Chariot Resources Limited
TSX : CHD

July 18, 2005 15:26 ET

Chariot Resources Identifies Three New Zones of Copper Mineralization Including Two Zones Outside Conceptual Open Pit Boundary; All Three Zones Remain Open

TORONTO, ONTARIO--(CCNMatthews - July 18, 2005) - Chariot Resources Limited ("Chariot") (TSX:CHD) has encountered three new zones of copper mineralization which have the potential to increase both the near-surface copper oxide resources and the deeper copper sulphide resources at the Marcona Copper Project.

The three new zones are called the Sulphide Extensions zone (incorporating Targets 2a and 2b), the Cu40 zone and the Oxide Gaps zone (incorporating Target 1a). The Sulphide Extensions zone is predominantly copper sulphide mineralization. The Cu40 zone has a near-surface area of copper oxide mineralization which overlays copper sulphide mineralization to the south. The Oxide Gaps zone is predominantly copper oxide mineralization.

Notable copper sulphide intersections are: in the southern part of the Cu40 zone - 34 metres at 3.17% Cu (including 16 metres at 5.34% Cu), 28 metres at 1.92% Cu (including 6 metres at 5.89% Cu) and 18 metres at 2.13% Cu (including 6 metres at 5.47% Cu) and from the Sulphide Extensions zone - 30.45 metres at 2.61% Cu (including 12.9 metres at 4.32% Cu).

Notable copper oxide intersections are: from the Cu40 zone - 22 metres at 1.64% Cu and; and from the Oxide Gaps zone - 44 metres at 1.01% Cu (including 12 metres at 1.50% Cu) and 68 metres at 0.94% Cu (including 14 metres at 1.38% Cu).

The Cu40 zone and the Sulphide Extensions zone lie outside the conceptual open pit boundary as set out in the Company's 43-101 report. The Sulphide Extensions zone appears to have above average gold associated with the copper mineralization. All three newly identified zones remain open.

Additional assay results from the HG Sulphide zone which were not available for the June 14, 2005 release have extended this zone another 100 metres to the south. A notable copper sulphide intersection is 22 metres at 2.24% Cu (including 14 metres at 3.28% Cu).

The Sulphide Extensions Zone:

The Sulphide Extensions zone was originally thought to consist of two exploration targets - Target 2a (Sulphide Extensions) and Target 2b (High Grade Sulphide) as set-out in Chariot's 43-101 Report dated 1 November, 2004 and the Prospectus dated 21 December, 2004. Prior to the commencement of drilling on these two targets Chariot estimated that together these targets had the potential to add up to 55 million tonnes at a grade of 1.0% - 2.0% Cu to the resource base of Mina Justa. As shown on the attached illustration both these targets lie outside the conceptual open pit boundary as set-out in the 43-101 report. Both targets did not have any nearby results from previous drilling done by Rio Tinto.

Target 2a was developed as a possible extension to the Inferred underground resources as set-out in the 43-101 report. These resources presently amount to 31.7 million tonnes at 1.51% Cu, 0.11 g/t Au and 14.6 g/t Ag and occur in three relatively extensive flat-lying zones. Target 2b was developed from a previously untested TEM (Transient Electro Magnetic) anomaly.

Chariot has drilled 2933.8 metres in 5 holes on Targets 2a and 2b and has concluded that these two targets now constitute one new zone called the Sulphide Extensions zone. This new zone lies approximately 200 metres south of the HG Sulphide zone and appears to have been offset, possibly by a fault, approximately 150 to 200 metres to the east of the HG Sulphide zone.

As shown in the attached illustration, the new Sulphide Extensions zone is approximately 300 metres long and 250 metres wide and is up to 40 metres thick. The zone is still open to the north and to the south and to the east.

Notable copper sulphide intercepts in the Sulphide Extension zone include:

Hole MJV - 05 - 020 encountered 46 metres of Cu mineralization including 30.45 metres at 2.61% Cu, 7.7ppm Ag and 216ppb Au (from 553.6 metres to 584.0 metres) including a high-grade intersection of 12.9 metres at 4.32% Cu, (from 570.1 metres to 583.0 metres).

Hole MJV - 05 - 022 encountered two intersections, 16.05 metres at 3.54% Cu, 50 ppm Ag and 99 ppb Au (from 574.1 metres to 590.15 metres) including a high-grade intercept of 4.0 metres at 7.26% Cu. The second intercept was 4.4 metres at 2.74% Cu with 60 ppm Ag. The two intercepts were separated by a dyke, which was mineralized at its margins.

Hole MJV - 05 - 044 encountered 14.7 metres of copper sulphide mineralization at 1.32% Cu (from 427.6 metres to 442.3 metres), and 12 metres at 1.75% Cu (from 447.15 to 460.9 metres) and 3.1 metres at 1.38% Cu (from 476.1 metres to 479.2 metres). Ag and Au assays are pending.

Hole MJV - 05 - 046 encountered 26 metres of copper oxide mineralization in six intercepts at 0.35% Cu to 1.49% Cu (from 0 to 148 metres), and 13.6 metres of copper sulphide mineralization at 2.75% Cu (from 554.4 metres to 568.0 metres), including 11 metres at 3.34% Cu, 13.1 ppm Ag and 212 ppb Au (from 555.6 to 566.6 metres). Other intercepts include 2m @ 2.35% Cu (from 533.4 to 535.4 metres) and 4.5 metres @ 1.75% Cu (from 541.5 to 546 metres).

Results for Hole MJV - 05 - 056 are pending. Short intervals of high grade sulphide were intercepted however the bulk of the potential interection was stoped out by post mineral dyke.

The Cu40 Zone:

Previous drilling by Rio Tinto defined a flat parallel structure of pre-dominantly copper oxide mineralization in the southern portion of the Mina Justa prospect. This area, which is based on a few widely spaced holes, was called the Cu40 zone and lies outside the conceptual open pit boundary as set-out in the 43-101 report dated 1 November, 2004.

As shown on the attached illustration, notable Rio Tinto copper oxide intersections are Hole MA32 which intersected 22 metres at 0.46% Cu; Hole MA40 which intersected 24 metres at 1.80% Cu and Hole MA45 which intersected 76 metres at 0.40% Cu.

Chariot Resources tested this area with 3286 metres of drilling in 10 holes at the Cu40 zone and en-countered copper oxide mineralization and copper sulphide mineralization.

Notable copper oxide intercepts in the Cu40 zone include:

Hole MJV - 05 - 024 encountered 22 metres at 1.64% Cu (from 126 metres to 148 metres).

Hole MJV - 05 -040 encountered a total of 24 metres in five intercepts between 72 metres and 104 metres at a grade of between 0.26% Cu to 0.38% Cu.

Hole MJV - 05 - 057 encountered 42 metres at 0.63% Cu (from 52 metres to 94 metres) and 12 metres at 0.81% Cu (from 168 to 180 metres).

Notable copper sulphide intercepts in the Cu40 zone:

Hole MJV - 05 - 040 encountered 18 metres at 2.13% Cu and 17.9 ppm Ag (from 214 metres to 232 metres) including a high-grade intercept of 6 metres at 5.47% Cu.

Hole MJV - 05 - 045 encountered 28 metres at 1.92% Cu and 150 ppb Au (from 160 metres to 188 metres) including a high-grade intercept of 6 metres at 5.89% Cu.

Hole MJV - 05 - 065 encountered 10 metres at 0.69% Cu and 135 ppb Au (from 248 metres to 258 metres) and 8 metres at 0.58% Cu and 103 ppb Au (from 262-270 metres).

Hole MJV - 05 - 067 encountered 18 metres at 2.23% Cu, 36 ppm Ag and 105 ppb Au (from 266 metres to 284 metres) and 8 metres at 4.42% Cu, 78 ppm Ag and 183 ppb Au (from 272-280 metres).

Hole MJV - 05 - 069 encountered 34 metres at 3.17% Cu, 17 ppm Ag and 203 ppb Au (from 270 metres to 304 metres) including a high grade intercept of 16 metres at 5.34% Cu, 32 ppm Ag and 295 ppb Au (from 284-300 metres).

Hole MJV - 05 - 070 encountered 12 metres at 1.38% Cu and 246 ppb Au (from 98 metres to 110 metres) and 6 metres at 2.25% Cu and 432 ppb Au (from 104-110 metres). These intercepts are classified as mixed sulphides.

Based on the previous wide-spread drilling by Rio Tinto and on the recent drilling done by Chariot Resources, the Cu40 zone appears to be one continuously mineralized structure of near-surface copper oxide mineralization that is approximately 350 metres long, 250 metres wide and 20 metres thick. Towards the south of the zone, as demonstrated by Hole MJV - 05 - 069, there is an area of copper sulphide mineralization below the copper oxide mineralization that will require additional drilling to define its dimensions. The Cu40 zone lies outside the conceptual open pit boundary as set-out in the 43-101 report and the zone is still open to the south.

The Oxide Gaps Zone:

The Oxide Gaps target (Target 1b) was developed in an area within the conceptual open pit boundary that lies to the west of the HG Sulphide zone. Prior to commencement of the drilling program, Chariot estimated that Target 1b had the potential to add up to 10 million tonnes at a grade of 0.50 to 0.70% Cu to the copper oxide resource base of Mina Justa.

As shown on the attached illustration, notable copper oxide intercepts from the previous drilling by Rio Tinto in this area are Hole MA44 which encountered 44 metres at 0.83% Cu and Hole MA32 which encountered 16 metres at 1.44% Cu.

Chariot has drilled 1800 metres in 6 holes in the Oxide Gaps target.

Notable copper oxide intercepts include:

Hole MJV - 05 - 051 encountered 16 metres at 1.44% Cu (from 128 metres to 138 metres).

Hole MJV - 05 - 053 encountered 54 metres at 0.82% Cu (from 124 metres to 178metres) including a high-grade intercept of 8 metres at 1.39% Cu. In total, this hole encountered 68 metres at 0.94% Cu, including 14 metres at 1.38% Cu as mixed and sulphide copper mineralization.

Hole MJV - 05 - 055 encountered 44 metres at 1.01% Cu (from 94 metres to 138 metres) including a high-grade intercept of 12 metres at 1.50% Cu.

Hole MJV - 05 - 058 encountered a total of 34 metres in six intercepts between 30 to 104 metres at grades of 0.35% Cu to 0.61% Cu.

The attached illustration shows, the Oxide gaps zone as approximately 400 metres long, 200 metres wide and 40-50 metres thick.

Update on the HG Sulphide Zone:

On 14 June, 2005, Chariot released the results of a second round of drilling at the HG Sulphide zone. In that release it was noted that this zone had increased to a size of approximately 500-600 metres long by 400 metres wide. Also in that release it stated that Hole MJV - 05 - 039 was not drilled deep enough to fully penetrate the HG Sulphide zone. This hole has subsequently been deepened and the results are set out below.

Since the release of June 14 2005, Chariot has received assays from two relevant holes in the HG Sulphide zone.

Notable copper sulphide intercepts from the HG Sulphide zone include:

Hole MJV - 05 - 039 encountered 15.65 metres at 1.47% Cu (from 475.25 metres to 490.9 metres).

Hole MJV - 05 - 054 encountered 22 metres at 2.24% Cu, 114 ppb Au (from 368 metres to 390 metres) including a high-grade intercept of 14 metres at 3.28% Cu, 161 ppb Au (from 378 metres to 388 metres). This hole also encountered 26 metres at 1.21% Cu, 257 ppb Au (from 400 metres to 426 metres).

Based on the results of these two holes the HG Sulphide zone has been extended 100 metres to the south. As presently defined, the zone is 600 metres long and 400 metres wide.

All intersections were calculated using a 0.25% Cu cut-off and less than 2 metres of internal waste (see attached Table 1). High grade intersections were calculated using a 1% Cu cut-off and less than 2 metres of internal waste (see attached Table 2).

Most of the holes are oriented to grid north with an inclination of -70 degrees. Except holes MJV - 05 - 040 and MJV - 05 - 045 which were oriented to grid northeast and MJV - 05 - 058 which was oriented to grid west and MJV - 05 - 057 which was orientated to grid east.

Attached is a plan showing the location of the holes that are the subject of this release in relation to the HG Sulphide zone, the Oxide Gaps zone, the Cu40 zone and the Sulphide Extension zone and the referenced Rio Tinto holes. The current geological interpretation of these zones, as illustrated on the attached plan, may be subject to modification and changes arising from the results of future drilling.

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). Approximately 10% of the pulp samples from previous Rio Tinto drilling are being check analyzed and procedures are in place to submit a further 10% of the current drill campaign samples to a second laboratory for check analysis.

All diamond drill core is photographed, 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 a complete 38 element ICP analysis. Diamond drill holes are identified with a (D) following the hole number in the attached tables.

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.

Mr. Alex Black, Chairman, Executive Vice President said, "To date, we have drilled approximately 28,210 metres, or 76% of our Phase One program. At the current rate of drilling by mid-August we will have drilled 37,000 metres. Between now and mid-August our focus will be a balance between testing exploration targets close to our conceptual open pit and infill drilling within the conceptual open pit area with a view to incorporating all the results of our drilling into a new resource estimate for the Mina Justa prospect. Once completed, the new resource estimate will be incorporated into a Scoping Study due for completion in the fourth quarter of 2005. During the Scoping Study, the rate of drilling will be reduced to one drill rig and the focus of our drill program will shift to testing the many exploration targets that lie further away from the conceptual open pit."

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 www.chariotresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF CHARIOT RESOURCES LIMITED

Alex Black, Chairman, Executive Vice President

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.

To view the attached maps please click on the following links:

http://www2.ccnmatthews.com/database/fax/2000/0718chd.jpg

http://www2.ccnmatthews.com/database/fax/2000/0718chd1.jpg



TABLE 1
Chariot Resources
Marcona Joint Venture
Significant Intersections to Date
(Base COG greater than 0.25% Cu Total, less than 2m Internal Waste)

-------------------------------------------------------------
Hole
Easting Northing Number From To Length
-------------------------------------------------------------
10400.11 9399.92 MJV - 05 - 020R 136.00 148.00 12.00
-------------------------------------------------------------
MJV - 05 - 020R 186.00 194.00 8.00
---------------------------------------
MJV - 05 - 020R 264.00 268.00 4.00
---------------------------------------
MJV - 05 - 020D 553.60 584.00 30.45
---------------------------------------

-------------------------------------------------------------
9301.88 10797.88 MJV - 05 - 021R 226.00 238.00 12.00
-------------------------------------------------------------

-------------------------------------------------------------
10396.28 9200.02 MJV - 05 - 022R 214.00 222.00 8.00
-------------------------------------------------------------
MJV - 05 - 022R 230.00 236.00 6.00
---------------------------------------
MJV - 05 - 022R 332.00 336.00 4.00
---------------------------------------
MJV - 05 - 022D 574.10 590.15 16.05
---------------------------------------

-------------------------------------------------------------
9499.95 9501.10 MJV - 05 - 024R 4.00 8.00 4.00
-------------------------------------------------------------
MJV - 05 - 024R 126.00 148.00 22.00
---------------------------------------

-------------------------------------------------------------
10100.28 9600.31 MJV - 05 - 039R 116.00 122.00 6.00
-------------------------------------------------------------
MJV - 05 - 039R 252.00 256.00 4.00
---------------------------------------
MJV - 05 - 039R 456.00 468.00 12.00
---------------------------------------

-------------------------------------------------------------
9599.86 9100.30 MJV - 05 - 040R 72.00 78.00 6.00
-------------------------------------------------------------
MJV - 05 - 040R 96.00 104.00 8.00
---------------------------------------
MJV - 05 - 040R 116.00 122.00 6.00
---------------------------------------
MJV - 05 - 040R 214.00 232.00 18.00
---------------------------------------

-------------------------------------------------------------
9000.43 10200.73 MJV - 05 - 042R 136.00 138.00 2.00
-------------------------------------------------------------
MJV - 05 - 042R 148.00 150.00 2.00
---------------------------------------

-------------------------------------------------------------
9299.99 9600.13 MJV - 05 - 043R 44.00 48.00 4.00
-------------------------------------------------------------
MJV - 05 - 043R 80.00 86.00 6.00
---------------------------------------

-------------------------------------------------------------
10000.00 9400.26 MJV - 05 - 044R 60.00 66.00 6.00
-------------------------------------------------------------
MJV - 05 - 044R 118.00 126.00 8.00
---------------------------------------
MJV - 05 - 044R 402.00 406.00 4.00
---------------------------------------
MJV - 05 - 044R 414.00 418.00 4.00
---------------------------------------
MJV - 05 - 044D 427.60 442.30 14.70
---------------------------------------
MJV - 05 - 044D 447.15 460.90 12.00
---------------------------------------
MJV - 05 - 044D 476.10 479.20 3.10
---------------------------------------

-------------------------------------------------------------
9600.40 9300.77 MJV - 05 - 045R 136.00 140.00 4.00
-------------------------------------------------------------
MJV - 05 - 045R 160.00 188.00 28.00
---------------------------------------
MJV - 05 - 045R 196.00 200.00 4.00
---------------------------------------

-------------------------------------------------------------
10199.55 9399.60 MJV - 05 - 046R 0.00 4.00 4.00
-------------------------------------------------------------
MJV - 05 - 046R 28.00 34.00 6.00
---------------------------------------
MJV - 05 - 046R 90.00 94.00 4.00
---------------------------------------
MJV - 05 - 046R 114.00 118.00 4.00
---------------------------------------
MJV - 05 - 046R 142.00 148.00 6.00
---------------------------------------
MJV - 05 - 046R 216.00 220.00 4.00
---------------------------------------
MJV - 05 - 046R 232.00 234.00 2.00
---------------------------------------
MJV - 05 - 046R 262.00 266.00 4.00
---------------------------------------
MJV - 05 - 046D 541.50 546.90 5.40
---------------------------------------
MJV - 05 - 046D 554.40 566.60 12.20
---------------------------------------

-------------------------------------------------------------
9699.71 10499.16 MJV - 05 - 047R 82.00 92.00 10.00
-------------------------------------------------------------
MJV - 05 - 047R 200.00 204.00 4.00
---------------------------------------

-------------------------------------------------------------
9598.17 10583.55 MJV - 05 - 048R 0.00 2.00 2.00
-------------------------------------------------------------
MJV - 05 - 048R 22.00 28.00 6.00
---------------------------------------
MJV - 05 - 048R 34.00 40.00 6.00
---------------------------------------
MJV - 05 - 048R 44.00 50.00 6.00
---------------------------------------
MJV - 05 - 048R 52.00 58.00 6.00
---------------------------------------
MJV - 05 - 048R 60.00 64.00 4.00
---------------------------------------
MJV - 05 - 048R 118.00 138.00 20.00
---------------------------------------
MJV - 05 - 048R 156.00 160.00 4.00
---------------------------------------

-------------------------------------------------------------
9400.36 10201.27 MJV - 05 - 050R 2.00 6.00 4.00
-------------------------------------------------------------
MJV - 05 - 050R 8.00 18.00 10.00
---------------------------------------
MJV - 05 - 050R 44.00 48.00 4.00
---------------------------------------

-------------------------------------------------------------
9600.30 9800.35 MJV - 05 - 051R 20.00 22.00 2.00
-------------------------------------------------------------
MJV - 05 - 051R 42.00 44.00 2.00
---------------------------------------
MJV - 05 - 051R 56.00 58.00 2.00
---------------------------------------
MJV - 05 - 051R 62.00 68.00 6.00
---------------------------------------
MJV - 05 - 051R 122.00 138.00 16.00
---------------------------------------

-------------------------------------------------------------
9699.99 9499.91 MJV - 05 - 052R 6.00 8.00 2.00
-------------------------------------------------------------
MJV - 05 - 052R 12.00 18.00 6.00
---------------------------------------
MJV - 05 - 052R 36.00 38.00 2.00
---------------------------------------
MJV - 05 - 052R 58.00 60.00 2.00
---------------------------------------
MJV - 05 - 052R 112.00 114.00 2.00
---------------------------------------
MJV - 05 - 052R 124.00 126.00 2.00
-------------------------------------------------------------

-------------------------------------------------------------
9699.66 9801.05 MJV - 05 - 053R 94.00 108.00 14.00
-------------------------------------------------------------
MJV - 05 - 053R 110.00 112.00 2.00
---------------------------------------
MJV - 05 - 053R 124.00 192.00 68.00
---------------------------------------
MJV - 05 - 053R 210.00 216.00 6.00
---------------------------------------
MJV - 05 - 053R 402.00 404.00 2.00
---------------------------------------
MJV - 05 - 053R 446.00 448.00 2.00
---------------------------------------

-------------------------------------------------------------
9999.59 9600.70 MJV - 05 - 054R 84.00 86.00 2.00
-------------------------------------------------------------
MJV - 05 - 054R 312.00 314.00 2.00
---------------------------------------
MJV - 05 - 054R 318.00 320.00 2.00
---------------------------------------
MJV - 05 - 054R 340.00 342.00 2.00
---------------------------------------
MJV - 05 - 054R 368.00 390.00 22.00
---------------------------------------
MJV - 05 - 054R 400.00 426.00 26.00
---------------------------------------

-------------------------------------------------------------
9600.00 10000.00 MJV - 05 - 055R 94.00 138.00 44.00
-------------------------------------------------------------

-------------------------------------------------------------
10200.00 9200.00 MJV - 05 - 056R 34.00 36.00 2.00
-------------------------------------------------------------
MJV - 05 - 056R 52.00 56.00 4.00
---------------------------------------
MJV - 05 - 056R 122.00 128.00 6.00
---------------------------------------
MJV - 05 - 056R 162.00 166.00 4.00
---------------------------------------
MJV - 05 - 056R 172.00 174.00 2.00
---------------------------------------
MJV - 05 - 056R 208.00 210.00 2.00
---------------------------------------
MJV - 05 - 056R 270.00 272.00 2.00
---------------------------------------
MJV - 05 - 056R 360.00 362.00 2.00
---------------------------------------

-------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 057R 52.00 94.00 42.00
-------------------------------------------------------------
MJV - 05 - 057R 96.00 100.00 4.00
---------------------------------------
MJV - 05 - 057R 104.00 108.00 4.00
---------------------------------------
MJV - 05 - 057R 110.00 116.00 6.00
---------------------------------------
MJV - 05 - 057R 120.00 122.00 2.00
---------------------------------------
MJV - 05 - 057R 140.00 142.00 2.00
---------------------------------------
MJV - 05 - 057R 168.00 180.00 12.00
---------------------------------------
MJV - 05 - 057R 218.00 222.00 4.00
---------------------------------------
MJV - 05 - 057R 228.00 230.00 2.00
---------------------------------------
MJV - 05 - 057R 236.00 238.00 2.00
---------------------------------------
MJV - 05 - 057R 246.00 248.00 2.00
---------------------------------------
MJV - 05 - 057R 262.00 270.00 8.00
---------------------------------------
MJV - 05 - 057R 272.00 274.00 2.00
---------------------------------------

-------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 058R 30.00 36.00 6.00
-------------------------------------------------------------
MJV - 05 - 058R 58.00 66.00 8.00
---------------------------------------
MJV - 05 - 058R 68.00 80.00 12.00
---------------------------------------
MJV - 05 - 058R 92.00 96.00 4.00
---------------------------------------
MJV - 05 - 058R 100.00 104.00 4.00
---------------------------------------
MJV - 05 - 058R 108.00 110.00 2.00
---------------------------------------
MJV - 05 - 058R 210.00 212.00 2.00
---------------------------------------

-------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 058R 30.00 36.00 6.00
-------------------------------------------------------------
MJV - 05 - 058R 58.00 66.00 8.00
---------------------------------------
MJV - 05 - 058R 68.00 80.00 12.00
---------------------------------------
MJV - 05 - 058R 92.00 96.00 4.00
---------------------------------------
MJV - 05 - 058R 100.00 104.00 4.00
---------------------------------------
MJV - 05 - 058R 108.00 110.00 2.00
---------------------------------------
MJV - 05 - 058R 210.00 212.00 2.00
---------------------------------------

-------------------------------------------------------------
10100.00 10400.00 MJV - 05 - 059R 10.00 14.00 4.00
-------------------------------------------------------------
MJV - 05 - 059R 30.00 32.00 2.00
---------------------------------------
MJV - 05 - 059R 112.00 132.00 20.00
---------------------------------------
MJV - 05 - 059R 142.00 148.00 6.00
---------------------------------------
MJV - 05 - 059R 158.00 174.00 16.00
---------------------------------------
MJV - 05 - 059R 194.00 198.00 4.00
---------------------------------------
MJV - 05 - 059R 216.00 218.00 2.00
---------------------------------------
MJV - 05 - 059R 224.00 226.00 2.00
---------------------------------------

-------------------------------------------------------------
10000.00 10500.00 MJV - 05 - 064R 86.00 92.00 6.00
-------------------------------------------------------------
MJV - 05 - 064R 100.00 102.00 2.00
---------------------------------------
MJV - 05 - 064R 116.00 184.00 68.00
---------------------------------------
MJV - 05 - 064R 186.00 190.00 4.00
---------------------------------------
MJV - 05 - 064R 200.00 208.00 8.00
---------------------------------------
MJV - 05 - 064R 210.00 216.00 6.00
---------------------------------------

-------------------------------------------------------------
9800.00 9000.00 MJV - 05 - 065R 170.00 172.00 2.00
-------------------------------------------------------------
MJV - 05 - 065R 186.00 194.00 8.00
---------------------------------------
MJV - 05 - 065R 208.00 210.00 2.00
---------------------------------------
MJV - 05 - 065R 248.00 258.00 10.00
---------------------------------------
MJV - 05 - 065R 262.00 270.00 8.00
---------------------------------------
MJV - 05 - 065R 312.00 314.00 2.00
---------------------------------------
MJV - 05 - 065R 318.00 322.00 4.00
---------------------------------------
MJV - 05 - 065R 328.00 330.00 2.00
---------------------------------------

-------------------------------------------------------------
9800.00 9200.00 MJV - 05 - 067R 172.00 174.00 2.00
-------------------------------------------------------------
MJV - 05 - 067R 266.00 284.00 18.00
---------------------------------------
MJV - 05 - 067R 290.00 294.00 4.00
---------------------------------------

-------------------------------------------------------------
9500.00 9100.00 MJV - 05 - 069R 78.00 80.00 2.00
-------------------------------------------------------------
MJV - 05 - 069R 114.00 120.00 6.00
---------------------------------------
MJV - 05 - 069R 126.00 130.00 4.00
---------------------------------------
MJV - 05 - 069R 160.00 168.00 8.00
---------------------------------------
MJV - 05 - 069R 182.00 188.00 6.00
---------------------------------------
MJV - 05 - 069R 240.00 244.00 4.00
---------------------------------------
MJV - 05 - 069R 248.00 250.00 2.00
---------------------------------------
MJV - 05 - 069R 254.00 258.00 4.00
---------------------------------------
MJV - 05 - 069R 262.00 264.00 2.00
---------------------------------------
MJV - 05 - 069R 270.00 304.00 34.00
---------------------------------------
MJV - 05 - 069R 312.00 314.00 2.00
---------------------------------------
MJV - 05 - 069R 318.00 322.00 4.00
---------------------------------------

-------------------------------------------------------------
9500.00 9300.00 MJV - 05 - 070R 0.00 4.00 4.00
-------------------------------------------------------------
MJV - 05 - 070R 8.00 10.00 2.00
---------------------------------------
MJV - 05 - 070R 22.00 24.00 2.00
---------------------------------------
MJV - 05 - 070R 26.00 30.00 4.00
---------------------------------------
MJV - 05 - 070R 38.00 42.00 4.00
---------------------------------------
MJV - 05 - 070R 78.00 80.00 2.00
---------------------------------------
MJV - 05 - 070R 82.00 84.00 2.00
---------------------------------------
MJV - 05 - 070R 98.00 110.00 12.00
---------------------------------------
MJV - 05 - 070R 178.00 180.00 2.00
---------------------------------------
MJV - 05 - 070R 204.00 206.00 2.00
---------------------------------------
MJV - 05 - 070R 208.00 210.00 2.00
---------------------------------------
MJV - 05 - 070R 242.00 246.00 4.00
---------------------------------------
MJV - 05 - 070R 254.00 258.00 4.00
---------------------------------------


-----------------------------------------------------------------------
Hole Cu Ag Au Min.
Easting Northing Number (pct) (ppm) (ppb) type Target
-----------------------------------------------------------------------
10400.11 9399.92 MJV - 05 - 020R 0.61 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 020R 0.64 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 020R 0.77 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 020D 2.61 7.70 216.00 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
9301.88 10797.88 MJV - 05 - 021R 0.44 Oxide Sulph.
Ext
-----------------------------------------------------------------------

-----------------------------------------------------------------------
10396.28 9200.02 MJV - 05 - 022R 0.49 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 022R 1.01 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 022R 0.33 0.45 18.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 022D 3.54 50.00 99.00 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
9499.95 9501.10 MJV - 05 - 024R 0.50 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 024R 1.64 Oxide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10100.28 9600.31 MJV - 05 - 039R 0.39 Oxide HG
Sulph-
ide
-----------------------------------------------------------------------
MJV - 05 - 039R 0.51 37.50 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 039R 0.73 42.83 Sulphide HG
Sulph-
ide
----------------------------------------------------

-----------------------------------------------------------------------
9599.86 9100.30 MJV - 05 - 040R 0.38 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 040R 0.28 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 040R 0.28 2.30 45.67 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 040R 2.14 17.90 86.33 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9000.43 10200.73 MJV - 05 - 042R 0.62 0.30 19.00 Sulphide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 042R 0.31 0.50 2.50 Sulphide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9299.99 9600.13 MJV - 05 - 043R 0.93 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 043R 0.35 Oxide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10000.00 9400.26 MJV - 05 - 044R 0.40 Oxide Sulph.
Ext.
-----------------------------------------------------------------------
MJV - 05 - 044R 0.40 5.28 30.50 Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044R 0.32 0.55 17.50 Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044R 0.45 1.85 30.50 Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 1.32 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 1.75 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 1.38 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------

-----------------------------------------------------------------------
9600.40 9300.77 MJV - 05 - 045R 0.62 0.55 60.50 Sulphide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 045R 1.92 5.98 150.64 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 045R 0.30 2.20 23.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10199.55 9399.60 MJV - 05 - 046R 0.89 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 046R 0.45 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046R 0.55 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046R 0.35 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046R 1.49 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046R 0.93 1.35 34.50 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046R 0.62 1.90 23.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046R 0.31 0.40 12.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046D 1.08 6.06 34.78 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046D 3.04 13.87 212.54 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
9699.71 10499.16 MJV - 05 - 047R 0.43 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 047R 0.33 Oxide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9598.17 10583.55 MJV - 05 - 048R 0.57 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 048R 0.46 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 048R 0.29 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 048R 0.57 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 048R 0.26 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 048R 0.27 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 048R 0.42 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 048R 0.33 Oxide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9400.36 10201.27 MJV - 05 - 050R 0.30 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 050R 0.37 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 050R 0.29 Oxide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9600.30 9800.35 MJV - 05 - 051R 0.31 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 051R 0.38 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 051R 0.27 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 051R 0.52 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 051R 1.45 Oxide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9699.99 9499.91 MJV - 05 - 052R 0.31 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 052R 0.45 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 052R 0.49 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 052R 0.35 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 052R 0.29 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 052R 0.30 Oxide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9699.66 9801.05 MJV - 05 - 053R 0.36 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 053R 0.37 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 0.94 2.25 13.22 Sulphide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 0.57 1.00 26.33 Sulphide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 0.56 1.20 34.00 Sulphide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 0.27 0.70 47.00 Sulphide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9999.59 9600.70 MJV - 05 - 054R 0.33 Oxide HG
Sulph-
ide
-----------------------------------------------------------------------
MJV - 05 - 054R 0.56 1.40 33.00 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 0.39 1.00 28.00 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 0.28 0.50 12.00 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 2.24 6.25 114.55 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 1.21 3.52 256.69 Sulphide HG
Sulph-
ide
----------------------------------------------------

-----------------------------------------------------------------------
9600.00 10000.00 MJV - 05 - 055R 1.01 Oxide Oxide
Gap
-----------------------------------------------------------------------

-----------------------------------------------------------------------
10200.00 9200.00 MJV - 05 - 056R 0.34 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 056R 0.43 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 056R 0.32 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 056R 0.69 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 056R 0.29 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 056R 0.41 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 056R 0.33 Oxide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 056R 0.32 0.80 40.00 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 057R 0.63 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 057R 0.27 0.10 40.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.39 1.85 67.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.34 1.57 39.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.31 5.60 45.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 1.69 15.40 107.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.81 7.53 95.83 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.56 1.75 30.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.36 0.80 60.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.39 0.80 64.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.27 0.50 66.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.36 0.93 36.25 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 0.26 1.60 55.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 058R 0.45 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 058R 0.38 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.35 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.62 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.42 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.50 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.33 0.10 22.00 Sulphide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 058R 0.45 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 058R 0.38 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.35 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.62 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.42 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.50 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 058R 0.33 0.10 22.00 Sulphide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
10100.00 10400.00 MJV - 05 - 059R 0.40 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 059R 0.36 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 059R 0.49 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 059R 0.54 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 059R 0.33 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 059R 0.35 3.95 7.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 059R 0.34 4.70 10.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 059R 0.38 4.00 8.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10000.00 10500.00 MJV - 05 - 064R 0.29 Oxide
-----------------------------------------------------------------------
MJV - 05 - 064R 0.40 Oxide
----------------------------------------------------
MJV - 05 - 064R 0.78 Oxide
----------------------------------------------------
MJV - 05 - 064R 0.29 Oxide
----------------------------------------------------
MJV - 05 - 064R 0.28 1.70 11.50 Sulphide
----------------------------------------------------
MJV - 05 - 064R 0.30 0.60 60.00 Sulphide
----------------------------------------------------

-----------------------------------------------------------------------
9800.00 9000.00 MJV - 05 - 065R 0.38 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 065R 0.43 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 065R 0.27 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 065R 0.69 2.10 135.40 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 065R 0.58 0.95 103.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 065R 0.66 1.10 153.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 065R 0.35 0.60 71.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 065R 0.38 0.70 78.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9800.00 9200.00 MJV - 05 - 067R 0.27 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 067R 2.23 36.12 105.11 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 067R 0.38 2.40 116.50 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9500.00 9100.00 MJV - 05 - 069R 0.36 1.50 28.00 Sulphide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 069R 1.06 4.67 79.67 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 5.89 16.65 345.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.45 2.88 112.25 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.33 2.60 34.67 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.41 2.00 26.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.29 1.10 33.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.58 3.90 54.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.38 1.90 19.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 3.17 17.76 203.59 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.31 0.50 83.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 0.77 1.55 183.50 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9500.00 9300.00 MJV - 05 - 070R 0.43 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 070R 0.31 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.26 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.27 Oxide Cu 40
MJV - 05 - 070R 0.53 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.29 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.35 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 070R 1.39 5.73 246.17 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.26 1.40 50.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.45 2.90 57.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.27 0.10 70.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.41 1.65 62.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 070R 0.51 2.20 92.50 Sulphide Cu 40
----------------------------------------------------
Note: Hole Numbers denoted as MJV - 05 - XXXR are Reverse Circulation
Drill Holes
Hole Numbers denoted as MJV - 05 - XXXD are Diamond Drill Holes
continued past the end of the corresponding RC drill holes
(i) denotes pending assay


TABLE 2
Chariot Resources
Marcona Joint Venture
Higher Grade Intersections to Date
(COG greater than 1.00% Cu Total, less than 2m Internal Waste)

-------------------------------------------------------------
Hole
Easting Northing Number From To Length
-------------------------------------------------------------
10400.11 9399.92 MJV - 05 - 020R 266.00 268.00 2.00
-------------------------------------------------------------
MJV - 05 - 020D 554.60 558.24 3.64
---------------------------------------
MJV - 05 - 020D 559.90 560.90 1.00
---------------------------------------
MJV - 05 - 020D 562.10 567.10 5.00
---------------------------------------
MJV - 05 - 020D 570.10 583.00 12.90
---------------------------------------

-------------------------------------------------------------
10396.28 9200.02 MJV - 05 - 022R 234.00 236.00 2.00
-------------------------------------------------------------
MJV - 05 - 022D 527.75 529.00 1.25
---------------------------------------
MJV - 05 - 022D 534.30 535.60 1.30
---------------------------------------
MJV - 05 - 022D 562.90 564.20 1.30
---------------------------------------
MJV - 05 - 022D 574.90 590.15 15.25
---------------------------------------
MJV - 05 - 022D 609.90 610.90 1.40
---------------------------------------

-------------------------------------------------------------
9499.95 9501.10 MJV - 05 - 024R 130.00 138.00 8.00
-------------------------------------------------------------
MJV - 05 - 024R 144.00 146.00 2.00
---------------------------------------

-------------------------------------------------------------
10100.28 9600.31 MJV - 05 - 039R 462.00 466.00 4.00
-------------------------------------------------------------

-------------------------------------------------------------
9599.86 9100.30 MJV - 05 - 040R 216.00 222.00 6.00
-------------------------------------------------------------

-------------------------------------------------------------
9299.99 9600.13 MJV - 05 - 043R 44.00 46.00 2.00
-------------------------------------------------------------

-------------------------------------------------------------
10000.00 9400.26 MJV - 05 - 044D 428.20 430.10 1.90
-------------------------------------------------------------
MJV - 05 - 044D 433.60 435.05 1.45
---------------------------------------
MJV - 05 - 044D 438.35 439.40 1.05
---------------------------------------
MJV - 05 - 044D 449.00 452.05 3.05
---------------------------------------
MJV - 05 - 044D 455.30 460.40 5.10
---------------------------------------
MJV - 05 - 044D 476.10 477.70 1.60
---------------------------------------

-------------------------------------------------------------
9600.40 9300.77 MJV - 05 - 045R 168.00 170.00 2.00
-------------------------------------------------------------
MJV - 05 - 045R 172.00 184.00 12.00
---------------------------------------

-------------------------------------------------------------
10199.55 9399.60 MJV - 05 - 046R 144.00 148.00 4.00
-------------------------------------------------------------
MJV - 05 - 046R 216.00 218.00 2.00
---------------------------------------
MJV - 05 - 046D 534.50 535.40 0.90
---------------------------------------
MJV - 05 - 046D 541.50 544.60 3.10
---------------------------------------
MJV - 05 - 046D 555.60 566.60 11.00
---------------------------------------

-------------------------------------------------------------
9600.30 9800.35 MJV - 05 - 051R 126.00 134.00 8.00
-------------------------------------------------------------

-------------------------------------------------------------
9699.66 9801.05 MJV - 05 - 053R 136.00 138.00 2.00
-------------------------------------------------------------
MJV - 05 - 053R 146.00 148.00 2.00
---------------------------------------
MJV - 05 - 053R 152.00 154.00 2.00
---------------------------------------
MJV - 05 - 053R 158.00 166.00 8.00
---------------------------------------
MJV - 05 - 053R 170.00 192.00 22.00
---------------------------------------

-------------------------------------------------------------
9999.59 9600.70 MJV - 05 - 054R 374.00 388.00 14.00
-------------------------------------------------------------
MJV - 05 - 054R 408.00 410.00 2.00
---------------------------------------
MJV - 05 - 054R 414.00 416.00 2.00
---------------------------------------
MJV - 05 - 054R 420.00 426.00 6.00
---------------------------------------

-------------------------------------------------------------
9600.00 10000.00 MJV - 05 - 055R 94.00 96.00 2.00
-------------------------------------------------------------
MJV - 05 - 055R 100.00 104.00 4.00
---------------------------------------
MJV - 05 - 055R 106.00 114.00 8.00
---------------------------------------
MJV - 05 - 055R 118.00 122.00 4.00
---------------------------------------
MJV - 05 - 055R 132.00 134.00 2.00
---------------------------------------

-------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 057R 60.00 62.00 2.00
-------------------------------------------------------------
MJV - 05 - 057R 66.00 68.00 2.00
---------------------------------------
MJV - 05 - 057R 72.00 74.00 2.00
---------------------------------------
MJV - 05 - 057R 140.00 142.00 2.00
---------------------------------------
MJV - 05 - 057R 172.00 174.00 2.00
---------------------------------------
MJV - 05 - 057R 178.00 180.00 2.00
---------------------------------------

-------------------------------------------------------------
10000.00 10500.00 MJV - 05 - 064R 120.00 124.00 4.00
-------------------------------------------------------------
MJV - 05 - 064R 144.00 148.00 4.00
---------------------------------------
MJV - 05 - 064R 166.00 168.00 2.00
---------------------------------------
MJV - 05 - 064R 172.00 174.00 2.00
---------------------------------------

-------------------------------------------------------------
9800.00 9000.00 MJV - 05 - 065R 254.00 258.00 4.00
-------------------------------------------------------------
MJV - 05 - 065R 264.00 266.00 2.00
---------------------------------------

-------------------------------------------------------------
9800.00 9200.00 MJV - 05 - 067R 272.00 280.00 8.00
-------------------------------------------------------------

-------------------------------------------------------------
9500.00 9100.00 MJV - 05 - 069R 118.00 120.00 2.00
-------------------------------------------------------------
MJV - 05 - 069R 126.00 130.00 4.00
---------------------------------------
MJV - 05 - 069R 270.00 282.00 12.00
---------------------------------------
MJV - 05 - 069R 284.00 300.00 16.00
---------------------------------------
MJV - 05 - 069R 320.00 322.00 2.00
---------------------------------------

-------------------------------------------------------------
9500.00 9300.00 MJV - 05 - 070R 104.00 110.00 6.00
-------------------------------------------------------------


-----------------------------------------------------------------------
Hole Cu Ag Au Min.
Easting Northing Number (pct) (ppm) (ppb) type Target
-----------------------------------------------------------------------

-----------------------------------------------------------------------
10400.11 9399.92 MJV - 05 - 020R 1.12 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 020D 2.75 6.97 297.71 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 020D 1.07 3.20 129.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 020D 1.69 4.82 184.60 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 020D 4.32 11.21 301.65 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
10396.28 9200.02 MJV - 05 - 022R 2.01 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 022D 2.90 58.11 22.72 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 022D 1.79 13.10 13.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 022D 2.45 50.20 9.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 022D 3.97 52.27 104.57 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 022D 4.72 100.00 35.00 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
9499.95 9501.10 MJV - 05 - 024R 3.01 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 024R 1.40 Oxide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10100.28 9600.31 MJV - 05 - 039R 1.28 - 65.00 Sulphide HG
Sulph-
ide
-----------------------------------------------------------------------

-----------------------------------------------------------------------
9599.86 9100.30 MJV - 05 - 040R 5.47 47.13 202.67 Sulphide Cu 40
-----------------------------------------------------------------------

-----------------------------------------------------------------------
9299.99 9600.13 MJV - 05 - 043R 1.21 Oxide Cu 40
-----------------------------------------------------------------------

-----------------------------------------------------------------------
10000.00 9400.26 MJV - 05 - 044D 3.28 (i) (i) Sulphide Sulph.
Ext.
-----------------------------------------------------------------------
MJV - 05 - 044D 1.75 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 1.39 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 2.84 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 1.86 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------
MJV - 05 - 044D 1.90 (i) (i) Sulphide Sulph.
Ext.
----------------------------------------------------

-----------------------------------------------------------------------
9600.40 9300.77 MJV - 05 - 045R 1.17 1.20 63.00 Sulphide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 045R 3.84 12.80 294.67 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10199.55 9399.60 MJV - 05 - 046R 1.87 Oxide Sulph.
Ext
-----------------------------------------------------------------------
MJV - 05 - 046R 1.15 0.90 36.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046D 2.14 1.40 105.00 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046D 1.56 7.43 48.10 Sulphide Sulph.
Ext
----------------------------------------------------
MJV - 05 - 046D 3.35 15.29 234.96 Sulphide Sulph.
Ext
----------------------------------------------------

-----------------------------------------------------------------------
9600.30 9800.35 MJV - 05 - 051R 2.32 Oxide Oxide
Gap
-----------------------------------------------------------------------

-----------------------------------------------------------------------
9699.66 9801.05 MJV - 05 - 053R 1.25 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 1.03 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 1.21 1.00 16.00 Sulphide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 1.39 1.73 35.75 Sulphide Oxide
Gap
----------------------------------------------------
MJV - 05 - 053R 1.28 5.90 18.36 Sulphide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9999.59 9600.70 MJV - 05 - 054R 3.28 8.79 161.71 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 2.32 4.70 449.00 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 2.48 4.00 602.00 Sulphide HG
Sulph-
ide
----------------------------------------------------
MJV - 05 - 054R 2.13 9.20 392.00 Sulphide HG
Sulph-
ide
----------------------------------------------------

-----------------------------------------------------------------------
9600.00 10000.00 MJV - 05 - 055R 1.42 Oxide Oxide
Gap
-----------------------------------------------------------------------
MJV - 05 - 055R 1.84 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 055R 1.44 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 055R 1.30 Oxide Oxide
Gap
----------------------------------------------------
MJV - 05 - 055R 1.09 Oxide Oxide
Gap
----------------------------------------------------

-----------------------------------------------------------------------
9400.00 9300.00 MJV - 05 - 057R 1.11 Oxide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 057R 1.01 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 057R 2.61 Oxide Cu 40
----------------------------------------------------
MJV - 05 - 057R 1.69 15.40 107.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 1.77 18.00 163.00 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 057R 1.46 6.30 256.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
10000.00 10500.00 MJV - 05 - 064R 1.32 Oxide
-----------------------------------------------------------------------
MJV - 05 - 064R 1.48 Oxide
----------------------------------------------------
MJV - 05 - 064R 1.98 Oxide
----------------------------------------------------
MJV - 05 - 064R 1.73 Oxide
----------------------------------------------------

-----------------------------------------------------------------------
9800.00 9000.00 MJV - 05 - 065R 1.20 3.50 288.00 Sulphide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 065R 1.15 2.60 183.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9800.00 9200.00 MJV - 05 - 067R 4.42 78.10 183.25 Sulphide Cu 40
-----------------------------------------------------------------------

-----------------------------------------------------------------------
9500.00 9100.00 MJV - 05 - 069R 1.73 4.20 133.00 Sulphide Cu 40
-----------------------------------------------------------------------
MJV - 05 - 069R 5.89 16.65 345.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 1.70 6.50 163.50 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 5.34 32.43 295.13 Sulphide Cu 40
----------------------------------------------------
MJV - 05 - 069R 1.06 1.70 246.00 Sulphide Cu 40
----------------------------------------------------

-----------------------------------------------------------------------
9500.00 9300.00 MJV - 05 - 070R 2.25 4.73 432.33 Sulphide Cu 40
-----------------------------------------------------------------------

Note: Hole Numbers denoted as MJV - 05 - XXXR are Reverse Circulation
Drill Holes
Hole Numbers denoted as MJV - 05 - XXXD are Diamond Drill Holes
continued past the end of the corresponding RC drill holes
(i) denotes pending assay



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