Chariot Resources Limited

September 06, 2005 09:37 ET

Chariot Completes 42,000 Metre Drill Program and Releases Additional Gold and Silver Assays-Exploration Drilling to Continue

TORONTO, ONTARIO--(CCNMatthews - Sept. 6, 2005) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to announce that it has completed a 41,680 metre drill campaign to provide information for a new resource estimate of the Mina Justa prospect at the Marcona Copper Project. The drill campaign linked seven zones in a unified grid with spacing between individual drill holes of 100 metres by 100 metres over an area of approximately 1.8 kilometres by 800 metres. The following results are for 9 for the 27 holes drilled during August. Results for the remaining 18 holes will be released once assays are available.

Notable recent copper oxide intercepts are:

- Hole MJV-62: 126 metres in several intercepts, including 22 metres at 1.06% Cu;

- Hole MJV-90: 110 metres in two intercepts, including 58 metres at 0.61% Cu;

- Hole MJV-79: 44 metres at 1.56% Cu;

- Hole MJV-101: 46 metres at 1.05% Cu;

- Hole MJV-94: 22 metres at 3.44% Cu;

- Hole MJV-98: 48 metres at 0.88% Cu.

Notable recent copper sulphide intercepts are:

- Hole MJV-76: 25.3 metres at 2.54% Cu;

- Hole MJV-77: 27.9 metres at 1.72% Cu;

- Hole MJV-102: 20 metres at 3.02% Cu;

- Hole MJV-106: 18 metres at 1.79% Cu.

Chariot Resources also releases gold and silver assays for all holes since the press release of May 9, 2005 which reported on the first 15 holes drilled. As previously noted, the gold content of the most recent holes is, in general, higher than that of the first 15 holes due to a tendency for higher gold grades in the deeper portions of the sulphide body. The sulphide portion of the deposit is still open to the east, south and south east.

Notable recent gold and silver intercepts are:

- Hole MJV-20: 20 metres at 7.2 ppm Ag and 216.5 ppb Au; including 12.9 metres at 11.2 ppm Ag and 301.7 ppb Au;

- Hole MJV-69: 34 metres at 17.7 ppm Ag and 203.6 ppb Au; including 16 metres at 32.4 ppm Ag and 295.1ppb Au;

- Hole MJV-55: 26 metres at 3.5 ppm Ag and 256 ppb Au;

- Hole MJV-45: 28 metres at 6.0 ppm Ag and 150.6 ppb Au; including 12 metres at 12.8 ppm Ag and 294.7 ppb Au;

- Hole MJV-39: 18.9 metres at 4.1 ppm Ag and 186.6 ppb Au; including 6.9 metres at 7.5 ppm Ag and 341.2 ppb Au;

- Hole MJV-72: 18 metres at 17.3 ppm Ag and 210.9 ppb Au;

- Hole MJV-77: 27.9 metres at 17.4 ppm Ag and 173.6 ppb Au;

- Hole MJV-49: 22 metres at 43.7 ppm Ag and 156.6 ppb Au;

- Hole MJV-56: 5.0 metres at 17.2 ppm Ag and 761.8 ppb Au;

- Hole MJV-76: 25.3 metres at 60.2 ppm Ag and 90.5 ppb Au; including 12 metres at 125.5 ppm Ag and 131.2ppb Au.

Assay results are currently being received about two to three weeks after the completion of a drill hole. The detailed table of both copper and gold and silver intersections of individual holes in the drilling program may be viewed at Chariot's website,

The area in and around the conceptual open pit boundary as set-out in the 43-101 report dated November 1, 2004 is now covered by a drilling grid with spacing between individual holes of 100m (see attached illustration). The grid is approximately 1.8 kilometres long and 800 metres wide.

Upon receipt of all assay data from the drilling up to the end of August, Chariot will be initiating the calculation of a new mineral resource estimate for the Mina Justa prospect. This new resource estimate will be incorporated into the Scoping Study by independent consultants, GRD Minproc.

Chariot will drill an additional 15,000 metres before the end of 2005 at the Marcona Copper Project. The focus of this drilling will be to test prospective exploration targets away from the conceptual open pit.

As part of the new 15,000 metre campaign, Chariot will be doing approximately 650 metres of diamond drilling in order to collect material for further metallurgical testing, including the potential recovery of gold and silver as by-products in copper concentrates.

All intersections were calculated using a 0.25% Cu cut-off and less than 2 metres of internal waste. Higher grade intersections were calculated using a 1% Cu cut-off and less than 2 metres of internal waste. All intercepts are down-hole length and intersection true widths have not been calculated.

In respect to sampling procedures for the current drilling program, all RC chips are logged at the Marcona project site. Holes are sampled in their entirety in two metre runs and are split at the drill site. A 1/8 split or approximately 5 kilograms of a two metre sample is submitted to the SGS Lakefield Research ("SGS") preparation facility on site where the samples are crushed to 95% passing 10 mesh and then riffle split where a 250 gram sub-sample is taken and 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 storage at the site.

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) and gold using a 30 gram Fire Assay with an AA finish. In addition, sulphide samples are submitted for 38 element ICP analysis with aqua-regia digest. Quality control procedures include the insertion of certified project standards at the drill site (1/20), field duplicate samples (1/20), laboratory duplicates (1/20) and reagent blanks and reference material (1/20).

All diamond drill core is photographed and geologically and geo-technically logged prior to sampling. Holes are sampled based on mineralization and geology and sample limits do not cross lithological boundaries. Core is marked and cut with a diamond core saw and half-core is submitted to the laboratory for analysis. The remaining half core and un-sampled intervals are stored at a secure location at the Marcona site where it remains available for further logging and verification sampling, if required.

All samples are analyzed in the same manner as the RC samples, using sequential leach for copper, 30 gram Fire Assay for gold and silver and a complete 38 element ICP analysis.

The data contained in this news release has been validated and intersections calculated by the designated Qualified Person as defined in National Instrument 43-101, H. Andrew Daniels, P.Geo., VP Exploration.

Chariot Resources Limited (TSX:CHD) and its subsidiaries are engaged in the acquisition, exploration and development of mineral resource properties primarily located in South America. Additional detail about the Company's projects can be viewed on the Company's website at



Alex Black, Chairman, Executive Vice President

To view the attached map, please click on the following link:

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.

The Toronto Stock Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Chariot Resources Limited - Toronto, Canada Office
    Alex Black
    Chairman, Exec. VP
    Cell: (647) 287-4980
    Chariot Resources Limited - Toronto, Canada Office
    Ulli Rath
    President & CEO
    Cell: (416) 270-4481
    Chariot Resources Limited - Lima, Peru Office
    Bob Baxter
    Director, Exec. VP
    Cell: +51-1-9790 3000
    Chariot Resources Limited - Lima, Peru Office
    Jiron Crane 102 Urb. Jacaranda, San Borja
    Lima, 41 Peru
    +51-1-436-9129 (FAX)