Chariot Resources Limited

April 12, 2006 09:30 ET

Chariot Encounters Copper Intercepts of 100 Meters at 5.35% Including 42 Metres at 10.54% and 98 Metres At 4.07% Including 44 Metres at 7.10% from Drilling at Mina Justa

TORONTO, ONTARIO--(CCNMatthews - April 12, 2006) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to announce follow-up drill results from the feasibility study drill program for the Mina Justa deposit located at its Marcona Copper Project in Peru.

Drill results outlined are from the HG Sulphide zone which has both copper oxide mineralization and sulphide mineralization with both types often occurring in the same drill hole.

Notable drill intercepts are:

- 252 metres of oxide and sulphide mineralization including:
- 102 metres at 0.53% Cu copper oxide mineralization, including
- 34 metres at 0.70% copper oxide mineralization, and
- 100 metres at 5.35% Cu copper sulphide mineralization (which
includes 14 metres of internal dilution), including
- 42 metres at 10.54% Cu

- 142 metres of oxide and sulphide mineralization including:
- 36 metres at 1.05% Cu of mainly copper oxide mineralization, and
- 98 metres at 4.07% Cu copper sulphide mineralization, including
- 44 metres at 7.10% Cu

On February 23, 2006, Chariot announced the results from hole MJV-06-039 which expanded the previously estimated dimensions of the high grade core of the HG Sulphide zone. The above results are from MJV-06-104 and MJV-06-107 which were drilled to follow-up the results from MJV-06-039 and to determine the extent of the high-grade core of the HG Sulphide zone.

MJV-6-104 and MJV-06-107 are approximately 50 metres north of MJV-06-039. Based on the most recent drill results, it is estimated that the high grade core, is at least100 metres wide, 150 metres long and 100 metres thick. The high grade core is still open in two directions.

Additional drilling has been planned to determine the ultimate dimensions of the high grade core of the HG Sulphide zone. Results from this additional follow-up drilling will be released when they become available.

Consistent with previously reported results, all intersections were determined 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.

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,


"Alex Black"


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