres at 3.82% Cu (212 to 218 m), and
32 metres at 0.93% Cu (256 to 288 m), including
4 metres at 2.15% Cu (260 to 264 m)

- MJV-06-136 44 metres at 1.48% Cu (204 to 248 m), including
6 metres at 2.73% Cu (220 to 226 m), and
6 metres at 2.48% Cu (232 to 238 m)

- MJV-06-139 18 metres at 1.17% Cu (280 to 298 m), and
46 metres at 2.51% Cu (330 to 376 m), including
10 metres at 5.00% Cu (332 to 342 m)

- MJV-06-144 36 metres at 1.80% Cu (180 to 216 m), including
6 metres at 2.27% Cu (200 to 206 m)

- MJV-06-149 44 metres at 0.93% Cu (206 to 250 m), including
6 metres at 2.09% Cu (220 to 226 m)


Northern Oxide zone: This zone comprises copper oxide mineralization from surface to a depth of approximately 200 metres. This zone is also the location for the proposed starter pit operation of the Mina Justa project. The most recent drill results from the Northern Oxide zone were released on March 22, 2006.

Notable highlights at the Northern oxide zone are (all results are copper oxide mineralization):



- MJV-06-099 18 metres at 1.05% Cu (34 to 52 m), including
8 metres at 1.81% Cu (42 to 50 m); and
26 metres at 1.29% Cu (84 to 110 m), including
10 metres at 2.56% Cu (90 to 100 m)

- MJV-06-151 40 metres at 1.47% Cu (78 to 118 m), including
16 metres at 2.38% Cu (88 to 104 m); and
62 metres at 1.35% Cu (122 to 184 m), including
18 metres at 2.56% Cu (164 to 182 m)

- MJV-06-152 28 metres at 0.84% Cu (122 to 150 m)


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 and in summary: All RC chips are logged at the Marcona project site. Holes are sampled in their entirety in two metre runs and split at the drill site. A 1/8 split or approximately 5 kilograms of a two metre 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 duplicate samples (1 in 30), laboratory duplicates (1 in 30) and reagent blanks and reference material (1 in 30).

Data contained in this news release was validated and intersections calculated by Robert William Baxter, BSc. Hons. App. Geology, Director, Executive VP, Chariot Resources Limited, the designated Qualified Person as defined in National Instrument 43-101,

Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Project in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, Chariot's Marcona Copper 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.

CHARIOT RESOURCES LIMITED.

Alex Black

Chairman

Contact Information

  • Chariot Resources Limited
    Toronto, Canada Office
    Alex Black - Chairman
    Office: +1 (416) 363-4554
    Cell Phone: +1 (647) 287-4980
    or
    Chariot Resources Limited
    Toronto, Canada Office
    Ulli Rath - President & CEO
    Office: +1 (416 ) 363-4554
    Cell phone: 1 (416) 270-4481
    or
    Chariot Resources Limited
    Lima, Peru Office
    Bob Baxter - Director
    Office: +51 - 1 - 617-1313
    Cell Phone: +51 - 1 - 9790-3000
    www.chariotresources.com