Chariot Resources Limited

August 15, 2005 12:09 ET

More Positive Drill Results from Chariot's Marcona Copper Project

LIMA, PERU--(CCNMatthews - Aug. 15, 2005) - Chariot Resources Limited ("Chariot") (TSX:CHD) has encountered positive results from a drill campaign designed to consolidate seven zones identified by previous drilling completed during its first phase drilling program at the Mina Justa Prospect within the Marcona Copper Project. Five of the zones lie within the conceptual open pit boundary and two zones lie outside of the open pit boundary. The drilling grid established by Chariot has a spacing of 100m between individual holes and covers an area of approximately 1.8 kilometres by 800 metres.

Notable copper sulphide intercepts are:

- 100 metres at 2.32% Cu including 82 metres at 2.70% Cu;
- 92 metres in two intercepts, including 40 metres at 4.19% Cu;
- 48 metres in two intercepts, including 32 metres at 2.61% Cu;
- 44 metres at 1.56% Cu including 12 metres at 2.21% Cu;
- 18 metres at 2.23% Cu and 11 metres at 3.34% Cu

Notable copper oxide intercepts are:

- 102 metres at 0.87% Cu including 10 metres at 1.34% Cu;
- 48 metres at 0.49% Cu;
- 42 metres in two intercepts, including 26 metres at 0.79% Cu;
- 56 metres in two intercepts, including 26 metres at 0.51% Cu;
- 26 metres at 1.04% Cu;
- 14 metres at 2.27% Cu and 18 metres at 3.29% Cu.

During the month of July, Chariot completed 7,164 metres of reverse circulation drilling in 26 holes thereby bringing the total metres drilled to date to 34,534 metres. The drilling completed to date represents approximately 91% of the 37,000 metre drill program which Chariot announced on March 18, 2005.

Assay results are currently being received two weeks after the completion of a drill hole, and the delivery schedule of results is gradually improving. The results announced today are from 16 of the 26 holes drilled in the month of July. The detailed table of intersections achieved for individual holes can be viewed at Chariot's website,

As outlined on the attached illustration, Chariot has identified seven mineralized zones, in and around the outline of the conceptual open pit boundary as set-out in the 43-101 report dated November 1, 2004. Five of these zones lie essentially within the open pit boundary, and two zones, the Sulphide Extension Zone and the Cu 40 Zone, lie outside the boundary of the open pit.

The results released today include results from two new zones - the Splay Zone (Target 1a) and the Eastern Pit Zone. Initial results from the Splay Zone, such as Hole MJV-05-087 which encountered 102 metres at 0.87% Cu of copper oxide mineralization (from 18-120 metres) have been encouraging. Both of these two new zones, as well as the HG Oxide Zone which lies to the north of these zones will require further drilling.

The area in and around the conceptual open pit 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 and as of the end of July, covered approximately 80% of the areas in and around the conceptual open pit. It is expected that full coverage of all seven zones with a 100 metre spaced drilling will be completed by the end of August, 2005.

Upon receipt of all assay data from the drilling up to the end of August, Chariot will be initiating the calculation of a new mineralized resource estimate for the Mina Justa prospect. This new resource estimate will then be incorporated into the Scoping Study by independent consultants, GRD Minproc as previously announced on August 9, 2005.

As also announced on August 9, 2005, Chariot is planning to continue drilling after the end of August which should raise the expected total drilling on the Marcona Copper Project in 2005 to approximately 55,000 metres. The focus of the drilling after the end of August will be to test nearby prospective exploration targets, away from the conceptual open pit boundary.

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). 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, "The management of Chariot is very pleased with the drilling results the company has achieved from the Marcona Copper Project since mid-March. We are now entering an exciting stage of the project since we took ownership in December 2004, with an updated resource estimate planned for September and the commencement of a scoping study / pre-feasibility by GRD Minproc planned for release in November."

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

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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.

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